Technology: High Liner Foods cuts 14 per cent of jobs - PressFrom - Canada
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TechnologyHigh Liner Foods cuts 14 per cent of jobs

19:08  08 november  2018
19:08  08 november  2018 Source:   msn.com

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LUNENBURG, N.S. - High Liner Foods Inc. says it has let go 14 per cent of its salaried employees as part of cost- cutting measures following a disappointing third quarter. The frozen seafood processor says it is executing against five critical initiatives, including the organizational restructuring, that will

High Liner Foods achieved higher profitability and earnings in 2016, as we refined our strategy for sustainable growth amidst a challenging industry environment. Adjusted Net Income2 increased by .3 million, or 14 .9 percent , to .9 million and Adjusted Diluted Earnings per Share2 were .31

High Liner Foods cuts 14 per cent of jobs© Provided by thecanadianpress.com

LUNENBURG, N.S. - High Liner Foods Inc. says it has let go 14 per cent of its salaried employees as part of cost-cutting measures following a disappointing third quarter.

The frozen seafood processor says it is executing against five critical initiatives, including the organizational restructuring, that will achieve more than US$10 million net annualized run rate cost savings within the next 12 to 15 months.

A one time charge of US$4.5 million, including US$3.3 million in the fourth quarter, will be associated with the latest restructuring.

The company is also taking steps to simplify its business, implement one integrated supply chain, fully extract value and synergies from its Rubicon acquisition, and invest in product innovation and other things to return to profitable organic growth by 2020.

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High Liner Foods is built on core values and guiding principles that serve as a compass to guide our decision making, and affect how we do business as an organization. We invest in our employees and provide learning and development opportunities to enhance careers at High Liner Foods .

High Liner Foods Inc. shares fell more than 20 per cent as the company announced Thursday it cut 14 per cent of its salaried workforce following a "disappointing" third quarter. "It's never easy to lose good people," said CEO Rod Hepponstal during a conference call with analysts in the afternoon after

High Liner, which keeps its books in U.S. dollars, reported a $44 million gross profit for the third quarter ending September 29, down $4.3 million from $48.3 million in the same quarter the previous year.

It says its net income fell $1.5 million to $4.5 million or 13 cents per share, down from $6 million or 18 cents per share in the last financial year's third quarter.

Sales in the quarter dropped by $41.5 million to $241.2 million. That's down from $282.7 million in the same quarter the previous year.

CEO Rod Hepponstal says in a statement the disappointing results reflect challenges in the external operating environment and the company's internal operations.

He says the company has moved quickly to realign the business and drive cost efficiencies, and thanked departing employees for their contributions.

Companies in this story: (TSX:HLF)

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More job cuts in forecast as Manitoba fights deficit.
WINNIPEG - More public-sector job cuts appear to be coming in Manitoba and a long-standing ban on civil service layoffs is about to expire. Premier Brian Pallister, in his third year of a promise to eliminate the deficit by 2024, says he is not planning any large-scale layoffs, but some trimming remains to be done — largely by not filling vacant positions when someone retires or quits. "Senior management is still heavy outside of core government, in the so-called MUSH sector (municipalities, universities, school boards and hospitals) and in the Crowns," Pallister said in a year-end interview with The Canadian Press.

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