Clearwater Seafoods on Tuesday released its results for the fourth quarter of 2010, including sales of CAD 77.8 million, up from CAD 68.4 million in 2009.
EBITDA for the quarter also increased to CAD 13.8 million, compared to CAD 9.3 million during the same period in 2009. Clearwater credited the increase to strong sales and market pries as well as lower costs due to improved operating efficiencies.
The company also announced its year-end results, including sales of CAD 291.1 million and EBITDA of CAD 44.8 million, compared to CAD 284.1 million and CAD 39.3 million, respectively, in 2009.
Clearwater said it expects the positive earnings trend to continue this year as it anticipates the market to remain strong and operations to benefit from cost-saving measures. The company also expects to complete a substantial plant and vessel upgrade program in the first and second quarters of this year.
“I am encouraged by our volume strength in 2010 and the increasing global consumer and customer demand for our premium, wild, eco-labeled seafood,” said Clearwater CEO Ian Smith. “Taken in combination with the successful execution of our pricing strategy, cost savings and other productivity initiatives, I believe Clearwater is poised to continue to deliver improved operating margins and earnings performance in 2011.”
Earlier this month, the company announced that two of its processing facilities were certified under the British Retail Consortium standard for food safety.
