Business
High Liner Foods Reports Third Quarter 2013 Operating Results
- Third Quarter produces $10.4 million in Adjusted Net Income, a 30% increase over 2012...
About this update from High Liner Foods Incorporated
[{"type":"text","content":"\n\n\n- Third Quarter produces $10.4 million in Adjusted Net Income, a 30%\n increase over 2012, and the quarterly dividend increases 6% -\n\n\nLUNENBURG, NS, Nov. 7, 2013 /CNW/ - High Liner Foods Incorporated (TSX: 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 and thirty-nine weeks ended September 28, 2013.  All\n amounts are reported in U.S. dollars (\"USD\") unless otherwise noted.\n\n\nFinancial and operational highlights for the third quarter of 2013\n include (all comparisons are relative to the third quarter and first\n thirty-nine weeks of 2012, unless otherwise noted):\n\n\nSales for the third quarter were $216.5 million, compared with $219.9\n million;\n\n\nReported net income increased in the third quarter to $7.4 million\n (diluted earnings per share (\"EPS\") of $0.48), compared with $2.2\n million (diluted EPS of $0.14).  Reported net income was $22.6 million\n (or diluted EPS of $1.45) for the first thirty-nine weeks of 2013,\n compared to $4.9 million ($0.32 diluted EPS);\n\n\nAdjusted Net Income1 increased in the third quarter to $10.4 million (Adjusted Diluted EPS1 of $0.66), compared with $8.0 million (Adjusted Diluted EPS of $0.52). \n Adjusted Net Income for the first thirty-nine weeks of 2013 was $29.3\n million (Adjusted Diluted EPS of $1.88), compared to $27.4 million\n (Adjusted Diluted EPS of $1.78);\n\n\nAdjusted EBITDA1 for the third quarter was $22.1 million, compared with $21.8 million;\n\n\nStandardized Free Cash Flow1 was $64.7 million for the fifty-two week period ended September 28,\n 2013, compared with $41.1 million for the same period ended September\n 29, 2012; and\n\n\nNet interest-bearing debt to Adjusted EBITDA, calculated on a rolling\n fifty-two week basis, decreased to 3.16x at the end of the third\n quarter, compared to 3.40x at the end of fiscal 2012.\n\n\n\"We are pleased to report High Liner Foods' Adjusted Net Income was\n $10.4 million for the third quarter of 2013, which represents a $2.4\n million, or 30%, increase over the third quarter of 2012,\" said Henry\n Demone, CEO.  \"Profitability improved in the third quarter, despite\n continued pressure on sales in certain segments of our business, and\n our operating cash flow was strong, as ev...