High Liner Foods Incorporated Reports Unaudited Consolidated Earnings Results for the Thirteen and Thirty-Nine Weeks Ended September 30, 2018; Provides Annual Effective Income Tax Rate Guidance for the Year 2018
November 08, 2018 at 09:50 am
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High Liner Foods Incorporated reported unaudited consolidated earnings results for the thirteen and thirty-nine weeks ended September 30, 2018. For the thirteen weeks, sales were $241,157,000 compared to $282,704,000 a year ago. Adjusted EBITDA was $14,235,000 compared to $17,298,000 a year ago. Net income was $4,531,000 or $0.13 per diluted share compared to $6,040,000 or $0.18 per diluted share a year ago. Adjusted net income was $412,000 or $0.01 per diluted share compared to $8,424,000 or $0.25 per diluted share a year ago. Net cash flows provided by operating activities increased by $11.0 million to $15.4 million compared to $4.4 million a year ago, primarily reflecting more favorable results from operations, including income tax refunds, partially offset by higher interest payments and less favorable changes in net non-cash working capital. Net interest-bearing debt decreased by $9.3 million to $362.6 million at the end of the third quarter of 2018 compared to $371.9 million at the end of the second quarter of 2018 and by $25.2 million compared to $387.9 million at the end of Fiscal 2017. The decrease in net income reflects the decrease in Adjusted EBITDA mentioned previously, along with an impairment of property, plant and equipment and an increase in finance costs and income tax expense, partially offset by the product recall recovery ($8.5 million) mentioned previously.
For the thirty-nine weeks, sales were $805,653,000 compared to $790,824,000 a year ago. Adjusted EBITDA was $50,506,000 compared to $53,051,000 a year ago. Net income was $17,586,000 or $0.52 per diluted share compared to $17,426,000 or $0.54 per diluted share a year ago. Adjusted net income was $14,881,000 or $0.44 per diluted share compared to $25,292,000 or $0.78 per diluted share a year ago.
The company expects the annual effective income tax rate to be approximately 20% to 25% for 2018.
High Liner Foods Incorporated is a Canada-based value-added frozen seafood company. The Company is a processor and marketer of value-added frozen seafood, producing a range of products from breaded and battered items to seafood entrees, which are sold to North American food retailers and foodservice distributors. In addition, it is a supplier of commodity products in the North American market. The Companyâs retail channel includes grocery and club stores, and its products are sold throughout the United States and Canada under the High Liner, Fisher Boy, Mirabel, Sea Cuisine and Catch of the Day labels. The foodservice channel includes sales of seafood that is usually eaten outside the home and its branded products are sold through distributors to restaurants and institutions under the High Liner, Mirabel, Icelandic Seafood and FPI labels. It owns and operates over three food-processing plants located in Lunenburg, Nova Scotia, Portsmouth, New Hampshire, and Newport News, Virginia.
High Liner Foods Incorporated Reports Unaudited Consolidated Earnings Results for the Thirteen and Thirty-Nine Weeks Ended September 30, 2018; Provides Annual Effective Income Tax Rate Guidance for the Year 2018
HIGH LINER FOODS INCORPORATED 
