High Liner reports record sales for 2013
High Liner Foods on Wednesday reported financial results for the fourth quarter 2013 and year.
For the quarter, sales increased by 14.9 percent to USD 250.7 million (EUR 182.5 million) compared to USD 218.3 million (EUR 159 million) in the same period of 2012. The acquisition of American Pride Seafoods contributed USD 39.7 million (EUR 28.9 million).
Net income also increased to USD 8.8 million (EUR 6.4 million) compared to a loss of USD 2.7 million (EUR 2 million) in the same time period in 2012. EBITDA was USD 22.7 million (EUR 16.5 million) compared to USD 22.1 million (EUR 16 million).
For the year, High Liner’s sales increased by 0.5 percent to USD 947.3 million (EUR 689.5 million) from USD 942.6 million (EUR 868 million), with American Pride accounting for USD 39.7 million (EUR 28.9 million). Net income for the year was USD 31.4 million (EUR 22.9million) compared to just USD 2.2 million (EUR 1.6 million) in 2012. EBITDA was down to USD 85.3 million (EUR 62.1 million) compared to USD 91.7 million (EUR 66.7 million).
“Following years of exceptionally strong growth, we are pleased to report that in fiscal 2013, High Liner Foods achieved the highest sales and earnings in its history,” said Henry Demone, CEO. “The acquisition of American Pride bolstered sales in the fourth quarter and contributed to a strong finish to the year, which overall, has been a successful year, but hasn’t been without its challenges.
“Excluding American Pride, sales in the fourth quarter from our U.S. foodservice business and our U.S. and Canadian retail value-added private label businesses declined on a year-over-year basis. This was consistent with what we experienced in the first three quarters of the year, reflecting continued soft sales in the U.S. restaurant industry in 2013 and the trend in the seafood marketplace overall of decreased demand for retail value-added private label seafood products. We were successful in partially offsetting the sales declines in these market segments, with strong sales to club stores in the fourth quarter and continued growth in our retail Sea Cuisine product line in the U.S."