High Liner has ‘strong’ year, despite U.S. slump
High Liner Foods had some of the highest levels of sales, adjusted earnings before interest, taxes, dividends and acquisitions (EBITDA), and adjusted net income in the company’s history overall in 2012, despite a slump in sales in the U.S. during the fourth quarter 2012.
"We are very pleased to report another strong year, marked by the successful integration of Icelandic USA into High Liner Foods' operations," said Henry Demone, High Liner president and CEO.
According to the company’s 4Q report, sales overall went up by 26.6 percent compared to 4Q 2011 to USD 218.3 million (EUR 165.5 million), and adjusted net income increase of 58 percent to USD 10.6 million (EUR 8 million).
For the year, sales went up by 39.5 percent over 2011 to USD 942.6 million (EUR 714.4 million), and adjusted net income was up 32 percent to USD 38.1 million (EUR 28.9 million).
The success comes even though sales slipped in the U.S. Assuming Icelandic USA had been part of the company’s operations for the full year in 2011, total U.S. sales were down 0.9 percent. The company blamed the decline on “commodity products, competitive activity, and soft restaurant sales.” The company also noted that adjusted EBITDA in the U.S. went up 12.9 percent over 2011.