Business
High Liner Foods reports second quarter results
- Growth continues driven by U.S. operations and improvement in Canada - LUNENBURG,...
About this update from High Liner Foods Incorporated
[{"type":"text","content":"\n\n\n\n\n\n- Growth continues driven by U.S. operations and improvement in Canada -\n\n\nLUNENBURG, NS, Aug. 9, 2011 /CNW/ - High Liner Foods Incorporated (TSX: HLF; HLF.A), a leading North American value-added frozen seafood company, today\n reported financial results for the thirteen-week period ended July 2,\n 2011.  All amounts are reported in Canadian dollars.\n\n\nFinancial and operational highlights for the second quarter include (all\n comparisons are relative to the second quarter of 2010, unless\n otherwise noted):\n\n\nSales increased by 13.9% to $153.3 million\n\n\nSales volume increased by 12.7% to 44.5 million pounds\n\n\nAdjusted EBITDA1 increased by 8.0% to $10.3 million, or 6.7% of sales\n\n\nNet income increased by 8.2% to $4.8 million, or diluted earnings per\n share (\"EPS\") of $0.31, from $4.4 million, or diluted EPS of $0.28\n\n\n\"High Liner's second quarter performance continued to be solid, driven\n primarily by our U.S. operations and the positive addition in December\n 2010 of Viking Seafoods to our results,\" said Henry Demone, president\n and CEO, High Liner Foods Incorporated. \"While Viking added 7.6% to the\n total growth in our sales volume, our base business also accounted for\n 5.1%.  In particular, we are pleased to note a 5.5% improvement in\n sales in our Canadian operations, after several quarters of decline.\n The continued success of our new product introductions and\n cost-reduction strategies helped to offset the effect of the stronger\n Canadian dollar, providing the backbone to another strong quarter.\"\n\n\nFinancial Results\n\n\nMore than half of the Company's operations, assets, and liabilities, are\n denominated in U.S. dollars or are impacted by the Canadian/U.S.\n exchange rate.  As such, foreign currency fluctuations affect the\n reported values of individual lines on the Company's balance sheet and\n income statement.\n\n(in thousands except per share amounts, unless otherwise noted)\n\n\nThirteen weeks ended July 2, 2011\n\n\nThirteen weeks ended  July 3, 2010\n\n\nTwenty-six weeks ended July 2, 2011\n\n\nTwenty-six weeks ended July 3, 2010\n\n\n\nSales in million pounds\n\n\n\n\n44.5\n\n\n39.5\n\n\n101.5\n\n\n90.5\n\n\n\nSales in domestic currency\n\n\n\n\n$155,955\n\n\n$132,789\n\n\n$334,788\n\n\n$294,316\n\n\n\nForeign exchange impact\n\n\n\n\n$(2,670...