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ผู้เขียน หัวข้อ: Q2 sales drop for Clearwater Seafoods  (อ่าน 2255 ครั้ง)
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« เมื่อ: สิงหาคม 23, 2010, 09:57:26 AM »


Net debt levels grew in Q2 of this year due to planned lobster inventory investment. (Photo: Stock File)

Q2 sales drop for Clearwater Seafoods

UNITED STATES
Monday, August 23, 2010, 08:40 (GMT + 9)



Clearwater Seafoods Limited Partnership reported Q2 EBITDA of CAD 7.1 million (USD 6.9 million) on sales of CAD 65.2 million (USD 63.1 million) versus Q2 2009 figures of CAD 8.5 million (USD 8.2 million) and CAD 70.2 million (USD 67.93 million). Robust sales volumes, selling prices, lower costs and lower selling, general and administrative expenses compensated for 83 per cent of the negative impact of a stronger Canadian currency compared to 2009.

Year-to-date, Clearwater has EBITDA of CAD 13.6 million (USD 13.2 million) on sales of CAD 127.9 million (USD 123.8 million) against CAD 17.9 million (USD 17.3 million) and CAD 141.2 million (USD 136.6 million) in 2009. Strong sales volumes, selling prices and lower costs this year offset 74 per cent of the negative impact of a stronger Canadian dollar as compared to 2009.

In both Q2 and H1 2010, sales volumes have remained vigorous with second quarter volumes rising 12 per cent from last year and YTD volumes up 4 per cent. Powerful, accelerating demand for core products let Clearwater execute price increases in most species including scallops and clams; further increases are planned this year.

Management believes that the 2010 results will show a relatively typical pattern with H2 manifesting greater strength than H1 with improving annual EBITDA performance compared to 2009. This expectation depends on stable economic conditions in Asia, North America and Europe and stability in exchange rates.

Also, Clearwater will continue focusing on cutting debt levels and leverage. Since Q2 2009, the firm has reduced its net debt by CAD 10.5 million (USD 10.2 million) to CAD 209.5 million (USD 202.7 million) versus CAD 220.0 million (USD 212.9 million) at 4 July 2009.

In the second quarter of this year, net debt levels grew by CAD 4.2 million (USD 4.1 million) due to the planned seasonal investment in inventories, mainly lobster. Toward the end of the year Clearwater will lessen said investment in working capital as inventories are sold down.

"While foreign currency headwinds masked the underlying strength of operations in the first half of 2010 I am encouraged by our continued volume strength in the second quarter and the increasing global consumer and customer demand for our premium, wild, eco-labeled seafood,” CEO Ian Smith commented. “Taken in combination with our recent pricing, cost savings and other productivity initiatives, I believe Clearwater is poised to deliver markedly improved operating margins and earnings performance through the balance of 2010.”
 
Related articles:

- Clearwater sees loss for Q1
- Clearwater Seafoods to redraft refinancing plan


By Natalia Real
editorial@fis.com
www.fis.com


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