High Liner’s 2Q net income up

By

SeafoodSource staff

Published on
August 10, 2010

High Liner Foods on Tuesday published its second-quarter results, including 6.5 percent increase in net income, to CAD 4.4 million (USD 4.2 million, EUR 3.3 million).

The Lunenburg, Nova Scotia-based seafood supplier’s EBITDA (earnings before interest, taxes, depreciation and amortization) increased to CAD 9.5 million in the second quarter of 2010 from CAD 9.1 million in the same period last year.

However, the company’s sales fell to CAD 134.7 million in 2010 from CAD 151.4 million in 2009, hurt by a stronger Canadian dollar.

“Our second quarter results were highlighted by growth in profitability across all key measures,” said High Liner President and CEO Henry Demone. “Our bottom line continued to benefit from lower input costs and a stronger Canadian dollar, as well as our ongoing commitment to cost management.”

Demone remains “cautiously optimistic” about the remainder of the year.

“Our performance in the first half of 2010 leaves us well-positioned for the balance of the year,” he said. “We continue to benefit from the strong Canadian dollar as well as our commitment to containing costs wherever possible. In addition, although market prices for raw materials are beginning to increase, our existing supply contracts will mitigate much of the impact for the remainder of the year. Although we have seen improvements in our business alongside the gradual North American economic recovery, we remain cautiously optimistic within the context of the current economic outlook.”

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