Business
High Liner Foods Reports Operating Results for the Fourth Quarter and Full-Year of 2013
- Company reports record sales and earnings for fiscal 2013 (reported in USD); Board of Dire...
About this update from High Liner Foods Incorporated
[{"type":"text","content":"\n\n\n- Company reports record sales and earnings for fiscal 2013 (reported in\n USD); Board of Directors recommending a two-for-one stock split for\n shareholder approval at upcoming AGM -\n\n\nLUNENBURG, NS, Feb. 19, 2014 /CNW/ - High Liner Foods Incorporated (TSX:\n HLF) (\"High Liner Foods\" or \"the Company\"), the leading North American\n value-added frozen seafood company, today reported financial results\n for the thirteen-week period and fiscal year ended December 28, 2013. \n All amounts are reported in U.S. dollars (\"USD\") unless otherwise\n noted.\n\n\nFinancial and operational highlights for the fourth quarter of 2013 include (all comparisons are relative to the fourth quarter of 2012,\n unless otherwise noted):\n\n\n\nAmerican Pride Seafoods was acquired on October 1, 2013 (the \"American\n Pride Acquisition\");\n\n\nSales increased by 14.9% to $250.7 million from $218.3 million (the\n American Pride Acquisition added $39.7 million in sales);\n\n\nReported net income increased by $11.5 million to $8.8 million (or\n diluted earnings per share (\"EPS\") of $0.56), compared with a net loss\n of $2.7 million (diluted EPS of $(0.17));\n\n\nAdjusted Net Income1 increased by $1.3 million to $11.9 million (Adjusted Diluted EPS1 of $0.76) from $10.6 million (Adjusted Diluted EPS of $0.68); and\n\n\nAdjusted EBITDA1 was $22.7 million, compared with $22.1 million (the American Pride\n Acquisition added $1.5 million in Adjusted EBITDA).\n\n\n\nFinancial and operational highlights for fiscal 2013 include (all comparisons are relative to fiscal year 2012, unless\n otherwise noted):\n\n\n\nSales increased by 0.5% to $947.3 million from $942.6 million (the\n American Pride Acquisition added $39.7 million in sales);\n\n\nReported net income increased by $29.2 million to $31.4 million (or\n diluted EPS of $2.01), compared with $2.2 million (diluted EPS of\n $0.14);\n\n\nAdjusted Net Income increased by $3.2 million to $41.3 million (Adjusted Diluted EPS of\n $2.65) from $38.1 million (Adjusted Diluted EPS of $2.46);\n\n\nAdjusted EBITDA was $85.3 million, compared with $91.7 million;\n\n\nAdjusted Standardized Free Cash Flow was $28.1 million, compared with\n $66.3 million;\n\n\nNet interest-bearing debt to Adjusted EBITDA increased to 3.9x at the\n end of fiscal 2013, compared to 3.4x at the end of fiscal 2012; and\n\n\...