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HIGH Liner Foods, the Canadian seafood company currently favourites to net the US and Asian operations of the Icelandic Group, is living up to its name following the release of its third quarter results.
It saw profits for the period soar by nine per cent to (Canadian) $6.7-million. Sales were up by just over 12 per cent to $161.7 million - all at a time when the North American economy is supposed to be flat.
Chief executive Henry Demone said in a statement: "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."
Mr Demone said the company's U.S. operations were strengthened by its acquisition of Viking Seafoods last December across both retail and food service channels and it also had strong results in Canada.
Three weeks ago it was disclosed that High Liner was in exclusive talks with the Icelandic (seafood) Group to buy its US site at Newport News in Virginia along with its Asian plants..
High Liner is keeping tight lipped about the negotiations, but if it is successful, the company has already stated it would help its ambition to become the North American leader in value-added seafood.
Mr Demone added:"Our U.S. operations were strong across both the retail and food service channels, with the positive addition from the Viking acquisition complementing core organic growth.
"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. Our new product innovations, cost-reduction strategies, recovery of stock option expense, and the positive effect of the stronger Canadian dollar on our cost of sales, helped to drive our strong results into the second half of 2011."
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