มกราคม 19, 2022, 02:12:52 PM
ข่าว: กลับสู่เว็บไซต์ www.nicaonline.com
หน้า: [1]   ลงล่าง
ผู้เขียน หัวข้อ: Clearwater sees loss for Q1  (อ่าน 2163 ครั้ง)
0 สมาชิก และ 27 บุคคลทั่วไป กำลังดูหัวข้อนี้
pramaiporn
systems Research
YaBB God
******

Karma: 0
ออฟไลน์ ออฟไลน์

กระทู้: 895


Devil Mask


ดูรายละเอียด
« เมื่อ: พฤษภาคม 18, 2010, 07:32:14 AM »


The strength of the Canadian dollar and soft market conditions for live lobster affected Clearwater's results. (Photo: Stock File)

Clearwater sees loss for Q1

CANADA
Tuesday, May 18, 2010, 03:10 (GMT + 9)



Clearwater Seafoods disclosed on Friday a loss for Q1 compared to year-ago profit due primarily to the effects of a strong Canadian currency.

Net loss for the quarter was CAD 6.24 million (USD 6 million), or CAD 0.12 (USD 0.116) per share, versus a net profit of CAD 16.60 million (USD 16 million), or CAD 0.32 (USD 0.309) per share, in the first quarter of 2009.

Clearwater noted that its negative Q1 results were adversely affected by the strength of the Canadian dollar in relation to important foreign currencies, to an extent of CAD 8.9 million (USD 8.6 million). Last year’s positive Q1 results benefited from "exceptionally" exchange rates.

The quarter’s weak results were also attributed to soft market conditions for live lobster. The firm told that demand was strong for scallops and clams during the first quarter, which permitted price increases.

EBITDA fell to CAD 6.3 million (USD 6.1 million) from CAD 9.4 million (USD 9.1 million), or 33 per cent, during the same period last year. Sales dropped to CAD 62.66 million (USD 60.5 million) from CAD 71.01 million (USD 68.6 million).

The company informed it lowered net debt to CAD 194.6 million (USD 187.9 million) from CAD 205.3 million (USD 198.2 million) at 31 December 2009. Clearwater said it would aim to cut leverage by making its focus better earnings levels and reducing debt through the business’s positive cash flow, which should lower interest costs over time.

The firm announced the appointment of Ian Smith as CEO in Q1; he assumed office on Monday.

Clearwater Seafoods Income Fund has CAD 45 million (USD 43.4 million) of convertible debentures due in December 2010 and some CAD 1.3 billion (USD 1.26 billion) in ISK denominated bonds due in September. The company anticipates the debentures and bonds to be refinanced prior to their maturity dates.

Further price increase implementations for scallops and clams are expected to take place in the second quarter as well as lower procurement costs. Soft market conditions are anticipated in the first half of the year, but the benefits of efforts to enhance results and decline costs are expected in the second half, the firm said.

"I am very pleased with the results for the first quarter of 2010 and am looking to continue to build on them," stated Chairman and CEO Colin MacDonald.

Related article:

- Clearwater Seafoods to redraft refinancing plan


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


บันทึกการเข้า

หน้า: [1]   ขึ้นบน
พิมพ์
 
กระโดดไป: