HIGH LINER FOODS REPORTS OPERATING RESULTS FOR THE FIRST QUARTER OF 2024
Grows Year over Year Adjusted EBITDA by $3.0 million
LUNENBURG, NS, May 14, 2024 /CNW/ - High Liner Foods Incorporated (TSX: HLF) ("High Liner Foods" or "the Company"), a leading North American value-added frozen seafood company, today announced financial results for the thirteen weeks ended March 30, 2024.
"We strengthened the profitability of our business during the first quarter, setting us up well to return to Adjusted EBITDA growth for 2024," said Paul Jewer, President and Chief Executive Officer for High Liner Foods. "The steps we took last year to accelerate the return to normalized inventory levels helped drive margin improvements during the first quarter, which was also supported by a more profitable mix and lower costs in our business. Our growth in Adjusted EBDITA enabled us to continue to grow cash flow and further strengthen our balance sheet."
"With this improved profitability and the benefit of our strong balance sheet and diverse portfolio, we are well equipped to take the necessary steps to address the volume decline that was driven by the elimination of some unprofitable business and reduced contract manufacturing business. We also continue to explore opportunities to invest in the long-term growth potential of our business."
Key financial results, reported in U.S. dollars ("USD"), for the thirteen weeks ended March 30, 2024, or the first quarter of 2024, are as follows (unless otherwise noted, all comparisons are relative to the first quarter of 2023):
- Sales volume decreased by 10.0 million pounds, or 13.0%, to 67.0 million pounds compared to 77.0 million pounds and sales decreased by $52.2 million, or 15.9%, to $277.0 million compared to $329.2 million;
- Gross profit decreased by $2.9 million, or 4.2%, to $65.5 million compared to $68.4 million, and gross profit as a percentage of sales increased to 23.6% compared to 20.8%;
- Adjusted EBITDA(1) increased by $3.0 million, or 9.6%, to $34.2 million compared to $31.2 million, and Adjusted EBITDA as a percentage of sales increased to 12.4% compared to 9.5%;
- Net income increased by $2.7 million, or 19.4%, to $16.6 million compared to $13.9 million and diluted earnings per share ("EPS") increased to $0.49 per share, compared to $0.40 per share;
- Adjusted Net Income(1) increased by $2.2 million, or 13.4%, to $18.6 million compared to $16.4 million and Adjusted Diluted EPS(1) increased to $0.55 per share compared to $0.48 per share;
- Cash Flows from Operations increased by $4.6 million, or 35.7%, to an inflow of $17.5 million compared to an inflow of $12.9 million; and
- Net Debt(1) to Rolling Twelve-Month Adjusted EBITDA(1) was 2.5x at March 30, 2024 compared to 2.6x at the end of Fiscal 2023 and 3.7x at end of Fiscal 2022. The Company reverted to normal working capital levels, leading to an improvement in the Net Debt to Rolling Twelve-Month Adjusted EBITDA ratio by the second half of Fiscal 2023.
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(1) This is a non-IFRS financial measure. For more information on non-IFRS financial measures, see "Non-IFRS Measures" below and see "Non-IFRS Financial Measures" in our First Quarter 2024 Management's Discussion and Analysis ("1Q2024 MD&A"). |
Financial Results and Operational Update
For the purpose of presenting the Consolidated Financial Statements in USD, CAD-denominated assets and liabilities in the Company's operations are converted using the exchange rate at the reporting date, and revenue and expenses are converted at the average exchange rate of the month in which the transaction occurs. As such, foreign currency fluctuations affect the reported values of individual lines on our balance sheet and income statement. When the USD strengthens (weakening CAD), the reported USD values of the Parent's CAD-denominated items decrease in the Consolidated Financial Statements, and the opposite occurs when the USD weakens (strengthening CAD).
Investors are reminded for purposes of calculating financial ratios, including dividend payout and share price-to-earnings ratios, to take into consideration that the Company's share price and dividend rate are reported in CAD and its earnings, EPS and financial statements are reported in USD.
The financial results in USD for the thirteen weeks ended March 30, 2024 and April 1, 2023 are summarized in the following table:
Thirteen weeks ended | ||||
(Amounts in 000s, except per share amounts, unless otherwise noted) | March 30, | April 1, | ||
Sales volume (millions of lbs) | 67.0 | 77.0 | ||
Average foreign exchange rate (USD/CAD) | 1.3486 | 1.3526 | ||
Sales | $ 276,972 | $ 329,164 | ||
Gross profit | $ 65,455 | $ 68,405 | ||
Gross profit as a percentage of sales | 23.6 % | 20.8 % | ||
Adjusted EBITDA | $ 34,240 | $ 31,199 | ||
Adjusted EBITDA as a percentage of sales | 12.4 % | 9.5 % | ||
Net income | $ 16,598 | $ 13,888 | ||
Diluted EPS | $ 0.49 | $ 0.40 | ||
Adjusted Net Income | $ 18,590 | $ 16,437 | ||
Adjusted Diluted EPS | $ 0.55 | $ 0.48 | ||
Diluted weighted average number of shares outstanding | 33,551 | 34,537 |
Sales volume for the thirteen weeks ended March 30, 2024, or the first quarter of 2024, decreased by 10.0 million pounds, or 13.0%, to 67.0 million pounds compared to 77.0 million pounds in the thirteen weeks ended April 1, 2023. High Liner Foods' foodservice business was impacted by both a decline in contract manufacturing business, the exit of some unprofitable business, and some overall market softness. The Company continues to benefit from diversification of its foodservice customer base across non-commercial and commercial customers as well as its strategic focus on high growth channels and species. The decrease was also driven by lower sales volume in our retail business, including during the Lenten period, as the retail market continued to experience challenges as a result of consumer price sensitivity and competitive pressure in a highly promotional environment.
Sales in the first quarter of 2024 decreased by $52.2 million, or 15.9%, to $277.0 million compared to $329.2 million in the same period in 2023, The decrease in sales is mainly driven by reduced volumes previously mentioned and reduced pricing reflecting deflationary markets, partially offset by favourable sales mix. The stronger Canadian dollar in the first quarter of 2024 compared to the same quarter of 2023 increased the value of reported USD sales from our CAD-denominated operations by approximately $0.2 million relative to the conversion impact last year.
Gross profit in the first quarter of 2024 decreased by $2.9 million to $65.5 million compared to $68.4 million in the same period in 2023 and gross profit as a percentage of sales increased by 280 basis points to 23.6% compared to 20.8%. The decrease in gross profit reflects the decline in sales volume previously mentioned. This was partially mitigated by the benefit of lower inventory levels and the favourable changes in product mix reflected in the improved gross profit as a percentage of sales. In addition, the stronger Canadian dollar increased the value of reported USD gross profit from our CAD-denominated operations by nominal amounts relative to the conversion impact last year.
Adjusted EBITDA in the first quarter of 2024 increased by $3.0 million to $34.2 million compared to $31.2 million in the same period in 2023 and Adjusted EBITDA as a percentage of sales increased to 12.4% compared to 9.5%. The increase is a result of decreased net SG&A expenses and decreased distribution costs, partially offset by the decrease in gross profit.
Reported net income in the first quarter of 2024 increased by $2.7 million to net income of $16.6 million (diluted EPS of $0.49) compared to $13.9 million (diluted EPS of $0.40) in the same period in 2023. The increase in net income is due to the increase in Adjusted EBITDA, a decrease in Business Acquisition, Integration and Other Expenses, and a decrease in finance costs, discussed in the Finance Costs section of this MD&A, partially offset by an increase in income tax expense.
Reported net income in the first quarter of 2024 and 2023 included certain non-routine expenses classified as "business acquisition, integration and other expense." Excluding the impact of these non-routine items or other non-cash expenses, and share-based compensation, Adjusted Net Income in the first quarter of 2024 increased by $2.2 million, or 13.4% to $18.6 million compared to $16.4 million in the same period in the prior year and Adjusted Diluted EPS increased $0.07 in the first quarter of 2024 to $0.55 as compared to $0.48 in the same period in the prior year.
Net cash flows provided by operating activities in the first quarter of 2024 increased by $4.6 million to an inflow of $17.5 million compared to an inflow of $12.9 million in the same period in 2023 due to favourable changes in non-cash working capital and higher cash flows provided by operations, including higher net income, lower finance costs, lower depreciation & amortization, partially offset by higher income tax expense. Capital expenditures were $2.4 million in the first quarter of 2024 compared to $3.0 million in the prior year reflecting the continued significant investment in the business.
Net Debt decreased by $5.2 million to $244.7 million at March 30, 2024 compared to $249.9 million at December 30, 2023, reflecting lower long-term debt, lease liabilities, and a higher cash balance, partially offset by higher bank loans as at March 30, 2024, as compared to December 30, 2023.
Net Debt to Rolling Twelve-Month Adjusted EBITDA was 2.5x at March 30, 2024 compared to 2.6x at the end of Fiscal 2023 and 3.7x at December 31, 2022. In the latter half of Fiscal 2022, the Net Debt to Rolling Twelve-Months Adjusted EBITDA rose due to increased investment in working capital and inflation in raw materials. However, by the second half of 2023, the Company had reverted to normal working capital levels, leading to an improvement in the Net Debt to Rolling Twelve-Month Adjusted EBITDA ratio. In the absence of any major acquisitions or unplanned capital expenditures in 2024, we expect this ratio to continue to be lower than the Company's long-term target of 3.0x at the end of Fiscal 2024.
Investment in Norcod AS
On March 21, 2024, High Liner Foods invested $5 million in exchange for 4,412,000 common shares of Norcod AS ("Norcod"), a leader in responsible and sustainable cod aquaculture based in Trondheim, Norway. The Company believes this investment is an important step forward in the Company's long-term growth strategy, including gaining exposure to the growing cod aquaculture market.
Outlook
"Our improved profitability during the first quarter puts us in a strong position to deliver Adjusted EBITDA growth for the year, while taking the necessary strategic actions to address our top line performance, said Mr. Jewer. "In an uncertain macroeconomic environment, we are focused on delivering compelling value to a broad base of customers and consumers. I remain confident in our strategy and believe that the additional work underway related to price, innovation and distribution will help support volume over time. The underlying fundamentals of our business and long-term growth potential remain strong."
As High Liner advances its strategy to drive improved near-term performance, the Company continues to explore opportunities for transformative growth through potential M&A activities. As illustrated by our recent investment in Norcod, High Liner is focused on exploring opportunities across the value-chain to position the Company for long-term growth, build shareholder value and continue to return capital to shareholders. The Company is focused on the consistent execution of its branded and value-added strategy, as well as opportunities to further diversify its supply chain and innovate within the frozen seafood category as the means to reinforce its competitive positioning in a dynamic global seafood market.
The Company cautions that additional challenges in the geopolitical and economic environment may impact the timeline for improvements to its financial performance and its growth agenda.
Dividend
Today, the Company's Board of Directors approved a quarterly dividend of CAD$0.15 per share on the Company's common shares, payable on June 15, 2024 to holders of record on June 1, 2024. These dividends are considered "eligible dividends" for Canadian income tax purposes.
Conference Call
The Company will host a conference call on Wednesday, May 15, 2024, at 10:00 a.m. ET (11:00 a.m. AT) during which Paul Jewer, Chief Executive Officer, Deepak Bhandari, Interim Chief Financial Officer and Anthony Rasetta, Chief Commercial Officer, will discuss the financial results for the first quarter of 2024. To access the conference call by telephone, dial 416-764-8659 or 1-888-664-6392. Please connect approximately 10 minutes prior to the beginning of the call to ensure participation. The conference call will be archived for replay by telephone until Saturday, June 15, 2024 at midnight (ET). To access the archived conference call, dial 1-888-390-0541 and enter the replay entry code 549560#.
A live audio webcast of the conference call will be available at www.highlinerfoods.com. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast.
The Company's Unaudited Condensed Interim Consolidated Financial Statements and MD&A as at and for the thirteen weeks ended March 30, 2024 were filed concurrently on SEDAR+ with this news release and are also available at www.highlinerfoods.com.
Non-IFRS Measures
The Company reports its financial results in accordance with International Financial Reporting Standards ("IFRS"). Included in this media release are the following non-IFRS financial measures: Adjusted EBITDA, Adjusted EBITDA as a Percentage of Net Sales, Adjusted Net Income, Adjusted Diluted EPS, Net Debt and Net Debt to Rolling Twelve-Month Adjusted EBITDA.
The Company believes these non-IFRS financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the Company for the reasons outlined below. These measures do not have any standardized meaning as prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS.
Adjusted EBITDA and Adjusted EBITDA as a Percentage of Sales
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization adjusted for items that are not considered representative of ongoing operational activities of the business. The related margin, Adjusted EBITDA as a Percentage of Sales, is defined as Adjusted EBITDA divided by net sales, where net sales is defined as "Sales" on the consolidated statements of income.
We use Adjusted EBITDA (and Adjusted EBITDA as a percentage of sales) as a performance measure as it approximates cash generated from operations before capital expenditures and changes in working capital, and it excludes the impact of expenses and recoveries associated with certain non-routine items that are not considered representative of the ongoing operational activities, as discussed above, and share-based compensation expense related to the Company's share price. We believe investors and analysts also use Adjusted EBITDA (and Adjusted EBITDA as a percentage of sales) to evaluate the performance of our business. The most directly comparable IFRS measure to Adjusted EBITDA is "Net income" on the consolidated statements of income. Adjusted EBITDA is also useful when comparing to other companies, as it eliminates the differences in earnings that are due to how a company is financed. Also, for the purpose of certain covenants on our credit facilities, "EBITDA" is based on Adjusted EBITDA, with further adjustments as defined in the Company's credit agreements.
The following table reconciles Adjusted EBITDA with measures that are found in our Consolidated Financial Statements, and calculates Adjusted EBITDA as a Percentage of Sales.
Thirteen weeks ended | ||||
(Amounts in $000s) | March 30, 2024 | April 1, 2023 | ||
Net income | $ 16,598 | $ 13,888 | ||
Add back (deduct): | ||||
Depreciation and amortization expense | 5,624 | 6,068 | ||
Finance costs | 5,914 | 7,044 | ||
Income tax expense | 3,581 | 596 | ||
Standardized EBITDA | 31,717 | 27,596 | ||
Add back (deduct): | ||||
Business acquisition, integration and other expenses (income) | 692 | 1,767 | ||
Impairment of property, plant and equipment | — | — | ||
Gain on disposal of assets | (8) | (71) | ||
Share-based compensation expense | 1,839 | 1,907 | ||
Adjusted EBITDA | $ 34,240 | $ 31,199 | ||
Net Sales | $ 276,972 | $ 329,164 | ||
Adjusted EBITDA as Percentage of Sales | 12.4 % | 9.5 % |
Rolling Twelve-Month Adjusted EBITDA
Rolling twelve months ended | ||||||
(Amounts in $000s) | March 30, | December 30, | April 1, | |||
Net income | $ 34,387 | 31,677 | 53,973 | |||
Add back (deduct): | ||||||
Depreciation and amortization expense | 25,929 | 26,373 | 23,975 | |||
Finance costs | 25,048 | 26,178 | 21,513 | |||
Income tax expense | 5,419 | 2,434 | 7,933 | |||
Standardized EBITDA | 90,783 | 86,662 | 107,394 | |||
Add back (deduct): | ||||||
Business acquisition, integration and other (income) expenses(1) | 5,995 | 7,070 | (5,674) | |||
Impairment of property, plant and equipment | — | — | 332 | |||
Loss on disposal of assets | (46) | (109) | 51 | |||
Share-based compensation expense | 1,401 | 1,469 | 4,623 | |||
Rolling Twelve-Month Adjusted EBITDA | $ 98,133 | 95,092 | 106,726 |
(1) | The business acquisition, integration and other (income) expenses for the rolling twelve months ended March 30, 2024 and December 31, 2023, includes legal and consulting fees relating to the lawsuit High Liner Foods filed against Mr. Brian Wynn. The rolling twelve months ended April 1, 2023 includes insurance proceeds of $10 million which was excluded in Adjusted EBITDA. |
Adjusted Net Income and Adjusted Diluted EPS
Adjusted Net Income is net income adjusted for the after-tax impact of items which are not representative of ongoing operational activities of the business and certain non-cash expenses or income. Adjusted Diluted EPS is Adjusted Net Income divided by the average diluted number of shares outstanding.
We use Adjusted Net Income and Adjusted Diluted EPS to assess the performance of our business without the effects of the above-mentioned items, and we believe our investors and analysts also use these measures. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. The most comparable IFRS financial measures are net income and EPS.
The table below reconciles our Adjusted Net Income with measures that are found in our Consolidated Financial Statements and calculates Adjusted Diluted EPS.
Thirteen weeks ended | Thirteen weeks ended | ||||||||
March 30, 2024 | April 1, 2023 | ||||||||
$000s | Adjusted | $000s | Adjusted | ||||||
Net income | $ 16,598 | $ 0.49 | $ 13,888 | $ 0.40 | |||||
Add back (deduct): | |||||||||
Business acquisition, integration and other (income) expenses | 692 | 0.02 | 1,767 | 0.05 | |||||
Share-based compensation expense | 1,839 | 0.05 | 1,907 | 0.06 | |||||
Tax impact of reconciling items (1) | (539) | (0.01) | (1,125) | (0.03) | |||||
Adjusted Net Income | $ 18,590 | $ 0.55 | $ 16,437 | $ 0.48 | |||||
Average shares for the period (000s) | 33,551 | 34,537 |
Net Debt and Net Debt to Rolling Twelve-Month Adjusted EBITDA
Net Debt is calculated as the sum of bank loans, long-term debt (excluding deferred finance costs and modification gains/losses) and lease liabilities, less cash.
We consider Net Debt to be an important indicator of our Company's financial leverage because it represents the amount of debt that is not covered by available cash. We believe investors and analysts use Net Debt to determine the Company's financial leverage. Net Debt has no comparable IFRS financial measure, but rather is calculated using several asset and liability items in the consolidated statements of financial position.
Net Debt to Rolling Twelve-Month Adjusted EBITDA is calculated as Net Debt divided by Rolling Twelve-Month Adjusted EBITDA (see above). We consider Net Debt to Rolling Twelve-Month Adjusted EBITDA to be an important indicator of our ability to generate sufficient earnings to service our debt, that enhances understanding of our financial performance and highlights operational trends. This measure is widely used by investors and rating agencies in the valuation, comparison, rating and investment recommendations of companies; however, the calculations of Adjusted EBITDA may not be comparable to those of other companies, which limits their usefulness as comparative measures.
The following table reconciles Net Debt to IFRS measures reported as at the end of the indicated periods in the consolidated statements of financial position and calculates Net Debt to Rolling Twelve-Month Adjusted EBITDA.
(Amounts in $000s) | March 30, | December 30, | April 1, | |||
Bank loans | $ 6,965 | $ 2,559 | $ 123,770 | |||
Add-back: Deferred finance costs included in bank loans (1) | 408 | 441 | 541 | |||
Total bank loans | 7,373 | 3,000 | 124,311 | |||
Long-term debt | 230,339 | 233,791 | 236,632 | |||
Current portion of long-term debt | 7,500 | 5,625 | 7,500 | |||
Add-back: Deferred finance costs included in long-term debt (2) | 3,273 | 3,607 | 4,627 | |||
Less: Net loss on modification of debt (3) | (357) | (393) | (504) | |||
Total term loan debt | 240,755 | 242,630 | 248,255 | |||
Long-term portion of lease liabilities | 6,082 | 6,997 | 2,325 | |||
Current portion of lease liabilities | 4,351 | 4,589 | 4,426 | |||
Total lease liabilities | 10,433 | 11,586 | 6,751 | |||
Less: Cash | (13,871) | (7,300) | — | |||
Net Debt | $ 244,690 | $ 249,916 | $ 379,317 | |||
Rolling Twelve-Month Adjusted EBITDA | $ 98,133 | 95,092 | $ 106,726 | |||
Net Debt to Rolling Twelve-Month Adjusted EBITDA | 2.5x | 2.6x | 3.6x |
(1) | Represents deferred finance costs that are included in "Bank loans" in the consolidated statements of financial position. See Note 3 to the Consolidated Financial Statements. |
(2) | Represents deferred finance costs that are included in "Long-term debt" in the consolidated statements of financial position. See Note 4 to the Consolidated Financial Statements. |
(3) | The net gain/loss on modification of debt has been excluded from the calculation of Net Debt as it does not represent the expected cash outflows from the term loan facility. |
Forward Looking Statements
Forward-looking statements can generally be identified by the use of the conditional tense, the words "may", "should", "would", "could", "believe", "plan", "expect", "intend", "anticipate", "estimate", "foresee", "objective", "goal", "remain" or "continue" or the negative of these terms or variations of them or words and expressions of similar nature. Forward-looking statements in this press release include, but are not limited to, statements regarding the business strategies and operational activities of High Liner Foods, investments in organic growth, potential M&A opportunities and the return of capital to shareholders, anticipated operating conditions and the geopolitical and economic environment, and the future financial and operating performance of High Liner Foods, including the Company's leverage and anticipated growth in Adjusted EBITDA. Actual results could differ materially from the conclusion, forecast or projection stated in such forward-looking information. As a result, we cannot guarantee that any forward-looking statements will materialize. Assumptions, expectations and estimates made in the preparation of forward-looking statements and risks that could cause our actual results to differ materially from our current expectations are discussed in detail in the Company's materials filed with the Canadian securities regulatory authorities from time to time, including the Risk Factors section of our MD&A for the thirteen weeks ended March 30, 2024, the Risk Factors section of our 2023 MD&A and the Risk Factors section of our 2023 Annual Information Form. The risks and uncertainties that may affect the operations, performance, development and results of High Liner Foods' business include, but are not limited to, the following factors: compliance with food safety laws and regulations; timely identification of and response to events that could lead to a product recall; volatility in the CAD/USD exchange rate; competitive developments including increases in overseas seafood production and industry consolidation; ability to import seafood into North America while adhering to updated government sanctions; ability to adapt to regulatory changes and increase flexibility on seafood substitutions in certain products with customers; availability and price of seafood raw materials and finished goods and the impact of geopolitical events (and related economic sanctions) on the same; the impact of the U.S. Trade Representative's tariffs on certain seafood products; costs of commodity products, freight, storage and other production inputs, and the ability to pass cost increases on to customers; successful integration of acquired operations; potential increases in maintenance and operating costs; shifts in market demands for seafood; performance of new products launched and existing products in the market place; changes in laws and regulations, including environmental, taxation and regulatory requirements; technology changes with respect to production and other equipment and software programs; enterprise resource planning system risk; adverse impacts of cybersecurity attacks or breach of sensitive information; supplier fulfillment of contractual agreements and obligations; competitor reactions; completion and/or advancement of sustainability initiatives, including, without limitation, initiatives relating to the carbon work plan, waste reduction and/or seafood sustainability and traceability initiatives; High Liner Foods' ability to generate adequate cash flow or to finance its future business requirements through outside sources; credit risk associated with receivables from customers; volatility associated with the funding status of the Company's post-retirement pension benefits; adverse weather conditions and natural disasters; the availability of adequate levels of insurance; management retention and development; economic and geopolitical conditions such as Russia's invasion of Ukraine and the implementation and/or expansion of related sanctions policies; and the potential impact of a pandemic outbreak of a contagious illness, on general economic and business conditions and therefore the Company's operations and financial performance. Forward-looking information is based on management's current estimates, expectations and assumptions, which we believe are reasonable as of the current date but may prove to be incorrect, including, but not limited to, the following factors and assumptions: availability, demand and prices of raw materials, energy and supplies; the condition of the Canadian and American economies; product pricing; foreign exchange rates, especially the rate of exchange of the CAD to the USD; the ability to attract and retain customers; operating costs and improvement to operating efficiencies; interest rates; continued access to capital; the competitive environment and related market conditions; and the general assumption that none of the risks identified below or elsewhere in this document will materialize. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Except as required under applicable securities laws, we do not undertake to update these forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, whether as a result of new information, future events or otherwise. We include in publicly available documents filed from time to time with securities commissions and The Toronto Stock Exchange, a discussion of the risk factors that can cause anticipated outcomes to differ from actual outcomes. Except as required under applicable securities legislation, we do not undertake to update forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, whether as a result of new information, future events or otherwise.
About High Liner Foods Incorporated
High Liner Foods Incorporated is a leading North American processor and marketer of value-added frozen seafood. High Liner Foods' retail branded products are sold throughout the United States and Canada under the High Liner, Fisher Boy, Mirabel, Sea Cuisine, and Catch of the Day labels, and are available in most grocery and club stores. The Company also sells branded products to restaurants and institutions under the High Liner, Mirabel, Icelandic Seafood and FPI labels and is a major supplier of private label value-added seafood products to North American food retailers and foodservice distributors. High Liner Foods is a publicly traded Canadian company, trading under the symbol HLF on the Toronto Stock Exchange.
For further information about the Company, please visit our website at www.highlinerfoods.com or send an e-mail to investor@highlinerfoods.com.
SOURCE High Liner Foods Incorporated