MANAGEMENT’S DISCUSSION & ANALYSIS (CONT’D) of seafood for the Canadian market, reduced EBITDA by  $1.0 million due to the conversion of Canadian parent company’s  results to USD.  In domestic currency, Adjusted EBITDA for 2013 was $86.3 million  compared to $91.7 million in 2012 and as a percentage of sales, was  9.0% in 2013, down from 9.7% in 2012. American Pride contributed  $1.5 million in Adjusted EBITDA in 2013 and excluding this  amount, Adjusted EBITDA in domestic currency decreased by  $6.9 million in 2013 compared to 2012. Adjusted EBITDA in domestic dollars was affected by the following: certain Company directors and senior management to eliminate  the SARs. Also, stock options granted in late 2012 and 2013 did not  contain SARs. See discussion of stock options in Section 3.1  regarding SARs and their impact on the financial results of High  Liner Foods. These two items reduced the stock-based expense  in 2013. Amortization recorded in SG&A did not change in 2013 compared  to 2012. However, amortization expense for customer relationships  was lower in 2013 as we extended our amortization period in late  2012. This was offset by the write down of an acquired brand that  was impaired. Excluding stock-based compensation and amortization expenses,  SG&A expense, for 2013 was 9.2% of sales, compared to 9.1% for the  previous year. The increase in a SG&A as a percentage of sales is  due to lower sales achieved in 2013. In terms of dollars spent, the  increase in SG&A, excluding stock-based compensation and  amortization, reflects synergies realized in 2013 from integrating  Icelandic USA, offset by an increase in U.S. consumer advertising  and other promotional costs spent in 2013 as we invested in  increasing the distribution and sales for our retail  Sea Cuisine  brand sold in the U.S. Our consolidated Adjusted EBITDA in 2013 was $85.3 million, a  decrease of 6.9% compared to $91.7 million in 2012. The change in  the value of the Canadian dollar, excluding its impact on purchases  The negative impact of these items on Adjusted EBITDA was  partially offset by lower overall raw material costs in 2013,  realization of synergies resulting from integrating Icelandic USA  and $1.5 million in Adjusted EBITDA from American Pride in 2013. • Lower margins in the first quarter of 2013 on certain food service  commodity products as selling price decreases were passed on to  customers in advance of experiencing lower average costs.  • Higher  Sea Cuisine  marketing costs; and • Increased production and distribution costs associated with  reduced plant thoughput rates experienced at our U.S.  manufacturing facilities since our Danvers plant was closed and  relocation of U.S. food service distribution to Newport News in  the first quarter of 2013; • Lower U.S. food service and retail private label value-added sales  (excluding sales from American Pride);  Adjusted EBITDA 36 HIGH LINER FOODS INCORPORATED