Clearwater Hit with High Clam Inventories After Record 2016 Harvest, Sales, Profits Increase
SEAFOODNEWS.COM [Canada NewsWire] - May 12, 2017
Halifax - Today Clearwater Seafoods Incorporated reported its first quarter results for the period ended April 1, 2017:
*Sales and adjusted EBITDA of $128.4 million and $19.8 million respectively for 2017 versus 2016 comparative results of $116.2 million and $18.9 million. This represents growth rates of 10.4% for sales and 4.8% for adjusted EBITDA.
*Overall sales volumes were higher than the prior year as strong Clam and scallop harvest volumes were partially offset by 25% lower Frozen-at-sea ("FAS") shrimp sales volumes due to difficult harvesting conditions.
*Inventory increased $3.5 million compared to the end of 2016 as lower clam inventory volumes were offset by higher seasonal harvesting costs and timing of scallop landings...
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