Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

High Liner profit soars as acquisition-related costs fall, overall sales rise

LUNENBURG, N.S. - High Liner Foods Inc. (TSX:HLF) had a much more profitable year in 2013 as overall sales improved and acquisition-related costs declined.

The Nova Scotia-based seafood company said Wednesday that its net income for the 12 months ended Dec. 28 soared to $31.3 million, including $8.7 million in the fourth quarter.

In 2012, High Liner had a net loss of $2.7 million or 17 cents per share in the fourth quarter and only $2.2 million of net income for the full year.

The company attributed the improvement to a number of factors, including reduced financing costs and fewer one-time items related to acquisitions.

Its annual revenue edged up about 1.5 per cent to $947.3 million, while High Liner's fourth-quarter revenue was up nearly 17 per cent from a year before at $254.4 million.

The company says its overall fourth-quarter sales were helped by the acquisition of American Pride in October but sales were otherwise down because of continued softness in the U.S. restaurant industry and falling demand for private label retail seafood brands.

High Liner said it plans a two-for-one stock split and will seek shareholder approval at the company's annual meeting on May 8 in Halifax.

After the split, the market value of each High Liner share will be cut in half but shareholders would have twice as many shares as before.

On the Toronto Stock Exchange, High Liner shares were up 10 cents at $47.60 in afternoon trading Wednesday.

"Following years of exceptionally strong growth, we are pleased to report that in fiscal 2013, High Liner Foods achieved the highest sales and earnings in its history," chief executive Henry Demone said in a statement.

"The acquisition of American Pride bolstered sales in the fourth quarter and contributed to a strong finish to the year, which overall, has been a successful year, but hasn't been without its challenges."

"Excluding American Pride, sales in the fourth quarter from our U.S. food service business and our U.S. and Canadian retail value-added private label businesses declined on a year-over-year basis," Demone noted.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
Submit a Random Act of Kindness
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates