High Liner Foods Incorporated is a processor and marketer of superior quality seafood and frozen pasta products.  under the High Liner®, Fisher Boy®, Gina Italian Village® and Floresta® brands to most major retail chain stores in North America and to restaurants and institutions for food service throughout North America. 
The company began in 1899 with the founding of W.C Smith & Company, a salt fish operation located in Lunenburg, Nova Scotia -- the current home of our head office and one of the most modern and diversified food processing plants in the world.
Today, we are one of North America's largest marketers of prepared frozen seafood and frozen pasta products.

    -  Sales of $81.3 million, an increase of 4.7% compared to the first    quarter of fiscal 2006;
    -  Net income from continuing operations of $3.0 million, or $0.26 per     share, compared to $3.1 million, or $0.27 per share for the first
       quarter of fiscal 2006;
    -  An 18% increase in sales of High Liner(R) brand products in the U.S.,       including more than a 100% increase in sales of these products to
       traditional grocery stores;
    -  Launch of eight new products; and
    -  A 29% reduction in inventories.

Financial Results
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    (Amounts in thousands of Canadian $ except per share amounts)
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                            Thirteen Weeks ended      Thirteen Weeks ended
                                  March 31,                 April 1,
                                     2007                     2006
                                                    Restated - See Note Below
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    Sales                           $   81,335               $   77,692
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    Operating EBITDA                     5,346                     5,600
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    Net income from
     continuing
     operations                     $    3,017                $    3,082
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    Net loss from
     discontinued
     operations; net of
     income tax                     $      (17)               $     (504)
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    Net income                      $    3,000                $    2,578
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    Basic earnings per
     Common Share:
      Net income from
       continuing
       operations                   $     0.26                $     0.27
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    Net income (loss)
     from discontinued
     operations                     $        -                $    (0.05)
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    Net income                      $     0.26                $     0.22

    Note: Comparative results for fiscal 2006 have been restated to reflect    the requirement to account for the Company's Italian Foods operations as
    discontinued operations following its disposition in July, 2006.
    Financial Results for the Quarter

    Sales for the first quarter of fiscal 2007 increased 4.7% to$81.3 million from $77.7 million for the first quarter of fiscal 2006. The
increase was primarily attributable to growth in sales of High Liner(R) brandproducts in the U.S.
    Operating EBITDA for the first quarter was $5.3 million compared with $5.6 million for the same period last year. Net income from continuing
operations for the quarter was $3.0 million, or $0.26 per share, compared with $3.1 million, or $0.27 per share, for the corresponding period of 2006 due to higher preferred dividend costs and a larger number of shares outstanding in 2007.
 

High Liner Foods reports improved results for fourth quarter fiscal 2006 
    - Results reflect continued strength of Canadian business and  improvements in U.S. operations -
    LUNENBURG, NS, Feb. 21 /CNW/ - High Liner Foods Incorporated (TSX:HLF)today reported improved financial results for the thirteen week period andfiscal year ended December 30, 2006. (All amounts are reported in Canadiandollars.)
Financial and operational highlights for the fourth quarter include:
    -   Sales of $65.7 million, an increase of 5.5% when adjusted for the   effect of the stronger Canadian dollar;
    -   Operating EBITDA(1) of $3.5 million compared to an operating loss of   $0.4 million for the same period in 2005;
    -   Net income from continuing operations of $1.2 million, or $0.09 per    share, compared to a net loss of $1.5 million, or $0.16 per share for
        the same period in 2005
    -   More than a 10% increase in sales of High Liner(R) brand products in   the U.S.;
    -   Launch in Canada of High Liner QuickSteam(TM) seasoning-rubbed    fillets, featuring innovative microwave steam cooking packaging;
    -   Increased entry into the natural and organic foods market with the   launch of six all natural, no-additive products to a new U.S.
        customer.
    Financial and operational highlights for the fiscal year include:
    -   Sales of $261.7 million, an increase of 7.5% when adjusted for the        effect of the stronger Canadian dollar;
    -   Operating EBITDA of $13.6 million compared to $10.0 million in 2005
    -   Net income from continuing operations of $5.1 million, or $0.38 per        share, compared to $3.9 million, or $0.26 per share, in 2005;
    -   Launch of 40 new products in 2006.
    "Our financial results for the quarter and the year reflect the continued strength of our Canadian business, and improvements in our U.S. business, despite an operating environment of increasing input costs, including historically high raw seafood costs," said Henry Demone, President and Chief Executive Officer, High Liner Foods Inc. "Our retail and food servicedivisions both contributed to strong results in Canada as we are successfully delivering innovative value-added seafood products that meet consumers'
evolving preferences. In the U.S., we have a significant opportunity to leverage the High Liner brand and our success with premium products that we have achieved in Canada. To this end, in 2006, we initiated a number of improvements in our U.S. operations, including the appointment of a new U.S. President, the sale of our pasta business, the launch of a number of valued-added seafood products, and rebranding our Fisher Boy products under the High Liner name. While we recognize that there is a lot of work to be done in this regard, we are encouraged by our progress thus far."