High Liner Foods released Q1 results on May 14. Along with the results, they announced a 65% dividend cut from $0.58 to $0.20 per share annually. The stock has actually moved higher since the announcement, trading in and around the $8.50 level, or about 20% higher.

This video discusses the rationale for the dividend cut, Q1 results, and provides key takeaways for investors.

The dividend yield is now ~2.5% based on new dividend level. Revenue was down for the quarter (year over year) but profitability was up. $10 million in announced cost savings are starting to show up in the numbers with selling, general and administrative expense down by ~$1.5M year over year.

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