Business
High Liner Foods Reports First Quarter 2013 Operating Results
- Increases Quarterly Dividend by 20% to $0.18 per Share - LUNENBURG, NS, May 7, 20...
About this update from High Liner Foods Incorporated
[{"type":"text","content":"\n\n\n\n\n\n- Increases Quarterly Dividend by 20% to $0.18 per Share -\n\n\nLUNENBURG, NS, May 7, 2013 /CNW/ - High Liner Foods Incorporated (TSX: HLF) (\"High Liner\" or \"the Company\"), the leading North American value-added\n frozen seafood company, today reported financial results for the\n thirteen-week period ended March 30, 2013.  All amounts are reported in\n U.S. dollars.\n\n\nFinancial and operational highlights for the first quarter of 2013\n include (all comparisons are relative to the first quarter of 2012,\n unless otherwise noted):\n\n\nSales were $275.2 million, compared with $287.6 million;\n\n\nReported net income of $5.3 million (diluted earnings per share (\"EPS\")\n of $0.34), compared with net income of $1.7 million (diluted EPS of\n $0.11);\n\n\nAdjusted EBITDA1 of $21.3 million, compared with $31.5 million;\n\n\nAdjusted Net Income2 of $9.8 million (Adjusted diluted EPS3 of $0.63), compared with $14.0 million (Adjusted diluted EPS of $0.91);\n\n\nSuccessful closing of Danvers production facility and moved production\n and food service distribution to Newport News facility;\n\n\nCompleted favourable amendments on the Company's Term Loan B and\n asset-based working capital loan facility.\n\n\n\"The first quarter marks the first full quarter of complete comparables\n with the Icelandic USA acquisition,\" said Henry Demone, President and\n CEO. \"It was a challenging quarter, particularly in the U.S., as we\n faced a number of issues specific to the quarter and a very strong\n first quarter last year as the comparable period.  Prices for commodity\n products in the quarter declined more rapidly than the applicable costs\n for such products, resulting in reduced sales as well as reduced\n margins.  In the U.S., restaurant sales were soft during the quarter as\n macro-economic considerations, including higher payroll taxes, impacted\n consumers and reduced restaurant traffic. Increased promotional\n activity for Sea Cuisine products in the U.S. increased sales for this line but reduced\n profitability due to higher promotional costs.  In Canada, sales in the\n comparable period last year were stronger as a result of the launch of\n the highly successful Flame Savours product line.  In addition, private label sales in both markets were\n weaker.\"\n\n\n\"We successfully closed our Danve...