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Clearwater Seafoods Q4 sales jumped to record $165.5 million

Staff writer |
Clearwater Seafoods Incorporated reported its fourth quarter and annual results for the period ended December 31, 2015.

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Clearwater reported record sales and adjusted EBITDA of $165.5 million and $39 million for the fourth quarter of 2015 versus 2014 comparative figures of $119.5 million and $25.9 million, respectively, representing growth of 38% in sales and 51% in adjusted EBITDA.

Note that these figures include the results of Macduff Shellfish for the two months from acquisition on October 30, 2015 including sales of $27.0 milllion and adjusted EBITDA of $4.5 million.

Excluding the acquisition of Macduff, growth in sales and adjusted EBITDA was 16% and 34%, respectively.

The growth in sales revenues and adjusted EBITDA were due to higher prices and higher average exchange rates and the acquisition of Macduff.

Sales and gross margin were positively impacted by strong market demand in all regions as well as higher selling prices in home currencies and higher average exchange rates for the U.S. dollar, partially offset by higher harvesting and procurement costs.

Gross margin (excluding the amortization of fair value adjustment to inventory and fixed assets from acquisition of Macduff) as a percentage of sales increased from 25.0% to 27.3% as strong sales prices for the majority of species and a strengthening US dollar against the Canadian dollar had a $14.7 million net positive impact on sales and margins.

Adjusted earnings attributable to shareholders increased $9.4 million to $19.0 million primarily as result of improvements in gross margin from strong sales prices for the majority of core species and higher average foreign exchange rates as the US dollar strengthened against the Canadian dollar.

Strong operating cash flows were supplemented by seasonal reductions in working capital in the fourth quarter. As a result free cash flows1 increased $27.1 million to $64.4 million from $37.2 million in 2014.

Annual results

Clearwater reported annual sales of $504.9 million and adjusted EBITDA1 of $109.7 million versus 2014 comparative figures of $444.7 million and $87.4 million, reflecting growth in sales and adjusted EBITDA of 14% and 26%, respectively.

Excluding the acquisition of Macduff, growth in sales and adjusted EBITDA was 8% and 21%, respectively.

Gross margin (excluding amortization of the fair value adjustment to inventory and fixed assets from acquisition of Macduff) as a percentage of sales improved from 23.1% in 2014 to 26.6% in 2015, due to strong demand, higher prices for the majority of species and favorable exchange rates as a strengthening U.S. dollar against the Canadian dollar had a $33.6 million net positive impact on sales and gross margin.

The improvement in gross margin was partially offset by higher harvesting and procurement costs per pound.

Free cash flows1 increased $8.2 million from $30.9 million in 2014 to $39.1 million in 2015. Strong operating cash flows were partially offset by higher investments in working capital and capital expenditures (net of borrowing) in 2015.

Free cash flow results are in line with management's expectations and position the company to generate strong annual free cash flows in 2016.

Adjusted earnings attributable to shareholders increased $20.9 million to $43.5 million in 2015 primarily as a result of strong sales prices for the majority of core species and higher average foreign exchange rates as the US dollar strengthened against the Canadian dollar.

To assist users in understanding our earnings we have calculated adjusted earnings which exclude certain non-cash adjustments.


50 beaches in England and Wales under sewage alerts

 
According to data gathered by environmental campaign group Surfers Against Sewage (SAS), there has been storm sewage discharge into the waters at beaches in Cornwall, Devon, Sussex, Essex, Lancashire, Lincolnshire, Northumberland and Cumbria.
 
 

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