06.11.09

SunOpta: Q3 2009 Results

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SunOpta Inc., a leading global company focused on natural, organic and specialty foods and natural health products, announced financial results for the third quarter ended September 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 $253.8 million in the third quarter of 2009 versus third quarter 2008 revenues of $287.7 million, a year over year decrease of 11.8%. 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 4% in the third quarter of 2009 versus the third quarter of 2008.

For the third quarter of 2009 the Company reported a loss on a GAAP basis of ($4.7) million or ($0.07) per diluted common share. Adjusted earnings(1) for the third quarter of 2009 were $4.4 million or $0.07 per diluted common share versus adjusted earnings(1) in the third quarter of 2008 of $5.2 million or $0.08 per diluted common share. Third quarter results include the impact of additional pre-tax costs of $10.6 million including net non-cash charges after minority interest of $4.8 million related to the impairment of goodwill in the Company's subsidiary, Opta Minerals Inc., pre-tax costs of $2.6 million related to ongoing product and facility rationalization efforts which includes non-cash charges of $1.0 million, pre-tax costs of $1.5 million related to the ongoing revitalization and re-launch of a number of company owned natural health products brands and additional legal, professional and banking fees of $1.7 million related to the 2007 restatement and class action settlement, a legal action in the SunOpta BioProcess Group and costs related to banking amendments. Adjusted earnings(1) excluding the impact of foreign exchange gains for the third quarter of 2009 were $3.8 million or $0.06 per diluted common share versus adjusted earnings(1) excluding the impact of foreign exchange of $2.4 million or $0.04 per diluted common share in the third quarter of 2008.

On a segment basis both the SunOpta Grains and Foods Group and the SunOpta Ingredients Group had very strong earnings achieving their operating income targets of 6.1% and 16.4% respectively. The SunOpta Ingredients Group realized record quarterly operating income of approximately $2.9 million. Within the Fruit Group the processed fruit ingredients and healthy fruit snack segments realized strong results as compared to the prior year, offset by losses within the frozen fruit segment due to lower than expected retail sales and additional product rationalization costs as the segment is transformed. Both the International Sourcing and Trading Group and Opta Minerals Inc. returned to positive operating income in the quarter as a result of numerous cost improvements combined with improving external markets. The Distribution Group continues to evolve its business and incurred brand re-launch costs in the quarter as well as costs to reduce inventory levels and rationalize its product portfolio.

SunOpta BioProcess continues to focus on building its business and establishing strategic partnerships with companies in the energy and petrochemical sectors.

At September 30, 2009, the Company's balance sheet reflects a current working capital ratio of 1.70 to 1.00, long-term debt to equity ratio of 0.46 to 1.00 and total debt to equity ratio of 0.71 to 1.00. During the third quarter the Company generated cash from operating activities of $19.3 million including cash generated from working capital of $13.6 million, reflecting ongoing efforts to reduce working capital, especially inventories, across the Company. The Company also continued to focus on reducing debt and realized a decrease of approximately $19.5 million versus the second quarter of 2009 and a reduction of approximately $38.2 million versus the prior year. At September 30, 2009 the Company has total assets of $564.5 million and a net book value of $3.60 per outstanding share.

At September 30, 2009, the Company is in compliance with the amended financial covenants that were negotiated with its banking syndicate earlier this year. On October 30, 2009, the Company entered into a new three-year syndicated Asset-Based Lending ("ABL") credit facilities. The ABL facilities amend and replace the Company's previous credit facilities. Credit limits under the ABL facilities are based on eligible accounts receivable and inventory balances, as determined on a monthly basis. The ABL facilities also provides for a decreased interest rate premium charged on outstanding balances, which are based on new financial ratios.

For the nine months ended September 30, 2009, the Company realized revenues of $743.6 million versus revenues of $810.1 million for the nine months ended September 30, 2008. After adjusting for 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 2% versus the same period in 2008.

On a GAAP basis for the nine months ended September 30, 2009 the Company realized a loss of ($4.5) million or ($0.07) per diluted common share. Adjusted earnings(1) for the nine months ended September 30, 2009 were $9.0 million or $0.14 per diluted common share versus adjusted earnings(1) in the comparable period in 2008 of $13.5 million or $0.21 per diluted common share. The 2009 results include additional pre-tax costs of $17.3 million, including net non-cash charges of $4.8 million related to the impairment of goodwill in the Company's subsidiary, Opta Minerals Inc., pre-tax costs of $6.6 million related to ongoing product and facility rationalization efforts which includes non-cash charges of $1.0 million, pre-tax costs of $2.7 million related to the ongoing revitalization and re-launch of a number of company owned natural health products brands and additional legal, professional and banking fees of $3.2 million related to the 2007 restatement and class action settlement, a legal action in the SunOpta BioProcess Group and costs related to banking amendments. Adjusted earnings(1) excluding the impact of foreign exchange gains for the nine months ended September 30, 2009 were $8.7 million or $0.13 per diluted common share versus adjusted earnings(1) excluding the impact of foreign exchange of $10.0 million or $0.15 per diluted common share in the nine months ended September 30, 2008.

Steve Bromley, President and Chief Executive Officer of SunOpta commented: "We are pleased with the strong results within the Grains and Foods Group, Ingredients Group and certain segments of the Fruit Group, combined with improving results within our International Sourcing and Trading Group and Opta Minerals Inc. We are confident that the changes occurring in the Frozen Fruit segment of the Fruit Group and the Distribution Group will pay dividends down the road. Our balance sheet continues to improve with reduced working capital levels, tight control on capital spending and net reductions in debt. Our primary focus continues to be 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. Our new ABL credit facilities, when combined with our ongoing business improvement initiatives are expected to provide the Company with the liquidity and flexibility to support our long-term goals and commitments. We are confident that our cost control, efficiency, product development and asset utilization initiatives are key to delivering long term sustainable returns as interest in health and wellness continues to gain attention around the globe."

As previously announced, the Company is not 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, November 6th, 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 1 866 439-4712 or 212-457-9845 followed by pass code: 391845#. A replay number can also be accessed between November 6th and 16th with the toll free dial-in number 1-866-439-4729 or 212-457-9846 followed by pass code: 382427#.

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 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, management's expectations regarding future benefits of ongoing 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 control, product development and asset utilization initiatives and working capital management and continuous improvement measures, and overall improved returns for 2009. The terms and phrases "ongoing", "improving", "continued", "establishing", "improving", "will", "believe", "confident", "to be realized", 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, existing supply contracts and the terms of the Company's credit facilities. 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, changes in consumer spending patterns and 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, restrictive covenants in the Company's new credit facilities 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 at the end of the release.


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

                                 September 30,  September 30,        %
                                          2009           2008   change
                                             $              $



 Revenues                              253,812        287,747   -11.8%

 Cost of goods sold                    215,610        246,439   -12.5%
                                 -------------------------------------

 Gross profit                           38,202         41,308    -7.5%

 Warehousing and distribution
  expenses                               4,736          5,288   -10.4%
 Selling, general and
  administrative expenses               27,434         29,445    -6.8%
 Intangible asset amortization           1,567          1,486     5.5%
 Other income, net                        (271)            --     n/m
 Goodwill impairment                     8,341             --     n/m
 Foreign exchange gain                    (863)        (4,345)  -80.1%
                                 -------------------------------------

 (Loss) earnings before the
  following                             (2,742)         9,434  -129.1%

 Interest expense, net                   3,925          3,983    -1.5%
                                 -------------------------------------

 (Loss) earnings before income
  taxes                                 (6,667)         5,451  -222.3%

 Provision for income taxes                197          1,043   -81.1%
                                 -------------------------------------

 (Loss) earnings for the period         (6,864)         4,408  -255.7%

 (Loss) earnings for the period
  attributable to non-controlling
  interests                             (2,192)           504  -534.9%
                                 -------------------------------------

 (Loss) earnings for the period
  attributable to SunOpta Inc.          (4,672)         3,904  -219.7%
                                 -------------------------------------

 (Loss) earnings per share for
  the period

  Basic                                  (0.07)          0.06
                                 ----------------------------

  Diluted                                (0.07)          0.06
                                 ----------------------------


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

                                 September 30,  September 30,        %
                                          2009           2008   change
                                             $              $



 Revenues                              743,611        810,136    -8.2%

 Cost of goods sold                    633,681        682,759    -7.2%
                                 -------------------------------------

 Gross profit                          109,930        127,377   -13.7%

 Warehousing and distribution
  expenses                              13,691         16,182   -15.4%
 Selling, general and
  administrative expenses               81,565         91,956   -11.3%
 Intangible asset amortization           4,330          4,252     1.8%
 Other income, net                        (348)            --     n/m
 Goodwill impairment                     8,341             --     n/m
 Foreign exchange gain                    (582)        (5,336)  -89.1%
                                 -------------------------------------

 Earnings before the following           2,933         20,323   -85.6%

 Interest expense, net                  10,266        (10,484)   -2.1%
                                 -------------------------------------

 (Loss) earnings before income
  taxes                                 (7,333)         9,839  -174.5%

 (Recovery of) provision for
  income taxes                             (36)         2,165  -101.7%
                                 -------------------------------------

 (Loss) earnings for the period         (7,297)         7,674  -195.1%

 (Loss) earnings for the period
  attributable to non-controlling
  interests                             (2,748)         1,565  -275.6%
                                 -------------------------------------

 (Loss) earnings for the period
  attributable to SunOpta Inc.          (4,549)         6,109  -174.5%
                                 -------------------------------------

 (Loss) earnings per share for
  the period

  Basic                                  (0.07)          0.10
                                 ----------------------------

  Diluted                                (0.07)          0.09
                                 ----------------------------


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

                                            September 30, December 31,
                                                    2009          2008
                                                       $             $
 Assets

 Current assets
 Cash and cash equivalents                         20,721       24,755
 Accounts receivable                              105,100       95,129
 Inventories                                      178,217      200,689
 Prepaid expenses and other current assets         16,855       14,448
 Current income taxes recoverable                     713          595
 Deferred income taxes                              5,920          493
                                            --------------------------
                                                  327,526      336,109

 Property, plant and equipment                    112,190      110,641
 Goodwill                                          49,026       54,022
 Intangible assets                                 62,580       63,161
 Deferred income taxes                             12,559       16,160
 Other assets                                         596          954
                                            --------------------------
                                                  564,477      581,047
                                            --------------------------

 Liabilities

 Current liabilities
 Bank indebtedness                                 59,264       67,164
 Accounts payable and accrued liabilities         103,658      106,989
 Customer and other deposits                          574        1,228
 Other current liabilities                          2,920        4,437
 Current portion of long-term debt                 26,544       12,174
 Current portion of long-term liabilities              12        1,362
                                            --------------------------
                                                  192,972      193,354

 Long-term debt                                    80,206       99,353
 Long-term liabilities                              3,471        5,017
 Deferred income taxes                             13,491       13,614
                                            --------------------------
                                                  290,140      311,338

 Preferred shares of a subsidiary company          28,089       27,796

 Equity
 SunOpta Inc. Shareholders' Equity
  Capital stock                                   178,485      177,858
   64,915,443 common shares (2008 -
   64,493,320)
  Additional paid in capital                        7,839        6,778
  Retained earnings                                36,360       40,909
  Accumulated other comprehensive income           11,042        1,266
                                            --------------------------
  Total SunOpta Inc. Shareholders' Equity         233,726      226,811
 Non-controlling interest                          12,522       15,102
                                            --------------------------
 Total Equity                                     246,248      241,913
                                            --------------------------
                                                  564,477      581,047
                                            --------------------------


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

                                           September 30, September 30,
                                                    2009          2008
                                                       $             $

 Cash provided by (used in)

 Operating activities
 (Loss) earnings for the period                  (6,864)        4,408
 Items not affecting cash
  Amortization                                    4,765         4,838
  Goodwill impairment                             8,341            --
  Stock-based compensation                          376           273
  Non-cash interest accretion                       322           192
  Unrealized gain on foreign exchange              (169)       (1,655)
  Deferred income taxes                          (1,328)         (100)
  Other                                             193          (596)
 Changes in non-cash working capital, net
  of businesses acquired                         13,630        16,344
                                           ---------------------------
                                                 19,266        23,704
                                           ---------------------------

 Investing activities
 Purchases of property, plant and
  equipment, net                                 (2,163)       (1,388)
 Payment of deferred purchase consideration          --        (1,204)
 Purchase of patents, trademarks and other
  intangible assets                                (165)         (375)
 Acquisition of businesses, net of cash
  acquired                                           --        (1,302)
 Decrease in short-term investment                1,500            --
 Other                                            2,041            --
                                           ---------------------------
                                                  1,213        (4,269)
                                           ---------------------------
 Financing activities
 Decrease in line of credit facilities          (18,996)      (19,716)
 Repayment of long-term debt                     (3,141)       (2,694)
 Borrowings under long-term debt                     --         1,999
 Proceeds from the issuance of common
  shares                                            215           557
 Other                                               (1)          340
                                           ---------------------------
                                                (21,923)      (19,514)
                                           ---------------------------

 Foreign exchange gain on cash held in a
  foreign currency                                  573            72
                                           ---------------------------

 Decrease in cash and cash equivalents
  during the period                                (871)           (7)

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

 Cash and cash equivalents - end of the
  period                                         20,721         9,116
                                           ---------------------------


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

                                           September 30, September 30,
                                                    2009          2008
                                                       $             $

 Cash provided by (used in)

 Operating activities
 (Loss) earnings for the period                  (7,297)        7,674
 Items not affecting cash
  Amortization                                   14,400        14,351
  Goodwill impairment                             8,341            --
  Stock-based compensation                        1,061           764
  Non-cash interest accretion                       932           628
  Unrealized (gain) loss on foreign
   exchange                                        (403)       (1,266)
  Deferred income taxes                          (1,265)          (25)
  Other                                            (334)         (527)
 Changes in non-cash working capital, net
  of businesses acquired                         10,786        (8,863)
                                           ---------------------------
                                                 26,221        12,736
                                           ---------------------------

 Investing activities
 Purchases of property, plant and
  equipment, net                                (11,006)       (6,918)
 Payment of deferred purchase consideration      (1,500)       (1,959)
 Purchase of patents, trademarks and other
  intangible assets                                (367)         (497)
 Acquisition of businesses, net of cash
  acquired                                           --        (5,413)
 Increase in short-term investments                  --       (20,000)
 Other                                             (191)          169
                                           ---------------------------
                                                (13,064)      (34,618)
                                           ---------------------------

 Financing activities
 Decrease in line of credit facilities           (9,750)       (2,735)
 Repayment of long-term debt                     (9,670)      (12,947)
 Borrowings under long-term debt                    716        15,074
 Proceeds from the issuance of common
  shares                                            627           817
 Other                                               60           440
                                           ---------------------------
                                                (18,017)          649
                                           ---------------------------

 Foreign exchange gain on cash held in a
  foreign currency                                  826            47
                                           ---------------------------

 Decrease in cash and cash equivalents
  during the period                              (4,034)      (21,186)

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

 Cash and cash equivalents - end of the
  period                                         20,721         9,116
                                           ---------------------------


 SunOpta Inc.
 Segmented Information
 For the three month periods ended September 30, 2009 and 2008
 (Expressed in thousands of U.S. dollars)
 (Unaudited)

 ---------------------------------------------------------------------
                                                    Three months ended
                                                    September 30, 2009
                ------------------------------------------------------
                SunOpta
                   Food      Opta     SunOpta
                  Group  Minerals  BioProcess  Corporate  Consolidated
                      $         $           $          $             $
                -------------------------------------------------------

 Total revenues
  from external
  customers     237,067    16,745         --         --        253,812
                ------------------------------------------------------

 Segment
  Operating
  Income          5,957     1,290       (874)    (1,045)         5,328
                ------------------------------------------------------

 The SunOpta Food Group has the following segmented reporting:
           -----------------------------------------------------------
                                                    Three months ended
                                                    September 30, 2009
           -----------------------------------------------------------
            SunOpta
             Grains  SunOpta                                   SunOpta
                and  Ingredi       Berry              SunOpta     Food
              Foods    -ents  Operations    IST  Distribution    Group
                  $        $           $      $             $        $
           -----------------------------------------------------------

 Total
  revenues
  from
  external
  customers  86,290   17,385     35,870   39,511       58,011  237,067
           -----------------------------------------------------------

 Segment
  Operating
  Income      5,257    2,859     (1,745)     374         (788)   5,957
           -----------------------------------------------------------

           -----------------------------------------------------------
                                                    Three months ended
                                                    September 30, 2008
                ------------------------------------------------------
                SunOpta
                   Food      Opta     SunOpta
                  Group  Minerals  BioProcess  Corporate  Consolidated
                      $         $           $          $             $
                ------------------------------------------------------

 Total revenues
  from external
  customers     257,833    29,440         474        --        287,747
                ------------------------------------------------------

 Segment
  Operating
  Income          5,598     2,536      (1,541)     2,841         9,434
                ------------------------------------------------------

The SunOpta Food Group has the following segmented reporting:
           -----------------------------------------------------------
                                                    Three months ended
                                                    September 30, 2008
           -----------------------------------------------------------
            SunOpta
             Grains  SunOpta                                   SunOpta
                and  Ingredi       Berry              SunOpta     Food
              Foods    -ents  Operations    IST  Distribution    Group
                  $        $           $      $             $        $
           -----------------------------------------------------------

 Total
  revenues
  from
  external
  customers  88,193   16,553     39,283   51,111      62,693   257,833
           -----------------------------------------------------------

 Segment
  Operating
  Income      3,171      700     (1,047)   1,153       1,621     5,598
           -----------------------------------------------------------

 (Segment Operating Income is defined as "Earnings before the
 following" excluding the impact of "other expense, net" and "goodwill
 impairments")


 SunOpta Inc.
 Segmented Information
 For the nine month periods ended September 30, 2009 and 2008
 (Expressed in thousands of U.S. dollars)
 (Unaudited)
 ---------------------------------------------------------------------
                                                     Nine months ended
                                                    September 30, 2009
                ------------------------------------------------------
                SunOpta
                   Food      Opta     SunOpta
                  Group  Minerals  BioProcess  Corporate  Consolidated
                      $         $           $          $             $
                ------------------------------------------------------

 Total revenues
  from external
  customers     697,669    45,810        132         --        743,611
                ------------------------------------------------------

 Segment
  Operating
  Income         16,497       429     (2,468)    (3,532)        10,926
                ------------------------------------------------------

 The SunOpta Food Group has the following segmented reporting:
                ------------------------------------------------------
                                                     Nine months ended
                                                    September 30, 2009
           -----------------------------------------------------------
            SunOpta
             Grains  SunOpta                                   SunOpta
                and  Ingredi       Berry              SunOpta     Food
              Foods    -ents  Operations    IST  Distribution    Group
                  $        $           $      $             $        $
           -----------------------------------------------------------

 Total
  revenues
  from
  external
  customers 250,346   47,138    113,331  113,804      173,050  697,669
           -----------------------------------------------------------

 Segment
  Operating
  Income     14,405    5,571     (2,279)    (789)        (411)  16,497
           -----------------------------------------------------------

               -------------------------------------------------------
                                                     Nine months ended
                                                    September 30, 2008
                ------------------------------------------------------
                SunOpta
                   Food      Opta     SunOpta
                  Group  Minerals  BioProcess  Corporate  Consolidated
                      $         $           $          $             $
                ------------------------------------------------------

 Total revenues
  from external
  customers     733,001    76,058      1,077         --        810,136
                ------------------------------------------------------

 Segment
  Operating
  Income         20,877     7,891     (3,181)    (5,264)        20,323
                ------------------------------------------------------

 The SunOpta Food Group has the following segmented reporting:
                ------------------------------------------------------
                                                     Nine months ended
                                                    September 30, 2008
           -----------------------------------------------------------
            SunOpta
             Grains  SunOpta     SunOpta                       SunOpta
                and  Ingredi       Fruit              SunOpta     Food
              Foods    -ents       Group    IST  Distribution    Group
                  $        $           $      $             $        $
           -----------------------------------------------------------

 Total
  revenues
  from
  external
  customers 247,235   50,327    117,912  116,411      201,116  733,001
           -----------------------------------------------------------

 Segment
  Operating
  Income     14,265    2,304     (7,021)   3,038        8,291   20,877
           -----------------------------------------------------------

 (Segment Operating Income is defined as "Earnings before the
 following" excluding the impact of "other expense, net" and "goodwill
 impairment")


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

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

 Revenues                     253,812          --    253,812   287,747
 Cost of goods sold           215,610      (2,251)   213,359   245,179
                             -----------------------------------------
 Gross profit                  38,202       2,251     40,453    42,568

 Warehousing and distribution
  expenses                      4,736          --      4,736     5,288
 Selling, general and
  administrative expenses      27,434      (1,987)    25,447    29,030
 Intangible asset
  amortization                  1,567          --      1,567     1,486
 Other income, net               (271)        188        (83)       --
 Goodwill impairment            8,341      (8,341)        --        --
 Foreign exchange gain           (863)         --       (863)   (4,345)
                             -----------------------------------------

 (Loss) earnings before the
  following                    (2,742)     12,391      9,649    11,109

 Interest expense, net          3,925        (675)     3,250     3,983
                             -----------------------------------------

 (Loss) earnings before
  income taxes                 (6,667)     13,066      6,399     7,126

 Provision for income taxes       197       1,593      1,790     1,385
                             -----------------------------------------

 (Loss) earnings for the
  period                       (6,864)     11,473      4,609     5,741

 (Loss) earnings for the
  period attributable to
  non-controlling interests    (2,192)      2,422        230       504
                             -----------------------------------------

 (Loss) earnings for the
  period attributable to
  SunOpta Inc.                 (4,672)      9,051      4,379     5,237
                             =========================================

 (Loss) earnings per share
  for the period
                             -----------------------------------------
   Basic                        (0.07)       0.14       0.07      0.08
                             -----------------------------------------
   Diluted                      (0.07)       0.14       0.07      0.08
                             -----------------------------------------


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

                                          ----------------------------
                                           Three months   Three Months
                                              Ended          Ended
                                          September 30,  September 30,
                                              2009           2008
                                          ----------------------------
                                            Impact on      Impact on
                                              (loss)         (loss)
                                            earnings        earnings
                                             before          before
                                           income taxes   income taxes
                                          ----------------------------

 Costs to rationalize product offerings in
  the Fruit Group                                2,021             --
 Costs in support of brand re-launches             642             --
 Non-recurring start-up and operational
  costs                                            165          1,260
 Business interruption proceeds received          (577)            --
                                          ----------------------------
   Cost of sales                                 2,251          1,260
                                          ----------------------------

 Marketing costs in support of brand
  re-launches                                      904             --
  Professional fees incurred in relation
   to the 2007 restatement                         747          1,695
 Legal costs incurred related to SunOpta
  BioProcess litigation                            289            400
 Severance costs and related plant closure
  expenses                                          47         (1,680)
                                          ----------------------------
   Selling, general and administrative
    expense                                      1,987            415
                                          ----------------------------


 Impairment of long-lived assets                   997             --
 Elimination of long-term liability at
  Opta Minerals                                 (1,110)            --
 Sale of rights in the Ingredients Group           (75)            --
                                          ----------------------------
   Other expense, net                             (188)            --
                                          ----------------------------

 Goodwill impairment at Opta Minerals            8,341             --
                                          ----------------------------
   Goodwill impairment                           8,341             --
                                          ----------------------------

 Non-cash amortization of amended
  financing fees                                   675             --
                                          ----------------------------
   Interest expense, net                           675             --
                                          ----------------------------

   Total adjustments to (loss) earnings
    before income taxes                         13,066          1,675
                                          ============================


                                          Impact on      Impact on
                                            (loss)         (loss)
                                         earnings for   earnings for
                                          the period     the period
                                       attributable to attributable to
                                         SunOpta Inc.    SunOpta Inc.
                                       -------------------------------

 Tax impact of adjustments noted above          1,593             342
                                       -------------------------------
   Provision for income taxes                   1,593             342
                                       -------------------------------

 Goodwill impairment and elimination
  of long-term liability at Opta
  Minerals                                     (2,422)             --
                                       -------------------------------
 (Loss) earnings for the period
  attributable to non-controlling
  interests                                    (2,422)             --
                                       -------------------------------

 Total adjustments to (loss) earnings
  for the period attributable to
  SunOpta Inc.                                  9,051           1,333
                                       ===============================


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

                              For the Nine Months Ended September 30,
 ---------------------------------------------------------------------
                               2009                   2009      2008
                               GAAP    Adjustments  Adjusted  Adjusted

 Revenues                     743,611          --    743,611   810,136
 Cost of goods sold           633,681      (5,434)   628,247   680,684
                             -----------------------------------------

 Gross profit                 109,930       5,434    115,364   129,452

 Warehousing and distribution
  expenses                     13,691          --     13,691    16,182
 Selling, general and
  administrative expenses      81,565      (4,906)    76,659    83,665
 Intangible asset
  amortization                  4,330          --      4,330     4,252
 Other income, net               (348)        116       (232)       --
 Goodwill impairment            8,341      (8,341)        --        --
 Foreign exchange gain           (582)         --       (582)   (5,336)
                             -----------------------------------------

 Earnings before the
  following                     2,933      18,565     21,498    30,689

 Interest expense, net         10,266      (1,125)     9,141    10,484
                             -----------------------------------------

 (Loss) earnings before
  income taxes                 (7,333)     19,690     12,357    20,205

 (Recovery of) provision for
  income taxes                    (36)      3,670      3,634     5,149
                             -----------------------------------------

 (Loss) earnings for the
  period                       (7,297)     16,020      8,723    15,056

 (Loss) earnings for the
  period attributable to
  non-controlling interests    (2,748)      2,422       (326)    1,565
                             -----------------------------------------

 (Loss) earnings for the
  period attributable to
  SunOpta Inc.                 (4,549)     13,598      9,049    13,491
                             =========================================

 (Loss) earnings per share
  for the period
                             -----------------------------------------
   Basic                        (0.07)       0.21       0.14      0.21
                             -----------------------------------------
   Diluted                      (0.07)       0.21       0.14      0.21
                             -----------------------------------------


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

                                          ----------------------------
                                           Nine months   Nine Months
                                              Ended         Ended
                                          September 30,  September 30,
                                              2009           2008
                                          ----------------------------
                                            Impact on      Impact on
                                              (loss)         (loss)
                                            earnings        earnings
                                             before          before
                                           income taxes   income taxes
                                          ----------------------------

 Non-recurring start-up and operational
  costs                                          2,648          2,075
 Costs to rationalize product offerings
  in the Fruit Group                             2,021             --
 Costs in support of brand re-launches           1,342             --
 Business interruption proceeds received          (577)            --
                                          ----------------------------
   Cost of sales                                 5,434          2,075
                                          ----------------------------

 Severance costs and related plant
  closure expenses                               1,487            264
 Marketing costs in support of brand
  re-launches                                    1,363             --
 Professional fees incurred in relation
  to the 2007 restatement                        1,087          7,367
 Legal costs incurred related to SunOpta
  BioProcess litigation                            969            660
                                          ----------------------------
   Selling, general and administrative
    expense                                      4,906          8,291
                                          ----------------------------

 Impairment of long-lived assets                 1,069             --
 Elimination of long-term liability at
  Opta Minerals                                 (1,110)            --
 Sale of rights in the Ingredients Group           (75)            --
                                          ----------------------------
   Other income, net                              (116)            --
                                          ----------------------------

 Goodwill impairment at Opta Minerals            8,341             --
                                          ----------------------------
   Goodwill impairment                           8,341             --
                                          ----------------------------

 Non-cash amortization of amended
  financing fees                                 1,125             --
                                          ----------------------------
   Interest expense, net                         1,125             --
                                          ----------------------------

   Total adjustments to (loss) earnings
    before income taxes                         19,690         10,366
                                          ============================


                                          Impact on      Impact on
                                            (loss)         (loss)
                                         earnings for   earnings for
                                          the period     the period
                                       attributable to attributable to
                                         SunOpta Inc.    SunOpta Inc.
                                       -------------------------------

 Tax impact of adjustments noted above          3,670           2,984
                                       -------------------------------
   Provision for income taxes                   3,670           2,984
                                       -------------------------------

 Goodwill impairment and elimination of
  long-term liability at Opta Minerals         (2,422)             --
                                       -------------------------------
 (Loss) earnings for the period
  attributable to non- controlling
  interests                                    (2,422)             --
                                       -------------------------------

 Total adjustments to (loss) earnings
  for the period attributable to
  SunOpta Inc.                                  13,598           7,382
                                       ===============================



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

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