New Blog from Interim President, Stan Lazar ~ Freshwater Fish, Here for Fishers!

As our industry becomes more complex and challenging, Freshwater continues to be here for fishers, offering value and providing a vital component in the supply chain –processing and marketing freshwater fish to customers around the world.

In 2017, that value was demonstrated through strong revenue and firm operating performance.  Operational and financial highlights for the year ended April 30, 2017 are:

Profit before final payment and income tax of $7.6 million, compared to the plan of $7.1 million;

Retained earnings of $14.9 million, achieving the targeted 20% of net revenue Freshwater has been working towards since 2012;

Total payments to fishers of $32.4 million, including a final payment of $3.5 million;

Committed improvements to productivity and operational efficiency were met;

Sales revenue and sales volumes were strong, reaching the highest levels in the last ten years;

We invested in hull repairs and completed the Hnausa, Manitoba dry dock for the Poplar River barge that provides vital connections to communities on Lake Winnipeg;

We replaced deboning equipment in the Winnipeg processing plant, realizing improved efficiencies, and cost and performance gains.

For the first quarter of this year that ended July 31, 2017, profit after tax improved to $4.3 million from $2.0 million compared to the same three months of 2016. The performance is due to increased sales volume, strong revenue, competitive market pricing and control of expenses.  The Corporation is on track to achieve the goals established in the FY 2017/18 to 2021/22 Corporate Plan.

Freshwater continues to implement changes to its business model in preparation for the pending withdrawal of Manitoba from the Freshwater Fish Marketing Act (FFMA), expected in December 2017. In September, we increased walleye prices and are developing new products and processing capabilities to add value to the fish we sell and we continue to secure fish supply from new and existing suppliers.

Success is based on people and I’d like to thank all stakeholders for their efforts as we prepare for changes in our industry that will affect us all.   

Freshwater Fish, here for fishers.

For a Freshwater Fish contract application, please email or telephone sandic@freshwaterfish.com ~~ (204) 983-3112