LUNENBURG, NS, Sept. 4, 2013 /CNW/ - High Liner Foods Incorporated (TSX: HLF) ("High Liner" or "the Company") announced today that Chief Financial Officer Kelly Nelson will be retiring after 30 years of service. Mr. Nelson joined the Company in 1984 and has served as CFO since 1990.
"Kelly and I have worked together during the past 25 years on the three phases of High Liner's development: the turnaround after the loss of 95% of the Company's fishing quotas; the transformation into a customer focused, branded frozen seafood company; and the growth phase over the last 7 years. Kelly will be missed by the organization and by me", said Mr. Demone, President and CEO. "He will be leaving a financially strong market leader, with robust systems, strong financial controls and lots of growth opportunities," added Mr. Demone.
High Liner has undergone extensive change and growth during Mr. Nelson's tenure. Established more than 100 years ago and formerly a vertically-integrated seafood operation, High Liner redefined itself in the mid-2000's when it sold its fishing assets to focus on processing and marketing frozen seafood. Since 2007, High Liner has made three significant acquisitions and grown its reported revenues from $256 million in 2007 to $943 million in 2012. Adjusted EBITDA1 has increased by $77.8 million, from $13.9 million to $91.7 million, over the same time period. Today, High Liner has a market capitalization of approximately $530 million and is the leading North American value-added frozen seafood company.
The Company is fortunate to have benefited from Mr. Nelson's financial expertise and extensive understanding of the business, which have contributed greatly to the Company's growth and success. High Liner wishes to thank him for his dedication and congratulate him on an outstanding career.
Mark Surrette of Knightsbridge Robertson Surrette will be leading the immediate search for Mr. Nelson's successor. Mr. Nelson will continue to perform his duties as CFO until after his successor has been named and transitioned into the CFO role. The Company expects this will occur during the first half of next year.
1 Please refer to High Liner's Management Discussion & Analysis ("MD&A") for the Thirteen and Twenty-Six Weeks Ended June 29, 2013 for definitions of the non-IFRS financial measures used by the Company, including "Adjusted EBITDA".
About High Liner Foods Incorporated
High Liner Foods is the leading North American processor and marketer of value-added frozen seafood. High Liner's retail branded products are sold throughout the United States, Canada and Mexico under the High Liner, Fisher Boy, Mirabel, Sea Cuisine and Royal Sea labels, and are available in most grocery and club stores. The Company also sells branded products under the High Liner, Icelandic Seafood, FPI, Viking, Mirabel and Samband of Iceland labels to restaurants and institutions, and is the major supplier of private label value-added frozen seafood products to North American food retailers and food service distributors. High Liner Foods is a publicly traded Canadian company, trading under the symbol HLF on the Toronto Stock Exchange.
This document contains forward-looking statements. Forward-looking statements can generally be identified by the use of the conditional tense, the words "will be" or "expects" or the negative of these terms or variations of them or words and expressions of similar nature. By their nature, forward-looking statements involve uncertainties and risks that the events will not occur. Readers are cautioned not to place undue reliance on forward-looking statements, as actual results may differ materially from those expressed in such forward-looking statements. Except as required under applicable securities legislation, we do not undertake to update forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, whether as a result of new information, future events or otherwise.
SOURCE: High Liner Foods Incorporated
For further information:
Heather Keeler-Hurshman, CA
Director, Investor Relations
High Liner Foods Incorporated
Tel: (902) 421-7100