High Liner Foods Reports Favourable Second Quarter 2012 Operating Results and Increases Dividend by 10%

About this update from High Liner Foods Incorporated

[{"type":"text","content":"\n\n\n\n\n\n- Canadian retail remains strong; Icelandic USA integration ahead of\n plan -\n\n\nLUNENBURG, NS, Aug. 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 twenty-six-week\n periods ended June 30, 2012.  All amounts are reported in Canadian\n dollars.\n\n\nFinancial and operational highlights for the second quarter and first\n twenty-six weeks of 2012 include (all comparisons are relative to the\n second quarter and first twenty-six weeks of 2011, unless otherwise\n noted):\n\n\nSales for the second quarter increased by 42.9% to $219.0 million from\n $153.3 million;\n\n\nAdjusted EBITDA1 for the second quarter increased by 52.0% to $16.5 million from $10.9\n million;\n\n\nReported net income for the second quarter, including one-time costs of\n the Icelandic USA acquisition, of $1.0 million, or diluted earnings per\n share (\"EPS\") of $0.06, compared with $4.8 million, or diluted EPS of\n $0.31, in the second quarter of 2011 ($2.8 million, or diluted EPS of\n $0.18, for the first twenty-six weeks of 2012, compared to $14.5\n million, or diluted EPS of $0.94, the first twenty-six weeks of 2011);\n\n\nAdjusted Net Income2 of $5.5 million, or Adjusted diluted EPS of $0.36, compared with $5.5\n million, or Adjusted diluted EPS of $0.36, in the second quarter of\n 2011 ($19.5 million, or diluted EPS of $1.27, for the first twenty-six\n weeks of 2012, compared to $15.4 million, or diluted EPS of $1.00, the\n first twenty-six weeks of 2011);\n\n\nThe integration of Icelandic USA is ahead of plan.\n\n\n\"We are pleased to report another good quarter that saw sales and\n Adjusted EBITDA grow by 42.9% and 52.0%, respectively, largely due to\n the inclusion of Icelandic USA and continued improvement in Canadian\n retail performance,\" said Henry Demone, president and CEO.  \"Our\n results were slightly tempered on a year-over-year basis by the timing\n of the Lenten period, which fell mostly in the first quarter of this\n year.   Nonetheless, on a pro forma basis that assumes Icelandic USA\n had been part of our operations for the same period in 2011, our U.S.\n operations experienced a strong 14.5% growth in Adjusted EBITDA.  In\n Canada, our retail sales continued the st...

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