Clearwater 1Q report shows slight dip

Clearwater’s 1Q report for 2013 shows a slight drop in sales and adjusted earnings versus 2012, but the numbers “were consistent with management expectations.”

Sales for 1Q were at CAD 68.3 million (USD 68 million, EUR 51.8 million), down from the CAD 70.9 million (USD 70.6 million, EUR 53.7 million) in sales recorded in 1Q 2012. Adjusted earnings before interest, taxes, dividends and acquisitions (EBITDA) were also down, from the CAD 10.9 million (USD 10.9 million, EUR 8.3 million) recorded last year to a 1Q 2013 total of CAD 10.8 million (USD 10.8 million, EUR 8.2 million).

The company blamed the drop in sales volumes on lower inventory of cold water shrimp and clams, the result of record sales in 4Q 2012.

The company also noted, that the earnings figure was more stable in 2013 than it was in 1Q 2012, and that the overall numbers matched management’s expectations for the quarter.

“Clearwater's business experiences a predictable seasonal pattern in which sales, margins and adjusted EBITDA are lower in the first half of the year,” the company wrote in its report.

Rolling twelve month results showed a growth in adjusted EBITDA by 16.2 percent to CAD 72.1 million (USD 71.8 million, EUR 54.6 million).


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