Clearwater Seafoods Ltd. Partnership on Friday released its first-quarter results, including a net loss of CAD 6.2 million (USD 6 million, EUR 4.8 million), compared to a net gain of CAD 16.6 million in the same period last year.
The Bedford, Nova Scotia-based seafood supplier also watched its EBITDA (earnings before interest, taxes, depreciation and amortization) drop 33 percent, to CAD 6.3 million (USD 6.1 million, EUR 4.9 million) and its sales slip 12 percent to CAD 62.7 million (USD 60.7 million, EUR 48.8 million) in the first quarter of 2010.
However, Clearwater reduced its net debt by CAD 10.7 million, to CAD 194.6 million (USD 188.3 million, EUR 151.5 million), in the first quarter. “Clearwater’s strategy for maintaining liquidity and reducing leverage includes carefully managing its working capital and capital expenditures and liquidating assets, which do not achieve an adequate return on capital,” said the company in a statement. “Over the next several years, Clearwater will continue to focus on reducing its leverage by focusing on improving earnings levels and using the positive cash flow of the business to reduce debt. This should enable Clearwater to lower interest costs over time.”
“I am very pleased with the results for the first quarter of 2010 and am looking to continue to build on them,” said Colin MacDonald, the company’s chairman and CEO.
On Monday, Ian Smith, a former Campbell Soup Co. executive, will take over as CEO, replacing MacDonald, who announced in late 2008 that he is retiring from the role. The appointment was announced in late April.
