High Liner Foods has reported a second quarter net income of CAD 1 million, down 79 percent compared to CAD 4.8 million in the second quarter of last year. The income plunge is credited to the one-time cost of the Icelandic USA acquisition.
Despite the lower income results, the Canadian company said earnings increased by 52 percent to CAD 16.5 million, compared to 10.9 million in 2011. Sales also increased by nearly 43 percent to CAD 219, compared to CAD 153.3 million.
High Liner's retail sales in Canada continued strong growth sales in the first quarter, bolstered in part by the introduction of its “Flame Savours” fire-roasted premium fillets at the beginning of the year. High Liner saw a 10.6 percent increase in total Canadian dollar sales and a 15 percent growth in retail sales volume.
“Our results were slightly tempered on a year-over-year basis by the timing of the Lenten period, which fell mostly in the first quarter of this year. Nonetheless, on a pro-forma basis that assumes Icelandic USA had been part of our operations for the same period in 2011, our U.S. operations experienced a strong 14.5 percent growth in adjusted EBITDA,” said Henry Demone, CEO and president. “We are also pleased to announce that we continue to be ahead of schedule with the integration of Icelandic USA, and we expect to benefit from an early completion that solidifies our leadership position in the foodservice frozen seafood market.”
