High Liner posts 1Q profit

High Liner Foods on Tuesday posted a net income of CAD 7.3 million (USD 6.2 million, EUR 3.9 million) in the first quarter ending 4 April, up from CAD 4.4 million (USD 3.7 million, EUR 2.7 million) in the first quarter of 2008.

The Lunenburg, Nova Scotia-based seafood supplier also reported first-quarter sales CAD 183.3 million (USD 156.2 million, EUR 115 million), up 22.8 percent from last year. Sales of the company's Canadian operations were up 7.9 percent, to CAD 73.5 million (USD 62.5 million, EUR 46 million), while sales of the company's U.S. operations were up 8.6 percent, to USD 88.1 million (CAD 103.7 million, EUR 64.9 million).

"Our robust first quarter results from our strong organization successfully executing its business plan," said Henry Demone, High Liner's president and CEO.

Though sales to family and casual-dining restaurants dropped due to the economic downturn, most segments within High Liner's U.S. foodservice business experienced an increase in sales.

"Of particular note, we benefited from new business gained in the Canadian foodservice channel late last year and achieved solid sales volume growth in our U.S. retail business," said Demone. "Sales volumes with national family and casual-dining restaurants in the U.S. were lower, as expected given the economy. However, other segments of our U.S. foodservice business did well. We also benefited from a longer promotional period leading up to Easter due to a later Lent this year."

Despite the economy, Demone's outlook remains optimistic for the rest of 2009.

"We are well-positioned to successfully navigate through these troubling economic times," he said. "Now well over a year since our acquisition of FPI, we are benefiting from the successful integration and the synergies achieved to date. We will drive continued growth in our business by leveraging our core High Liner and FPI brands, strengthened market positions and expanded product development expertise. At the same time we will remain diligent in controlling our costs in the current economic environment."

High Liner ranked sixth on Seafood Business' annual list of the Top 25 North American seafood suppliers, posting sales of USD 616 million (CAD 723.1 million, EUR 453.6 million) in 2008, thanks to a full year of contributions from the late-2007 acquisition of Fishery Products International's North American value-added frozen seafood business.

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