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High Liner Foods reports second quarter financial results

^{Published on 2010-08-10 09:40:30 - Market Wire}
 

 - Adjusted EBITDA increased 4.2% to $9.5 million on lower reported sales; - Net income increased 6.5% to $4.4 million, or $0.28 per share, compared to $4.1 million, or $0.22 per share; - Sales for the quarter were $134.7 million with the stronger Canadian dollar decreasing the value of reported sales by approximately $8.9 million; - Sales in pounds were relatively unchanged at 39.5 million. 

 ------------------------------------------------------------------------- (Amounts in thousands of Canadian $ except per share amounts, unless otherwise noted) ------------------------------------------------------------------------- Thirteen Thirteen Twenty-six Twenty-six weeks ended weeks ended weeks ended weeks ended July 3, 2010 July 4, 2009 July 3, 2010 July 4, 2009 ------------------------------------------------------------------------- Sales in domestic currency $132,837 $140,675 $294,364 $302,234 ------------------------------------------------------------------------- Foreign exchange on sales $1,824 $10,699 $5,410 $32,416 ------------------------------------------------------------------------- Sales in Canadian dollars $134,661 $151,374 $299,774 $334,650 ------------------------------------------------------------------------- Adjusted EBITDA $9,450 $9,070 $23,525 $22,175 ------------------------------------------------------------------------- Net income $4,391 $4,124 $11,625 $10,820 ------------------------------------------------------------------------- Adjusted net income(1) $4,281 $4,087 $11,515 $11,386 ------------------------------------------------------------------------- Earnings per common share: ------------------------------------------------------------------------- Net income 0.28 0.22 $0.68 $0.59 ------------------------------------------------------------------------- Adjusted net income(1) 0.27 0.22 $0.67 $0.62 ------------------------------------------------------------------------- (1) Excluding one-time integration costs and non-operating items.