High Liner Foods on Wednesday reported its fourth-quarter and year-end results, including a net income of CAD 19.7 million (USD 18.6 million, EUR 13.7 million) in 2009, up from CAD 14.2 million in 2008.
Last year, the Lunenburg, Nova Scotia-based seafood supplier posted a 1.8 percent increase in sales, to CAD 627.2 million (USD 592.5 million, EUR 436.1 million), and a 15 percent increase in EBITDA (earnings before interest, taxes, depreciation and amortization), to CAD 43.6 million (USD 41.2 million, EUR 30.3 million).
In the fourth quarter, High Liner recorded a net income of CAD 3.8 million (USD 3.7 million, EUR 2.6 million), up from CAD 2.4 million (USD 2.3 million, EUR 1.7 million) during the same period in 2008, and an EBITDA of CAD 11 million (USD 10.4 million, EUR 7.6 million), up 20.1 percent from 2008, despite lower sales and volume.
"Despite the difficult economic environment, 2009 was another strong, successful year for High Liner," said High Liner President and CEO Henry Demone. "We continued to execute against well-defined business objectives throughout the year and we were profitable in all key sales channels. As a result, we generated strong operating cash flow, which we used to reinvest in our business, return more to our shareholders in the form of twice increased dividends, and reduce net interest bearing debt.
"We have every confidence that 2010 will be another strong year for High Liner," added Demone. "We continue to see lower raw material costs and a strengthening in the Canadian dollar, both of which benefit our business. Our well diversified offering of value and premium products continue to be a strength as many consumers are still looking for value, as well as quality. Price decreases on commodity products along with greater promotional activity on value-added products should drive volume growth going forward."
February 25, 2010
