Business
High Liner Foods Reports Continued Strong Operating Results for the Third Quarter of 2012
- High Liner and Icelandic USA Acquisition now operating under single ERP platform; debt r...
About this update from High Liner Foods Incorporated
[{"type":"text","content":"\n\n\n\n\n\n- High Liner and Icelandic USA Acquisition now operating under single\n ERP platform; debt reduced by $47.8 million in first three quarters of\n 2012 -\n\n\nLUNENBURG, NS, Nov. 8, 2012 /CNW/ - High Liner Foods Incorporated (TSX: HLF; HLF.A), the leading North American value-added frozen seafood company, today\n reported financial results for the thirteen and thirty-nine weeks ended\n September 29, 2012.  All amounts are reported in Canadian dollars.\n\n\nFinancial and operational highlights for the third quarter and first\n thirty-nine weeks of 2012 include (all comparisons are relative to the\n third quarter and first thirty-nine weeks of 2011, unless otherwise\n noted):\n\n\nSales for the third quarter increased by 35.3% to $218.8 million from\n $161.7 million;\n\n\nReported net income for the third quarter, including one-time costs of\n the Icelandic USA Acquisition, of $2.2 million (diluted earnings per\n share (\"EPS\") of $0.14) compared with $6.7 million (diluted EPS of\n $0.44); $5.0 million (diluted EPS of $0.32) for the first thirty-nine\n weeks of 2012 compared with $21.2 million (diluted EPS of $1.38);\n\n\nAdjusted EBITDA1 for the third quarter increased by 78.3% to $21.6 million from $12.1\n million; $69.7 million for the first thirty-nine weeks of 2012 compared\n with $41.3 million;\n\n\nAdjusted Net Income2 of $7.9 million (Adjusted diluted EPS3 of $0.51) for the third quarter compared with $6.3 million (Adjusted\n diluted EPS of $0.41); $27.4 million (Adjusted diluted EPS of $1.78)\n for the first thirty-nine weeks of 2012 compared with $21.7 million\n (Adjusted diluted EPS of $1.41);\n\n\nInterest-bearing debt reduced by $47.8 million in the first thirty-nine\n weeks of 2012;\n\n\nThe integration of Icelandic USA Acquisition continues to progress ahead\n of schedule.\n\n\n\"As we continue the process of integrating the Icelandic USA Acquisition\n operations with ours, we are pleased to report another strong quarter\n that saw sales and Adjusted EBITDA grow by 35.3% and 78.3%,\n respectively,\" said Henry Demone, president and CEO.  \"The increases\n were largely due to the addition of the Icelandic USA Acquisition,\n which had a robust 5.9% year-over-year sales growth on a pro forma\n basis that assumes the Icelandic USA Acquisition had been part of our\n operations for the same quarter in...