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SunOpta: First Quarter Results
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Toronto- SunOpta Inc. ("SunOpta" or "the Company") , a leading global company focused on natural, organic and specialty foods, today announced financial results for the quarter ended March 31, 2012. All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.
For the first quarter of 2012, the Company reported quarterly revenues of $274.5 million versus revenues of $260.6 million for the quarter ended April 2, 2011, a year over year increase of 5.4%. These revenues represent record first quarter revenues for the Company. Excluding the impact of changes including foreign exchange rates, commodity-related pricing, the impact of acquisitions and rationalized product lines, revenues increased approximately 7.0% on a consolidated basis. The increase in consolidated revenues in the first quarter was driven by strong growth in integrated packaged food product categories within SunOpta Foods and the steel products segment within Opta Minerals Inc. These increases were somewhat offset by the effect of product rationalizations in SunOpta Foods which in turn led to improved earnings, plus decreased volumes across certain ingredient categories.
Operating income1 for the first quarter of 2012 increased to $13.4 million or 4.9% of revenues versus $11.6 million or 4.5% of revenues in the prior year, a year over year increase of 15.8%. This increase was driven by improved operating income in both SunOpta Foods and Opta Minerals Inc. Within SunOpta Foods the Grains and Foods Group, Consumer Products Group and International Foods Group all realized improved operating income1 versus the prior year.
For the first quarter of 2012, the Company reported earnings per diluted common share from continuing operations of $0.09 or earnings of $6.1 million, as compared to $0.08 or earnings of $5.4 million for the quarter ended April 2, 2011. After accounting for a loss from discontinued operations, earnings for the first quarter of 2012 were $5.9 million or $0.09 per diluted common share versus $5.1 million or $0.08 per diluted common share in the prior year. With the exception of the first quarter of 2005 when the Company realized a large one-time gain, these first quarter results are a record for the Company.
For the quarter ended March 31, 2012, the Company realized EBITDA1 of $18.3 million as compared to $16.4 million for the quarter ended April 2, 2011.
At March 31, 2012, the Company's balance sheet reflects a current ratio of 1.38 to 1.00, long-term debt to equity ratio of 0.21 to 1.00 and total debt to equity ratio of 0.64 to 1.00. At March 31, 2012 the Company has total debt outstanding of $196.2 million, total assets of $669.3 million and a net book value of $4.66 per outstanding share. During the quarter the Company used cash from operating activities of $7.3 million versus $33.9 million in the prior year, indicative of ongoing efforts to leverage resources within the Company plus the impact of increased commodity costs realized in the first quarter of 2011.
Steve Bromley, President and Chief Executive Officer of SunOpta commented, "We are very pleased with our first quarter results as they reflect both continued growth in our core natural and organic foods categories, plus the positive impact of operational improvements which we have continued to implement. During the first quarter we took a number of steps to streamline our operations and organization structure and we are pleased with our results to date. We remain confident in our focus on natural and organic foods and our strategy to improve operating margins, earnings predictability and return on assets."
The Company plans to host a conference call at 10:00 A.M. Eastern Time on Wednesday May 9th, 2012 to discuss the results for the first quarter of 2012 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 9th and 16th with the toll free dial-in number 1--855-859-2056 or 404-537-3406 followed by pass code: 73382554#.
1See discussion of non-GAAP measures
About SunOpta Inc.
SunOpta Inc. is a leading global company focused on natural, organic and specialty foods products. 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 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 66.2% ownership position in Opta Minerals Inc., listed on the Toronto Stock Exchange, 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 growth in our core natural and organic foods, the positive impact of operating improvements and our strategy to improve earnings predictability, operating margins and return on assets. The terms and phrases "continue", "improve", "remain confident", 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, planned facility and operational expansions, 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 March 31, 2012 and April 2, 2011
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)
Quarter ended March 31, 2012 Quarter ended April 2, 2011 Change
$ $ %
Revenues 274,542 260,589 5.4%
Cost of goods sold
237,204 225,055 5.4%
Gross profit
37,338 35,534 5.1%
Selling, general and administrative expenses
22,549 22,405 0.6%
Intangible asset amortization
1,273 1,385 -8.1%
Other expense, net
368 362 1.7%
Foreign exchange loss
71 135 -47.4%
Earnings from continuing operations before the following
13,077 11,247 16.3%
Interest expense, net
2,583 1,984 30.2%
Earnings from continuing operations before income taxes
10,494 9,263 13.3%
Provision for income taxes
3,831 3,224 18.8%
Earnings from continuing operations
6,663 6,039 10.3%
Loss from discontinued operations, net of income taxes
(224) (291) 23.0%
Earnings
6,439 5,748 12.0%
Earnings attributable to non-controlling interests
547 667 -18.0%
Earnings attributable to SunOpta Inc.
5,892 5,081 16.0%
Earnings per share -- basic
-from continuing operations 0.09 0.08
-from discontinued operations -- --
0.09 0.08
Earnings per share -- diluted
-from continuing operations 0.09 0.08
-from discontinued operations -- --
0.09 0.08
SunOpta Inc.
Consolidated Balance Sheets
As at March 31, 2012 and April 2, 2011
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)
March 31, 2012 April 2, 2011
$ $
ASSETS
Current assets
Cash and cash equivalents 3,729 2,378
Accounts receivable 113,221 94,177
Inventories 237,965 240,852
Prepaid expenses and other current assets 21,437 21,625
Current income taxes recoverable 1,501 1,503
Deferred income taxes 4,834 4,773
382,687 365,308
Investments 33,845 33,845
Property, plant and equipment 126,066 120,734
Goodwill 57,276 49,387
Intangible assets 57,214 48,624
Deferred income taxes 10,875 11,751
Other assets 1,360 1,854
669,323 631,503
LIABILITIES
Current liabilities
Bank indebtedness 130,368 109,718
Accounts payable and accrued liabilities 104,459 120,228
Customer and other deposits 6,225 843
Income taxes payable 2,067 1,229
Other current liabilities 1,181 1,419
Current portion of long-term debt 32,444 35,198
Current portion of long-term liabilities 890 995
277,634 269,630
Long-term debt 33,383 17,066
Long-term liabilities 6,518 5,586
Deferred income taxes 28,597 24,273
346,132 316,555
EQUITY
SunOpta Inc. shareholders' equity
Capital Stock 182,269 182,108
65,835,327 common shares (December 31, 2011 - 65,796,398)
Additional paid in capital 14,718 14,134
Retained earnings 106,400 100,508
Accumulated other comprehensive income 3,376 2,382
306,763 299,132
Non-controlling interest 16,428 15,816
Total equity 323,191 314,948
669,323 631,503
SunOpta Inc.
Consolidated Statements of Cash Flows
For the quarters ended March 31, 2012 and April 2, 2011
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)
Quarter ended Quarter ended March 31, 2012 April 2, 2011 $ $
Cash provided by (used in)
Operating activities
Earnings 6,439 5,748
Loss from discontinued operations (224) (291)
Earnings from continuing operations 6,663 6,039
Items not affecting cash
Depreciation and amortization 4,853 4,833
Unrealized loss on foreign exchange 102 723
Deferred income taxes 2,331 1,476
Stock-based compensation 588 429
Unrealized loss (gain) on derivative instruments 682 (3,685)
Other 341 (389)
Changes in non-cash working capital, net of business acquired (22,657) (42,844)
Net cash flows from operations - continuing operations (7,097) (33,418)
Net cash flows from operations - discontinued operations (161) (485)
(7,258) (33,903)
Investing activities
Acquisition of business (17,530) --
Purchases of property, plant and equipment (4,932) (3,909)
Purchases of patents, trademarks and other intangible assets (25) (81)
Other (77) --
Cash from investing activities - continuing operations (22,564) (3,990)
Financing activities
Increase in line of credit facilities 19,008 42,551
Borrowings under long-term debt 19,088 37
Proceeds from the issuance of common shares 157 213
Repayment of long-term debt (7,030) (2,004)
Financing costs (91) (25)
Other (3) 28
Cash from financing activities - continuing operations 31,129 40,800
Foreign exchange gain on cash held in a foreign currency 44 170
Increase in cash and cash equivalents during the period 1,351 3,077
Discontinued operations cash activity included above:
Add: Balance included at beginning of period -- 308
Less: Balance included at end of period -- (212)
Cash and cash equivalents - beginning of the period 2,378 2,335
Cash and cash equivalents - end of the period 3,729 5,508
SunOpta Inc.
Segmented Information
For the quarters ended March 31, 2012 and April 2, 2011
Unaudited
(Expressed in thousands of U.S. dollars)
Quarter ended March 31, 2012
SunOpta Corporate
Foods Opta Minerals Services Consolidated
$ $ $ $
Total revenues from external customers
246,210 28,332 -- 274,542
Segment Operating Income (Loss)
12,011 3,081 (1,647) 13,445
SunOpta Foods has the following segmented reporting:
Quarter ended March 31, 2012
Grains and Ingredients Consumer Products International SunOpta
Foods Group Group Group Foods Group Foods
$ $ $ $ $
Total revenues from external customers 121,175 21,649 45,152 58,234 246,210
Segment Operating Income (Loss) 8,386 1,229 (175) 2,571 12,011
Quarter ended
April 2, 2011
SunOpta Corporate
Foods Opta Minerals Services Consolidated
$ $ $ $
Total revenues from external customers
238,983 21,606 -- 260,589
Segment Operating Income (Loss)
11,044 2,451 (1,886) 11,609
SunOpta Foods has the following segmented reporting:
Quarter ended April 2, 2011
Grains and Ingredients Consumer Products International SunOpta
Foods Group Group Group Foods Group Foods
$ $ $ $ $
Total revenues from external customers
115,267 25,936 35,944 61,836 238,983
Segment Operating Income
6,288 2,966 (478) 2,268 11,044
(Operating Income (Loss) 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 ended Quarter ended
March 31, 2012 April 2, 2011
$ $
Earnings from continuing operations 6,663 6,039
Provision for income taxes 3,831 3,224
Interest expense, net 2,583 1,984
Other expense, net 368 362
Operating income 13,445 11,609
Depreciation and amortization 4,853 4,833
Earnings before interest, taxes, depreciation and amortization (EBITDA) 18,298 16,442
Contact:
SunOpta Inc.
Steve Bromley, President & CEO
Tony Tavares, Vice President & COO
Robert McKeracher, Vice President & CFO
John Dietrich, VP Corporate Development & Secretary
Susan Wiekenkamp, Information Officer
Tel: 905-455-2528, ext 103
[email protected]
Website: www.sunopta.com
Toronto- SunOpta Inc. ("SunOpta" or "the Company") , a leading global company focused on natural, organic and specialty foods, today announced financial results for the quarter ended March 31, 2012. All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.
For the first quarter of 2012, the Company reported quarterly revenues of $274.5 million versus revenues of $260.6 million for the quarter ended April 2, 2011, a year over year increase of 5.4%. These revenues represent record first quarter revenues for the Company. Excluding the impact of changes including foreign exchange rates, commodity-related pricing, the impact of acquisitions and rationalized product lines, revenues increased approximately 7.0% on a consolidated basis. The increase in consolidated revenues in the first quarter was driven by strong growth in integrated packaged food product categories within SunOpta Foods and the steel products segment within Opta Minerals Inc. These increases were somewhat offset by the effect of product rationalizations in SunOpta Foods which in turn led to improved earnings, plus decreased volumes across certain ingredient categories.
Operating income1 for the first quarter of 2012 increased to $13.4 million or 4.9% of revenues versus $11.6 million or 4.5% of revenues in the prior year, a year over year increase of 15.8%. This increase was driven by improved operating income in both SunOpta Foods and Opta Minerals Inc. Within SunOpta Foods the Grains and Foods Group, Consumer Products Group and International Foods Group all realized improved operating income1 versus the prior year.
For the first quarter of 2012, the Company reported earnings per diluted common share from continuing operations of $0.09 or earnings of $6.1 million, as compared to $0.08 or earnings of $5.4 million for the quarter ended April 2, 2011. After accounting for a loss from discontinued operations, earnings for the first quarter of 2012 were $5.9 million or $0.09 per diluted common share versus $5.1 million or $0.08 per diluted common share in the prior year. With the exception of the first quarter of 2005 when the Company realized a large one-time gain, these first quarter results are a record for the Company.
For the quarter ended March 31, 2012, the Company realized EBITDA1 of $18.3 million as compared to $16.4 million for the quarter ended April 2, 2011.
At March 31, 2012, the Company's balance sheet reflects a current ratio of 1.38 to 1.00, long-term debt to equity ratio of 0.21 to 1.00 and total debt to equity ratio of 0.64 to 1.00. At March 31, 2012 the Company has total debt outstanding of $196.2 million, total assets of $669.3 million and a net book value of $4.66 per outstanding share. During the quarter the Company used cash from operating activities of $7.3 million versus $33.9 million in the prior year, indicative of ongoing efforts to leverage resources within the Company plus the impact of increased commodity costs realized in the first quarter of 2011.
Steve Bromley, President and Chief Executive Officer of SunOpta commented, "We are very pleased with our first quarter results as they reflect both continued growth in our core natural and organic foods categories, plus the positive impact of operational improvements which we have continued to implement. During the first quarter we took a number of steps to streamline our operations and organization structure and we are pleased with our results to date. We remain confident in our focus on natural and organic foods and our strategy to improve operating margins, earnings predictability and return on assets."
The Company plans to host a conference call at 10:00 A.M. Eastern Time on Wednesday May 9th, 2012 to discuss the results for the first quarter of 2012 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 9th and 16th with the toll free dial-in number 1--855-859-2056 or 404-537-3406 followed by pass code: 73382554#.
1See discussion of non-GAAP measures
About SunOpta Inc.
SunOpta Inc. is a leading global company focused on natural, organic and specialty foods products. 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 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 66.2% ownership position in Opta Minerals Inc., listed on the Toronto Stock Exchange, 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 growth in our core natural and organic foods, the positive impact of operating improvements and our strategy to improve earnings predictability, operating margins and return on assets. The terms and phrases "continue", "improve", "remain confident", 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, planned facility and operational expansions, 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 March 31, 2012 and April 2, 2011
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)
Quarter ended March 31, 2012 Quarter ended April 2, 2011 Change
$ $ %
Revenues 274,542 260,589 5.4%
Cost of goods sold
237,204 225,055 5.4%
Gross profit
37,338 35,534 5.1%
Selling, general and administrative expenses
22,549 22,405 0.6%
Intangible asset amortization
1,273 1,385 -8.1%
Other expense, net
368 362 1.7%
Foreign exchange loss
71 135 -47.4%
Earnings from continuing operations before the following
13,077 11,247 16.3%
Interest expense, net
2,583 1,984 30.2%
Earnings from continuing operations before income taxes
10,494 9,263 13.3%
Provision for income taxes
3,831 3,224 18.8%
Earnings from continuing operations
6,663 6,039 10.3%
Loss from discontinued operations, net of income taxes
(224) (291) 23.0%
Earnings
6,439 5,748 12.0%
Earnings attributable to non-controlling interests
547 667 -18.0%
Earnings attributable to SunOpta Inc.
5,892 5,081 16.0%
Earnings per share -- basic
-from continuing operations 0.09 0.08
-from discontinued operations -- --
0.09 0.08
Earnings per share -- diluted
-from continuing operations 0.09 0.08
-from discontinued operations -- --
0.09 0.08
SunOpta Inc.
Consolidated Balance Sheets
As at March 31, 2012 and April 2, 2011
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)
March 31, 2012 April 2, 2011
$ $
ASSETS
Current assets
Cash and cash equivalents 3,729 2,378
Accounts receivable 113,221 94,177
Inventories 237,965 240,852
Prepaid expenses and other current assets 21,437 21,625
Current income taxes recoverable 1,501 1,503
Deferred income taxes 4,834 4,773
382,687 365,308
Investments 33,845 33,845
Property, plant and equipment 126,066 120,734
Goodwill 57,276 49,387
Intangible assets 57,214 48,624
Deferred income taxes 10,875 11,751
Other assets 1,360 1,854
669,323 631,503
LIABILITIES
Current liabilities
Bank indebtedness 130,368 109,718
Accounts payable and accrued liabilities 104,459 120,228
Customer and other deposits 6,225 843
Income taxes payable 2,067 1,229
Other current liabilities 1,181 1,419
Current portion of long-term debt 32,444 35,198
Current portion of long-term liabilities 890 995
277,634 269,630
Long-term debt 33,383 17,066
Long-term liabilities 6,518 5,586
Deferred income taxes 28,597 24,273
346,132 316,555
EQUITY
SunOpta Inc. shareholders' equity
Capital Stock 182,269 182,108
65,835,327 common shares (December 31, 2011 - 65,796,398)
Additional paid in capital 14,718 14,134
Retained earnings 106,400 100,508
Accumulated other comprehensive income 3,376 2,382
306,763 299,132
Non-controlling interest 16,428 15,816
Total equity 323,191 314,948
669,323 631,503
SunOpta Inc.
Consolidated Statements of Cash Flows
For the quarters ended March 31, 2012 and April 2, 2011
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)
Quarter ended Quarter ended March 31, 2012 April 2, 2011 $ $
Cash provided by (used in)
Operating activities
Earnings 6,439 5,748
Loss from discontinued operations (224) (291)
Earnings from continuing operations 6,663 6,039
Items not affecting cash
Depreciation and amortization 4,853 4,833
Unrealized loss on foreign exchange 102 723
Deferred income taxes 2,331 1,476
Stock-based compensation 588 429
Unrealized loss (gain) on derivative instruments 682 (3,685)
Other 341 (389)
Changes in non-cash working capital, net of business acquired (22,657) (42,844)
Net cash flows from operations - continuing operations (7,097) (33,418)
Net cash flows from operations - discontinued operations (161) (485)
(7,258) (33,903)
Investing activities
Acquisition of business (17,530) --
Purchases of property, plant and equipment (4,932) (3,909)
Purchases of patents, trademarks and other intangible assets (25) (81)
Other (77) --
Cash from investing activities - continuing operations (22,564) (3,990)
Financing activities
Increase in line of credit facilities 19,008 42,551
Borrowings under long-term debt 19,088 37
Proceeds from the issuance of common shares 157 213
Repayment of long-term debt (7,030) (2,004)
Financing costs (91) (25)
Other (3) 28
Cash from financing activities - continuing operations 31,129 40,800
Foreign exchange gain on cash held in a foreign currency 44 170
Increase in cash and cash equivalents during the period 1,351 3,077
Discontinued operations cash activity included above:
Add: Balance included at beginning of period -- 308
Less: Balance included at end of period -- (212)
Cash and cash equivalents - beginning of the period 2,378 2,335
Cash and cash equivalents - end of the period 3,729 5,508
SunOpta Inc.
Segmented Information
For the quarters ended March 31, 2012 and April 2, 2011
Unaudited
(Expressed in thousands of U.S. dollars)
Quarter ended March 31, 2012
SunOpta Corporate
Foods Opta Minerals Services Consolidated
$ $ $ $
Total revenues from external customers
246,210 28,332 -- 274,542
Segment Operating Income (Loss)
12,011 3,081 (1,647) 13,445
SunOpta Foods has the following segmented reporting:
Quarter ended March 31, 2012
Grains and Ingredients Consumer Products International SunOpta
Foods Group Group Group Foods Group Foods
$ $ $ $ $
Total revenues from external customers 121,175 21,649 45,152 58,234 246,210
Segment Operating Income (Loss) 8,386 1,229 (175) 2,571 12,011
Quarter ended
April 2, 2011
SunOpta Corporate
Foods Opta Minerals Services Consolidated
$ $ $ $
Total revenues from external customers
238,983 21,606 -- 260,589
Segment Operating Income (Loss)
11,044 2,451 (1,886) 11,609
SunOpta Foods has the following segmented reporting:
Quarter ended April 2, 2011
Grains and Ingredients Consumer Products International SunOpta
Foods Group Group Group Foods Group Foods
$ $ $ $ $
Total revenues from external customers
115,267 25,936 35,944 61,836 238,983
Segment Operating Income
6,288 2,966 (478) 2,268 11,044
(Operating Income (Loss) 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 ended Quarter ended
March 31, 2012 April 2, 2011
$ $
Earnings from continuing operations 6,663 6,039
Provision for income taxes 3,831 3,224
Interest expense, net 2,583 1,984
Other expense, net 368 362
Operating income 13,445 11,609
Depreciation and amortization 4,853 4,833
Earnings before interest, taxes, depreciation and amortization (EBITDA) 18,298 16,442
Contact:
SunOpta Inc.
Steve Bromley, President & CEO
Tony Tavares, Vice President & COO
Robert McKeracher, Vice President & CFO
John Dietrich, VP Corporate Development & Secretary
Susan Wiekenkamp, Information Officer
Tel: 905-455-2528, ext 103
[email protected]
Website: www.sunopta.com