Canadian seafood company High Liner Foods has announced a fall in sales to C$74.1m (US$59.3m) for the first quarter ended 2 April, compared with $81.3m in the same period last year, blaming weaker results in its US business.
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Net income was $3.09m, compared with $3.05m in the year earlier period.
“Financial results for the first quarter of fiscal 2005 reflect weaker
results in our US business, which more than offset improvement in Canada,”
said Henry Demone, president and CEO. “We are introducing innovative new products with higher value to respond to competitive pressures. In addition, our Fisher Boy products now have a healthier nutritional profile as a result of High Liner’s health initiative, under which all High Liner and Fisher Boy branded products will be free of
trans fat and low in saturated fat and contain no added hydrogenated oils by
year end.”
“While we expect 2005 to continue to be a challenging year for our U.S. operations, we see significant opportunity for longer-term growth in two areas,” Demone said. “First, we believe that we are taking the right steps to maximize the value inherent in our Fisher Boy brand. Second, we are confident that we can capitalize on market trends by introducing the same kinds of healthy, premium products that have proven so popular in Canada.”
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