Brief: High Liner Foods posts Q1 adj. earnings per share C$0.46

High Liner Foods

10/05/2017 14:01

May 10 (Reuters) - High Liner Foods Inc  HLF.TO  
    * High Liner Foods reports operating results for the first 
quarter of 2017 
    * Q1 adjusted earnings per share C$0.46 
    * Q1 earnings per share $0.34 
    * High Liner Foods Inc - board of directors of company 
approved a quarterly dividend of CAD$0.14 per share on company's 
common shares 
    * High Liner Foods Inc - "expect year-over-year sales volume 
and earnings trends in Q2 of 2017 will be greatly improved" 
    * High Liner Foods Inc - expect trend of lower demand for 
frozen breaded and battered seafood products will continue in 
2017 
    * High Liner Foods Inc - signed a definitive agreement to 
acquire 100 pct of outstanding equity of Rubicon Resources, LLC 
    * High Liner Foods Inc - anticipated purchase price for 
rubicon is $107.0 million prior to transaction fees 
    * High Liner Foods Inc - does not anticipate it will realize 
material synergies from Rubicon Business but it will be 
immediately accretive in 2017 
    * High Liner Foods Inc -Q1 sales as reported decreased by 
$15.7 million, or 5.4 pct, to $275.7 million compared to $291.4 
million 
    * High Liner Foods Inc - acquisition will be financed using 
company's existing credit facilities 
    * High Liner-purchase price for Rubicon to be settled 70 pct 
in cash, 30pct in co's shares, with share consideration subject 
to a 3-year stand-still agreement 
    * High Liner Foods Inc - definitive agreement includes a 
five-year supply agreement with Rubicon's supply partners based 
on mutually acceptable terms 
    * High Liner Foods Inc - definitive agreement also includes 
three-year employment contract with Brian Wynn to continue as 
Rubicon's president 
 
Source text for Eikon:  ID:nCNWBb4fDa  
Further company coverage:  HLF.TO  
 
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