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Q3 2014 Sales Increase for High Liner Foods

10 November 2014

CANADA - High Liner Foods reported an increase in sales in the third quarter of 2014 by $30.1 million, or 13.9 per cent, to $246.6 million compared to $216.5 million (the American Pride Acquisition added $31.9 million in sales).

Sales in domestic currency increased in the third quarter of 2014 by $33.9 million, or 15.4 per cent , to $253.3 million compared to $219.4 million (excluding $31.9 million in sales from the American Pride Acquisition, sales in domestic currency increased in the third quarter of 2014 by $2.0 million, or 0.9 per cent ).

Adjusted EBITDA decreased in the third quarter of 2014 by $3.1 million, or 14.0 per cent , to $19.0 million compared to $22.1 million (the American Pride Acquisition added $0.5 million in Adjusted EBITDA).

Reported net income increased in the third quarter of 2014 by $0.2 million, or 2.7 per cent , to $7.6 million (diluted earnings per share ("EPS") of $0.24) compared to $7.4 million (diluted EPS of $0.24).

Adjusted Net Income decreased in the third quarter of 2014 by $2.0 million, or 19.2 per cent, to $8.4 million (Adjusted Diluted EPS3 of $0.27) compared to $10.4 million (Adjusted Diluted EPS of $0.33).

Net interest-bearing debt to Adjusted EBITDA, calculated on a rolling fifty-two week basis, increased to 4.0x at the end of the third quarter of 2014 compared to 3.9x at the end of fiscal 2013.

Further Reading

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