Clearwater Seafoods Q4 pushes 2012 sales to record high; adjusted earnings up

HALIFAX – Clearwater Seafoods Inc. (TSX:CLR) says it had the highest revenues in its history in 2012 and predicts that market dynamics will continue in its favour as global demand outstrips the available supply of seafood.

The Halifax-based company’s year ended with $93 million of sales in the fourth quarter, bringing the 12-month total to $350.4 million.

That’s up from $87.1 million of sales in the year-earlier quarter and $332.8 million for the full 2011 financial year.

Clearwater’s fourth-quarter net income was down but its adjusted earnings were up, after excluding a number of routine and unusual items.

Net income fell to $10.5 million or 17 cents per basic share in the quarter ended Dec. 31, or 15 cents per share on a diluted basis.

A year earlier, Clearwater had $16.4 million of fourth-quarter net income, which amounted to 28 cents per share of basic earnings or 23 cents per diluted share.

Meanwhile, the Halifax-based company reported $18.8 million of adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) in the fourth quarter, up from $16.1 million a year earlier.

For the full year, Clearwater’s adjusted EBITDA was $72.2 million, up from $61.2 million a year earlier.

“In 2012, the company had the highest revenues and adjusted EBITDA in its history. Management is pleased with the progress made towards our financial targets for creating shareholder value and expects that earnings and free cash flow momentum will continue through 2013,” said Ian Smith, Clearwater’s chief executive officer.