Clearwater Seafoods has booked a drop in full-year earnings but said it recorded the highest sales and adjusted EBITDA in its history.

In the 12 months to the end of December, earnings fell 0.9% to C$22.7m (US$22.1m), the company reported today (11 March). Adjusted EBITDA, however, was up 18% to C$72.2m as a result of higher sales volumes, particularly of coldwater shrimp.

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Sales in the period amounted to C$350.4m, a 5.3% increase on the prior year.

CEO Ian Smith said: “In 2012 the company had the highest revenues and adjusted EBITDA in its history. Management is pleased with the progress made towards our financial targets for creating shareholder value and expects that earnings and free cash flow momentum will continue through 2013.”

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