Clearwater Seafoods on Tuesday reported its second-quarter results, including a 39 percent increase in earnings to CAD 6.7 million (USD 6.1 million, EUR 4.3 million) over the same period in 2008.
The Nova Scotia-based company also reported a sales increase of 1 percent, to CAD 70 million (USD 63.6 million, EUR 44.9 million) and a 6.4 percent increase in gross profit margins, to CAD 9.3 million (USD 8.4 million, EUR 6 million).
With the launch of a new clam vessel and the finalization of a new shrimp joint venture, both of which occurred in the second quarter of 2008, Clearwater’s operating results continue to show improvement.
The company believes with the improvements to the clam, shrimp and lobster fleets and with the possibility of continued lower fuel costs it will be able to generate positive cash flows and profit margins, subject to the economic conditions in North America, Europe and Asia.
“We are pleased to report these strong results despite the challenging worldwide economic conditions,” said Colin MacDonald, Clearwater’s chairman and CEO. “Our solid results speak to the success of all our business units and in particular our outstanding and dedicated workforce, which continues to seek and find ways to drive innovation in our harvesting, our processing and in building strong relationships with our customers.”
