Clearwater Seafoods Inc. - CLR.t

Clearwater Seafoods Inc. - CLR.t operates a modern fleet with innovative harvesting practices, designed to ensure seafood products are as fresh and pristine as the moment they were caught. Clearwater logistics experts and network of importers and distributors around the globe provide reliable and consistent supply 365 days of the year.

On March 22, 2016 the company reported News

Today Clearwater Seafoods Incorporated reported its fourth quarter and annual results for the period ended December 31, 2015:

• Record fourth quarter sales and adjusted EBITDA of $165.5 million and $39.0 million representing growth rates of 38% and 51% respectively. Excluding the acquisition of Macduff, growth in sales and adjusted EBITDA was 16% and 34%, respectively.
• Record annual sales and adjusted EBITDA of $504.9 million and $109.7 million representing annual growth rates of 14% and 26% respectively.  Excluding the acquisition of Macduff, growth in sales and adjusted EBITDA was 8% and 21%, respectively.
• Record annual free cash flows of $39.1 million, reflecting annual growth of 27%.
• Improved leverage from approximately 5.3x at closing of Macduff Shellfish acquisition on October 30, 2015 to 4.4x at December 31, 2015.  We remain on target to further reduce leverage below 4.0x by year-end 2016.
• Declares quarterly dividend of $0.05 per share payable on April 15, 2016 to shareholders of record as of March 31, 2016.

Fourth quarter results
Clearwater reported record sales and adjusted EBITDA¹ of $165.5 million and $39.0 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 US 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.  Refer to the Management Discussion and Analysis for a breakdown of the non-IFRS measure and the related earnings attributable to shareholders.
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