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High Liner Foods posts higher profit despite lower sales volumes

Workers run the assembly line package fish fillets at the High Liner Foods plant in Lunenburg, NS, March 10, 2010.

PAUL DARROW/The Globe and Mail

High Liner Foods Inc. says it recorded a profit of $9.9-million (U.S.) in the second quarter, up from $1-million a year ago, as lower raw material costs offset a decrease in sales volumes.

The quarterly results also got a boost from synergies related to the company's acquisition of Icelandic USA.

The frozen seafood company reported sales of $204.9-million for the quarter, down slightly from $216.8-million in the same period last year due to headwinds from the U.S. food service business because of soft restaurant sales, as well as weakness in its retail private labels.

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Sales volume in the Canadian food service business, however, experienced an increase in the second quarter compared to last year. The earnings amounted to 63 cents per share, compared with six cents in the quarter last year.

Adjusted net income increased in the second quarter to $9.2-million or 59 cents per share, compared with $5.5-million or 35 cents in the second quarter.

That excluded the after-tax impact of certain items, including one-time integration costs, stock-based compensation expense, the revaluation of the embedded derivative associated with the long-term debt LIBOR floor, and certain other non-recurring expenses.

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