High Liner's adjusted earnings rise following acquisition but net loss continues

LUNENBURG, N.S. – High Liner Foods Inc. (TSX:HLF) posted a net loss of just under US$2.7 million or 18 cents per share in the fourth quarter.

That’s marginally better than the Nova Scotia seafood company’s year-earlier loss of US$2.9 million or 19 cents per share.

However, the improvement was more pronounced after excluding one-time costs related to its acquisition of Icelandic USA and other non-cash items.

High Liner’s adjusted income was US$10.6 million, or 68 cents US per share.

That’s up about 58 per cent from US$6.7 million or 44 cents per share in the fourth quarter of 2011.

Revenue also increased substantially, rising about 25 per cent to US$217.6 million from US$174.3 million.

Icelandic USA accounted for US$59.5 million of the total sales.

High Liner’s Canadian business also increased sales but U.S. sales, apart from the addition of Icelandic, were down.

With its head office in Lunenburg, N.S., High Liner is one of North America’s leading producers of frozen seafood.

The company’s branded products include High Liner, Fisher Boy, Mirabel and Sea Cuisine brands it sells to grocery and big box stores.

The company also sells its High Liner, FPI, Mirabel and Viking food service products to restaurants, hospitals and schools and is a big supplier of private label seafood.