November 14, 2011


High Liner profits up in Q3


As strengthened by a strong performance in the US, Canada's High Liner Foods has seen its third quarter revenues increased.


Third-quarter profit rose to CAD6.7 million (US$6.6 million), up from CAD6.1 million (US$6.02 million) in the same period last year. Sales rose 12% to CAD161.7 million (US$159.6 million).


"The momentum from our solid performance during the first half of the year has carried into the third quarter of 2011, which bodes well for another strong year for High Liner Foods", said Henry Demone, president and CEO.


He hailed new products, cost-reduction strategies and the positive effect of the stronger Canadian dollar on the company's cost of sales as drivers for the profit growth.


"Our US operations were strong across both the retail and food service channels", he added. "Sales volume and revenue growth in our Canadian operations was positive overall continuing the strong year-to-date results in food service and the turnaround in retail seen in the second quarter."


High Liner sells in the US, Canada and Mexico under the High Liner, Fisher Boy, Mirabel and Sea Cuisine labels.

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