Clearwater Seafood posts $298K net loss in Q4; sales rise to $111M

HALIFAX – Clearwater Seafood Inc. (TSX:CLR) has reported a net loss for the fourth quarter despite an increase in revenue propelled by higher volumes and increased prices for some species.

The Halifax-based integrated seafood supplier says its net loss for the 13 weeks ended Dec. 31 was $298,000 or six cents per diluted share. That compared with a profit of $10.5 million or 15 cents per diluted share in the same year-earlier period when it has some nine million more shares on a fully diluted basis.

Sale revenue totalled $111 million, up from $92.9 million as a strong and growing market demand improved prices for scallops, clams and snow crab and produced a higher volume of scallop sales.

“Margins were partially offset by higher clam, scallops and shrimp harvest costs,” the company added in its earnings release.

For the full year, Clearwater reported net earnings of $15.3 million or 12 cents per share on revenue of $399.7 million, down from $22.7 million or 29 cents per share on revenue of $350.3 million in 2012.

On the Toronto Stock Exchange, Clearwater shares were down 11 cents or 1.24 per cent at $8.79 in late afternoon trading Wednesday.