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High Liner Foods Sales Increase

10 November 2014

CANADA - High Liner Foods reported an increase in sales in the third quarter of 2014 by $30.1 million, or 13.9 per cent, to $246.6 million compared to $216.5 million (the American Pride Acquisition added $31.9 million in sales).

Sales in domestic currency increased in the third quarter of 2014 by $33.9 million, or 15.4 per cent , to $253.3 million compared to $219.4 million (excluding $31.9 million in sales from the American Pride Acquisition, sales in domestic currency increased in the third quarter of 2014 by $2.0 million, or 0.9 per cent ).

Adjusted EBITDA decreased in the third quarter of 2014 by $3.1 million, or 14.0 per cent , to $19.0 million compared to $22.1 million (the American Pride Acquisition added $0.5 million in Adjusted EBITDA).

Reported net income increased in the third quarter of 2014 by $0.2 million, or 2.7 per cent , to $7.6 million (diluted earnings per share ("EPS") of $0.24) compared to $7.4 million (diluted EPS of $0.24).

Adjusted Net Income decreased in the third quarter of 2014 by $2.0 million, or 19.2 per cent, to $8.4 million (Adjusted Diluted EPS3 of $0.27) compared to $10.4 million (Adjusted Diluted EPS of $0.33).

Net interest-bearing debt to Adjusted EBITDA, calculated on a rolling fifty-two week basis, increased to 4.0x at the end of the third quarter of 2014 compared to 3.9x at the end of fiscal 2013.

Further Reading

You can view the full report by clicking here.

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