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. 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. 40 HIGH LINER FOODS INCORPORATED Change over 2011 2010  2011 2010  2010 (In $000s)  Canadian $ Canadian $  Domestic $  Domestic $ Domestic $ External Sales Canada  $  76,478 $  69,961 $  76,478 $  69,961 9.3% USA  100,001 70,814 97,755 69,923 39.8% 176,479 140,775 174,233 139,884 24.5% Conversion  – –  2,246  891 176,479  140,775 176,479  140,775 25.4% Adjusted EBITDA Canada  5,602 5,284 5,602 5,284 6.0% USA  7,777 5,107 7,601 5,043 50.7% 13,379 10,391 13,203 10,327 27.8% Conversion  – –  176 64 13,379 10,391 13,379 10,391 28.8% Adjusted EBITDA as % of sales In Canadian dollars  7.6% 7.4%  In domestic dollars  7.6% 7.4% 