Canadian seafood processor High Liner Foods said it experienced a “challenging” first quarter as sales and adjusted earnings dropped.
Net profit in the three months ended 30 March amounted to C$5.2m (US$5.2m), up from C$1.7m a year earlier when it was hit by costs related to its acquisition of Icelandic USA.
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However, excluding one-time items, the company earned an adjusted profit of C$9.8m, down 30% on last year, High Liner reported today (7 May).
Earnings were negatively impacted by expenses related to the favourable amendments to the term loan and the revaluation of an embedded derivative on debt, offset by lower amortisation expense, the company said. Adjusted EBITDA in the period dropped 32.4% to C$21.3m. Net sales were down 2.5% to C$84.6m.
Looking ahead, CEO Henry Demone said: “While we expect the challenging first quarter to have an unfavourable effect on full-year 2013 sales and Adjusted EBITDA, we are working to minimise the impact of these headwinds on our profitability going forward.”
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