Vancouver / CA. (pbh) Premium Brands Holdings Corporation, a leading producer, marketer and distributor of branded specialty food products, announced third quarter sales and adjusted Ebitda, USD 67.2 million in business investments, the appointment of an additional director and fourth quarter dividend.
Highlights for the quarter
- Record revenue of $968.3 million representing a 15.9% or $132.8 million increase as compared to the third quarter of 2018
- Industry leading organic volume growth of 6.2%
- Record adjusted EBITDA of $84.1 million representing an 18.0% or $12.8 million increase as compared to the third quarter of 2018. After normalizing for the adoption of the IFRS-16 accounting standard the Company’s adjusted EBITDA for the third quarter of 2019 is $75.0 million
- Steady progress on the execution of an exciting pipeline of new growth opportunities in meat snacks, charcuterie, artisan sandwiches, cooked protein and seafood with many of these categories being well positioned to become billion dollar platforms in the coming years
- Year-to-date U.S. based sales increased by 49.3% to $1.1 billion and now represent almost 40% of the Company’s total sales
- The investment of $67.2 million for the acquisitions of Viandex Distribution Alimentaire and Maine Coast Shellfish as well as the purchase of a 50% interest in North Delta Seafood
- The appointment of Sean Cheah to the Company’s Board of Directors effective immediately. Mr. Cheah is a Senior Principal, Relationship Investments at Canada Pension Plan Investment Board
- Declaration of a quarterly dividend of $0.525 per share
