May 10, 2017 / 1:44 PM / 3 years ago

BRIEF-High Liner Foods posts Q1 adj. earnings per share C$0.46

May 10 (Reuters) - High Liner Foods Inc

* High Liner Foods reports operating results for the first quarter of 2017

* Q1 adjusted earnings per share C$0.46

* Q1 earnings per share $0.34

* High Liner Foods Inc - board of directors of company approved a quarterly dividend of CAD$0.14 per share on company’s common shares

* High Liner Foods Inc - “expect year-over-year sales volume and earnings trends in Q2 of 2017 will be greatly improved”

* High Liner Foods Inc - expect trend of lower demand for frozen breaded and battered seafood products will continue in 2017

* High Liner Foods Inc - signed a definitive agreement to acquire 100 pct of outstanding equity of Rubicon Resources, LLC

* High Liner Foods Inc - anticipated purchase price for rubicon is $107.0 million prior to transaction fees

* High Liner Foods Inc - does not anticipate it will realize material synergies from Rubicon Business but it will be immediately accretive in 2017

* High Liner Foods Inc -Q1 sales as reported decreased by $15.7 million, or 5.4 pct, to $275.7 million compared to $291.4 million

* High Liner Foods Inc - acquisition will be financed using company’s existing credit facilities

* High Liner-purchase price for Rubicon to be settled 70 pct in cash, 30pct in co’s shares, with share consideration subject to a 3-year stand-still agreement

* High Liner Foods Inc - definitive agreement includes a five-year supply agreement with Rubicon’s supply partners based on mutually acceptable terms

* High Liner Foods Inc - definitive agreement also includes three-year employment contract with Brian Wynn to continue as Rubicon’s president Source text for Eikon: Further company coverage:

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