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increased sales volume in Canada this year. Additionally, while we expect 1  raw material costs for most species that we procure to be higher during the first half of 2012 than we experienced for the same period in 2011, prices for several key raw materials have recently decreased. Due to inventory and contracts, we will start to benefit from these lower costs during the second half of the year. We also expect 1  our increased purchasing power, expanded distribution, and cost-reduction efforts to contribute to operating improvements this year. 

## 6. SUMMARY OF RESULTS FOR ThE FOURTh QUARTER ENDED DECEMBER 31, 2011 

Sales for the fourth quarter of fiscal 2011 were $176.5 million compared to $140.8 million for the fourth quarter of fiscal 2010. The weakened Canadian dollar in the fourth quarter of 2011, relative to the same period in the previous year, increased sales of our U.S. operations by $1.4 million. Total sales volume, excluding Icelandic USA, was 48.7 million pounds, an increase of 5.7 million pounds from the same period last year, which consists of an increase of 2.6 million pounds related to Viking products and a 3.1-million pound increase for other products. Icelandic USA added 2.5 million pounds in the quarter. 

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Our Canadian operations had external sales of $76.5 million, compared to $70.0 million for the same period last year. Sales volume increased by 5.4% during the quarter to 17.8 million pounds compared to the fourth quarter of last year. 

Our U.S. operations had sales of US$97.7 million, compared to US$69.9 million for the same period last year. U.S. operations sales volume for the quarter, including Viking  products, increased by 18.5% to 30.9 million pounds. Viking accounted for 9.9 percentage points of the 18.5% and organic growth accounted for the remainder. The organic growth was evenly distributed between retail and food service operations. 

Our consolidated Adjusted EBITDA 4  in the fourth quarter of 2011 was $13.4 million compared to $10.4 million for the same period in 2010. The increase was due in part to a decrease in stock compensation expense of $1.4 million. As our stock price increased from $12.00 to $16.25 per share 

during the fourth quarter of 2010, the stock compensation expense for that period was unusually high. Excluding stock compensation expense from both 2010 and 2011, Adjusted EBITDA 4  in the fourth quarter of 2011 was $14.3 million compared to $12.8 million for the same period in 2010. 

Given our overall net loss for the fourth quarter of 2011, due to one-time acquisition costs, our effective tax rate for the fourth quarter of 2011 was an expense of 41.3%, compared to our Canadian statutory rate of approximately 29%. The effective income tax rate in the fourth quarter of 2011 is affected by the tax treatment of certain business acquisition costs that are only partly or non-deductible for tax purposes, and an additional $0.8 million of non-deductible one-time withholding tax relating to the dividend that was paid in connection with the financing for the Viking Acquisition, as estimates were firmed up. These items reduced the overall tax recovery. 

