Business
High Liner Foods Reports Second Quarter 2013 Operating Results
- Strong Second Quarter results in Adjusted Net Income of $9.2 million , a 68% increase ov...
About this update from High Liner Foods Incorporated
[{"type":"text","content":"\n\n\n- Strong Second Quarter results in Adjusted Net Income of $9.2 million,\n a 68% increase over 2012 -\n\n\nLUNENBURG, NS, Aug. 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 and twenty-six weeks ended June 29, 2013.  All amounts are\n reported in U.S. dollars (\"USD\") unless otherwise noted.\n\n\nFinancial and operational highlights for the second quarter of 2013\n include (all comparisons are relative to the second quarter and first\n twenty-six weeks of 2012, unless otherwise noted):\n\n\n\nSales for the second quarter were $204.9 million, compared with $216.8\n million;\n\n\nReported net income increased in the second quarter to $9.9 million\n (diluted earnings per share (\"EPS\") of $0.63), compared with $1.0\n million (diluted EPS of $0.06) in the second quarter of 2012 ($15.1\n million, or diluted EPS of $0.97, for the first twenty-six weeks of\n 2013, compared to $2.7 million, or $0.18 diluted EPS, for the first\n twenty-six weeks of 2012);\n\n\nAdjusted Net Income1 increased in the second quarter to $9.2 million (Adjusted Diluted EPS1 of $0.59), compared with $5.5 million (Adjusted Diluted EPS of $0.35)\n in the second quarter of 2012 ($19.0 million, or Adjusted Diluted EPS\n of $1.22, for the first twenty-six weeks of 2013, compared to $19.5\n million, or Adjusted Diluted EPS of $1.26, for the first twenty-six\n weeks of 2012);\n\n\nAdjusted EBITDA1 for the second quarter was $19.3 million, compared with $16.4 million;\n\n\nStandardized Free Cash Flow1 was $82.3 million for the rolling fifty-two weeks ended June 29, 2013,\n compared with $41.0 million for the same period ended June 30, 2012;\n and\n\n\nNet interest-bearing debt to Adjusted EBITDA, calculated on a rolling\n fifty-two week basis, decreased to 3.15x at the end of the second\n quarter, compared to 3.40x at the end of fiscal 2012 and 3.74x at the\n end of the first quarter of 2013.\n\n\n\n\"We are pleased with our financial performance in the second quarter,\n particularly with the $3.7 million increase in the Company's Adjusted\n Net Income and the $2.9 million increase in its Adjusted EBITDA,\" said\n Henry Demone, President and CEO.  \"Despite experiencing an overall\n reduction...