Clearwater Seafoods Incorporated reported earnings results for the first quarter ended March 31, 2018. For the quarter, the company sales and adjusted EBITDA were $120.1 million and $19.1 million compared to 2017 comparative results of $128.4 million and $19.8 million. First quarter cash from operations and free cash flow improved $32.8 million and $43.5 million, respectively, to generate cash from operations of $14.8 million and free cash flow of $9.6 million. Sales in the first quarter of 2018 were slightly lower than the record high sales in the first quarter of 2017 as scallop harvest plans were adjusted to start later in the quarter to optimize cost efficiency. Strong catch rates and selling prices for FAS shrimp and a 12% improvement in clam prices and mix contributed to sales. Earnings attributable to shareholders of diluted loss per share was $0.22 compared to earnings of $0.03 a year. Adjusted earnings per share was $0.01 compared to earnings of $0.03 a year.

In 2018, lower capital expenditures and further inventory reductions to historic levels, are expected to increase free cash flow resulting in lower debt and leverage. The company expects a strong cash flows from operations, reduce debt and leverage, yield a higher return on assets and generate positive returns to shareholder value.