07.03.12

SunOpta inc.: Results for Q4 and full year 2011

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Toronto - SunOpta Inc., a leading global company focused on natural, organic and specialty foods, today announced financial results for the quarter and year ended December 31, 2011. All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.

For the quarter ended December 31, 2011 the Company reported quarterly revenues of $258.5 million versus revenues of $230.6 million for the quarter ended January 1, 2011, a year over year increase of 12.1%. This increase is indicative of continued strength in the natural, organic and specialty foods sectors. Revenues increased 8.8% excluding the impact of acquisitions.

For the quarter ended December 31, 2011 the Company incurred a loss per diluted common share from continuing operations of $0.06 or $4.2 million, compared to earnings from continuing operations of $2.6 million or $0.04 per diluted common share for the quarter ended January 1, 2011. Included in the results for the quarter ended December 31, 2011 was a primarily non-cash charge of approximately $8.7 million after tax or $0.13 per diluted common share, reflecting the write-down of intangible and other long-lived assets and certain inventory at the Company's Purity Life Health Products and Frozen Foods operations. Adjusting for these items, adjusted earnings from continuing operations1 in the fourth quarter of 2011 were $4.5 million or $0.07 per diluted common share.

For the quarter ended December 31, 2011 the Company realized EBITDA1 of $10.1 million as compared to $15.3 million for the quarter ended January 1, 2011.

For the year ended December 31, 2011 the Company realized revenues of $1,082.1 million versus revenues of $898.3 million for the year ended January 1, 2011, a year over year increase of 20.5%. Revenues increased 11.6% excluding the impact of acquisitions.

For the year ended December 31, 2011 the Company realized earnings per diluted common share from continuing operations of $0.14 or $9.6 million, compared to $0.20 or $13.2 million for the year ended January 1, 2011. Adjusted earnings from continuing operations1 for the year ended December 31, 2011 were $20.2 million or $0.30 per diluted common share, after excluding the effect of the aforementioned write-downs of intangible and other long-lived assets and certain inventory at the Company's Purity Life Health Products and Frozen Foods operations of approximately $8.7 million after tax or $0.13 per diluted common share, as well as the effect of specific net costs of $2.0 million after tax or $0.03 per diluted common share which we believe are not reflective of normal operations, including severance, rationalization and curtailment charges. The severance, rationalization and curtailment charges were partially offset by gains realized during the year on the sale of the Company's Mexican fruit processing assets and recognition of decreased contingent consideration liabilities.

For the year ended December 31, 2011 the Company realized EBITDA1 of $52.6 million as compared to $60.8 million for the year ended January 1, 2011.

At December 31, 2011, the Company's balance sheet reflected a current ratio of 1.35 to 1.00, long-term debt to equity ratio of 0.17 to 1.00 and total debt to equity ratio of 0.54 to 1.00. At December 31, 2011 the Company had total debt outstanding of $162.0 million, an increase of $21.3 million from the period ended January 1, 2011. At December 31, 2011 the Company had total assets of $631.5 million and a net book value of $4.55 per outstanding share.

Steve Bromley, President and Chief Executive Officer of SunOpta commented, "Our results from continuing operations reflect continued growth in the core natural and organic foods categories within which we operate, and also reflect the impact of the difficult commodity environment over the course of this past year. We have recently undertaken to streamline our operations and organization structure, addressing underperforming food based operations and targeting improved earnings predictability and return on assets. We continue to be confident in our strategy and are encouraged by the number of new initiatives and opportunities we have in the pipeline. We believe we are well positioned in the natural and organic foods sector and are confident in our future prospects."

The Company plans to host a conference call at 10:00 A.M. Eastern Time on Wednesday, March 7th, 2012 to discuss the fourth quarter and year ended December 31, 2011 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 March 7th and 14th with the toll free dial-in number 1-855-859-2056 or 404-537-3406 followed by pass code: 46853475#.

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, statements regarding our continued growth in core categories, our efforts to streamline our operations and organization structure to address underperforming food based operations, statements regarding new initiatives and opportunities we have in the pipeline, and statements regarding the expected impact of these efforts and initiatives on annual operating expenses, future cash flows and future earnings. The terms and phrases "continued", "improved", "positioned", "believe" 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 quarter ended December 31, 2011 and January 1, 2011
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)


    Quarter ended
December 31, 2011     Quarter ended
January 1, 2011     Change

    $     $     %

    
    
    
Revenues     258,514     230,582     12.1%

        
    
Cost of goods sold     229,021     194,886     17.5%

        
    
Gross profit     29,493     35,696     -17.4%

        
    
Selling, general and administrative expenses     22,928     24,816     -7.6%
Intangible asset amortization     1,321     1,201     10.0%
Other expense, net     7,603     2,133     256.4%
Foreign exchange gain     (65)     (158)     58.9%

        
    
Earnings from continuing operations before the following     (2,294)     7,704     -129.8%

        
    
Interest expense, net     2,302     2,124     8.4%

        
    
Earnings from continuing operations before income taxes     (4,596)     5,580     -182.4%

        
    
(Recovery of) provision for income taxes     (519)     2,781     -118.7%

        
    
Earnings from continuing operations     (4,077)     2,799     -245.6%

        
    
Discontinued operations         
    
(Loss) earnings from discontinued operations, net of taxes     (3,362)     4     n/a
Gain on sale of discontinued operations, net of taxes     --     (726)     100.0%
        
    
Loss from discontinued operations, net of taxes     (3,362)     (722)     -365.7%
        
    
(Loss) earnings     (7,439)     2,077     -458.2%

        
    
Earnings attributable to non-controlling interests     113     157     -28.0%

        
    
(Loss) earnings attributable to SunOpta Inc.     (7,552)     1,920     -493.3%

        
    
(Loss) earnings per share - basic         
    
-from continuing operations     (0.06)     0.04     
-from discontinued operations     (0.05)     (0.01)     

    (0.11)     0.03     

    
    
    
(Loss) earnings per share - diluted     
    
    
-from continuing operations     (0.06)     0.04     
-from discontinued operations     (0.05)     (0.01)     

    (0.11)     0.03     


SunOpta Inc.
Consolidated Statements of Operations
For the year ended December 31, 2011 and January 1, 2011
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)


    Year ended
December 31, 2011     Year ended
January 1, 2011     Change

    $     $     %

    
    
    
Revenues     1,082,076     898,309     20.5%

        
    
Cost of goods sold     950,345     756,818     25.6%

        
    
Gross profit     131,731     141,491     -6.9%

        
    
Selling, general and administrative expenses     92,078     95,486     -3.6%
Intangible asset amortization     5,512     4,675     17.9%
Other expense, net     5,097     10,945     -53.4%
Goodwill impairment     --     1,654     -100.0%
Foreign exchange loss (gain)     947     (1,652)     157.3%

        
    
Earnings from continuing operations before the following     28,097     30,383     -7.5%

        
    
Interest expense, net     8,839     9,749     -9.3%

        
    
Earnings from continuing operations before income taxes     19,258     20,634     -6.7%

        
    
Provision for income taxes     8,047     6,058     32.8%

        
    
Earnings from continuing operations     11,211     14,576     -23.1%

        
    
Discontinued operations     
    
    
Loss from discontinued operations, net of taxes     (4,350)     (15,092)     71.2%
Gain on sale of discontinued operations, net of taxes     71     62,950     -99.9%
        
    
(Loss) earnings from discontinued operations, net of taxes     (4,279)     47,858     -108.9%
        
    
Earnings     6,932     62,434     -88.9%

        
    
Earnings attributable to non-controlling interests     1,636     1,368     19.6%

            
Earnings attributable to SunOpta Inc.     5,296     61,066     -91.3%

        
    
Earnings (loss) per share -- basic         
    
-from continuing operations     0.15     0.20     
-from discontinued operations     (0.07)     0.73     

    0.08     0.94     

    
    
    
Earnings (loss) per share -- diluted     
    
    
-from continuing operations     0.14     0.20     
-from discontinued operations     (0.06)     0.72     

    0.08     0.92     


SunOpta Inc.
Consolidated Balance Sheets
As at December 31, 2011 and January 1, 2011
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)


    December 31, 2011     January 1, 2011

    $     $

    
    
Assets     
    

    
    
Current assets     
    
Cash and cash equivalents     2,378     2,335
Accounts receivable     94,177     98,777
Inventories     240,852     200,278
Prepaid expenses and other current assets     21,625     30,023
Current income taxes recoverable     1,503     --
Deferred income taxes     4,773     870
Current assets held for sale     --     424

    365,308     332,707

        
Investments     33,845     33,345
Property, plant and equipment     120,734     115,200
Goodwill     49,387     48,174
Intangible assets     48,624     60,200
Deferred income taxes     11,751     11,889
Other assets     1,854     2,930
Non-current assets held for sale     --     4,855

        

    631,503     609,300

        
Liabilities         

        
Current liabilities         
Bank indebtedness     109,718     75,910
Accounts payable and accrued liabilities     120,228     122,743
Customer and other deposits     843     2,858
Income taxes payable     1,229     973
Other current liabilities     1,419     7,674
Current portion of long-term debt     35,198     22,247
Current portion of long-term liabilities     995     493
Current liabilities held for sale     --     1,028

    269,630     233,926

        
Long-term debt     17,066     42,485
Long-term liabilities     5,586     6,596
Deferred income taxes     24,273     20,808
Non-current liabilities held for sale     --     358

    316,555     304,173

        
Equity         
SunOpta Inc. shareholders' equity         
Capital Stock     182,108     180,661
65,796,398 common shares (January 1, 2011 - 65,500,091)     
    
Additional paid in capital     14,134     12,336
Retained earnings     100,508     95,212
Accumulated other comprehensive income     2,382     2,833

    299,132     291,042
Non-controlling interest     15,816     14,085
Total equity     314,948     305,127

        

    631,503     609,300


SunOpta Inc.
Consolidated Statements of Cash Flows
For the quarter ended December 31, 2011 and January 1, 2011
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)


    Quarter ended
December 31, 2011     Quarter ended
January 1, 2011

    $     $

    
    
Cash provided by (used in)     
    

    
    
Operating activities         
(Loss) earnings     (7,439)     2,077
Loss from discontinued operations     (3,362)     (722)
(Loss) earnings from continuing operations     (4,077)     2,799

        
Items not affecting cash         
Depreciation and amortization     4,839     5,492
Unrealized gain on foreign exchange     (246)     (388)
Deferred income taxes     (3,383)     2,627
Stock-based compensation     554     897
Loss on disposal of property, plant and equipment     39     59
Impairment of long-lived assets     7,868     89
Unrealized loss (gain) on derivative instruments     4,111     (1,831)
Other     384     616
Changes in non-cash working capital     (12,998)     (25,946)
Net cash flows from operations - continuing operations     (2,909)     (15,586)
Net cash flows from operations - discontinued operations     --     (566)

    (2,909)     (16,152)
Investing activities         
Acquisition of business, net of cash acquired     (2,961)     (43,761)
Purchases of property, plant and equipment, net     (1,999)     (6,089)
Proceeds on sale of property, plant and equipment     1,755     36
Payment of deferred purchase consideration     (233)     (667)
Purchases of patents, trademarks and other intangible assets     --     (262)
Other     (910)     290
Cash flows from investing activities - continuing operations     (4,348)     (50,453)
Cash flows from investing activities - discontinued operations     --     (326)

    (4,348)     (50,779)
Financing activities         
Increase in line of credit facilities     3,317     53,453
Borrowings under long-term debt     2,913     30,125
Proceeds from the issuance of common shares     166     1,033
Repayment of long-term debt     (4,545)     (36,096)
Other     114     (56)
Cash flows from financing activities - continuing operations     1,965     48,459

        
Foreign exchange gain on cash held in a foreign currency     144     167

        
Decrease in cash and cash equivalents during the period     (5,148)     (18,305)

        
Discontinued operations cash activity included above:         
Add: Balance included at beginning of period     --     4
Less: Balance included at end of period     --     (308)

        
Cash and cash equivalents - beginning of the period     7,526     20,944

        
Cash and cash equivalents - end of the period     2,378     2,335


SunOpta Inc.
Consolidated Statements of Cash Flows
For the year ended December 31, 2011 and January 1, 2011
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)


    Year ended
December 31, 2011     Year ended
January 1, 2011

    $     $

    
    
Cash provided by (used in)     
    

    
    
Operating activities         
Earnings     6,932     62,434
(Loss) earnings from discontinued operations     (4,279)     47,858
Earnings from continuing operations     11,211     14,576

        
Items not affecting cash         
Depreciation and amortization     19,447     17,842
Unrealized gain on foreign exchange     (268)     (977)
Deferred income taxes     2,144     2,448
Stock-based compensation     2,090     2,764
(Gain) loss on disposal of property, plant and equipment     (3,201)     59
Goodwill impairment     --     1,654
Impairment of long-lived assets     7,868     7,984
Unrealized loss (gain) on derivative instruments     839     (1,503)
Other     693     24
Changes in non-cash working capital     (44,697)     (34,594)
Net cash flows from operations - continuing operations     (3,874)     10,277
Net cash flows from operations - discontinued operations     (1,718)     (8,969)

    (5,592)     1,308
Investing activities         
Acquisition of business, net of cash acquired     (5,461)     (43,761)
Purchases of property, plant and equipment, net     (17,312)     (19,372)
Proceeds on sale of property, plant and equipment     4,528     36
Payment of deferred purchase consideration     (233)     (1,388)
Purchases of patents, trademarks and other intangible assets     (81)     (662)
Other     (949)     328
Cash from investing activities - continuing operations     (19,508)     (64,819)
Cash from investing activities - discontinued operations     (308)     51,972

    (19,816)     (12,847)
Financing activities         
Increase in line of credit facilities     36,503     14,328
Borrowings under long-term debt     4,825     30,217
Proceeds from the issuance of common shares     1,155     1,883
Repayment of long-term debt     (17,968)     (52,423)
Financing costs     (186)     (642)
Other     916     (169)
Cash from financing activities - continuing operations     25,245     (6,806)
Foreign exchange (loss) gain on cash held in a foreign currency     (102)     265

        

    
    
Decrease in cash and cash equivalents during the period     (265)     (18,080)

        
Discontinued operations cash activity included above:         
Add: Balance included at beginning of period     308     18,971
Less: Balance included at end of period     --     (308)

        
Cash and cash equivalents - beginning of the period     2,335     1,752

        
Cash and cash equivalents - end of the period     2,378     2,335


SunOpta Inc.
Segmented Information
For the quarter ended December 31, 2011 and January 1, 2011
Unaudited
(Expressed in thousands of U.S. dollars)

Quarter ended
December 31, 2011

    
    SunOpta
Foods     Opta Minerals     Corporate
Services     Consolidated

    
    $     $     $     $
Total revenues from external customers     
    235,889     22,625     --     258,514

    
    
    
    
    
Segment Operating Income (Loss)         5,295     1,361     (1,347)     5,309

       
SunOpta Foods has the following segmented reporting:

Quarter ended
December 31, 2011

    Grains and
Foods Group     Ingredients
Group     Fruit
Group     International
Foods Group     SunOpta
Foods

    $     $     $     $     $
Total revenues from external customers     117,224     12,991     33,977     71,697     235,889

    
      
Segment Operating Income (Loss)     6,851     443     (3,370)     1,371     5,295



Quarter ended
January 1, 2011

    
    SunOpta
Foods     Opta Minerals     Corporate
Services     Consolidated

    
    $     $     $     $
Total revenues from external customers     
    209,207     21,375     --     230,582

    
    
    
    
    
Segment Operating Income (Loss)         10,890     1,529     (2,582)     9,837

    
    
    
    
    
SunOpta Foods has the following segmented reporting:

Quarter ended
January 1, 2011

    Grains and
Foods Group     Ingredients
Group     Fruit
Group     International
Foods Group     SunOpta
Foods

    $     $     $     $     $
Total revenues from external customers     107,832     15,431     31,336     54,608     209,207

    
    
    
    
    
Segment Operating Income (Loss)     8,813     2,850     (26)     (747)     10,890

    
    
    
    
    
(Operating Income (Loss) is defined as "Earnings before the following" excluding the impact of "Other (income) expense, net" and "Goodwill impairment")

    
        
    
SunOpta Inc.
Segmented Information
For the year ended December 31, 2011 and January 1, 2011
Unaudited
(Expressed in thousands of U.S. dollars)

Year ended
December 31, 2011

    
    SunOpta
Foods     Opta Minerals     Corporate
Services     Consolidated

    
    $     $     $     $
Total revenues from external customers     
    988,956     93,120     --     1,082,076

    
    
    
    
    
Segment Operating Income (Loss)         33,386     7,577     (7,769)     33,194

    
    
    
    
    
SunOpta Foods has the following segmented reporting:

Year ended
December 31, 2011

    Grains and
Foods Group     Ingredients
Group     Fruit
Group     International
Foods Group     SunOpta
Foods

    $     $     $     $     $
Total revenues from external customers     479,195     56,356     148,162     305,243     988,956

    
    
    
    
    
Segment Operating Income (Loss)     22,813     4,611     (2,853)     8,815     33,386

    
    
    
    
    

Year ended
January 1, 2011

    
    SunOpta
Foods     Opta Minerals     Corporate
Services     Consolidated

    
    $     $     $     $
Total revenues from external customers     
    817,441     80,868     --     898,309

    
    
    
    
    
Segment Operating Income (Loss)         46,442     7,753     (11,213)     42,982

    
    
    
    
    
SunOpta Foods has the following segmented reporting:

Year ended
January 1, 2011

    Grains and
Foods Group     Ingredients
Group     Fruit
Group     International
Foods Group     SunOpta
Foods

    $     $     $     $     $
Total revenues from external customers     364,905     68,363     144,451     239,722     817,441

    
    
    
    
    
Segment Operating Income     28,003     13,172     4,095     1,172     46,442

    
    
    
    
    
(Operating Income (Loss) is defined as "Earnings before the following" excluding the impact of "Other (income) expense, net" and "Goodwill impairment")

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 (income) expense, net" and "Goodwill impairment"; 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 (loss) from continuing operations, which the Company believes to be the most directly comparable GAAP financial measure:

    
    

    Quarter ended
December 31, 2011     Quarter ended
January 1, 2011

    $     $

    
    
(Loss) earnings from continuing operations     (4,077)     2,799

        
(Recovery of) provision for income taxes     (519)     2,781
Interest expense, net     2,302     2,124
Other expense, net     7,603     2,133
Operating income     5,309     9,837
Depreciation and amortization     4,839     5,492
Earnings before interest, taxes, depreciation and amortization (EBITDA)     10,148     15,329

    
    

    
    

    
    

    Year ended
December 31, 2011     Year ended
January 1, 2011

    $     $

    
    
Earnings from continuing operations     11,211     14,576

        
Provision for income taxes     8,047     6,058
Interest expense, net     8,839     9,749
Other expense, net     5,097     10,945
Goodwill impairment     --     1,654
Operating income     33,194     42,982
Depreciation and amortization     19,447     17,842
Earnings before interest, taxes, depreciation and amortization (EBITDA)     52,641     60,824

The Company also reported Adjusted earnings from continuing operations and Adjusted earnings from continuing operations per diluted share for the periods presented. Adjusted earnings from continuing operations and Adjusted earnings from continuing operations per diluted share are also non-GAAP financial measures. During the quarter and year ended December 31, 2011, the Company recognized specific charges and recorded certain gains that we do not believe are reflective of normal business operations. We have adjusted the Loss attributable to SunOpta Inc. and the Loss Attributable on a per diluted share basis to exclude the effect of these charges and gains to arrive at Adjusted earnings from continuing operations and Adjusted earnings from continuing operations per diluted share. The following is a tabular presentation of Adjusted earnings from continuing operations and Adjusted earnings from continuing operations per diluted share, including a reconciliation to GAAP Loss attributable to SunOpta Inc. and GAAP Loss attributable to SunOpta Inc. on a per diluted share basis, which the Company believes to be the most directly comparable GAAP financial measures.

Following is a calculation of our Adjusted earnings from continuing operations and Adjusted earnings from continuing operations per diluted share for the quarter ended December 31, 2011.

    Quarter ended
December 31, 2011     Adjusted earnings
per diluted share
for the quarter

    $     $

    
    
Loss attributable to SunOpta Inc.     (7,552)     (0.11)
Loss from discontinued operations, net of taxes     3,362     0.05
Earnings from continuing operations attributable to SunOpta Inc.     (4,190)     (0.06)
        
Adjusted for:         
Write-down of intangible and other long-lived assets at Purity Life Health Products, net of taxes of $1,615     5,895     0.09
Write-down of certain inventory and long-lived assets at Frozen Foods operations, net of taxes of $1,507     2,668     0.04
Costs to curtail and/or retrofit facilities at the Ingredients Group, as well as integration costs at Lorton's, net of taxes of $602     1,066     0.02
Reduction of fair value of contingent consideration liability for Dahlgren and Edner     (945)     (0.01)
Adjusted earnings from continuing operations     4,494     0.07

Following is a calculation of our Adjusted earnings from continuing operations and Adjusted earnings from continuing operations per diluted share for the year ended December 31, 2011.

    Year ended
December 31, 2011     Adjusted earnings
per diluted share
for the year

    $     $

    
    
Earnings attributable to SunOpta Inc.     5,296     0.08
Loss from discontinued operations, net of taxes     4,279     0.06
Earnings from continuing operations attributable to SunOpta Inc.     9,575     0.14
        
Adjusted for:         
Write-down of intangible and other long-lived assets at Purity Life Health Products, net of taxes of $1,615     5,895     0.09
Costs to curtail and/or retrofit facilities at the Ingredients Group, as well as integration costs at Lorton's, net of taxes of $1,103     1,952     0.03
Other severance, rationalization, de-listing and acquisition-related costs, net of taxes of $741     1,939     0.03
Write-down of certain inventory and long-lived assets at Frozen Foods operations, offset by gains on sale of Mexican processing assets, net of taxes of $859     1,235     0.02
Costs to fill expeller pressed oil contracts at a loss due to dispute with Colorado Mills, net of taxes of $486     861     0.01
Reduction of fair value of contingent consideration liability for Dahlgren and Edner     (1,235)     (0.02)
Adjusted earnings from continuing operations     20,222     0.30

Contact:

SunOpta Inc.
Steve Bromley, President & CEO
Tony Tavares, Vice President & COO
Robert McKeracher, Vice President & CFO
John Dietrich, Vice President, Corporate Development
Susan Wiekenkamp, Information Officer
Tel: 905-455-2528, ext 103
susan.wiekenkamp@sunopta.com
Website: www.sunopta.com
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