final transcript

Transcription

final transcript

FINAL TRANSCRIPT
High Liner Foods Incorporated
First Quarter 2015 Results
Event Date/Time: May 12, 2015 — 2:00 p.m. E.T.
Length: 31 minutes
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High Liner Foods Incorporated First Quarter 2015 Results
CORPORATE PARTICIPANTS
Heather Keeler-Hurshman
High Liner Foods Inc. — Director of Investor Relations
Henry Demone
High Liner Foods Inc. — Chairman
Paul Jewer
High Liner Foods Inc. — Executive Vice President and Chief Financial Officer
Keith Decker
High Liner Foods Inc. — President and Chief Executive Officer
CONFERENCE CALL PARTICIPANTS
Sabahat Khan
RBC Capital Markets — Analyst
Marc Robinson
Cormark Securities — Analyst
George Doumet
Scotiabank — Analyst
Michael Mills
Beacon Securities — Analyst
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PRESENTATION
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the High Liner Foods
Incorporated conference call for the result of the first quarter of 2015. At this time, all participants
are in a listen-only mode.
Following management's prepared remarks, we will conduct a question-and-answer
session. Instructions will be provided at that time for you to queue up for questions. If anyone has
any difficulties hearing the conference, please press the *, key followed by 0 for Operator assistance
at any time.
This conference call is being recorded today, Tuesday, May 12, 2015, at 2:00 p.m. Eastern
Time for replay purposes.
I would now like to turn the call over to Heather Keeler-Hurshman, Director of Investor
Relations for High Liner Foods. Ms. Keeler-Hurshman, please go ahead.
Heather Keeler-Hurshman — Director of Investor Relations, High Liner Foods Inc.
Thank you, and good afternoon, everyone. Thank you for joining High Liner Foods’
conference call to discuss our financial results for the first quarter of 2015.
On the call today from High Liner Foods are Henry Demone, Paul Jewer, and Keith Decker.
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Before beginning our customary review of the quarterly results, I would like to first turn
the call over to Henry, who would like to share with a number of execute and Board changes
announced earlier today. Please go ahead, Henry.
Henry Demone — Chairman, High Liner Foods Inc.
Thanks, Heather. Good afternoon, everyone. Earlier today, in addition to announcing the
financial results for the first quarter of 2015, the Company announced a number of executive and
Board changes.
Keith Decker, formally the Company's President and Chief Operating Officer, has been
named President and Chief Executive Officer of High Liner Foods, and has been appointed to the
Company's Board of Directors. I have assumed the role of Chairman of the Company's Board of
Directors from David Hennigar, and David has assumed the role of Lead Director and Vice Chairman
of the Board.
As many of you are already aware, succession planning has been a key focus of the
Company over the last several years. These appointments are in keeping with these plans, and took
effect at the conclusion of our 2015 Annual General Meeting held in Halifax earlier today. I will
speak more about these changes later on the call.
Heather, please continue.
Heather Keeler-Hurshman
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Thank you, Henry. So with that, I will formally introduce everyone on the call today from
High Liner Foods. We have Henry Demone, Chairman of the Board; Keith Decker, President and
Chief Executive Officer; and Paul Jewer, Executive Vice President and Chief Financial Officer.
During the remainder of today's call, Paul will revenue the Company's financial
performance for the first quarter of 2015, followed by Keith, who will discuss operating highlights of
the quarter, and then before opening the call for questions, Henry will for the last time provide a
quick update on strategy.
Before turning the call over to management, listeners are reminded that certain
statements made in today's call may be forward-looking statements that are subject to risks and
uncertainties. Management may use forward-looking statements as they discuss the Company's
strategy and business in the future.
Actual operating or financial results could differ materially from those anticipated in these
forward-looking statements.
High Liner Foods includes a thorough discussion of the risk factors that can cause its
anticipated outcomes to differ from actual outcomes in its publicly available disclosure documents,
particularly in its annual MD&A and Annual Information Form. Please note High Liner Foods is under
no obligation to update any forward-looking statements discussed today.
As Henry has stated, earlier today High Liner Foods reported its financial results for the
first quarter of 2015. That news release, along with the Company's MD&A and unaudited condensed
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interim consolidated financial statement for the first quarter of 2015, have been filed on SEDAR and
can also be found in the Investor information section of High Liner Foods website.
If you would like to register for our news releases in the future, please visit the Company's
website to register.
Lastly, please note that the Company reports its financial information in US dollars and the
results to be discussed today are stated in US dollars, unless otherwise noted. High Liner common
shares trade on the Toronto Stock Exchange and are quoted in Canadian dollars.
I will now turn the call over to Paul. Paul, please go ahead.
Paul Jewer — Executive Vice President and Chief Financial Officer, High Liner Foods Inc.
Thank you, Heather, and good afternoon, everyone. Before beginning my financial review
of the first quarter, I'd like to remind listeners that we use certain non-IRFS measures and ratios
when discussing our results, as we believe these are useful in assessing the Company's financial
performance. These measures are fully described and reconciled to IRFS measures in our MD&A.
I'd also like to remind listeners that we acquired Atlantic Trading Company in October
2014, and therefore last year's comparative results do not include the impact of this acquisition.
In the first quarter of 2015, reported sales increased by 2.5 percent to $310.2 million
compared to $302.6 million in the first quarter of 2014. In domestic currency, which is before the
impact of converting Canadian dollar denominated sales to US dollars, sales increased by $16.8
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million, or 5.4 percent to $326.9 million. The weaker Canadian dollar in 2015 decreased the value of
reported sales by approximately $8.7 million relative to the conversion in the same period last year.
Sales by volume decreased by 5 percent to 89.5 million pounds in the first quarter of 2015
compared to 94.2 million pounds in 2014. Pounds sold decreased by 4.7 million, primarily reflecting
lower sales volume from our US and Canadians operations, partially offset by the impact of the
Atlantic Trading acquisition.
Adjusted EBITDA increased by $3.4 million to $30.7 million in the first quarter of 2015, and
was 9.9 percent of sales compared to 9 percent in the same period last year. This increase reflects a
decrease in distribution costs and SG&A spending, partially offset by the decrease in sales volume
and lower gross profit as a percentage of sales.
Distribution cost decreased due to lower sales volume and fuel cost savings. SG&A
spending was lower due to the impact of synergies related to the integration of American Pride, and
the timing of spending in both the US and Canada.
Keith will elaborate in a few minutes on the factors that resulted in a lower overall gross
profit margin.
In the first quarter, reported net income was $12.5 million, with diluted earnings per share
of $0.40 compared to net income of $11.9 million and diluted earnings per share of $0.38 in the
same period of 2014. The $600,000 increase in reported net income primarily reflects higher
adjusted EBITDA, as just discussed, and lower finance cost.
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Finance costs were primarily lower as a result of costs recognized in the first quarter of
2014 related to amendments made to the Company's credit facilities. The favourable impact of
these items was partially offset by higher business acquisition, integration, and onetime costs.
These cost related to supply chain optimization activities and plant closures, including
previously closed facilities and the cessation of operations at our leased facility in Malden in April of
2015. Excluding the impact of these onetime costs and other certain items, which are explained in
our MD&A, adjusted net income in the first quarter increased by $1.8 million, or 13.4 percent in
2015 to $15.6 million, and correspondingly adjusted diluted earnings per share increased by $0.06.
Turning now to the balance sheet. The net working capital balance was $258.9 million at
the end of the first quarter, and was fairly consistent with the balance at the end of the first quarter
last year.
Net interest bearing debt was $351.2 million at the end of the first quarter, and $5.6
million higher than the balance at the end of the same period last year. This increase reflects the
use of debt last October to finance the Atlantic Trading acquisition, and a $5.7 million payment
made to close operating leases related to the American Pride business, partially offset by cash flow
generated from operating activities.
Our net interest bearing debt to adjusted EBITDA ratio, calculated on a rolling 12-month
basis, improved to 4 times at the end of the first quarter compared to 4.4 times at the end of fiscal
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2014. We expect this ratio to continue to improve throughout 2015, as free cash flow will be used to
pay down debt.
That concludes my financial review for the first quarter of 2015, and I would now like to
turn the call over Keith to discuss operational highlights of the quarter.
Keith Decker — President and Chief Executive Officer, High Liner Foods Inc.
Thank you, Paul, and good afternoon, everyone. I'd like to elaborate on some of the items
Paul mentioned that had an impact on our first quarter results, starting with those related to our
Canadian operations.
Sales in the first quarter from our Canadian business in its domestic currency increased by
$4.9 million, or 6.2 percent to $84.6 million, and volume decreased by 0.5 million pounds or 2.7
percent, primarily reflecting lower retail sales.
Adjusted EBITDA in the first quarter from our Canadian operations, again, based on
domestic currency, decreased by $0.9 million, or 11.9 percent to $6.7 million. This decrease was due
to lower sales volume and the impact of cost increases, partially offset by lower distribution costs
resulting from lower fuel cost and the timing of SG&A spending.
Turning the discussion now to our US operations. Sales increased by $11.9 million, or 5.2
percent and volume decreased by 4.2 million pounds, or 5.5 percent. The decline in volume was
across the business, and was partially offset by the impact of the Atlantic Trading acquisition.
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Adjusted EBITDA from the US business increased by $3.6 million compared to last year.
This increase was due to the impact of price increases, lower distribution costs resulting from lower
sales volume and lower fuel cost, and lower SG&A expenses reflecting synergies from integrating
American Pride and the timing of consumer marketing expenditures. The favourable impact of these
items was partially offset by lower sales volumes.
Unfortunately, organic growth in our business remained challenging in the first quarter of
2015. Strength in the first part of the quarter was offset by declines later in the quarter, particularly
in US foodservice.
As many of you are aware, over the last year we have experienced significant increases in
raw material costs on certain species, and while we have passed a significant portion of these
increases on to our customers, these higher prices may impact sales volume in the near term.
Nevertheless, we continue to believe that focusing efforts on the development of innovative
product offerings is key to driving organic growth.
Before turning the call over to Henry, I would like to give you a quick update on the supply
chain optimization project. We’ve continued to make good progress on this initiative in the first
quarter despite some challenges, which included weather impacts and reduced plant volumes;
however, progress has been delayed in a few areas.
As part of this work, we announced plans in early January to cease operations in our
leased Malden facility, which is expect to reduce annual operating costs and correspondingly
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increase annual EBITDA by $3.0 million. Operations at the Malden facility ceased in early April as
planned, and I would like to thank the many employees involved with the successful transfer of
production from the Malden plant to our other facilities.
And with that, I will now turn the call over to Henry. Henry?
Henry Demone
Thank you, Keith. In regards to updates on our 2015 strategic goals, Keith has already
mentioned that supply chain optimization activity continued for the most part as planned during the
first quarter.
While the first quarter results reflect nominal cost savings from this project, we continue
to expect net cost savings will be realized in 2015, and that total annual cost savings of 20 million to
25 million can be achieved by the end of next year.
This goal continues to be a top priority for the organization with two main areas of focus,
the first being optimization at the individual plant level where areas like labour productivity and
yield improvement are being targeted. This work is well underway at all of our facilities, and we
have had varying levels of success on labour efficiency improvements, depending on the plant, and
the focus remains on getting all of our facilities up to the level of efficiency expected. Material
savings and yield improvements thus far have been in line with our expectations.
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The second area of focus is optimization at the consolidated entity level, and includes
activities like standardizing and consolidating ingredients, as well as packaging and optimizing our
global supply chain and procurement activities. This work is also well underway.
As I stated earlier, succession planning has been one of the Company's top priorities over
the last several years, and the announcement today of Keith's appointment to President and CEO
follows a series of planned changes at the Company's executive level to ensure continued strong
leadership into the future.
Keith joined us in 2007 with the FPI acquisition. He provided great leadership as COO of
our US business while it increased sevenfold in size, and he has done an excellent job as President
and Chief Operating Officer of the Corporation for the past 18 months.
Keith’s leadership skills, commitment, and experience in the seafood business make him
an excellent choice for High Liner’s President and Chief Executive Officer. I would like to
congratulate Keith on his new role, and I am confident in his abilities and his team to continue to
move the organization closer to our vision of becoming the leading frozen seafood supplier in North
America.
Keith’s appointment to CEO marks a major milestone in the implementation of our
succession plans, and the risk in senior leadership turnover that we faced a couple of years ago has
been addressed. Designated successors or new people have been appointed in all key executive
positions in the Company.
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Lastly, before opening up the call to questions, I’d like to share with you that earlier today
the Board of Directors of the Company approved a quarterly dividend of CAD $0.12 per share on the
Company’s common shares payable on June 15, 2015, to holders of record on June 1st.
This represents an increase of $0.015, or 14.3 percent from the $0.105 per share quarterly
dividend paid on March 16th of this year. This reflects the Board’s continued confidence in the
Company’s operations.
Operator, I’d now like to open the call up for questions. Thank you.
Q&A
Operator
If you would like to ask a question at this time, please press *, 1 on your telephone keypad.
Your first question comes from the line of Sabahat Khan with RBC Capital Markets. Your
line is now open.
Sabahat Khan — RBC Capital Markets
Thanks. On the sales volume you indicated that the higher pricing as having somewhat of
an impact. Can you talk about how the overall US foodservice industry trended this year and kind of
what you see for the rest of the year?
Keith Decker
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I would say that the foodservice industry seems to be experiencing some positives from, I
guess, a same-store traffic. Some of the concepts are still struggling, but some of them are doing
better.
Fast casual continues to develop. The challenges around seafood and seafood
consumption, I would say that we anticipate that the foodservice industry in general will be slightly
positive for the year at least as far as the overall foodservice industry. But as far as seafood, I think
there is still pockets where there is some traditional operators in the QSR side of the business and in
the casual dining segment which are still experiencing some difficulty.
Paul Jewer
Yeah. And I’d add that if you looked at the broad-line distributors as they reported their
Q1 results, or a number of the major restaurant chains, the theme certainly was some strength in
the early part of the quarter, but then some softness towards the end of the quarter as we moved
into the second quarter. And that’s not inconsistent with what we’ve seen in the business as well.
Sabahat Khan
All right. Thanks. And just on the costs for the quarter, SG&A seems to have come down
quite a bit year over year, and you indicated that some of that might have been timing. Can you just
comment on what led to that SG&A decrease? And should we think about that as kind of the run
rate for the rest of the year?
Paul Jewer
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No. Because there is some timing impact, so there was some, I would say, change in the
timing of things like marketing spend, as an example, although there are some synergies that are
reflected there as well related to the finalization of the integration of American Pride. That
obviously is sustainable.
Some of the timing you’ll see come back in Q2 or later quarters.
Sabahat Khan
Okay. Thank you.
Operator
Your next question comes from the line of Marc Robinson with Cormark Securities. Your
line is now open.
Marc Robinson — Cormark Securities
Thank you very much. Let me just say out of the gate here, big congrats to Henry for an
amazing career, and so congrats and enjoy any time off you may have. It’s been great working with
you.
Henry Demone
Thank you.
Marc Robinson
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The first question around, just want to quantify the extent of these organic volume
declines in the US. So can you, Paul, maybe you can give a number what percent were the volumes
down in the US on an organic basis?
Paul Jewer
Overall the volumes were down 4.7 million pounds, or 5 percent. The majority of that was
in the US business, and the majority of it in the US business was in foodservice.
But to be honest, we did have volume declines across the board in foodservice and retail,
and we do—as we mentioned earlier, we think pricing was part of that equation. We did have to
pass on a lot of the increases in prices last year and again early in the first quarter and think that has
had some impact on volume.
And the second piece that we talked about is just the underlying backdrop in terms of
what’s going on in the foodservice business overall. The pricing impact, obviously, was most acute in
Canada because of the fact the softness of the Canadian dollar contributed to even higher price
increases that had to be passed on.
Marc Robinson
Okay. Yeah. Just excluding the Atlantic Trading contribution, what were the volume
declines in the US? Do you have that number?
Paul Jewer
In the US, I’ll just—it’s 5.5 percent in the US in total.
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Marc Robinson
That’s including Atlantic Trading, though, right?
Paul Jewer
That’s including Atlantic Trading, yeah. So if you exclude Atlantic Trading it would be—I
don’t have a number in front of me, but probably a couple hundred basis points more than that.
Marc Robinson
Okay. Just around the—I want to better understand the timing of this 20 million to 25
million in the supply chain savings. So you say by the end of 2016. So is that—would you expect to
get 20 million to 25 million in 2016? Or you expect to be running at a rate of 20 million to 25 million
by the end of 2016?
Paul Jewer
It’s the latter. We’d be at that run rate by the end of 2016. Some will be realized during
2015, which we’ll have the full benefit of that in 2016, but some of the savings will be realized
through 2016. So we won’t be up to the full run rate until towards the end of the year.
Marc Robinson
Okay. And how much have you paid or how much do you intend to pay to consultants to
realize that 20 million to 25 million?
Paul Jewer
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I won’t give you a specific number; it’s confidential with them, although frankly it’s
included in the adjustment line between EBITDA and adjusted EBITDA, so it makes up part of that
adjustment line.
But I would note in Q1 in particular there were other items that were included in that that
weren’t consulting fees; in particular, closing costs associated with Malden. So it’s not a number we
disclose. As a percentage of the overall savings it’s a fairly low number that we’re, frankly, quite
happy to pay to generate the kinds of savings that we’re talking about.
Marc Robinson
Okay. And then just finally here, what percentage of the American Pride synergies have
been realized? Are they fully realized now?
Paul Jewer
Yeah. In essence they’re fully realized. The first of them were sort of the back office
savings. We’ve now got IT systems integrated. We finished that in Q4, so that’s been realized.
There was some production volume that was moved around, including associated with the
closing of Malden, so that’s been realized. So I would say most of that is now fully reflected in the
results that you see.
Marc Robinson
Okay. Thanks very much.
Operator
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As a reminder, in order to ask a question, please press *, 1 on your telephone keypad.
Your next question comes from the line of George Doumet with Scotiabank. Your line is
now open.
George Doumet — Scotiabank
Hey. Good afternoon, guys, and congrats on the new appointments.
Keith Decker
Thanks.
Henry Demone
Thanks, George.
George Doumet
Just to follow up on a couple of questions that were asked on the US volume declines. Are
we expecting any meaningful temporary volume declines relating to the Malden transitioning?
Keith Decker
No, we are not. That was actually done very well by the team, and we successfully closed
that facility, moved the production, and it was complete in the first part of April.
George Doumet
Appreciate that. And also just give us a sense of magnitude on price increases, I guess,
versus mix for the quarter, and the expectations of pricing levels moving forward maybe by end
market or geography would be appreciated.
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Paul Jewer
Yeah. So from a price increase perspective, we believe most of the price increases are now
behind us, as we’ve said. We expect some relief on raw material cost as we get into the fourth
quarter of the year.
The reason it will take that long to realize it is the reality is we have long lead times and
we’re sitting on inventory today. But that’s already baked into our pricing, so wouldn’t expect
anything in terms of pricing increases of any magnitude in the near future.
And that statement applies to both Canada and the US unless, of course, we have another
massive swing in currency in the Canadian business. And as you know, even in that situation we do
do some hedging to try to prevent us from having to do immediate price increases in that situation.
From a mix perspective, part of the reason for the gross margin to climb in the quarter was
a higher—as a percentage of sales—was the higher percentage of sales in non-value-added
products, which obviously in our case bring, depending on the product, lower margin. That was
influenced by Atlantic Trading, which is non-value-added, but also in general in our business overall
in the quarter.
George Doumet
Appreciate that. One last one, if I may. Maybe an update on the new product pipeline, I
guess, in the US foodservice; anything related. Maybe it’s QSR end market.
Keith Decker
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Well, we launched some products in March at Boston Seafood Show. We had the fully
cooked Pulled BBQ Salmon, which is out there.
Our next line of products will probably launch some time later this fall as we continue to
bring out offerings for both the fast casual segment, but also for the segments from a convenience
perspective and heat-and-go type of products. So I would anticipate that you'll start to see more of
those rolling out in the latter part of this year and then consistently through next year.
George Doumet
Great. Appreciate that. Thank you.
Operator
Your next question comes from the line of Michael Mills with Beacon Securities. Your line
is now open.
Michael Mills — Beacon Securities
Hi. Good afternoon, guys.
Henry Demone
Good afternoon.
Michael Mills
Most of my questions have been covered off, but just a couple things here. In terms of the
external consultants, how much longer should we expect them to be, I guess, on the payroll so to
speak?
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Paul Jewer
Likely for another quarter or two, if not—a lot of the work has been done in that regard,
and so you shouldn't expect to see it at the end of this year, unless frankly we've identified other
new opportunities that we've decided to engage some opportunity on. But not on the work that's
underway today.
Keith Decker
There was two phases. There was first of all the plant production side and second piece
was the supply chain side, which encompassed our global supply. So we're well underway in phase
one, and phase two is underway as well so...
Michael Mills
Okay. I’d just note I guess there was a partial roof collapse in New Bedford. Was there any
impact on operations? Any impact on maybe Q2 from that?
Paul Jewer
No, no impact really in Q2. We were able actually with the great work done by the team
there to get that facility back up and running within a matter of essentially 48 hours. And we did
have a small deductible that we incurred; that's actually reflected in the first quarter results, but our
assumption is anything of any significance would be covered by insurance if there is an impact in the
second quarter.
Michael Mills
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Okay. And then just lastly, another dividend increase here. Obviously you guys have a
great track record of increasing the dividend. Wondering how you view, I guess, the appropriate
dividend level versus perhaps paying down debt or better positioning the balance sheet to support
future acquisitions? Should we look at a higher payout ratio, given fewer acquisition opportunities?
Or any colour you can provide there?
Paul Jewer
No, I think for now you should expect our payout ratio and yield should be similar to what
we've targeted in the past, which is that 30 percent of adjusted trailing earnings from a payout ratio
and a yield of approximately 2 percent.
And at this point any surplus free cash flow above and beyond that we intend to use to
continue to pay down debt. As I said in my prepared remarks, our goal is to continue to reduce and
improve the debt to EBITDA leverage ratio as we move through the balance of this year.
Michael Mills
Sorry, one last one. CapEx looked a bit lighter than I was expecting in the quarter. What's
the full year run rate? Maybe I missed it in the MD&A.
Paul Jewer
We said typically it would be more in the neighbourhood of 15 million to 20 million for us.
Last year it was particularly high at 27 million or 28 million, so I think that's a more reasonable run
rate for us on a normalized basis.
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Michael Mills
Perfect. Thanks.
Operator
And at this time there are no further questions in queue. I turn the call back over to the
presenters.
Henry Demone
Yeah. Thank you very much. Before closing the quarterly call for the last time, I would like
to say that it has been an honour for me to be High Liner's President and CEO for 25 years.
I'm very proud of what the Company has accomplished over this period, and I really want
to thank all the employees of High Liner, the shareholders, suppliers, and customers who have
helped us achieve what we've done over that period.
I also want to thank our former Chairman, David Hennigar, who provided great leadership
for me personally and for our Board over roughly the same time as I was President and CEO.
I'm looking forward to my new role as Chairman, and I'm going to continue to support the
management team and the growth of the business, as well as represent the shareholders. And I
want to close by saying I do truly believe that High Liner's best days lie ahead of us.
So thank you very much, and we appreciate you participating on the call. And Keith and
Paul will update you on second quarter results in August.
Thank you.
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Operator
Thank you for joining, ladies and gentlemen. This concludes today's conference call. You
may now disconnect.
*****
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