Business
HIGH LINER FOODS REPORTS STRONG FIRST QUARTER RESULTS AND ANNOUNCES SECOND DIVIDEND INCREASE FOR THE YEAR
May 17, 2011 (Canada NewsWire Group) -- - Growth in U.S. drives first quarter performance - ...
About this update from High Liner Foods Incorporated
[{"type":"text","content":"\n\n\n May 17, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n- Growth in U.S. drives first quarter performance -\n\nLUNENBURG, NS, May 17 /CNW/ - High Liner Foods Incorporated (TSX: HLF; HLF.A), a leading North American value-added frozen seafood company, today reported financial results for the thirteen-week period ended April 2, 2011. All amounts are reported in Canadian dollars.\nFinancial and operational highlights for the first quarter include (all comparisons are relative to the first quarter of 2010, unless otherwise noted):\n\n\n >\n\n\n"We are extremely pleased to report strong growth in sales, Adjusted EBITDA, and net income during the first quarter, largely driven by our U.S. operations, which recorded a 22.8% increase in domestic currency sales," said Henry Demone, president and CEO, High Liner Foods Incorporated. "We were able to achieve impressive sales growth despite the stronger Canadian dollar. We experienced substantial growth in U.S. sales with the launch of new products and expanded distribution for our brands, which helped offset price-driven competitive challenges in our Canadian retail operations. Notwithstanding the weaker Canadian retail results, we are delighted that we significantly improved profitability with double-digit growth rates in Adjusted EBITDA in both Canadian and U.S. markets."\n"We are also happy to announce that, on April 4, we successfully completed the integration of Viking Seafoods into our operations with no ...