Clearwater Seafoods Incorporated reported earnings results for the first quarter ended April 2, 2016. For the quarter, the company's sales were CAD 116,225,000 compared to CAD 75,362,000 a year ago. Earnings were CAD 15,812,000 or CAD 0.24 per basic and diluted share compared to loss of CAD 28,336,000 or CAD 0.57 per basic and diluted share a year ago. Adjusted earnings attributable to shareholders were CAD 2,591,000 or CAD 0.04 per share compared to CAD 1,136,000 or CAD 0.02 per share a year ago, primarily as a result of higher sales volumes, improvements in gross margin from strong sales prices for the majority of core species and higher average foreign exchange rates. Adjusted EBITDA was CAD 18,864,000 compared to CAD 9,726,000 a year ago. Adjusted EBITDA attributable to shareholders was CAD 14,761,000 compared to CAD 5,336,000 a year ago. Excluding the impact in 2016 from the acquisition of Macduff, growth in sales and adjusted EBITDA were 20% and 73%, respectively. The growth in sales revenues and adjusted EBITDA were due to higher volumes, higher prices and higher average exchange rates as well as the positive results from Macduff Shellfish. Operating cash flows were in line with seasonal expectations and reflect the timing of planned investments in working capital. These results are consistent with management's expectations and position the company well to generate strong annual free cash flows.

The company is delighted with results for the first quarter and believe the company is well positioned to achieve strong and profitable growth in 2016.