11.05.16

SunOpta: Q1 Results

Die kanadische SunOpta meldet einen Quartalsverlust. Wir veröffentlichen die Mitteilung des Biolebensmittelherstellers aus Toronto hierzu im Wortlaut.

Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet.

SunOpta Inc. (“SunOpta”) (STKL) (SOY.TO), a leading global company focused on organic, non-genetically modified and specialty foods, announced financial results for the first quarter ended April 2, 2016. All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.

First Quarter 2016 Highlights:

    Revenues of $352.3 million for the first quarter of 2016, versus $316.4 million in the fourth quarter of 2015 and $273.9 million in the prior year, an 11.4% and 28.6% increase respectively
    Loss from continuing operations of $9.7 million, or $0.11 per diluted common share in the first quarter of 2016, compared to earnings of $6.0 million or $0.09 per diluted common share in the first quarter of 2015
    Adjusted Earnings¹ of $2.7 million or $0.03 per diluted common share in the first quarter of 2016
    Adjusted EBITDA¹ of $22.1 million, or 6.3% of revenues for the first quarter of 2016, versus $15.0 million, or 5.5% of revenues in the first quarter of 2015

“We started the year by posting strong sequential gains in revenue and EBITDA with good progress against our 2016 operational goals,” said Rik Jacobs, President and Chief Executive Officer of SunOpta Inc. “We have the assets in place to support growth and steady improvement in margins. Our top priorities remain improving our operational execution and adding new products and customers to increase our capacity utilization.”

First Quarter 2016 Results

Revenues for the first quarter of 2016 were $352.3 million, an increase of 11.4% compared to the fourth quarter of 2015 and an increase of 28.6% compared to the first quarter of 2015. The increase in revenues was driven primarily by acquired businesses, as well as growth in frozen fruit, aseptic beverage and re-sealable pouch products. These factors were partially offset by the effect of lower commodity prices and volumes of specialty raw materials, as well as the unfavorable impact of a stronger U.S. dollar on raw material exports. Excluding the impact on revenues in the first quarter of 2016 of acquired businesses, and changes in commodity-related pricing and foreign exchange rates, revenues increased 3.5% in the first quarter of 2016, compared with the first quarter of 2015.

The Consumer Products segment generated revenues from external customers of $206.3 million, an increase of 19.3% compared to $172.9 million in the fourth quarter of 2015 and an increase of 73.5% compared to $118.9 million in the prior year. The sequential growth was driven primarily by growth at Sunrise Growers, as well as growth in aseptic beverages and pouch products. Excluding the impact on revenues in the first quarter of 2016 of acquired businesses, Consumer Products revenue increased 5.4% in the first quarter of 2016, compared with the first quarter of 2015.

The Global Ingredients segment generated revenues from external customers of $146.0 million, an increase of 1.8% compared to $143.5 million in the fourth quarter of 2015 and a decline of 5.8% compared to $155.1 million in the first quarter of 2015. The sequential growth was driven by increased sales of internationally sourced organic ingredients, offset by declines in domestic raw material sourcing in part due to pressure from a stronger U.S. dollar on export sales. Excluding the impact on revenues of changes in commodity-related pricing and foreign exchange rates, Global Ingredients revenue increased 1.0% in the first quarter of 2016, compared with the first quarter of 2015.

Gross profit was $31.9 million for the first quarter of 2016, compared with $25.2 million in the fourth quarter of 2015 and $29.2 million for the first quarter of 2015. As a percentage of revenues, gross profit for the first quarter of 2016 was 9.1% compared to 8.0% in the fourth quarter of 2015 and 10.6% in the first quarter of 2015. The gross profit percentage for the first quarter of 2016 would have been approximately 11.6%, excluding the impact of an acquisition accounting adjustment related to the inventory sold by Sunrise in the first quarter of 2016, and start-up costs related to the ramp-up of production at our Allentown, Pennsylvania aseptic beverage processing facility. On this adjusted basis, the 1.0% increase in the first quarter 2016 gross profit percentage was driven mainly by acquired businesses and improved pricing for frozen fruit offerings, as well as improved plant utilization within our re-sealable pouch and sunflower operations. These factors were partially offset by a temporary shutdown of our San Bernardino, California premium juice facility while we investigated the cause of spoilage prior to the end of the prescribed shelf life of a private label orange juice product, which resulted in a voluntary product withdrawal of the product by a customer.

Operating income¹ was $2.6 million, or 0.7% of revenues, compared to an operating loss of $1.7 million in the fourth quarter of 2015, and operating income of $10.0 million, or 3.6% of revenues in the first quarter of 2015. The decline in operating income year-over-year is attributable to lower overall gross profit as described above, and a $3.6 million increase in selling, general and administrative expenses, mainly reflecting incremental expenses from acquired businesses, as well as higher litigation-related legal costs, partially offset by lower employee-related costs. Foreign exchange rates also contributed to the decline in operating income. A foreign exchange loss of $2.2 million was recognized in the first quarter of 2016, compared with a foreign exchange gain of $2.1 million in the first quarter of 2015, mainly reflecting the impact of a weakening of the U.S. dollar relative to the euro on forward currency contracts within our international sourcing and supply operations. In addition, a year-over-year increase of $2.2 million in intangible asset amortization expense related to acquired businesses contributed to the decline in operating income. Excluding the impact of the acquisition related accounting adjustment and start-up costs at our Allentown, Pennsylvania aseptic beverage processing facility, operating income would have been approximately $11.5 million or 3.3% of revenues in the first quarter of 2016.

The Company reported a loss from continuing operations for the first quarter of 2016 of $9.7 million, or $0.11 per common share, compared to earnings from continuing operations of $6.0 million, or $0.09 per diluted common share during the first quarter of 2015. During the quarter, the Company recognized certain costs not reflective of normal operations, including $12.5 million of costs associated with the purchase accounting, financing, and integration of the Sunrise acquisition, $1.3 million of costs as we ramp-up production at our east coast aseptic facility, $0.6 million of costs related to ongoing litigation, $0.2 million write-off of debt issuance costs related to the previous North American credit facility, and $2.2 million of other expense items mainly relating to costs associated with a voluntary product withdrawal of private label orange juice and a voluntary recall of certain sunflower kernel products, as well as severance costs and adjustments to contingent consideration on previous acquisitions. Excluding these expenses, on an after tax basis, Adjusted Earnings¹ were $2.7 million or $0.03 per diluted share, compared to Adjusted Earnings¹ of $6.0 million or $0.09 per share in the first quarter of 2015.

Adjusted EBITDA¹ was $22.1 million in the first quarter of 2016, compared $15.0 million in the first quarter of 2015.

Balance Sheet

At April 2, 2016, SunOpta's balance sheet reflected total assets of $1.223 billion, total debt of $518.6 million, and a total debt to equity ratio of 1.25 to 1.00. At April 2, 2016, leverage was approximately 5.6 times pro forma Adjusted EBITDA¹ after factoring in the run-rate EBITDA of acquired businesses and cost synergies expected to be realized in 2016. The Company continues to expect to de-lever 1.0 to 1.5 times in the first 12 to 18 month following the Sunrise acquisition through a combination of EBITDA growth and positive cash flow resulting in debt reduction.

On February 11, 2016, the Company entered into a five-year, $350.0 million global credit facility, which replaced the previous North American and European credit facilities and finances the working capital and general corporate needs of the Company’s global operations. At April 2, 2016, outstanding borrowings were $199.6 million on this facility, and the Company had approximately $90.0 million of available borrowing capacity.

About SunOpta Inc.

SunOpta Inc. is a leading global company focused on organic, non-genetically modified (“non-GMO”) and specialty foods. SunOpta specializes in the sourcing, processing and packaging of organic and non-GMO food products, integrated from seed through packaged products; with a focus on strategic vertically integrated business models. SunOpta's organic and non-GMO food operations revolve around value-added grain, seed, fruit and vegetable based product offerings, supported by a global sourcing and supply infrastructure.


Contact:
SunOpta Inc.
Rob Litt, 952-893-7863
Director Global Communications
Rob.litt@sunopta.com
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