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SunOpta: First Quarter 2011 Results
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Toronto - SunOpta Inc. ("SunOpta" or "the Company") (Nasdaq:STKL) (TSX:SOY), a leading global company focused on natural, organic and specialty foods, today announced financial results for the quarter ended April 2, 2011. All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.
The Company realized revenues of $260.9 million in the first quarter of 2011 versus revenues of $216.7 million in the first quarter of 2010, a year over year increase of 20.4%. Revenues increased 9.7% excluding the impact of the acquisitions completed late in 2010.
For the first quarter of 2011, the Company realized operating income1 of $11.0 million or 4.2% of revenues, an increase of approximately 14.6%, versus operating income1 in the first quarter of 2010 of $9.6 million or 4.4% of revenues. The increase in operating income was driven by increases in the Grains and Foods Group, International Foods Group and Opta Minerals Inc. combined with reduced corporate spending. Excluding the year over year impact of the foreign exchange loss (gain), operating earnings increased 31.3%.
For the first quarter of 2011, the Company reported earnings per diluted common share from continuing operations of $0.08 or $5.1 million, as compared to $0.06 or $4.2 million for the first quarter of 2010. The Company realized EBITDA1 in first quarter of 2011 of $15.9 million as compared to $14.0 million in the first quarter of 2010, an increase of approximately 13.7%.
At April 2, 2011, the Company's balance sheet reflects a current working capital ratio of 1.39 to 1.00, long-term debt to equity ratio of 0.22 to 1.00 and total debt to equity ratio of 0.62 to 1.00. During the first quarter of 2011, the Company used cash from continuing operating activities of $33.9 million as compared to $13.6 million in the first quarter of 2010, reflecting the impact of increased commodity volumes and costs and increased inventory and accounts receivable balances related to growth in the business. At April 2, 2011, the Company has total assets of $657.4 million and a net book value of $4.56 per outstanding share. At quarter-end, the Company was in compliance with its bank financial covenants.
Steve Bromley, President and Chief Executive Officer of SunOpta, commented, "We are pleased with our first quarter 2011 results which represent record first quarter net earnings for our Company. Operating income1 has improved in spite of rising commodity prices. We continue to streamline our portfolio and over the last twelve months have divested of three non-core operations, most recently the Mexican Frozen Fruit Assets, while over the same period acquiring two core operations. We remain focused on growing our business in fast growing healthy foods categories while at the same time improving operating margins and returns on assets employed. We believe we are well positioned to continue our profitable growth in the future."
The Company plans to host a conference call at 10:00 AM Eastern Time on Thursday, May 12, 2011 to discuss the first quarter results and recent corporate developments. The conference call can be accessed via a link at the Company's website at www.sunopta.com. Additionally, the call may be accessed with the toll free dial-in number 1-877-312-9198 or 631-291-4622. A replay number can also be accessed between May 12th and 19th with the toll free dial-in number 1--800-642-1687 or 706-645-9291 followed by pass code: 62090916#.
1See discussion of non-GAAP measures
About SunOpta Inc.
SunOpta Inc. is a leading global company focused on natural, organic and specialty foods. The Company specializes in sourcing, processing and packaging of natural and organic food products, integrated from seed through packaged products; with a focus on strategically significant vertically integrated business models. The Company's core natural and organic food operations focus on value-added grains, fiber and fruit based product offerings, supported by a global infrastructure. The Company has two non-core holdings, a 66.4% ownership position in Opta Minerals Inc. (TSX:OPM), a producer, distributor, and recycler of environmentally friendly industrial materials, and a minority ownership position in Mascoma Corporation, an innovative biofuels company.
The SunOpta Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3958
Forward-Looking Statements
Certain statements included in this press release may be considered "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, which are based on information available to us on the date of this release. These forward-looking statements include, but are not limited to, our continued efforts to streamline our portfolio, our focus on growing our business and improving operating margins and returns on assets employed and our positioning to continue profitable growth in the future. The terms and phrases "continue", "improving", "remain focused", "positioned", and other similar terms and phrases are intended to identify these forward looking statements. Forward looking statements are based on information available to us on the date of this release and are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors the Company believes are appropriate in the circumstances including, but not limited to, general economic conditions, consumer interest in health and wellness, product pricing levels, current customer demand, competitive intensity, cost rationalization and product development initiatives. Whether actual timing and results will agree with expectations and predications of the Company is subject to many risks and uncertainties including, but not limited to, global economic conditions, consumer spending patterns and changes in market trends, decreases in customer demand, potential failure of product development, working capital management and continuous improvement initiatives, availability and pricing of raw materials and supplies, and other risks described from time to time under "Risk Factors" in the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q (available at www.sec.gov). Consequently all forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized.
SunOpta Inc.
Consolidated Statements of Operations
For the quarters ended April 2, 2011 and April 3, 2010
(Expressed in thousands of U.S. dollars, except per share
amounts)
(Unaudited)
--------------------------------- -------- -------- --------
April 2, April 3,
2011 2010 Change
--------------------------------- -------- -------- --------
Revenues $260,923 $216,749 20.4%
Cost of goods sold 225,368 181,273 24.3%
-------- -------- --------
Gross profit 35,555 35,476 0.2%
Selling, general and
administrative expenses 23,007 25,796 (10.8%)
Intangible asset amortization 1,385 1,175 17.9%
Other expense, net 362 315 14.9%
Foreign exchange loss (gain) 135 (1,117) (112.1%)
-------- -------- --------
Earnings from continuing
operations
before the following 10,666 9,307 14.6%
Interest expense, net 1,984 3,022 (34.3%)
-------- -------- --------
Earnings from continuing
operations
before income taxes 8,682 6,285 38.1%
Provision for income taxes 3,009 2,076 44.9%
-------- -------- --------
Earnings from continuing
operations 5,673 4,209 34.8%
Earnings from discontinued
operations,
net of taxes -- 432 n/m
-------- -------- --------
Earnings 5,673 4,641 22.2%
Earnings attributable to
non-controlling
interests 592 28 n/m
-------- -------- --------
Earnings attributable to SunOpta
Inc. $5,081 $4,613 10.1%
-------- -------- --------
Earnings per share -- basic
-from continuing operations $0.08 $0.06
-from discontinued operations -- 0.01
-------- --------
$0.08 $0.07
-------- --------
Earnings per share -- diluted
-from continuing operations $0.08 $0.06
-from discontinued operations -- 0.01
-------- --------
$0.08 $0.07
-------- --------
SunOpta Inc.
Consolidated Balance Sheets
As at April 2, 2011 and January 1, 2011
Unaudited
(Expressed in thousands of U.S. dollars, except per
share amounts)
--------------------------- ---------- ----------
April 2, January 1,
2011 2011
--------------------------- ---------- ----------
Assets
Current assets
Cash and cash
equivalents $5,720 $2,643
Accounts receivable 112,038 98,875
Inventories 227,462 200,278
Prepaid expenses and
other current assets 32,837 30,041
Deferred income taxes 740 870
---------- ----------
378,797 332,707
Investments 33,345 33,345
Property, plant and
equipment 120,063 118,924
Goodwill 49,078 48,558
Intangible assets 60,321 60,200
Deferred income taxes 11,796 11,889
Other assets 2,841 2,930
Non-current assets held for
sale 1,131 1,131
---------- ----------
$657,372 $609,684
---------- ----------
Liabilities
Current liabilities
Bank indebtedness $120,643 $75,910
Accounts payable and
accrued liabilities 118,528 124,031
Customer and other
deposits 3,627 2,858
Income taxes payable 746 973
Other current
liabilities 6,068 7,674
Current portion of
long-term debt 22,892 22,247
Current portion of
long-term liabilities 292 571
---------- ----------
272,796 234,264
Long-term debt 42,088 42,735
Long-term liabilities 6,419 6,642
Deferred income taxes 22,351 20,808
---------- ----------
343,654 304,449
Equity
SunOpta Inc. shareholders'
equity
Capital Stock 180,881 180,661
65,539,104 common shares
(January 1, 2011 -
65,500,091)
Additional paid in
capital 12,758 12,336
Retained earnings 100,293 95,212
Accumulated other
comprehensive income 4,872 2,833
---------- ----------
298,804 291,042
Non-controlling interest 14,914 14,193
---------- ----------
Total equity 313,718 305,235
---------- ----------
$657,372 $609,684
---------- ----------
SunOpta Inc.
Consolidated Statements of Cash Flow
For the quarters ended April 2, 2011 and April 3, 2010
(Expressed in thousands of U.S. dollars)
(Unaudited)
--------------------------------------------- -------- --------
Quarter Quarter
ended ended
April 2, April 3,
2011 2010
--------------------------------------------- -------- --------
Cash provided by (used in)
Operating activities
Earnings $5,673 $4,641
Earnings from discontinued operations -- 432
-------- --------
Earnings from continuing operations 5,673 4,209
Items not affecting cash
Amortization 4,833 4,328
Unrealized loss (gain) on foreign exchange 723 (1,092)
Deferred income taxes 1,766 1,166
Unrealized (gain) loss on derivative
instruments (3,685) 1,443
Other 115 (284)
Changes in non-cash working capital (43,328) (23,354)
-------- --------
Net cash flows from operations - continuing
operations (33,903) (13,584)
Net cash flows from operations - discontinued
operations -- (751)
-------- --------
(33,903) (14,335)
-------- --------
Investing activities
Purchases of property, plant and equipment,
net (3,909) (5,951)
Payment of deferred purchase consideration -- (500)
Purchases of patents, trademarks and other
intangible assets (81) (30)
Other -- 296
-------- --------
Cash from investing activities - continuing
operations (3,990) (6,185)
Cash from investing activities - discontinued
operations -- (373)
-------- --------
(3,990) (6,558)
-------- --------
Financing activities
Increase in line of credit facilities 42,551 23,386
Borrowings under long-term debt 37 --
Proceeds from the issuance of common shares 213 207
Repayment of long-term debt (2,004) (1,102)
Financing costs (25) --
Other 28 (188)
-------- --------
Cash from financing activities - continuing
operations 40,800 22,303
Cash from financing activities - discontinued
operations -- --
-------- --------
40,800 22,303
-------- --------
Foreign exchange gain on cash held in a
foreign currency 170 207
-------- --------
Increase in cash and cash equivalents during
the period 3,077 1,617
Discontinued operations cash activity
included above:
Add: Balance included at beginning of period -- 18,971
Less: Balance included at end of period -- (20,135)
-------- --------
Cash and cash equivalents - beginning of the
period 2,643 1,752
-------- --------
Cash and cash equivalents - end of the period $5,720 $2,205
-------- --------
SunOpta Inc.
Segmented Information
For the quarters ended April 2, 2011 and April 3, 2010
(Expressed in thousands of U.S. dollars)
(Unaudited)
------------------------------------------- -------- ----------- --------- -------------
Quarter ended
April 2, 2011
-------- ----------- --------- -------------
SunOpta Opta Corporate
Foods Minerals Services Consolidated
$ $ $ $
-------- ----------- --------- -------------
Total revenues from external customers 239,317 21,606 -- 260,923
-------- ----------- --------- -------------
Segment Operating Income 10,463 2,451 (1,886) 11,028
-------- ----------- --------- -------------
The SunOpta Foods has the following segmented reporting:
-------- ----------- --------- ------------- --------
Quarter
ended
April 2,
2011
-------- ----------- --------- ------------- --------
Grains International
and Ingredients SunOpta
Foods Fruit Foods Foods
$ $ $ $ $
-------- ----------- --------- ------------- --------
Total revenues from external customers 115,601 15,751 37,010 70,955 239,317
-------- ----------- --------- ------------- --------
Segment Operating Income 5,707 1,895 388 2,473 10,463
-------- ----------- --------- ------------- --------
-------- ----------- --------- -------------
Quarter ended
April 3, 2010
-------- ----------- --------- -------------
Corporate
SunOpta Opta
Foods Minerals Services Consolidated
$ $ $ $
-------- ----------- --------- -------------
Total revenues from external customers 198,818 17,931 -- 216,749
-------- ----------- --------- -------------
Segment Operating Income 11,391 1,713 (3,482) 9,622
-------- ----------- --------- -------------
The SunOpta Foods has the following segmented reporting:
-------- ----------- --------- ------------- --------
Quarter
ended
April 3,
2010
-------- ----------- --------- ------------- --------
Grains International
and Ingredients SunOpta
Foods Fruit Foods Foods
$ $ $ $ $
-------- ----------- --------- ------------- --------
Total revenues from external customers 78,845 18,150 40,340 61,483 198,818
-------- ----------- --------- ------------- --------
Segment Operating Income 5,016 4,212 1,864 299 11,391
-------- ----------- --------- ------------- --------
(Segment Operating Income is defined as "Earnings from continuing operations before the following"
excluding the impact of "other expense, net")
1Non-GAAP Measures
In addition to reporting financial results in accordance with generally accepted accounting principles ("GAAP"), the Company provides information regarding Operating Income and Earnings before interest, taxes, depreciation and amortization ("EBITDA") as additional information about its operating results, which are not measures in accordance with GAAP. The Company believes that these non-GAAP measures assist investors in comparing performance across reporting periods on a consistent basis by excluding items that are not indicative of the Company's core operating performance. The non-GAAP measures of operating income and EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP.
The Company defines Operating Income as "Earnings from continuing operations before the following" excluding the impact of "Other expense, net"; and EBITDA as Operating Income plus depreciation and amortization. The following is a tabular presentation of Operating income and EBITDA, including a reconciliation to GAAP earnings, which the Company believes to be the most directly comparable GAAP financial measure.
Quarter Quarter
ended ended
April 2, April
2011 3, 2010
-------- -------
Earnings from continuing
operations before the following $10,666 $9,307
Other expense, net 362 315
-------- -------
Operating Income 11,028 9,622
Depreciation and amortization 4,833 4,328
-------- -------
Earnings before interest, taxes,
depreciation and
amortization (EBITDA) $15,861 $13,950
-------- -------
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: SunOpta Inc.
CONTACT: SunOpta Inc.
Steve Bromley, President & CEO
Eric Davis, Vice President & CFO
Tony Tavares, Vice President & COO
Susan Wiekenkamp, Information Officer
Tel: 905-455-2528, ext 103
[email protected]
Website: www.sunopta.com
Toronto - SunOpta Inc. ("SunOpta" or "the Company") (Nasdaq:STKL) (TSX:SOY), a leading global company focused on natural, organic and specialty foods, today announced financial results for the quarter ended April 2, 2011. All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.
The Company realized revenues of $260.9 million in the first quarter of 2011 versus revenues of $216.7 million in the first quarter of 2010, a year over year increase of 20.4%. Revenues increased 9.7% excluding the impact of the acquisitions completed late in 2010.
For the first quarter of 2011, the Company realized operating income1 of $11.0 million or 4.2% of revenues, an increase of approximately 14.6%, versus operating income1 in the first quarter of 2010 of $9.6 million or 4.4% of revenues. The increase in operating income was driven by increases in the Grains and Foods Group, International Foods Group and Opta Minerals Inc. combined with reduced corporate spending. Excluding the year over year impact of the foreign exchange loss (gain), operating earnings increased 31.3%.
For the first quarter of 2011, the Company reported earnings per diluted common share from continuing operations of $0.08 or $5.1 million, as compared to $0.06 or $4.2 million for the first quarter of 2010. The Company realized EBITDA1 in first quarter of 2011 of $15.9 million as compared to $14.0 million in the first quarter of 2010, an increase of approximately 13.7%.
At April 2, 2011, the Company's balance sheet reflects a current working capital ratio of 1.39 to 1.00, long-term debt to equity ratio of 0.22 to 1.00 and total debt to equity ratio of 0.62 to 1.00. During the first quarter of 2011, the Company used cash from continuing operating activities of $33.9 million as compared to $13.6 million in the first quarter of 2010, reflecting the impact of increased commodity volumes and costs and increased inventory and accounts receivable balances related to growth in the business. At April 2, 2011, the Company has total assets of $657.4 million and a net book value of $4.56 per outstanding share. At quarter-end, the Company was in compliance with its bank financial covenants.
Steve Bromley, President and Chief Executive Officer of SunOpta, commented, "We are pleased with our first quarter 2011 results which represent record first quarter net earnings for our Company. Operating income1 has improved in spite of rising commodity prices. We continue to streamline our portfolio and over the last twelve months have divested of three non-core operations, most recently the Mexican Frozen Fruit Assets, while over the same period acquiring two core operations. We remain focused on growing our business in fast growing healthy foods categories while at the same time improving operating margins and returns on assets employed. We believe we are well positioned to continue our profitable growth in the future."
The Company plans to host a conference call at 10:00 AM Eastern Time on Thursday, May 12, 2011 to discuss the first quarter results and recent corporate developments. The conference call can be accessed via a link at the Company's website at www.sunopta.com. Additionally, the call may be accessed with the toll free dial-in number 1-877-312-9198 or 631-291-4622. A replay number can also be accessed between May 12th and 19th with the toll free dial-in number 1--800-642-1687 or 706-645-9291 followed by pass code: 62090916#.
1See discussion of non-GAAP measures
About SunOpta Inc.
SunOpta Inc. is a leading global company focused on natural, organic and specialty foods. The Company specializes in sourcing, processing and packaging of natural and organic food products, integrated from seed through packaged products; with a focus on strategically significant vertically integrated business models. The Company's core natural and organic food operations focus on value-added grains, fiber and fruit based product offerings, supported by a global infrastructure. The Company has two non-core holdings, a 66.4% ownership position in Opta Minerals Inc. (TSX:OPM), a producer, distributor, and recycler of environmentally friendly industrial materials, and a minority ownership position in Mascoma Corporation, an innovative biofuels company.
The SunOpta Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3958
Forward-Looking Statements
Certain statements included in this press release may be considered "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, which are based on information available to us on the date of this release. These forward-looking statements include, but are not limited to, our continued efforts to streamline our portfolio, our focus on growing our business and improving operating margins and returns on assets employed and our positioning to continue profitable growth in the future. The terms and phrases "continue", "improving", "remain focused", "positioned", and other similar terms and phrases are intended to identify these forward looking statements. Forward looking statements are based on information available to us on the date of this release and are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors the Company believes are appropriate in the circumstances including, but not limited to, general economic conditions, consumer interest in health and wellness, product pricing levels, current customer demand, competitive intensity, cost rationalization and product development initiatives. Whether actual timing and results will agree with expectations and predications of the Company is subject to many risks and uncertainties including, but not limited to, global economic conditions, consumer spending patterns and changes in market trends, decreases in customer demand, potential failure of product development, working capital management and continuous improvement initiatives, availability and pricing of raw materials and supplies, and other risks described from time to time under "Risk Factors" in the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q (available at www.sec.gov). Consequently all forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized.
SunOpta Inc.
Consolidated Statements of Operations
For the quarters ended April 2, 2011 and April 3, 2010
(Expressed in thousands of U.S. dollars, except per share
amounts)
(Unaudited)
--------------------------------- -------- -------- --------
April 2, April 3,
2011 2010 Change
--------------------------------- -------- -------- --------
Revenues $260,923 $216,749 20.4%
Cost of goods sold 225,368 181,273 24.3%
-------- -------- --------
Gross profit 35,555 35,476 0.2%
Selling, general and
administrative expenses 23,007 25,796 (10.8%)
Intangible asset amortization 1,385 1,175 17.9%
Other expense, net 362 315 14.9%
Foreign exchange loss (gain) 135 (1,117) (112.1%)
-------- -------- --------
Earnings from continuing
operations
before the following 10,666 9,307 14.6%
Interest expense, net 1,984 3,022 (34.3%)
-------- -------- --------
Earnings from continuing
operations
before income taxes 8,682 6,285 38.1%
Provision for income taxes 3,009 2,076 44.9%
-------- -------- --------
Earnings from continuing
operations 5,673 4,209 34.8%
Earnings from discontinued
operations,
net of taxes -- 432 n/m
-------- -------- --------
Earnings 5,673 4,641 22.2%
Earnings attributable to
non-controlling
interests 592 28 n/m
-------- -------- --------
Earnings attributable to SunOpta
Inc. $5,081 $4,613 10.1%
-------- -------- --------
Earnings per share -- basic
-from continuing operations $0.08 $0.06
-from discontinued operations -- 0.01
-------- --------
$0.08 $0.07
-------- --------
Earnings per share -- diluted
-from continuing operations $0.08 $0.06
-from discontinued operations -- 0.01
-------- --------
$0.08 $0.07
-------- --------
SunOpta Inc.
Consolidated Balance Sheets
As at April 2, 2011 and January 1, 2011
Unaudited
(Expressed in thousands of U.S. dollars, except per
share amounts)
--------------------------- ---------- ----------
April 2, January 1,
2011 2011
--------------------------- ---------- ----------
Assets
Current assets
Cash and cash
equivalents $5,720 $2,643
Accounts receivable 112,038 98,875
Inventories 227,462 200,278
Prepaid expenses and
other current assets 32,837 30,041
Deferred income taxes 740 870
---------- ----------
378,797 332,707
Investments 33,345 33,345
Property, plant and
equipment 120,063 118,924
Goodwill 49,078 48,558
Intangible assets 60,321 60,200
Deferred income taxes 11,796 11,889
Other assets 2,841 2,930
Non-current assets held for
sale 1,131 1,131
---------- ----------
$657,372 $609,684
---------- ----------
Liabilities
Current liabilities
Bank indebtedness $120,643 $75,910
Accounts payable and
accrued liabilities 118,528 124,031
Customer and other
deposits 3,627 2,858
Income taxes payable 746 973
Other current
liabilities 6,068 7,674
Current portion of
long-term debt 22,892 22,247
Current portion of
long-term liabilities 292 571
---------- ----------
272,796 234,264
Long-term debt 42,088 42,735
Long-term liabilities 6,419 6,642
Deferred income taxes 22,351 20,808
---------- ----------
343,654 304,449
Equity
SunOpta Inc. shareholders'
equity
Capital Stock 180,881 180,661
65,539,104 common shares
(January 1, 2011 -
65,500,091)
Additional paid in
capital 12,758 12,336
Retained earnings 100,293 95,212
Accumulated other
comprehensive income 4,872 2,833
---------- ----------
298,804 291,042
Non-controlling interest 14,914 14,193
---------- ----------
Total equity 313,718 305,235
---------- ----------
$657,372 $609,684
---------- ----------
SunOpta Inc.
Consolidated Statements of Cash Flow
For the quarters ended April 2, 2011 and April 3, 2010
(Expressed in thousands of U.S. dollars)
(Unaudited)
--------------------------------------------- -------- --------
Quarter Quarter
ended ended
April 2, April 3,
2011 2010
--------------------------------------------- -------- --------
Cash provided by (used in)
Operating activities
Earnings $5,673 $4,641
Earnings from discontinued operations -- 432
-------- --------
Earnings from continuing operations 5,673 4,209
Items not affecting cash
Amortization 4,833 4,328
Unrealized loss (gain) on foreign exchange 723 (1,092)
Deferred income taxes 1,766 1,166
Unrealized (gain) loss on derivative
instruments (3,685) 1,443
Other 115 (284)
Changes in non-cash working capital (43,328) (23,354)
-------- --------
Net cash flows from operations - continuing
operations (33,903) (13,584)
Net cash flows from operations - discontinued
operations -- (751)
-------- --------
(33,903) (14,335)
-------- --------
Investing activities
Purchases of property, plant and equipment,
net (3,909) (5,951)
Payment of deferred purchase consideration -- (500)
Purchases of patents, trademarks and other
intangible assets (81) (30)
Other -- 296
-------- --------
Cash from investing activities - continuing
operations (3,990) (6,185)
Cash from investing activities - discontinued
operations -- (373)
-------- --------
(3,990) (6,558)
-------- --------
Financing activities
Increase in line of credit facilities 42,551 23,386
Borrowings under long-term debt 37 --
Proceeds from the issuance of common shares 213 207
Repayment of long-term debt (2,004) (1,102)
Financing costs (25) --
Other 28 (188)
-------- --------
Cash from financing activities - continuing
operations 40,800 22,303
Cash from financing activities - discontinued
operations -- --
-------- --------
40,800 22,303
-------- --------
Foreign exchange gain on cash held in a
foreign currency 170 207
-------- --------
Increase in cash and cash equivalents during
the period 3,077 1,617
Discontinued operations cash activity
included above:
Add: Balance included at beginning of period -- 18,971
Less: Balance included at end of period -- (20,135)
-------- --------
Cash and cash equivalents - beginning of the
period 2,643 1,752
-------- --------
Cash and cash equivalents - end of the period $5,720 $2,205
-------- --------
SunOpta Inc.
Segmented Information
For the quarters ended April 2, 2011 and April 3, 2010
(Expressed in thousands of U.S. dollars)
(Unaudited)
------------------------------------------- -------- ----------- --------- -------------
Quarter ended
April 2, 2011
-------- ----------- --------- -------------
SunOpta Opta Corporate
Foods Minerals Services Consolidated
$ $ $ $
-------- ----------- --------- -------------
Total revenues from external customers 239,317 21,606 -- 260,923
-------- ----------- --------- -------------
Segment Operating Income 10,463 2,451 (1,886) 11,028
-------- ----------- --------- -------------
The SunOpta Foods has the following segmented reporting:
-------- ----------- --------- ------------- --------
Quarter
ended
April 2,
2011
-------- ----------- --------- ------------- --------
Grains International
and Ingredients SunOpta
Foods Fruit Foods Foods
$ $ $ $ $
-------- ----------- --------- ------------- --------
Total revenues from external customers 115,601 15,751 37,010 70,955 239,317
-------- ----------- --------- ------------- --------
Segment Operating Income 5,707 1,895 388 2,473 10,463
-------- ----------- --------- ------------- --------
-------- ----------- --------- -------------
Quarter ended
April 3, 2010
-------- ----------- --------- -------------
Corporate
SunOpta Opta
Foods Minerals Services Consolidated
$ $ $ $
-------- ----------- --------- -------------
Total revenues from external customers 198,818 17,931 -- 216,749
-------- ----------- --------- -------------
Segment Operating Income 11,391 1,713 (3,482) 9,622
-------- ----------- --------- -------------
The SunOpta Foods has the following segmented reporting:
-------- ----------- --------- ------------- --------
Quarter
ended
April 3,
2010
-------- ----------- --------- ------------- --------
Grains International
and Ingredients SunOpta
Foods Fruit Foods Foods
$ $ $ $ $
-------- ----------- --------- ------------- --------
Total revenues from external customers 78,845 18,150 40,340 61,483 198,818
-------- ----------- --------- ------------- --------
Segment Operating Income 5,016 4,212 1,864 299 11,391
-------- ----------- --------- ------------- --------
(Segment Operating Income is defined as "Earnings from continuing operations before the following"
excluding the impact of "other expense, net")
1Non-GAAP Measures
In addition to reporting financial results in accordance with generally accepted accounting principles ("GAAP"), the Company provides information regarding Operating Income and Earnings before interest, taxes, depreciation and amortization ("EBITDA") as additional information about its operating results, which are not measures in accordance with GAAP. The Company believes that these non-GAAP measures assist investors in comparing performance across reporting periods on a consistent basis by excluding items that are not indicative of the Company's core operating performance. The non-GAAP measures of operating income and EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP.
The Company defines Operating Income as "Earnings from continuing operations before the following" excluding the impact of "Other expense, net"; and EBITDA as Operating Income plus depreciation and amortization. The following is a tabular presentation of Operating income and EBITDA, including a reconciliation to GAAP earnings, which the Company believes to be the most directly comparable GAAP financial measure.
Quarter Quarter
ended ended
April 2, April
2011 3, 2010
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Earnings from continuing
operations before the following $10,666 $9,307
Other expense, net 362 315
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Operating Income 11,028 9,622
Depreciation and amortization 4,833 4,328
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Earnings before interest, taxes,
depreciation and
amortization (EBITDA) $15,861 $13,950
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SOURCE: SunOpta Inc.
CONTACT: SunOpta Inc.
Steve Bromley, President & CEO
Eric Davis, Vice President & CFO
Tony Tavares, Vice President & COO
Susan Wiekenkamp, Information Officer
Tel: 905-455-2528, ext 103
[email protected]
Website: www.sunopta.com