High Liner Foods Report Profit Despite Lower Sales

A Lunenburg based seafood company is reporting solid profits in the second quarter despite lower sales. High Liner Foods says it recorded a profit of US$9.9 million, up from $1 million a year ago. The company says the increase was the result of lower raw material costs which offset a decrease in sales volumes.The second quarter results also got a boost related to the company's acquisition of Icelandic USA. However, business was down in the United States because of soft restaurant sales. High Liner reported sales of US$204 million for the quarter, down slightly from US$216 million in the same period last year. Meanwhile, sales in the Canadian food service business, saw 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. High Liner Foods operates secondary processing plants in Lunenburg, Newfoundland, New Hampshire and Massachusetts.