Clearwater Seafoods Incorporated announced earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company's sales were CAD 174,766,000 compared with CAD 165,690,000 a year ago. Adjusted EBITDA was CAD 28,490,000 compared with CAD 29,460,000 a year ago. Adjusted EBITDA attributable to shareholders was CAD 22,952,000 compared with CAD 29,460,000 a year ago. Loss attributable to shareholders was CAD 10,956,000 or CAD 0.17 per diluted share compared with earnings attributable to shareholders of CAD 8,611,000 or CAD 0.17 per diluted share a year ago. Adjusted loss attributable to shareholders was CAD 1,585,000 or CAD 0.02 per diluted share compared with adjusted earnings attributable to shareholders of CAD 795,000 or CAD 0.01 per diluted share a year ago. Cash from operations was CAD 42,663,000 compared with CAD 79,487,000 a year ago. Free cash flows were CAD 22,252,000 compared with CAD 57,360,000 a year ago.

For the year, the company's sales were CAD 621,031,000 compared with CAD 611,551,000 a year ago. Adjusted EBITDA was CAD 108,596,000 compared with CAD 120,937,000 a year ago. Adjusted EBITDA attributable to shareholders was CAD 89,156,000 compared with CAD 98,446,000 a year ago. Earnings attributable to shareholders were CAD 15,759,000 or CAD 0.25 per diluted share compared with CAD 43,928,000 or CAD 0.71 per diluted share a year ago. Adjusted earnings attributable to shareholders were CAD 8,690,000 or CAD 0.14 per diluted share compared with CAD 23,766,000 or CAD 0.38 per diluted share a year ago. Cash from operations was CAD 58,141,000 compared with CAD 63,040,000 a year ago. Free cash outflows were CAD 8,428,000 compared with free cash flows of CAD 1,502,000 a year ago. Return on assets was 8.1% compared to 11.0% a year ago.

For the year 2018, the company is capital expending is expected to decline by CAD 60 million to CAD 70 million in 2018. In 2018, the company anticipates positive free cash flow generation, which will reduce debt and leverage.