Company Name : Clearwater Seafoods Income Fund
Company Profile
Filing Date : 6/11/2002
Offering : TBD
Price : $10.00 per Unit
Closing Date : TBD
Exchange : TSX
Eligibility : British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Northwest Territories, Yukon, Nunavut
Underwriters :
Scotia Capital Inc., CIBC World Markets Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc., Yorkton Securities Inc., Beacon Securities Ltd.
Associations :
Issuer's Law Firm : Goodmans
Underwriter's
Law Firm : Fasken Martineau DuMoulin LLP
Auditor : KPMG LLP
Transfer Agent : Computershare Trust Company of Canada
Business Description :
Clearwater Seafoods Income Fund is an unincorporated open-ended trust established under the laws of the Province of Ontario. It has been created to hold, indirectly, 1% of the partnership units of Clearwater Seafoods Limited Partnership, which, in turn, will be formed to acquire the seafood business of Clearwater Fine Foods Incorporated.
Clearwater is a leader in the global seafood industry and the largest integrated shellfish company in North America, recognized for its consistent quality, wide diversity and reliable delivery of premium shellfish, including sea scallops, lobster, Arctic surf clams, cold water shrimp, Argentine scallops and Jonah crab. Clearwater is the largest holder of rights to harvest each of these products in Canada, which provides it with a secure and stable source of a diverse range of premium shellfish and makes it one of the largest harvesters and processors of these products in the world.
Clearwater harvests, processes and sells more than 66 million pounds of seafood annually. Its operations consist primarily of:
- harvesting premium shellfish in the offshore fisheries off the coasts of Atlantic Canada and Argentina;
- processing shellfish on board state-of-the-art factory vessels or at modern shore-based processing plants in Atlantic Canada; and
- marketing and distributing premium shellfish to over 1,100 customers in North America, Europe and Asia.
Clearwater was established in 1976. Since then, it has developed new fisheries, acquired other seafood enterprises and formed strategic alliances to build a profitable international seafood enterprise. Today, Clearwater's unparalleled access to a diverse variety of premium shellfish provides it with a secure and stable source of revenues. In addition, Clearwater's investments in its operations and focus on innovation have allowed it to develop an efficient infrastructure and, as a low cost producer of seafood in Canada, Clearwater is well positioned to capitalize on future growth opportunities in the seafood industry.
Clearwater currently has operations in Canada, the United States, Europe, Asia and Argentina, employing over 2,200 people worldwide. It operates a fleet of 23 state-of-the-art vessels, ranging in size from 65 feet to 235 feet. Clearwater's vessels are able to harvest, process and, in some cases, freeze product while at sea, which results in higher quality and, as a result, higher prices for its seafood compared to seafood which is processed and frozen on land. Clearwater also operates seven modern shore-based processing facilities and five distribution facilities, including one adjacent to the distribution hub of United Parcel Services (UPS) in Louisville, Kentucky, one in London, England, another in Brussels, Belgium and two in Canada, allowing Clearwater to effectively service its international customer base in North America (51% of sales), Europe (23% of sales) and Asia (26% of sales).
Industry Category : Trust Units
Company Financials :
Fiscal Year-End : December 31
Financials : Combined Financial Information:
Revenue for the 13 weeks ended March 30, 2002 - $65,055,000
Net income for the 13 weeks ended March 30, 2002 - $2,877,000
Revenue for the year ended December 31, 2001- $290,117,000
Net income for the year ended December 31, 2001- $8,571,000 |
