10.03.10

SunOpta: Q4 and Fiscal 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 fourth quarter and year ended December 31, 2009. All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.

For the fourth quarter of 2009, the Company realized revenues of $245.5 million versus revenues of $245.0 million for the fourth quarter of 2008.

Adjusted earnings(1) for the fourth quarter of 2009 were $3.9 million or $0.06 per diluted common share versus an adjusted loss(1) in the comparable period in 2008 of ($1.1) million or ($0.02) per diluted common share. On a GAAP basis the Company realized a loss of ($2.2) million or ($0.03) per diluted common share for the quarter versus a loss of ($17.0) million or ($0.27) per diluted common share for the fourth quarter of 2008.

Fourth quarter results include a non-cash write-down of tax assets of $0.9 million and additional pre-tax costs of $7.6 million related to a number of restructuring and related costs. Additional pre-tax costs include $3.6 million related to ongoing product and facility rationalization efforts including non-cash charges of $1.2 million; legal and professional costs of $3.0 million related to the 2007 restatement and class action settlement, legal costs related to completion of a number of ongoing legal matters and costs related to banking amendments; a non-cash goodwill impairment charge of $0.5 million in the Fruit Group and pre-tax costs of $0.5 million related to the ongoing revitalization and re-launch of a number of company owned natural health products brands. Adjusted earnings(1) excluding the impact of foreign exchange gains for the fourth quarter of 2009 were $3.6 million or $0.05 per diluted common share versus an adjusted loss(1) excluding the impact of foreign exchange gains of ($0.7) million or ($0.01) per diluted common share in the fourth quarter of 2008.

Results for the fourth quarter of 2009 reflect significant improvement in operating performance versus the fourth quarter of 2008 and continued operating performance improvement versus the third quarter of 2009. Gross margins increased to 15.9% for the quarter versus 11.7% in the fourth quarter of 2008. On a segment basis the SunOpta Ingredients Group had record earnings in the quarter achieving operating margins of 17.8%. For the fourth quarter of 2009 operating earnings within SunOpta Food Group increased 124% to $4.4 million versus $2.0 million in the same period in 2008. Opta Minerals Inc. realized operating earnings of $0.7 million in the fourth quarter of 2009 versus a loss of ($2.4) million loss in the fourth quarter of 2008.

For fiscal 2009 the Company realized revenues of $989.1 million versus fiscal 2008 revenues of $1,055.2 million.

For 2009 the Company reported a loss on a GAAP basis of ($6.8) million or ($0.10) per diluted common share versus a loss of ($10.9) million or ($0.17) per diluted common share in fiscal 2008. Adjusted earnings(1) for fiscal 2009 were $12.9 million or $0.20 per diluted common share versus adjusted earnings(1) in fiscal 2008 of $13.3 million or $0.21 per diluted common share. Fiscal 2009 results include the impact of a non-cash write-down of tax assets of $0.9 million and additional pre-tax costs of $24.8 million including net non-cash charges after minority interest of $4.8 million related to the impairment of goodwill in Opta Minerals Inc. and $0.5 million related to impairment of goodwill in the SunOpta Fruit Group; pre-tax costs of $10.1 million related to ongoing product and facility rationalization efforts including non-cash charges of $2.3 million, pre-tax costs of $3.2 million related to the ongoing revitalization and re-launch of a number of company owned natural health products brands and additional legal and professional fees of $6.2 million related to the 2007 restatement and class action settlement, a legal action in the SunOpta BioProcess Group, settlements of other legal matters and costs related to banking amendments. Adjusted earnings(1) excluding the impact of foreign exchange gains for fiscal 2009 were $12.2 million or $0.19 per diluted common share versus adjusted earnings(1) excluding the impact of foreign exchange of $10.2 million or $0.16 per diluted common share in fiscal 2008.

At December 31, 2009 the Company's balance sheet reflects a current working capital ratio of 1.37 to 1.00, long-term debt to equity ratio of 0.37 to 1.00 and total debt to equity ratio of 0.65 to 1.00. The decrease in the working capital ratio compared to 2008 is due to presenting the $45 million term loan due December 20, 2010 as a current liability at December 31, 2009. During fiscal 2009 the Company generated cash from operating activities of $44.9 million including cash generated from working capital of $27.3 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 in net debt of $34.4 million in fiscal 2009. At December 31, 2009 the Company has total assets of $551.3 million and a net book value of $3.58 per outstanding share.

At year-end, the Company is in compliance with all financial covenants.

Steve Bromley, President and Chief Executive Officer of SunOpta commented, "We are very pleased with the continued improvement in operating results within our core business segments. Our balance sheet continues to improve with reduced working capital levels and net reductions in debt. We remain focused on improving operating margins and return on assets employed and are very pleased that our extensive restructuring and repositioning initiatives are having a positive effect on our results. We are confident that this focus, when combined with growing consumer interest in health and wellness, positions our Company for long-term success. We are looking forward to a return to profitability in 2010."

The Company plans to host a conference call at 10:00 AM Eastern Time on Wednesday, March 10th, 2010 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 1-866-551-3680 or 212-401-6760 followed by pass code: 8061610#. A replay number can also be accessed between March 11th and 21st with the toll free dial-in number 1--866-551-4520 or 212-401-6750 followed by pass code: 260041#.

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 Foods, which specializes in sourcing, processing and distribution of natural and organic food products integrated from seed through packaged products; Opta Minerals Inc. (TSX:OPM) (66.4 % 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 ongoing revitalization and re-launch of a number natural health products brands, continued operating performance improvement, ongoing product and facility rationalization efforts, improving operating margins and return on assets employed and return to profitability. The terms and phrases ongoing, "continued", "future performance", "will", "remain focused", "believes", "confident", "positions" 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 and product development initiatives. Whether actual timing and results will agree with expectations and predications of the Company is subject to many risks and uncertainties including, but not limited to, global economic conditions, consumer spending patterns and changes in market trends, decreases in customer demand, potential failure of product development, working capital management and continuous improvement initiatives, availability and pricing of raw materials and supplies, and other risks described from time to time under "Risk Factors" in the Company's Annual Report 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 (loss) 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.
 Consolidated Statements of Operations
 For the three month periods ended December 31, 2009 and 2008
 (Expressed in thousands of U.S. dollars, except per share amounts)
 (Unaudited)

                                                    December 31,                    December 31,                          %
                                                            2009                            2008                     change
                                                               $                               $


 Revenues                                                245,521                         245,037                       0.2%


 Cost of goods sold                                      206,581                         216,319                     (4.5%)
                                 ---------------------------------------------------------------   ------------------------

 Gross profit                                             38,940                          28,718                      35.6%

 Warehousing and distribution
  expenses                                                 5,165                           4,858                       6.3%
 Selling, general and
  administrative expenses                                 29,910                          25,852                      15.7%
 Intangible asset amortization                             1,347                           1,627                    (17.2%)
 Other expense, net                                        2,935                           1,003                     192.6%
 Goodwill impairment                                         500                          10,154                    (95.1%)

 Foreign exchange (gain) loss                              (460)                             501                   (191.8%)
                                 ---------------------------------------------------------------   ------------------------

 Loss before the following                                 (457)                        (15,277)                    (97.0%)

 Interest expense, net                                     3,762                           3,797                     (0.9%)


                                 ---------------------------------------------------------------   ------------------------
 Loss before income taxes                                (4,219)                        (19,074)                    (77.9%)

 Recovery of provision for income
  taxes                                                  (1,726)                         (1,375)                    (25.5%)
                                 ---------------------------------------------------------------   ------------------------

 Loss for the period                                     (2.493)                        (17,699)                    (85.9%)

 Loss for the period attributable
  to non-controlling interests                             (279)                           (654)                    (57.3%)
                                 ---------------------------------------------------------------   ------------------------

 Loss for the period attributable
  to SunOpta Inc.                                        (2,214)                        (17,045)                   (87.07%)
                                 ===============================================================   ========================

 Loss per share for the period


  Basic                                                   (0.03)                          (0.27)
                                 ===============================================================


  Diluted                                                 (0.03)                          (0.27)
                                 ===============================================================


 SunOpta Inc.
 Consolidated Statements of Operations
 For the years ended December 31, 2009 and 2008
 (Expressed in thousands of U.S. dollars, except per share amounts)
 (Unaudited)

                                                December 31,                    December 31,                         %
                                                        2009                            2008                    change
                                                           $                               $


 Revenues                                            989,132                       1,055,173                    (6.3%)


 Cost of goods sold                                  840,262                         899,078                    (6.5%)
                             ---------------------------------------------------------------   -----------------------

 Gross profit                                        148,870                         156,095                    (4.6%)

 Warehousing and distribution
  expenses                                            18,856                          21,040                   (10.4%)
 Selling, general and
  administrative expenses                            111,475                         117,808                    (5.4%)
 Intangible asset
  amortization                                         5,677                           5,879                    (3.4%)
 Other expense, net                                    2,587                           1,003                    157.9%
 Goodwill impairment                                   8,841                          10,154                   (12.9%)

 Foreign exchange gain                               (1,042)                         (4,835)                   (78.4%)
                             ---------------------------------------------------------------   -----------------------

 Earnings before the
  following                                            2,476                           5,046                   (50.9%)

 Interest expense, net                                14,028                          14,281                    (1.8%)


                             ---------------------------------------------------------------   -----------------------
 Loss before income taxes                           (11,552)                         (9,235)                     25.1%

 (Recovery of) provision for
  income taxes                                       (1,762)                             790                  (323.1%)
                             ---------------------------------------------------------------   -----------------------

 Loss for the period                                 (9,790)                        (10,025)                    (2.3%)

 (Loss) earnings for the
  period attributable to
  non-controlling interests                          (3,027)                             911                  (432.3%)
                             ---------------------------------------------------------------   -----------------------

 Loss for the period
  attributable to SunOpta
  Inc.                                               (6,763)                        (10,936)                   (38.2%)
                             ===============================================================   =======================

 Loss per share for the
  period


  Basic                                               (0.10)                          (0.17)
                             ===============================================================


  Diluted                                             (0.10)                          (0.17)
                             ===============================================================


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

                                                December 31,            December 31,
                                                        2009                    2008

  Assets

  Current assets
  Cash and cash equivalents                           20,723                  24,755
  Accounts receivable                                 94,241                  95,129
  Inventories                                        178,140                 200,689
  Prepaid expenses and other
   current assets                                     10,813                  14,448
  Current income taxes
   recoverable                                           442                     595

  Deferred income taxes                                5,457                     493
                               -----------------------------  ----------------------
                                                     309,816                 336,109

  Property, plant and
   equipment                                         113,245                 110,641
  Goodwill                                            49,717                  54,022
  Intangible assets                                   60,902                  63,161
  Deferred income taxes                               14,734                  16,160

  Other assets                                         2,876                     954
                               -----------------------------  ----------------------

                                                     551,290                 581,047
                               =============================  ======================
  Liabilities

  Current liabilities
  Bank indebtedness                                   63,481                  67,164
  Accounts payable and
   accrued liabilities                               106,253                 106,989
  Customer and other deposits                          1,436                   1,228
  Other current liabilities                            1,566                   4,437
  Current portion of
   long-term debt                                     52,455                  12,174
  Current portion of
   long-term liabilities                                 712                   1,362
                               -----------------------------  ----------------------
                                                     225,903                 193,354

  Long-term debt                                      34,734                  99,353
  Long-term liabilities                                3,247                   5,017
  Deferred income taxes                               12,708                  13,614

                                                     276,592                 311,338
                               -----------------------------  ----------------------

  Preferred shares of a
   subsidiary company                                 28,187                  27,796

  Equity
  SunOpta Inc. Shareholders'
   Equity
   Capital stock                                     178,694                 177,858
   64,982,968 common shares
    (2008 -- 64,493,320)
   Additional paid in capital                          7,934                   6,778
   Retained earnings                                  34,146                  40,909
   Accumulated other
    comprehensive income                              12,079                   1,266
                               -----------------------------  ----------------------
   Total SunOpta Inc.
    Shareholders' Equity                             232,853                 226,811

  Non-controlling interest                            13,658                  15,102
                               -----------------------------  ----------------------

  Total Equity                                       246,511                 241,913
                               -----------------------------  ----------------------

                                                     551,290                 581,047
                               =============================  ======================


  SunOpta Inc.
  Condensed Consolidated Statements of Cash Flow
  For the three month periods ended December 31, 2009 and 2008
  (Expressed in thousands of U.S. dollars)
  (Unaudited)

                                                     December 31,                          December 31,
                                                             2009                                  2008
                                                                $                                     $
  Cash provided by (used in)

  Operating activities
  Loss for the period                                     (2,493)                              (17,699)
  Items not affecting cash
    Amortization                                            4,970                                 5,013
    Goodwill impairment                                       500                                10,154
    Stock-based compensation                                  374                                   342
    Non-cash interest accretion                               334                                   381
    Unrealized gain on foreign
     exchange                                               (619)                                 (436)
    Deferred income taxes                                 (1,765)                               (1,091)
    Other                                                     856                                 2,053
  Changes in non-cash working
   capital, net of businesses
   acquired                                                16,510                                22,232
                                    -----------------------------  ------------------------------------

                                                           18,667                                20,949
                                    -----------------------------  ------------------------------------

  Investing activities
  Purchases of property, plant and
   equipment, net                                         (1,155)                                 (727)
  Payment of deferred purchase
   consideration                                            (356)                                  (83)
  Purchase of patents, trademarks
   and other intangible assets                                (7)                                 (176)
  Decrease in short-term
   investments                                                 --                                20,000

  Other                                                       450                                 (128)
                                    -----------------------------  ------------------------------------

                                                          (1,068)                                18,886
                                    -----------------------------  ------------------------------------

  Financing activities
  Increase (decrease) in line of
   credit facilities                                        4,106                              (21,849)
  Repayment of long-term debt                            (19,768)                               (2,375)
  Borrowings under long-term debt                               3                                   581
  Proceeds from the issuance of
   common shares                                              209                                   199
  Deferred financing fees                                 (2,198)                                    --

  Other                                                      (74)                                 (103)
                                    -----------------------------  ------------------------------------

                                                         (17,722)                              (23,547)
                                    -----------------------------  ------------------------------------

  Foreign exchange gain (loss) on
   cash held in a foreign currency                            125                                 (649)
                                    -----------------------------  ------------------------------------

  Increase (decrease) in cash and
   cash equivalents during the
   period                                                       2                                15,639

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

  Cash and cash equivalents -- end
   of the period                                           20,723                                24,755
                                    =============================  ====================================


  SunOpta Inc.
  Condensed Consolidated Statements of Cash Flow
  For the years ended December 31, 2009 and 2008
  (Expressed in thousands of U.S. dollars)
  (Unaudited)

                                                     December 31,                          December 31,
                                                             2009                                  2008
                                                                $                                     $
  Cash provided by (used in)

  Operating activities
  Loss for the period                                     (9,790)                              (10,025)
  Items not affecting cash
    Amortization                                           19,370                                19,364
    Goodwill impairment                                     8,841                                10,154
    Stock-based compensation                                1,435                                 1,106
    Non-cash interest accretion                             1,266                                 1,009
    Unrealized gain on foreign
     exchange                                             (1,022)                               (1,702)
    Deferred income taxes                                 (3,030)                               (1,116)
    Other                                                     522                                 1,526
  Changes in non-cash working
   capital, net of businesses
   acquired                                                27,296                                13,369
                                    -----------------------------  ------------------------------------

                                                           44,888                                33,685
                                    -----------------------------  ------------------------------------

  Investing activities
  Purchases of property, plant and
   equipment, net                                        (12,161)                               (7,645)
  Payment of deferred purchase
   consideration                                          (1,856)                               (2,042)
  Purchase of patents, trademarks
   and other intangible assets                              (374)                                 (673)
  Acquisition of businesses, net
   of cash acquired                                            --                               (5,267)

  Other                                                       259                                 (105)
                                    -----------------------------  ------------------------------------

                                                         (14,132)                              (15,732)
                                    -----------------------------  ------------------------------------
  Financing activities
  Decrease in line of credit
   facilities                                             (5,644)                              (24,584)
  Repayment of long-term debt                            (29,438)                              (15,322)
  Borrowings under long-term debt                             719                                15,655
  Proceeds from the issuance of
   common shares                                              836                                 1,016
  Deferred financing fees                                 (2,198)                                    --

  Other                                                      (14)                                   337
                                    -----------------------------  ------------------------------------

                                                         (35,739)                              (22,898)
                                    -----------------------------  ------------------------------------

  Foreign exchange gain (loss) on
   cash held in a foreign currency                            951                                 (602)
                                    -----------------------------  ------------------------------------

  Decrease in cash and cash
   equivalents during the period                          (4,032)                               (5,547)

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

  Cash and cash equivalents -- end
   of the period                                           20,723                                24,755
                                    =============================  ====================================


 SunOpta Inc.
 Segmented Information
 For the three month periods ended December 31, 2009 and 2008
 (Expressed in thousands of U.S. dollars)
 (Unaudited)

                                                                        Three months ended
                                                                         December 31, 2009
                                              ----------------------------------------------------------------------

                                                   SunOpta                      SunOpta
                                                   Foods       Opta Minerals  BioProcess  Corporate   Consolidated
                                                     $                $            $          $            $
                                              ----------------------------------------------------------------------



 Total revenues from external customers                228,421         16,713         387         --         245,521
                                              ----------------------------------------------------------------------


 Segment Operating Income                                4,385            732       (819)    (1,320)           2,978
                                              ----------------------------------------------------------------------


  SunOpta Foods has the following segmented reporting:

                                                                                Three months ended
                                                                                 December 31, 2009
                                                           -------------------------------------------------------------


                                                            Grains
                                                              and    Ingredients   Fruit           Distribution  SunOpta
                                                            Foods                  Group    IST                   Foods
                                                              $           $          $        $         $           $
                                                           --------  -----------  -------  ------  ------------  -------


  Total revenues from external customers                     74,692       17,519   34,112  37,894        64,204  228,421
                                                           --------  -----------  -------  ------  ------------  -------


  Segment Operating Income                                    3,639        3,120  (1,794)   (364)         (216)    4,385
                                                           --------  -----------  -------  ------  ------------  -------


                                                                        Three months ended
                                                                        December 31, 2008
                                               --------------------------------------------------------------------


                                                  SunOpta                      SunOpta    Corporate
                                                    Foods      Opta Minerals  BioProcess              Consolidated
                                                      $              $             $          $             $
                                               --------------  -------------  ----------  ---------  --------------



  Total revenues from external customers              227,315         17,364         358         --         245,037
                                               --------------  -------------  ----------  ---------  --------------


  Segment Operating Income                              1,956        (2,360)       (105)    (3,611)         (4,120)
                                               --------------  -------------  ----------  ---------  --------------


 SunOpta Foods has the following segmented
  reporting:

                                                                   Three months ended
                                                                   December 31, 2008
                              -------------------------------------------------------------------------------------------


                                   Grains                        Fruit                                        SunOpta
                                 and Foods     Ingredients       Group           IST       Distribution       Foods
                                     $              $              $              $              $              $
                              -------------------------------------------------------------------------------------------


 Total revenues from external
  customers                            80,072         14,943         32,967         41,403         57,930         227,315
                              -------------------------------------------------------------------------------------------


 Segment Operating Income               4,276          1,088        (3,198)        (1,705)          1,495           1,956
                              -------------------------------------------------------------------------------------------

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


  SunOpta Inc.
  Segmented Information
  For the years ended December 31, 2009 and 2008
  (Expressed in thousands of U.S. dollars)
  (Unaudited)


                                                                            Year ended
                                                                        December 31, 2009
                                               --------------------------------------------------------------------


                                                  SunOpta                      SunOpta    Corporate
                                                    Foods       OptaMinerals  BioProcess              Consolidated
                                                      $              $             $          $             $
                                               --------------  -------------  ----------  ---------  --------------



  Total revenues from external customers              926,090         62,523         519         --         989,132
                                               --------------  -------------  ----------  ---------  --------------


  Segment Operating Income                             20,822          1,161     (3,287)    (4,852)          13,904
                                               --------------  -------------  ----------  ---------  --------------


  SunOpta Foods has the following segmented reporting:

                                                                                    Year ended
                                                                                 December 31, 2009
                                                          --------------------------------------------------------------


                                                           Grains
                                                             and    Ingredients   Fruit            Distribution  SunOpta
                                                           Foods                  Group     IST                   Foods
                                                             $           $          $        $          $           $
                                                          --------  -----------  -------  -------  ------------  -------


  Total revenues from external customers                   325,038       64,657  147,443  151,698       237,254  926,090
                                                          --------  -----------  -------  -------  ------------  -------


  Segment Operating Income                                  18,044        8,691  (4,073)  (1,153)         (627)   20,882
                                                          --------  -----------  -------  -------  ------------  -------


                                                                              Year ended
                                                                          December 31, 2008
                                               ------------------------------------------------------------------------


                                                  SunOpta                        SunOpta    Corporate
                                                    Foods      Opta Minerals   BioProcess                Consolidated
                                                      $              $              $           $             $
                                               --------------  -------------  ------------  ---------  ----------------



  Total revenues from external customers              960,316         93,422         1,435         --         1,055,173
                                               --------------  -------------  ------------  ---------  ----------------


  Segment Operating Income                             22,833          5,531       (3,286)    (8,875)            16,203
                                               --------------  -------------  ------------  ---------  ----------------


  SunOpta Foods has the following
   segmented reporting:

                                                                    Year ended
                                                                    December 31,
                                                                        2008
                           ---------------------------------------------------------------------------------------------


                               Grains                          Fruit                                         SunOpta
                              and Foods      Ingredients       Group           IST          Distribution       Foods
                                  $              $               $               $               $               $
                           --------------  -------------  --------------  --------------  --------------  --------------


  Total revenues from
   external customers             327,307         65,270         150,879         157,814         259,046         960,316
                           --------------  -------------  --------------  --------------  --------------  --------------

  Segment Operating
   Income                          18,541          3,392        (10,219)           1,333           9,786          22,833
                           --------------  -------------  --------------  --------------  --------------  --------------
  (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 December 31, 2009 and 2008
  (Expressed in thousands of U.S. dollars)
  (Unaudited)


                                       For the Three Months Ended December 31,
  --------------------------------  ---------------------------------------------
                                      2009                   2009        2008
                                      GAAP    Adjustments  Adjusted    Adjusted

  Revenues                           245,521           --   245,521       245,037

  Cost of goods sold                 206,581      (1,874)   204,707       216,308
                                    --------  -----------  --------  ------------

  Gross profit                        38,940        1,874    40,814        28,729

  Warehousing and distribution
   expenses                            5,165           --     5,165         4,858
  Selling, general and
   administrative expenses            29,910      (2,069)    27,841        25,243
  Intangible asset amortization        1,347           --     1,347         1,627
  Other expense, net                   2,935      (2,460)       475         (852)
  Goodwill impairment                    500        (500)        --            --

  Foreign exchange(gain) loss          (460)           --     (460)           501
                                    --------  -----------  --------  ------------

  (Loss) earnings before the
   following                           (457)        6,903     6,446       (2,648)


  Interest expense, net                3,762        (675)     3,087         3,797
                                    --------  -----------  --------  ------------

  (Loss) earnings before income
   taxes                             (4,219)        7,578     3,359       (6,445)


  (Recovery of) provision for        (1,726)        1,509     (217)       (4,731)
                                    --------  -----------  --------  ------------

  (Loss) earnings for the period     (2,493)        6,069     3,576       (1,714)

  (Loss) earnings for the period
   attributable to non-controlling
   interests                           (279)           --     (279)         (654)
                                    --------  -----------  --------  ------------

  (Loss) earnings for the period
   attributable to SunOpta Inc.      (2,214)        6,069     3,855       (1,060)
                                    ========  ===========  ========  ============

  (Loss) earnings per share for
   the period
                                    --------  -----------  --------  ------------

   Basic                              (0.03)         0.09      0.06        (0.02)
                                    --------  -----------  --------  ------------

   Diluted                            (0.03)         0.09      0.06        (0.02)
                                    --------  -----------  --------  ------------



  SunOpta Inc.
  Non-GAAP Reconciliation
  For the three month periods ended December 31, 2009 and 2008 (continued)
  (Expressed in thousands of U.S. dollars)
  (Unaudited)


                                                   Three months  Three Months
                                                      Ended         Ended
                                                   December 31,  December 31,
                                                       2009          2008
                                                   ------------  ------------

                                                    Impact on
                                                      (loss)      Impact on
                                                     earnings       (loss)
                                                      before       earnings
                                                       income       before
                                                      taxes      income taxes
                                                   ------------  ------------

  Costs to rationalize product offerings in the
   Fruit Group                                            1,217            --
  Non-recurring start-up and operational costs              542            11
  Non-cash inventory write-off                              115            --

  Costs in support of brand re-launches                      --            --
                                                   ------------  ------------

   Cost of sales                                          1,874            11
                                                   ------------  ------------


  Marketing costs in support of brand re-launches           493            --
  Professional fees incurred in relation to the
   2007 restatement                                         531           502
  Legal costs incurred related to SunOpta
   BioProcess litigation                                    392           107
  Severance costs and related plant closure
   expenses                                                 653            --
                                                   ------------  ------------

   Selling, general and administrative expense            2,069           609
                                                   ------------  ------------


  Arbitration settlement in SunOpta BioProcess
   Group                                                     --         1,855
  Legal settlements                                       1,425            --
  Impairment of long-lived assets                         1,119            --

  Sale of business in the Ingredients Group                (84)            --
                                                   ------------  ------------

   Other expense, net                                     2,460         1,855
                                                   ------------  ------------

  Goodwill impairment in Fruit Group                        500         8,198
  Goodwill impairment in International Sourcing
   and Trading Group                                         --         1,956
                                                   ------------  ------------

   Goodwill impairment                                      500        10,154
                                                   ------------  ------------


  Non-cash amortization of amended financing fees           675            --
                                                   ------------  ------------

   Interest expense, net                                    675            --
                                                   ------------  ------------

   Total adjustments to (loss) earnings before
    income taxes                                          7,578        12,629
                                                   ============  ============



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

  Valuation allowance against deferred taxes              (947)       (3,498)

  Tax impact of adjustments noted above                   2,456           142
                                                   ------------  ------------

                                                          1,509       (3,356)
                                                   ------------  ------------


                                                   ------------  ------------
  Total adjustments to (loss) earnings for the
   period attributable to SunOpta Inc.                    6,069        15,985
                                                   ============  ============


  SunOpta Inc.
  Non-GAAP Reconciliation
  For the years ended December 31,
   2009 and 2008
  (Expressed in thousands of U.S.
   dollars)
  (Unaudited)


                                           For the Years Ended December 31,
  ----------------------------------  -------------------------------------------
                                        2009                   2009       2008
                                        GAAP    Adjustments  Adjusted   Adjusted

  Revenues                             989,132           --   989,132   1,055,173

  Cost of goods sold                   840,262      (6,613)   833,649     897,025
                                      --------  -----------  --------  ----------

  Gross profit                         148,870        6,613   155,483     158,148

  Warehousing and distribution
   expenses                             18,856           --    18,856      21,040
  Selling, general and
   administrative expenses             111,475      (7,671)   103,804     108,908
  Intangible asset amortization          5,677           --     5,677       5,879
  Other expense, net                     2,587      (2,344)       243       (852)
  Goodwill impairment                    8,841      (8,841)        --          --

  Foreign exchange gain                (1,042)           --   (1,042)     (4,835)
                                      --------  -----------  --------  ----------

  Earnings before the following          2,476       25,469    27,945      28,008


  Interest expense, net                 14,028      (1,800)    12,228      14,281
                                      --------  -----------  --------  ----------

  (Loss) earnings before income
   taxes                              (11,552)       27,269    15,717      13,727

  (Recovery of) provision for income
   taxes                               (1,762)        5,156     3,394       (500)
                                      --------  -----------  --------  ----------

  (Loss) earnings for the period       (9,790)       22,113    12,323      14,227

  (Loss) earnings for the period
   attributable to non-controlling
   interests                           (3,027)        2,447     (580)         911
                                      --------  -----------  --------  ----------

  (Loss) earnings for the period
   attributable to SunOpta Inc.        (6,763)       19,666    12,903      13,316
                                      ========  ===========  ========  ==========

  (Loss) earnings per share for the
   period
                                      --------  -----------  --------  ----------

   Basic                                (0.10)         0.30      0.20        0.21
                                      --------  -----------  --------  ----------

   Diluted                              (0.10)         0.30      0.20        0.21
                                      --------  -----------  --------  ----------


  SunOpta Inc.
  Non-GAAP Reconciliation
  For the years ended December 31, 2009 and 2008
   (continued)
  (Expressed in thousands of U.S. dollars)
  (Unaudited)

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

                                                    Year Ended    Year Ended
                                                   December 31,  December 31,
                                                       2009          2008
                                                   ------------  ------------

                                                    Impact on
                                                      (loss)      Impact on
                                                     earnings       (loss)
                                                      before       earnings
                                                       income       before
                                                      taxes      income taxes
                                                   ------------  ------------

  Costs to rationalize product offerings in the
   Fruit Group                                            3,238            --
  Non-recurring start-up and operational costs            3,190         2,053
  Costs in support of brand re-launches                     647            --
  Non-cash inventory write-off                              115            --

  Business interruption proceeds received                 (577)            --
                                                   ------------  ------------

   Cost of sales                                          6,613         2,053
                                                   ------------  ------------


  Marketing costs in support of brand re-launches         2,551            --
  Severance costs and related plant closure
   expenses                                               2,140            --
  Professional fees incurred in relation to the
   2007 restatement                                       1,619         8,133
  Legal costs incurred related to SunOpta
   BioProcess litigation                                  1,361           767
                                                   ------------  ------------

   Selling, general and administrative expense            7,671         8,900
                                                   ------------  ------------


  Impairment of long-lived assets                         2,188            --
  Legal settlements                                       1,425            --
  Arbitration decision in SunOpta BioProcess
   Group                                                     --         1,855
  Elimination of long-term liability at Opta
   Minerals                                             (1,110)            --

  Sale of business in the Ingredients Group               (159)            --
                                                   ------------  ------------

   Other expense, net                                     2,344         1,855
                                                   ------------  ------------

  Goodwill impairment in Opta Minerals                    8,341            --
  Goodwill impairment in Fruit Group                        500         8,198
  Goodwill impairment in International Sourcing
   and Trading Group                                         --         1,956
                                                   ------------  ------------

   Goodwill impairment                                    8,841        10,154
                                                   ------------  ------------


  Non-cash amortization of amended financing fees         1,800            --
                                                   ------------  ------------

   Interest expense, net                                  1,800            --
                                                   ------------  ------------

   Total adjustments to (loss) earnings before
    income taxes                                         27,269        22,962
                                                   ============  ============


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

  Valuation allowance against deferred taxes              (947)       (3,498)

  Tax impact of adjustments noted above                   6,103         2,208
                                                   ------------  ------------

   Provision for income taxes                             5,156       (1,290)
                                                   ------------  ------------

  Goodwill impairment and elimination of
   long-term liability at Opta Minerals                 (2,447)            --
                                                   ------------  ------------
   (Loss) earnings for the period attributable to
    non-controlling interests                           (2,447)            --
                                                   ------------  ------------

  Total adjustments to (loss) earnings for the
   period attributable to SunOpta Inc.                   19,666        24,252
                                                   ============  ============


This news release was distributed by GlobeNewswire, www.globenewswire.com

CONTACT: 
SunOpta Inc.
Jeremy N. Kendall, Chairman
Steve Bromley, President & CEO
Eric Davis, Vice President & CFO
Tony Tavares, Vice President & COO
Susan Wiekenkamp, Information Officer
905-455-2528, ext 103
susan.wiekenkamp@sunopta.com
www.sunopta.com

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