Clearwater Seafoods has Q1 loss of $12.1 million but posts higher sales

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HALIFAX – Clearwater Seafoods Inc. lost $12.1 million in its first quarter, but its sales jumped by 14 per cent to $77.8 million.

Clearwater (TSX:CLR) said Friday the loss amounted to 27 cents per share, compared with a loss of $1.7 million, or six cents per share, in the same quarter last year.

But sales totalled $77.8 million compared with $68.2 million due to stronger demand for its products.

The Halifax-based company said the results were hurt by an unrealized foreign exchange loss of $13.3 million in the quarter in connection with its U.S. dollar denominated long term debt and U.S. dollar, euro and yen foreign exchange hedging contracts.

“We posted strong sales results across our portfolio of sustainably harvested, wild caught seafood during the first quarter of 2014 and are maintaining our annual financial targets,” chief executive Ian Smith said in a statement.

“Also, during the quarter we continued to invest and advance several major capital projects that are key to sustaining our long term growth, profitability and competitive advantage.”

Clearwater is one of North America’s largest seafood companies.

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