High Liner posts encouraging 4Q results

Bedford, Nova Scotia, seafood processor High Liner Foods today reported its financial results for the fourth quarter and fiscal 2008.
 
The company's quarterly sales totaled CAD 177.4 million (USD 141.9 million, EUR 111.4 million), including 84.3 percent growth in Canadian operations and a 293.7 percent increase in U.S. operations.
 
High Liner's quarterly earnings also increased 166.2 percent compared to 2007, totaling CAD 9.2 million (USD 7.4 million, EUR 5.8 million).
 
For the fiscal year ending 3 January, the company's annual sales increased 123.7 percent over 2007 to CAD 616 million (USD 492.4 million, EUR 386.6 million) and its earnings jumped 151.9 percent to CAD 37.9 million (USD 30.3 million, EUR 23.8 million).
 
"Our strong results in fiscal 2008 reflect a full year of contributions from the acquired FPI businesses and their successful integration into our operations," said Henry Demon, the company's president and CEO. "We had a very strong fourth quarter with growth across all sales channels. As expected, we saw a lift in sales in our retail businesses. Perhaps more consumers are eating at home in light of the economy, but we are also executing our business plan with discipline. We also had strong results from both our U.S. and Canadian foodservice businesses."

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