High Liner Foods has booked an increase in full-year earnings thanks to “significantly lower” financing and one-time costs.
The company, which has expanded its presence in the North American seafood market through a series of M&A deals including the 2012 acquisition of Icelandic Group’s US operations, saw net income surge to C$31.3m (US$28m) in fiscal 2013, up from $2.2m in the prior year.
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During the first quarter of 2013 High Liner renegotiated its loan agreements, resulting in a drop in interest payments. The bottom line was also bolstered by the lapping of one-time acquisition costs associated with the Icelandicdeal. Adjusted net income was up 8.4%, the company added.
However, adjusted EBITDA totalled $85.3m, compared with $91.7m in 2012. The company said it faced production challenges after the closure of its plant in Danvers in Massachusetts in the first quarter of 2013.
Excluding the acquisition of American Pride, which was completed last October, sales at the seafood firm dipped to $903.6, down from $942.6m in 2012. However, American Pride contributed $39.7m in sales during the final quarter of the year, meaning that total sales gained 0.5% in the full-year period.
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