07.08.09

SunOpta: Q2 2009 Results

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SunOpta Inc. ("SunOpta" or "the Company"), a leading global company focused on natural, organic and specialty foods and natural health products, announced financial results for the second quarter ended June 30, 2009. 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 $257.7 million in the second quarter of 2009 versus second quarter 2008 revenues of $291.9 million, a year over year decrease of 11.7%. After adjusting for revenue declines in non-food operations plus the impact on revenues due to changes in foreign exchange rates and commodity prices, food revenues declined approximately 3% in the second quarter of 2009 versus the second quarter of 2008.

Earnings for the second quarter were $1.8 million or $0.03 per diluted common share versus earnings of $0.7 million or $0.01 per diluted common share in the second quarter of 2008. The results for the second quarter of 2009 include $3.6 million of additional pre-tax costs incurred during the quarter.

Adjusted earnings(1) for the second quarter of 2009 were $4.3 million or $0.07 per diluted common share versus adjusted earnings(1) in the second quarter of 2008 of $5.1 million or $0.08 per diluted common share. 2009 results reflect the impact of additional pre-tax costs of $3.6 million incurred during the quarter, many of which are expected to provide future benefits to the Company. During the second quarter the Company incurred approximately $1.5 million pre-tax in start-up costs related to the Modesto soymilk processing and packaging facility which commenced commercial production in June 2009. The Company also incurred pre-tax severance and related costs of approximately $0.7 million as it continues to position the business for improved future performance. In addition, pre-tax costs of approximately $0.7 million were incurred related to the investment in the revitalization and re-launch of a number of company owned natural health products brands. The Company also incurred legal and professional fees of approximately $0.7 million related to a legal action in the SunOpta BioProcess Group and costs related to ongoing matters related to the 2007 financial restatement. 2008 adjusted earnings1 reflect pre-tax costs of $6.4 million related to the Company's investigation and actions into the write down in the SunOpta Fruit Group Berry Operations and subsequent financial restatement, as well as severance.

For the six months ended June 30, 2009, the Company realized revenues of $489.8 million versus revenues of $522.4 million for the six months ended June 30, 2008. After adjusting for the April 2008 acquisition of The Organic Corporation, revenue declines in non-core food operations and the impact on revenues due to changes in foreign exchange rates and commodity prices, food revenues have declined approximately 1% versus the same period in 2008.

Earnings for the six months ended June 30, 2009 were $0.1 million or $0.00 per diluted common share versus earnings of $2.2 million or $0.03 per diluted common share in the comparable period in 2008. The 2009 results reflect the impact of $5.9 million of additional pre-tax costs incurred during the first six months.

Adjusted earnings(1) for the six months ended June 30, 2009 were $4.1 million or $0.06 per diluted common share versus adjusted earnings(1) in the comparable period in 2008 of $7.5 million or $0.12 per diluted common share. 2009 results reflect the impact of additional pre-tax costs of $5.9 million. During the six months ended June 30, 2009 the Company incurred approximately $2.5 million pre-tax in start-up costs related to the Modesto soymilk processing and packaging facility which commenced commercial production in June 2009. The Company also incurred pre-tax severance and related costs of approximately $1.5 million within a number of its operating segments as it continues to position the business for improved future performance. In addition, pre-tax costs of approximately $1.2 million were incurred related to the investment in the revitalization and re-launch of a number of company owned natural health products brands. The Company also incurred legal and professional fees of approximately $0.8 million related to a legal action in the SunOpta BioProcess Group and costs related to ongoing matters related to the 2007 financial restatement. 2008 adjusted earnings1 reflect pre-tax costs of $7.7 million related to the Company's investigation and actions into the write down in the SunOpta Fruit Group Berry Operations and subsequent financial restatement, including severance.

At June 30, 2009 the Company's balance sheet reflects a current working capital ratio of 1.57 to 1.00, long-term debt to equity ratio of 0.47 to 1.00 and total debt to equity ratio of 0.80 to 1.00. The Company has total assets of $594.0 million and a net book value of $3.56 per outstanding share.

During the three month period ended June 30, 2009, cash utilized to fund working capital decreased $15.4 million versus the second quarter of 2008, indicative of efforts to reduce working capital, especially inventories, across the Company. During the second quarter the Company generated cash from operating activities of $11.5 million, reflecting a significant improvement versus cash used in operational activities in the three month period ended June 30, 2008 of $6.3 million, an improvement of $17.8 million. During the second quarter of 2009, the Company repayed debt of $5.3 million as compared to borrowing $9.8 million in the second quarter of 2008 and has realized a reduction in net debt of $44.3 million versus June 30, 2008.

As previously announced, the Company reached an agreement with its lending syndicate to extend the term on its operating facilities, scheduled for renewal on June 30, 2009, through to December 31, 2009. As part of this agreement the Company negotiated a waiver of financial covenants for the first quarter of 2009 and amended certain covenants for the balance of the fiscal year. As at June 30, 2009, the Company is in compliance with these amended financial covenants. The Company has started the process to convert its current syndicated operating lines to facilities which it anticipates will provide more flexibility and better utilize the Company's strong asset base, and is currently on target to complete this process no later than the end of the current fiscal year.

Steve Bromley, President and Chief Executive Officer of SunOpta, commented: "We are pleased with the improvement in our earnings results for the second quarter combined with continued improvement in cash generated from operations. The Company's primary focus remains the improvement of operating margins and return on assets employed, to be realized through a combination of aggressive working capital management and continuous improvement initiatives. While we are seeing some improvement in market conditions, we remain focused on our cost control, efficiency, product development and asset utilization initiatives and believe that these will position the Company for improved returns as we move forward. We remain confident that our core food operations are well positioned as interest in health and wellness continues to gain attention around the globe."

As previously announced, as a result of uncertain and rapidly changing world-wide macroeconomic conditions, the Company will not be providing specific revenue and earnings guidance for 2009. The Company will continue to provide updates when appropriate related to material changes in business affairs resulting from changes in the business and related economic conditions.

The Company plans to host a conference call at 10:00 AM Eastern Time on Friday, August 7, 2009, to discuss these 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(866) 322-1159 or (416) 640-3404 followed by pass code: 4137191#. A replay number can also be accessed between August 7th and 17th with the toll free dial-in number (888) 203-1112 or (647) 436-0148 followed by pass code: 4137191#.

About SunOpta Inc.

SunOpta Inc. is an operator of high-growth ethical businesses, focusing on integrated business models in the natural and organic food and natural health markets. The Company has three business units: the SunOpta Food Group, which specializes in sourcing, processing and distribution of natural and organic food products integrated from seed through packaged products; Opta Minerals Inc. (TSX:OPM - News; 66.5% owned by SunOpta), a producer, distributor, and recycler of environmentally friendly industrial materials; and SunOpta BioProcess Inc. which engineers and markets proprietary steam explosion technology systems for the bio-fuel, pulp and food processing industries. SunOpta believes that each of these business units has proprietary products and services that give it a solid competitive advantage in its sector.

The SunOpta Inc. logo is available athttp://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, management's expectations regarding future benefits of additional pre-tax costs, intended revitalization of a number natural health products brands, benefits of new banking arrangements, continued and increasing interest in the health and wellness consumer markets, as well as cost cutting, efficiency and restructuring measures, and overall improved returns for 2009. The terms and phrases "expected", "continues", "scheduled", "better utilize" "future performance", "will", "on target", "positioned", "remain focused", "believe", "confident", "anticipates", "improved returns"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, applicable tax legislation, consumer trends, preferences and spending patterns, product pricing levels, current customer demand, competitive intensity, cost rationalization, product development initiatives, and discussions with the Company's lenders to date. 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, potential refusal or inability of the Company to renew its syndicated credit facilities and/or continue to waive certain covenants and other risks described from time to time under "Risk Factors" in the Company's Annual Report of 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.

(1)Adjusted earnings is not a GAAP measure. SunOpta believes adjusted earnings (adjusted for the impact of non recurring start-up and operational costs, severance and closure costs, marketing costs in support of brand relaunches and certain professional fees) provides useful information to understand the underlying performance of the business and as a result these items have been adjusted. A reconciliation of this non-GAAP measure to GAAP is included on the last page of this release.


 SunOpta Inc.
 Condensed Consolidated Statements of Operations
 For the three month periods ended June 30, 2009 and 2008
 (Expressed in thousands of U.S. dollars, except per share amounts)
 (Unaudited)
 ---------------------------------------------------------------------

                                           June 30,  June 30,
                                              2009      2008
                                                 $         $



  Revenues                                 257,725   291,945    -11.7%

  Cost of goods sold                       219,644   246,077    -10.7%
                                           ---------------------------

  Gross profit                              38,081    45,868    -17.0%

  Warehousing and distribution expenses      4,494     5,448    -17.5%
  Selling, general and administrative
   expenses                                 27,279    34,700    -21.4%
  Intangible asset amortization              1,332     1,508    -11.7%
  Other expense, net                           109        --       n/m
  Foreign exchange gain                       (982)   (1,279)   -23.2%
                                           ---------------------------

  Earnings before the following              5,849     5,491      6.5%

  Interest expense, net                      3,470     3,601     -3.6%
                                           ---------------------------

  Earnings before income taxes               2,379     1,890     25.9%

  Provision for income taxes                   833       473     76.1%
                                           ---------------------------

  Earnings for the period                    1,546     1,417      9.1%

  (Loss) earnings for the period
   attributable to non-controlling
   interests                                  (234)      698   -133.5%
                                           ---------------------------

  Earnings for the period attributable to
   SunOpta Inc.                              1,780       719    147.6%
                                           ---------------------------


  Earnings per share for the period

     Basic                                 $  0.03   $  0.01
                                           -----------------

     Diluted                               $  0.03   $  0.01
                                           -----------------

 SunOpta Inc.
 Condensed Consolidated Statements of Operations
 For the six month periods ended June 30, 2009 and 2008
 (Expressed in thousands of U.S. dollars, except per share amounts)
 (Unaudited)
 ---------------------------------------------------------------------

                                           June 30,  June 30,
                                              2009       2008
                                                 $          $



  Revenues                                 489,799   522,389     -6.2%

  Cost of goods sold                       418,071   436,320     -4.2%
                                           ---------------------------

  Gross profit                              71,728    86,069    -16.7%

  Warehousing and distribution expenses      8,955    10,894    -17.8%
  Selling, general and administrative
   expenses                                 54,131    62,511    -13.4%
  Intangible asset amortization              2,763     2,766     -0.1%
  Other income, net                           (77)        --       n/m
  Foreign exchange loss (gain)                 281     (991)   -128.4%
                                           ---------------------------

  Earnings before the following              5,675    10,889    -17.8%

  Interest expense, net                      6,341     6,501     -2.5%
                                           ---------------------------

  (Loss) earnings before income taxes        (666)     4,388   -115.2%

  (Recovery of) provision for income taxes   (233)     1,122   -120.8%
                                           ---------------------------

  (Loss) earnings for the period              (433)    3,266   -113.3%

  (Loss) earnings for the period
   attributable to non-controlling
   interests                                  (556)    1,061   -152.4%
                                           ---------------------------

  Earnings for the period attributable to
   SunOpta Inc.                                123     2,205    -94.4%
                                           ---------------------------

  Earnings per share for the period

     Basic
                                           $  0.00   $  0.03
                                           -----------------

     Diluted                               $  0.00   $  0.03
                                           -----------------

 SunOpta Inc.
 Consolidated Balance Sheets
 As at June 30, 2009 and December 31, 2008
 (Expressed in thousands of U.S. dollars)
 (Unaudited)
 ---------------------------------------------------------------------

                                              June 30,    December 31,
                                                  2009            2008
                                                     $               $
 Assets

 Current assets
 Cash and cash equivalents                      21,592          24,755
 Short-term investments                          1,500              --
 Accounts receivable                           106,014          95,129
 Inventories                                   194,933         200,689
 Prepaid expenses and other current assets      20,631          14,448
 Current income taxes recoverable                1,293             595
 Deferred income taxes                           5,209             493
                                              ------------------------
                                               351,172         336,109

 Property, plant and equipment                 112,999         110,641
 Goodwill                                       55,121          54,022
 Intangible assets                              61,860          63,161
 Deferred income taxes                          11,931          16,160
 Other assets                                      925             954
                                              ------------------------
                                               594,008         581,047
                                              ========================
 Liabilities

 Current liabilities
 Bank indebtedness                              78,087          67,164
 Accounts payable and accrued liabilities      112,075         106,989
 Customer and other deposits                       725           1,228
 Other current liabilities                       4,197           4,437
 Current portion of long-term debt              28,459          12,174
 Current portion of long-term liabilities           --           1,362
                                              ------------------------
                                               223,543         193,354

 Long-term debt                                 78,928          99,353
 Long-term liabilities                           4,784           5,017
 Deferred income taxes                          13,359          13,614
                                              ------------------------
                                               320,614         311,338

 Preferred shares of a subsidiary company       27,991          27,796

 Equity
 SunOpta Inc. Shareholders' Equity
  Capital stock                                178,270         177,858
    64,846,560 common shares (2008-64,493,320)
  Additional paid in capital                     7,463           6,778
  Retained earnings                             41,032          40,909
  Accumulated other comprehensive income         4,010           1,266
                                              ------------------------
  Total SunOpta Inc. Shareholders' Equity      230,775         226,811
 Non-controlling interest                       14,628          15,102
                                              ------------------------
 Total Equity                                  245,403         241,913
                                              ------------------------
                                               594,008         581,047
                                              ========================

SunOpta Inc.
Condensed Consolidated Statements of Cash Flow
For the three month periods ended June 30, 2009 and 2008
(Expressed in thousands of U.S. dollars)
(Unaudited)

 ---------------------------------------------------------------------

                                              June 30,        June 30,
                                                  2009            2008
                                                     $               $

 Cash provided by (used in)

 Operating activities
 Earnings for the period                         1,546           1,417
 Items not affecting cash
   Amortization                                  4,904           5,135
   Unrealized loss on a foreign exchange           291             389
   Deferred income taxes                         1,861            (413)
   Other                                         1,243             934
 Changes in non-cash working capital, net of
  businesses acquired                            1,630         (13,780)
                                              ------------------------

                                                11,475          (6,318)
                                              ------------------------

 Investing activities
 Acquisition of businesses, net of cash
  acquired                                          --         (4,111)
 Decrease (increase) in short-term investments  15,000        (20,000)
 Purchases of property, plant and
  equipment, net                                (4,255)         (3,164)
 Payment of deferred purchase consideration     (1,000)           (255)
 Purchase of patents, trademarks and other
  intangible assets                               (138)            (32)
 Other                                          (2,282)            117
                                              ------------------------

                                                 7,325         (27,445)
                                              ------------------------

 Financing activities
 (Decrease) increase in line of credit
  facilities                                    (2,756)         12,129
 Proceeds from the issuance of common shares       214              41
 Repayment of long-term debt                   (2,510)          (2,296)
 Other                                             (8)              16
                                              ------------------------

                                                (5,060)          9,890
                                              ------------------------

 Foreign exchange gain (loss) on cash held in
  a foreign currency                               447              (5)
                                              ------------------------

 Increase (decrease) in cash and cash
  equivalents during the period                 14,187         (23,878)

 Cash and cash equivalents - beginning of the
  period                                         7,405          33,001
                                              ------------------------

 Cash and cash equivalents - end of the
  period                                        21,592           9,123
                                              ------------------------

SunOpta Inc.
Condensed Consolidated Statements of Cash Flow
For the six month periods ended June 30, 2009 and 2008
(Expressed in thousands of U.S. dollars)
(Unaudited)
 ---------------------------------------------------------------------

                                              June 30,        June 30,
                                                  2009            2008
                                                     $               $

 Cash provided by (used in)

 Operating activities
 (Loss) earnings for the period                   (433)          3,266
 Items not affecting cash
   Amortization                                  9,635           9,513
   Unrealized (gain) loss on foreign exchange    (234)             389
   Deferred income taxes                            63              75
   Other                                           768             996
 Changes in non-cash working capital, net of
  businesses acquired                           (2,844)        (25,207)
                                              ------------------------


                                                 6,955         (10,968)
                                              ------------------------

 Investing activities
 Acquisition of businesses, net of cash
  acquired                                          --          (4,111)
 Increase in short-term investments             (1,500)        (20,000)
 Purchases of property, plant and
  equipment, net                                (8,843)         (5,530)
 Payment of deferred purchase consideration     (1,500)           (755)
 Purchase of patents, trademarks and other
  intangible assets                               (202)           (122)
 Other                                          (2,232)            169
                                              ------------------------

                                               (14,277)        (30,349)
                                              ------------------------

 Financing activities
 Increase in line of credit facilities           9,246          16,981
 Borrowings under long-term debt                   716          13,075
 Proceeds from the issuance of common shares       412             260
 Repayment of long-term debt                   (6,529)         (10,253)
 Other                                              61             100
                                              ------------------------

                                                 3,906          20,163
                                              ------------------------

 Foreign exchange (gain) loss on cash held in
  a foreign subsidiary                             253             (25)
                                              ------------------------

 Decrease in cash and cash equivalents during
  the period                                    (3,163)        (21,179)

 Cash and cash equivalents - beginning of the
  period                                        24,755          30,302
                                              ------------------------

 Cash and cash equivalents - end of the
  period                                        21,592           9,123
                                              ------------------------


SunOpta Inc.
Segmented Information
For the three month periods ended June 30, 2009 and 2008
(Expressed in thousands of U.S. dollars)
(Unaudited)
----------------------------------------------------------------------
            ----------------------------------------------------------
                                                    Three Months Ended
                                                         June 30, 2009
            ----------------------------------------------------------
               SunOpta        Opta     SunOpta   Corporate    Consoli-
            Food Group    Minerals  BioProcess    Services       dated
                     $           $           $           $           $
            ----------------------------------------------------------

 Total
  revenues
  from
  external
  customers    243,266      14,340         119          --     257,725

 Segment
  operating
  income
  (loss)         7,794        (109)       (836)       (891)      5,958
            ----------------------------------------------------------

SunOpta Food Group has the following segmented reporting:
          ------------------------------------------------------------
                                                    Three Months Ended
                                                         June 30, 2009
          ------------------------------------------------------------
                                             Inter-                   
             SunOpta   SunOpta            national   SunOpta   SunOpta
          Grains and   Ingred-   SunOpta Sourcing &  Distri-      Food
               Foods     ients     Fruit   Trading    bution     Group
                   $         $         $         $         $         $
          ------------------------------------------------------------
                                                                      
 Total                                                                
  revenues                                                            
  from                                                                
  external                                                            
  cust-                                                               
  omers       89,717    16,213    39,859    39,110    58,367   243,266
                                                                      
 Segment                                                              
  oper-                                                              
  ating                                                                
  income       5,213     1,890       623         9        59     7,794
          ------------------------------------------------------------



            ----------------------------------------------------------
                                                    Three Months Ended
                                                         June 30, 2008
            ----------------------------------------------------------
               SunOpta        Opta     SunOpta   Corporate    Consoli-
            Food Group    Minerals  BioProcess    Services       dated
                     $           $           $           $           $
            ----------------------------------------------------------

 Total
  revenues
  from
  external
  customers    266,226      25,248         471          --     291,945

 Segment
  operating
  income
  (loss)         9,051       3,351        (755)     (6,156)      5,491
            ----------------------------------------------------------
 
 The SunOpta Food Group has the following segmented reporting:
         ------------------------------------------------------------
                                                    Three Months Ended
                                                         June 30, 2009
          ------------------------------------------------------------
                                             Inter-                   
             SunOpta   SunOpta            national   SunOpta   SunOpta
          Grains and   Ingred-   SunOpta Sourcing &  Distri-      Food
               Foods     ients     Fruit   Trading    bution     Group
                   $         $         $         $         $         $
          ------------------------------------------------------------
          
          

 Total
  revenues
  from
  external
  cust-
  omers       86,487    16,826    41,461    52,571    68,881   266,226

 Segment
  oper-
  ating
  income
  (loss)       5,601       586    (1,906)    1,625     3,145     9,051
          ------------------------------------------------------------


SunOpta Inc.
 Segmented Information
 For the six month periods ended June 30, 2009 and 2008
 (Expressed in thousands of U.S. dollars)
 (Unaudited)
 ---------------------------------------------------------------------
            ----------------------------------------------------------
                                                      Six Months Ended
                                                         June 30, 2009
            ----------------------------------------------------------
               SunOpta        Opta     SunOpta   Corporate    Consoli-
            Food Group    Minerals  BioProcess    Services       dated
                     $           $           $           $           $
            ----------------------------------------------------------

 Total
  revenues
  from
  external
  customers    460,602      29,065         132          --     489,799

 Segment
  operating
  income
  (loss)        10,540        (861)     (1,594)     (2,487)      5,598
            ----------------------------------------------------------


 The SunOpta Food Group has the following segmented reporting:
          ------------------------------------------------------------
                                                      Six Months Ended
                                                         June 30, 2009
          ------------------------------------------------------------
                                             Inter-                   
             SunOpta   SunOpta            national   SunOpta   SunOpta
          Grains and   Ingred-   SunOpta Sourcing &  Distri-      Food
               Foods     ients     Fruit   Trading    bution     Group
                   $         $         $         $         $         $
          ------------------------------------------------------------
                                                                      
 Total                                                                
  revenues                                                            
  from                                                                
  external                                                            
  cust-                                                               
  omers      164,056    29,753    77,461    74,293   115,039   460,602
                                                                      
 Segment                                                              
  oper-                                                               
  ating                                                               
  income                                                              
  (loss)       9,148     2,712      (534)   (1,163)      377    10,540
          ------------------------------------------------------------



             ---------------------------------------------------------
                                                      Six Months Ended
                                                         June 30, 2008
            ----------------------------------------------------------
               SunOpta        Opta     SunOpta   Corporate    Consoli-
            Food Group    Minerals  BioProcess    Services       dated
                     $           $           $           $           $
            ----------------------------------------------------------

 Total
  revenues
  from
  external
  customers    475,168      46,618         603          --     522,389

 Segment
  operating
  income
  (loss)        15,279       5,355      (1,637)     (8,108)     10,889
            ----------------------------------------------------------


 The SunOpta Food Group has the following segmented reporting:
          ------------------------------------------------------------
                                                      Six Months Ended
                                                         June 30, 2009
          ------------------------------------------------------------
                                             Inter-                   
             SunOpta   SunOpta            national   SunOpta   SunOpta
          Grains and   Ingred-   SunOpta Sourcing &  Distri-      Food
               Foods     ients     Fruit   Trading    bution     Group
                   $         $         $         $         $         $
          ------------------------------------------------------------
                                                                      
                                                                      
 Total                                                                
  revenues                                                            
  from                                                                
  external                                                            
  cust-                                                               
  omers      159,042    33,774    78,629    65,300   138,423   475,168
                                                                      
 Segment                                                              
  oper-                                                               
  ating                                                               
  income                                                              
  (loss)      11,094     1,604    (5,974)    1,885     6,670    15,279
          ------------------------------------------------------------


 SunOpta Inc.
 Non-GAAP Reconciliation
 For the three month periods ended June 30, 2009 and 2008
 (Expressed in thousands of U.S. dollars)
 (Unaudited)


                          For the Three Months Ended June 30,
  --------------------------------------------------------------------
                    2009                        2009          2008
                    GAAP       Adjustments    Adjusted      Adjusted

  Revenues           257,725            --       257,725       291,945
  Cost of goods
   sold              219,644        (1,463)      218,181       246,077
                ------------------------------------------------------

  Gross profit        38,081         1,463        39,544        45,868

  Warehousing
   and
   distribution
   expenses            4,494            --         4,494         5,448
  Selling,
   general and
   administra-
   tive expenses      27,279        (1,984)       25,295        28,348
  Intangible
   asset
   amortization        1,332            --         1,332         1,508
  Other expense,
   net                   109          (109)           --            --
  Foreign
   exchange gain        (982)           --          (982)       (1,279)
                ------------------------------------------------------


  Earnings
   before the
   following           5,849         3,556         9,405        11,843

  Interest
   expense, net         3,470           --         3,470         3,601
                ------------------------------------------------------

  Earnings
   before income
   taxes               2,379         3,556         5,935         8,242

  Provision for
   income taxes          833         1,081         1,914         2,474
                ------------------------------------------------------

  Earnings for
   the period          1,546         2,475         4,021         5,768

  (Loss)
   earnings for
   the period
   attributable
   to non-
   controlling
   interests            (234)           --          (234)          698
                ------------------------------------------------------

  Earnings for
   the period
   attributable
   to
   SunOpta Inc.        1,780         2,475         4,255         5,070
                ======================================================

  Earnings per
   share for the
   period
                ------------------------------------------------------
   Basic                0.03          0.04          0.07          0.08
                ------------------------------------------------------
   Diluted              0.03          0.04          0.07          0.08
                ------------------------------------------------------


                     Three Months Ended         Three Months Ended
                       June 30, 2009              June 30, 2008
                ------------------------------------------------------
                  Impact on    Impact on      Impact on     Impact on
                  earnings     provision      earnings      provision
                   before      for income      before       for Income
                income taxes    taxes       Income taxes      taxes
                ------------------------------------------------------

 Non-recurring
  start-up and
  operations
  costs                1,463           512            --            --
                ------------------------------------------------------
 Cost of sales         1,463           512            --            --
                ------------------------------------------------------

 Severance costs
  and related
  plant closure
  expenses               635           222         2,048           645
 Up front
  marketing
  costs in
  support of
  brand re-
  launches               687           240            --            --
 Professional
 fees incurred           662            70         4,304         1,356
                ------------------------------------------------------
                       1,984           532         6,352         2,001
                ------------------------------------------------------

  Closing costs          109            37            --            --
                ------------------------------------------------------
  Other expense,
   net                   109            37            --            --
                ------------------------------------------------------

                ------------------------------------------------------
  Total
   adjustments         3,556         1,081         6,352         2,001
                ======================================================

 SunOpta Inc.
 Non-GAAP Reconciliation
 For the six month periods ended June 30, 2009 and 2008
 (Expressed in thousands of U.S. dollars)
 (Unaudited)

                               For the Six Months Ended June 30,
 ---------------------------------------------------------------------
                    2009                        2009          2008
                    GAAP       Adjustments    Adjusted      Adjusted

 Revenues            489,799            --       489,799       522,389
 Cost of goods
  sold               418,071        (2,464)      415,607       436,320
                ------------------------------------------------------

 Gross profit         71,728         2,464        74,192        86,069

 Warehousing and
  distribution
  expenses             8,955            --         8,955        10,894
 Selling,
  general and
  administrative
  expenses            54,131        (3,339)       50,792        54,791
 Intangible
  asset
  amortization         2,763            --         2,763         2,766
 Other income,
  net                    (77)         (109)         (186)           --
 Foreign
  exchange
  (loss) gain            281            --           281         (991)
                ------------------------------------------------------

 Earnings before
  the following        5,675         5,912        11,587        18,609

 Interest
  expense, net         6,341            --         6,341         6,501
                ------------------------------------------------------

 (Loss) Earnings
  before income
  taxes                 (666)        5,912         5,246        12,108

 (Recovery of)
  provision for
  income taxes          (233)        1,906         1,673         3,554
                ------------------------------------------------------

 (Loss) earnings
  for the period        (433)        4,006         3,573         8,554

 (Loss) earnings
  for the period
  attributable
  to non-
  controlling
  interests             (556)           --          (556)        1,061
                ------------------------------------------------------

 Earnings for
  the period
  attributable
  to SunOpta Inc.        123         4,006         4,129         7,493
                ======================================================

 Earnings per
  share for the
  period
                ------------------------------------------------------
   Basic                0.00          0.06          0.06          0.12
                ------------------------------------------------------
   Diluted              0.00          0.06          0.06          0.12
                ------------------------------------------------------


                      Six Months Ended          Six Months Ended
                       June 30, 2009              June 30, 2008
                ------------------------------------------------------
                  Impact on    Impact on      Impact on     Impact on
                  earnings     provision      earnings      provision
                   before      for income      before       for Income
                income taxes    taxes       Income taxes      taxes
                ------------------------------------------------------

 Non-recurring
  start-up and
  operations
  costs                2,464           862            --            --
                ------------------------------------------------------
 Cost of sales         2,464           862            --            --
                ------------------------------------------------------

 Severance costs
  and related
  plant closure
  expenses             1,377           482         2,048           645
 Up front
  marketing
  costs in
  support of
  brand re-
  launches             1,159           406            --            --
 Professional
  fees incurred
  in relation to
  the internal
  investigation          803           119         5,672         1,787
                ------------------------------------------------------
                       3,339         1,007         7,720         2,432
                ------------------------------------------------------

 Closing costs           109            37            --            --
                ------------------------------------------------------
 Other expense,
  net                    109            37            --            --
                ------------------------------------------------------

                ------------------------------------------------------
 Total
  adjustments          5,912         1,906         7,720         2,432



Contact:
SunOpta Inc.
susan.wiekenkamp@sunopta.com
905-455-2528, ext 103
www.sunopta.com
         
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