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SunOpta Announces Record Third Quarter and Year-to-Date Earnings



SunOpta Announces Record Third Quarter and Year-to-Date Earnings

TORONTO, Nov. 6, 2012 (GLOBE NEWSWIRE) -- SunOpta Inc. ("SunOpta" or the
"Company") (Nasdaq:STKL) (TSX:SOY), a leading global company focused on
natural, organic and specialty foods, today announced financial results for
the third quarter ended September 29, 2012. All amounts are expressed in U.S.
dollars and results are reported in accordance with U.S. GAAP, except where
specifically noted.

Third Quarter 2012 Highlights:

  * Revenues increased to $279.3 million, an increase of 8.7% versus Q3 2011
  * Operating income increased to $12.7 million, an increase of 72% versus Q3
    2011
  * Operating margin increased to 4.5% of revenues versus 2.9% in Q3 2011
  * Earnings of $5.8 million, an increase of 72% versus Q3 2011 and a record
    for the Company
  * Earnings per diluted common share increased to a record $0.09 versus $0.05
    in Q3 2011
  * EBITDA increased to $17.8 million, an increase of 50.5% versus Q3 2011

"We are very pleased with our third quarter financial results, reflecting
higher revenues and a 72% increase in both operating income and earnings
versus the prior year," commented Steve Bromley, SunOpta's Chief Executive
Officer. "We continue to execute on our core strategies focused on
streamlining our organization, growing our value-added packaged foods and
ingredients portfolio, and leveraging our existing platform. We are pleased
with our progress to-date and remain confident in our opportunities to grow
our global integrated natural and organic foods platform."

Third Quarter 2012 Results

Revenues for the third quarter increased 8.7% to $279.3 million as compared to
$257.0 million in the third quarter of 2011. Excluding the impact of changes
including foreign exchange rates, commodity-related pricing, acquisitions and
rationalized product lines, revenues increased approximately 6% on a
consolidated basis versus the prior year. The increase in consolidated
revenues in the third quarter was driven by strong growth across integrated
grains-based food product categories within SunOpta Foods and higher sales
within Opta Minerals Inc. as a result of recent acquisitions. These increases
were somewhat offset by the effect of lower fiber and fruit ingredients sales
and decreased revenues in the Company's European organic ingredients
operation.

Operating income^1 increased 72.4% to $12.7 million, or 4.5% of revenues, for
the third quarter of 2012 as compared to $7.4 million, or 2.9% of revenues,
for the same period last year. This increase was led by a significant
improvement in operating income in the Grains and Foods Group versus the prior
year as a result of increased volumes of aseptically packaged grains-based
beverages and strong organic grains and feedstuff sales, as well as
significantly improved results in Opta Minerals and reduced selling, general
and administrative costs due in part to streamlining and rationalizations
completed over the past year.

Earnings for the third quarter of 2012 were $5.8 million, or $0.09 per diluted
common share, as compared to $3.4 million, or $0.05 per diluted common share,
for the third quarter of 2011. These earnings are a third quarter record for
the Company after excluding certain non-recurring items in prior years. Third
quarter earnings include the impact of approximately $0.9 million in pre-tax
severance, acquisition and start-up costs ($0.5 million after-tax).

For the quarter ended September 30, 2012, the Company realized EBITDA^1 of
$17.8 million as compared to $11.9 million for the third quarter of 2011, a
year-over-year increase of 50.5%.

The effective tax rate for the third quarter of 2012 was 39.1% as compared to
27.3% in the third quarter of 2011. The increase in the effective tax rate is
primarily a result of increased earnings in higher tax jurisdictions in 2012
and the net effect of certain tax credits that were realized in the third
quarter of 2011.

Year-to-Date 2012 Results

For the first three quarters of 2012 revenues increased 5.6% to $821.0 million
versus revenues of $777.5 million in the same period last year. Excluding the
impact of changes including foreign exchange rates, commodity-related pricing,
acquisitions and rationalized product lines, revenues increased approximately
5% on a consolidated basis. The increase in consolidated revenues for the
first three quarters was driven by strong growth within integrated packaged
food product categories and higher sales within Opta Minerals Inc. as a result
of recent acquisitions. Those increases were somewhat offset by the effect of
lower fiber and fruit ingredients sales and decreased revenues in the
Company's European organic ingredients operation.

Operating income^1 for the first three quarters increased to $39.8 million, or
4.9% of revenues, versus $28.9 million, or 3.7% of revenues, in the prior
year, a year-over-year increase of 37.9%. This increase was primarily led by
improved operating income in the Grains and Foods Group and Opta Minerals
versus the prior year.

For the three quarters ended September 29, 2012, the Company reported earnings
of $19.8 million, or $0.30 per diluted common share, as compared to earnings
of $12.8 million, or $0.19 per diluted common share, for the same period last
year, a year-over-year increase of 54.4%. Excluding discontinued operations,
earnings were $18.6 million, or $0.28 per diluted common share, versus $14.8
million, or $0.22 per diluted common, share in the prior year. Included in
earnings for the first three quarters of 2012 were approximately $3.1 million
in pre-tax severance, acquisition and start-up costs ($1.9 million after-tax),
offset by a $0.7 million after-tax gain on the sale of Purity Life Natural
Health Products and approximately $0.5 million in tax adjustments that lowered
the Company's effective tax rate.

The effective tax rate for the first three quarters of 2012 was 34.0% as
compared to 35.2% in 2011.

For the first three quarters of 2012, the Company realized EBITDA^1 of $54.8
million as compared to $42.2 million for the nine months ended October 1,
2011, a year-over-year increase of 29.7%.

Balance Sheet

The Company's balance sheet remains strong, and shareholders' equity increased
to $320.2 million as of September 29, 2012. At the end of the third quarter of
2012, the Company's balance sheet reflects a current ratio of 1.51 to 1.00,
and a total debt to equity ratio of 0.52 to 1.00.  At September 29, 2012, the
Company had total debt outstanding of $165.0 million, total assets of $669.3
million and a net book value of $4.85 per outstanding share. For the first
three quarters of 2012, the Company generated cash from operating activities
of $38.0 million versus cash used in operating activities of $2.7 million in
the prior year, indicative of improved earnings and improved cash provided by
working capital.

Conference Call Information

The Company plans to host a conference call at 10:00 AM Eastern Time on
Wednesday, November 7, 2012 to discuss the third quarter financial results and
recent corporate developments. After opening remarks, there will be a question
and answer period. This conference call can be accessed via a link at the
Company's website at www.sunopta.com. To listen to the live call over the
Internet, please go to the Company's website at least 15 minutes early to
register, download and install any necessary audio software. Additionally, the
call may be accessed with the toll free dial-in number (877) 312-9198 or
international dial-in number (631) 291-4622. If you are unable to listen live,
the conference call will be archived and can be accessed for approximately 90
days at the Company's website.

^1See discussion of non-GAAP measures

About SunOpta Inc.

SunOpta Inc. is a leading global company focused on natural, organic and
specialty foods products. The Company specializes in sourcing, processing and
packaging of natural and organic food products, integrated from seed through
packaged products; with a focus on strategically vertically integrated
business models. The Company's core natural and organic food operations focus
on value-added grains, fiber and fruit based product offerings, supported by a
global infrastructure. The company has two non-core holdings, a 66.2%
ownership position in Opta Minerals Inc., listed on the Toronto Stock
Exchange, a producer, distributor, and recycler of environmentally friendly
industrial materials; and a minority ownership position in Mascoma
Corporation, an innovative biofuels company.

The SunOpta Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3958

Forward Looking Statements

Certain statements included in this press release may be considered
"forward-looking statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian securities
legislation, which are based on information available to us on the date of
this release. These forward-looking statements include, but are not limited
to, our continued focus on our core strategies and opportunities to grow our
global integrated natural and organic foods platform. The terms and phrases
"continue", "remain confident", "improve" and "execute", and other similar
terms and phrases are intended to identify these forward looking
statements. Forward looking statements are based on information available to
us on the date of this release and are based on estimates and assumptions made
by the Company in light of its experience and its perception of historical
trends, current conditions and expected future developments as well as other
factors the Company believes are appropriate in the circumstances including,
but not limited to, general economic conditions, consumer interest in health
and wellness, product pricing levels, current customer demand, planned
facility and operational expansions, competitive intensity, cost
rationalization and product development initiatives. Whether actual timing and
results will agree with expectations and predications of the Company is
subject to many risks and uncertainties including, but not limited to, global
economic conditions, consumer spending patterns and changes in market trends,
decreases in customer demand, potential failure of product development,
working capital management and continuous improvement initiatives,
availability and pricing of raw materials and supplies, and other risks
described from time to time under "Risk Factors" in the Company's Annual
Report on Form 10-K and its Quarterly Reports on Form 10-Q (available at
www.sec.gov). Consequently all forward-looking statements made herein are
qualified by these cautionary statements and there can be no assurance that
the actual results or developments anticipated by the Company will be
realized.

                                                                              
                                                                              
SunOpta Inc.                                                                  
Consolidated Statements of Operations                                         
For the quarter ended September 29, 2012 and October 1, 2011                  
Unaudited                                                                     
(Expressed in thousands of U.S. dollars, except per share amounts)            
                                   Quarter ended Quarter ended    
                                   September 29, October 1, 2011 Change
                                   2012
                                   $             $               %
                                                                  
Revenues                            279,339       257,011        8.7%
                                                                  
Cost of goods sold                  246,158       226,990        8.4%
                                                                  
Gross profit                        33,181        30,021         10.5%
                                                                  
Selling, general and                19,395        20,591         -5.8%
administrative expenses
Intangible asset amortization       1,225         1,045          17.2%
Other expense, net                  264           7              3671.4%
Foreign exchange (gain) loss        (130)         1,022          -112.7%
                                                                  
Earnings from continuing           12,427        7,356           68.9%
operations before the following
                                                                  
Interest expense, net               2,339         2,033          15.1%
                                                                  
Earnings from continuing           10,088         5,323          89.5%
operations before income taxes
                                                                  
Provision for income taxes         3,947          1,451          172.0%
                                                                  
Earnings from continuing           6,141         3,872           58.6%
operations
                                                                  
Discontinued operations                                           
Earnings (loss) from discontinued   112           (433)          n/a
operations, net of taxes
Gain on sale of discontinued        --            71             n/a
operations, net of taxes
                                                                  
Earnings (loss) from discontinued   112           (362)          130.9%
operations, net of taxes
                                                                  
Earnings                           6,253         3,510           78.1%
                                                                  
Earnings attributable to           449           144             211.8%
non-controlling interests
                                                                  
Earnings attributable to SunOpta   5,804         3,366           72.4%
Inc.
                                                                  
Earnings (loss) per share - basic                                 
-from continuing operations        0.09           0.06            
-from discontinued operations       --            (0.01)          
                                   0.09          0.05             
                                                                  
Earnings (loss) per share -                                       
diluted
-from continuing operations        0.09           0.06            
-from discontinued operations       --            (0.01)          
                                   0.09          0.05             

 
 
SunOpta Inc.
Consolidated Statements of Operations   
For the three quarters ended September 29, 2012 and October 1, 2011 
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)
                                    Three quarters     Three quarters   
                                    ended              ended
                                    September 29, 2012 October 1, 2011 Change
                                    $                  $               %
                                                                        
Revenues                             820,975            777,549        5.6%
                                                                        
Cost of goods sold                   716,220            682,916        4.9%
                                                                        
Gross profit                         104,755            94,633         10.7%
                                                                        
Selling, general and administrative  61,911             61,497         0.7%
expenses
Intangible asset amortization        3,653              3,078          18.7%
Other expense (income), net          2,006              (2,887)        169.5%
Foreign exchange (gain) loss         (629)              1,176          -153.5%
                                                                        
Earnings from continuing operations  37,814             31,769         19.0%
before the following
                                                                        
Interest expense, net                7,480              6,537          14.4%
                                                                        
Earnings from continuing operations  30,334            25,232          20.2%
before income taxes
                                                                        
Provision for income taxes           10,302            8,875           16.1%
                                                                        
Earnings from continuing operations  20,032            16,357          22.5%
                                                                        
Discontinued operations                                                 
Earnings (loss) from discontinued    517                (2,057)        n/a
operations, net of taxes
Gain on sale of discontinued         676               71              n/a
operations, net of taxes
                                                                        
Earnings (loss) from discontinued    1,193              (1,986)        160.1%
operations, net of income taxes
                                                                        
Earnings                            21,225             14,371          47.7%
                                                                        
Earnings attributable to            1,384              1,523           -9.1%
non-controlling interests
                                                                        
Earnings attributable to SunOpta    19,841             12,848          54.4%
Inc.
                                                                        
Earnings (loss) per share – basic                                       
-from continuing operations          0.28              0.23             
-from discontinued operations        0.02               (0.03)          
                                     0.30              0.20             
                                                                        
Earnings (loss) per share – diluted                                     
-from continuing operations          0.28               0.22            
-from discontinued operations        0.02               (0.03)          
                                     0.30              0.19             
                                                                        

                                                          
SunOpta Inc.                                              
Consolidated Balance Sheets                               
As at September 29, 2012 and December                     
31, 2011
Unaudited                                                 
(Expressed in thousands of U.S. dollars, except per share amounts)            
                                      September 29, 2012 December 31, 2011
                                      $                  $
                                                          
ASSETS                                                    
                                                          
Current assets                                            
Cash and cash equivalents              4,187             2,378 
Accounts receivable                    115,979           88,898 
Inventories                            224,556           228,455 
Prepaid expenses and other current     22,851            21,378 
assets
Current income taxes recoverable       1,106              1,503 
Deferred income taxes                  4,946             4,773 
Current assets held for sale           --                 17,923 
                                      373,625            365,308 
                                                          
Investments                            33,845             33,845 
Property, plant and equipment          135,709            120,584 
Goodwill                               57,008             49,387 
Intangible assets                      54,416             48,035 
Deferred income taxes                  12,435             11,751 
Other assets                           2,270              1,854 
Non-current assets held for sale       --                 739 
                                                          
                                       669,308           631,503 
                                                          
LIABILITIES                                               
                                                          
Current liabilities                                       
Bank indebtedness                      111,237           109,718 
Accounts payable and accrued           118,928           114,308 
liabilities
Customer and other deposits            3,493             843 
Income taxes payable                   3,117             1,229 
Other current liabilities              3,809             1,419 
Current portion of long-term debt      5,924             35,198 
Current portion of long-term           569               995 
liabilities
Current liabilities held for sale      --                 5,920 
                                      247,077            269,630 
                                                          
Long-term debt                         47,836             17,066 
Long-term liabilities                  6,586              5,586 
Deferred income taxes                  30,689             24,273 
                                       332,188           316,555 
                                                          
                                                          
EQUITY                                                    
SunOpta Inc. shareholders' equity                         
Capital Stock                          182,916           182,108 
65,977,814 common shares (December                        
31, 2011 - 65,796,398)
Additional paid in capital             16,147            14,134 
Retained earnings                      120,349           100,508 
Accumulated other comprehensive        795               2,382 
income
                                       320,207            299,132 
Non-controlling interest               16,913            15,816 
Total equity                           337,120            314,948 
                                                          
                                       669,308            631,503 

                                                            
                                                            
SunOpta Inc.                                                
Consolidated Statements of Cash Flows                       
For the quarter ended September 29,                         
2012 and October 1, 2011
Unaudited                                                   
(Expressed in thousands of U.S. dollars, except per share amounts)            
                                        Quarter ended      Quarter ended
                                        September 29, 2012 October 1, 2011
                                        $                  $
                                                            
Cash provided by (used in)                                  
                                                            
Operating activities                                        
Earnings                                 6,253              3,510 
Earnings (loss) from discontinued        112                (362)
operations
Earnings from continuing operations      6,141              3,872 
                                                            
Items not affecting cash                                    
Depreciation and amortization            5,155              4,497 
Unrealized gain on foreign exchange      (76)               (991)
Deferred income taxes                    (639)              1,114 
Stock-based compensation                 713                555 
Loss on sale of property, plant and      --                 584 
equipment
Unrealized (gain) loss on derivative     (3,075)            646 
instruments
Other                                    508                375 
Changes in non-cash working capital,     7,462              990 
net of business acquired
Net cash flows from operations -         16,189             11,642 
continuing operations
Net cash flows from operations -         313                (903)
discontinued operations
                                         16,502             10,739 
Investing activities                                        
Acquisition of business, net of cash     (11,644)           (2,500)
acquired
Purchases of property, plant and         (5,709)            (6,082)
equipment
Payment of contingent consideration      (61)               -- 
Purchases of intangible assets           (56)               -- 
Other                                    122                411 
Net cash flows from investing            (17,348)           (8,171)
activities - continuing operations
Net cash flows from investing            --                 (318)
activities - discontinued operations
                                         (17,348)           (8,489)
Financing activities                                        
Increase in line of credit facilities    56,959             4,759 
Repayment of line of credit facilities   (45,295)           -- 
Borrowings under long-term debt          15,234             1,875 
Repayment of long-term debt              (24,136)           (6,697)
Financing costs                          (1,315)            -- 
Proceeds from the issuance of common     257                242 
shares
Other                                    53                 (19)
Net cash flows from financing            1,757              160 
activities - continuing operations
                                                            
Foreign exchange gain (loss) on cash     29                 (457)
held in a foreign currency
                                                            
Increase in cash and cash equivalents    940                1,953 
during the period
                                                            
Discontinued operations cash activity                       
included above:
Add: Balance included at beginning of    --                 212 
period
                                                            
Cash and cash equivalents - beginning    3,247              5,361 
of the period
                                                            
Cash and cash equivalents - end of the   4,187              7,526 
period

                                                            
                                                            
                                                            
SunOpta Inc.                                                
Consolidated Statements of Cash Flows                       
For the three quarters ended September                      
29, 2012 and October 1, 2011
Unaudited                                                   
(Expressed in thousands of U.S. dollars, except per share amounts)            
                                        Three quarters     Three quarters
                                        ended              ended
                                        September 29, 2012 October 1, 2011
                                        $                  $
                                                            
Cash provided by (used in)                                  
                                                            
Operating activities                                        
Earnings                                 21,225             14,371 
Earnings (loss) from discontinued        1,193              (1,986)
operations
Earnings from continuing operations      20,032             16,357 
                                                            
Items not affecting cash                                    
Depreciation and amortization            14,946             13,354 
Unrealized gain on foreign exchange      (169)              (22)
Deferred income taxes                    3,077              5,835 
Stock-based compensation                 2,041              1,536 
Gain on sale of property, plant and      --                 (3,240)
equipment
Unrealized gain on derivative            (1,178)            (3,272)
instruments
Other                                    1,217              310 
Changes in non-cash working capital,     (1,921)            (31,903)
net of business acquired
Net cash flows from operations -         38,045             (1,045)
continuing operations
Net cash flows from operations -         (3)                (1,638)
discontinued operations
                                         38,042             (2,683)
Investing activities                                        
Acquisition of businesses, net of cash   (29,174)           (2,500)
acquired
Purchases of property, plant and         (17,623)           (15,256)
equipment
Proceeds on sale of property, plant and  --                 2,773 
equipment
Payment of contingent consideration      (388)              -- 
Purchases of intangible assets           (81)               (67)
Other                                    (84)               (30)
Net cash from investing activities -     (47,350)           (15,080)
continuing operations
Net cash flows from investing            12,134             (388)
activities - discontinued operations
                                         (35,216)           (15,468)
Financing activities                                        
Increase in line of credit facilities    46,434             33,186 
Repayment of line of credit facilities   (45,296)           -- 
Borrowings under long-term debt          34,607             1,912 
Repayment of long-term debt              (34,959)           (13,423)
Financing costs                          (2,490)            (186)
Proceeds from the issuance of common    680                989
shares
Other                                    24                 802 
Net cash from financing activities -     (1,000)            23,280 
continuing operations
                                                            
Foreign exchange gain (loss) on cash     (17)               (246)
held in a foreign currency
                                                            
                                                            
Increase in cash and cash equivalents    1,809              4,883 
during the period
                                                            
Discontinued operations cash activity                       
included above:
Add: Balance included at beginning of    --                 308 
period
                                                            
Cash and cash equivalents - beginning    2,378              2,335 
of the period
                                                            
Cash and cash equivalents - end of the   4,187              7,526 
period

 
 
 
SunOpta Inc.
Segmented Information
For the quarter ended September 29, 2012 and October 1, 2011
Unaudited
(Expressed in thousands of U.S. dollars)
 
Quarter ended
September 29, 2012
                    SunOpta               Corporate      
                    Foods       Opta      Services      Consolidated
                                Minerals
                     $          $         $             $
          
Total revenues from  246,359    32,980      --           279,339  
external customers
                                                         
 Segment operating  10,835      3,280      (1,424)    12,691 
   income (loss)
                                                         
SunOpta Foods has the following segmented reporting:
         
Quarter ended
September 29, 2012
          Grains                Consumer  International SunOpta
          and
          Foods     Ingredients Products  Foods         Foods
          $         $           $         $             $
Total
revenues
from       139,917   20,273      41,636    44,533        246,359 
external
customers
                                                         
Segment
operating  8,780     878         (544)     1,721         10,835 
income
(loss)
                                                                              
Quarter ended
October 1, 2011
                    SunOpta               Corporate      
                    Foods       Opta      Services      Consolidated
                                Minerals
                     $          $        $           $
Total revenues from 232,909      24,102   --         257,011 
external customers
                                                         
 Segment operating   8,563       1,606    (2,806)    7,363
   income (loss)
                                                         
SunOpta Foods has the following segmented reporting:
 
Quarter ended
October 1, 2011
          Grains                Consumer  International SunOpta
          and
          Foods     Ingredients Products  Foods         Foods
          $         $           $         $             $
Total
revenues
from       121,596   21,966      42,066    47,281        232,909 
external
customers
                                                         
Segment
operating  4,394     2,065       205       1,899         8,563 
income
                                                         
(Segment operating income (loss) is defined as "Earnings from
continuing operations before the following" excluding the impact of
"Other expense [income], net".)
 

 
 
SunOpta Inc.
Segmented Information
For the three quarters ended September 29, 2012 and October 1, 2011
Unaudited  
(Expressed in thousands of U.S. dollars)
 
   
Three quarters ended
September 29, 2012
                    SunOpta               Corporate      
                    Foods       Opta      Services      Consolidated
                                Minerals
                     $          $         $             $
Total revenues from   728,449    92,526    --           820,975 
external customers
                                                         
 Segment operating    36,423     8,178    (4,781)        39,820 
   income (loss)
         
SunOpta Foods has the following segmented reporting:
 
         
Three quarters ended
September 29, 2012
          Grains                Consumer  International SunOpta
          and
          Foods     Ingredients Products  Foods         Foods
          $         $           $         $             $
Total
revenues
from       397,096   62,408      135,879   133,066       728,449 
external
customers
                                                         
Segment
operating  27,662    2,946       (549)     6,364         36,423 
income
(loss)
                                                                              
Three quarters ended
October 1, 2011
                    SunOpta               Corporate      
                    Foods       Opta      Services      Consolidated
                                Minerals
                     $          $         $             $
Total revenues from   707,054    70,495    --           777,549 
external customers
                                                         
 Segment operating   29,835      6,216     (7,169)       28,882 
   income (loss)
                                                         
SunOpta Foods has the following segmented reporting:
         
Three quarters ended
October 1, 2011
          Grains                Consumer  International SunOpta
          and
          Foods     Ingredients Products  Foods         Foods
          $         $           $         $             $
Total
revenues
from       361,971   71,602      125,757   147,724       707,054 
external
customers
                                                         
Segment
operating  15,962    6,692       (151)     7,332         29,835 
income
(loss)
                                                         
(Segment operating income (loss) is defined as "Earnings from
continuing operations before the following" excluding the impact of
"Other expense [income], net".)
 

^1Non-GAAP Measures

In addition to reporting financial results in accordance with generally
accepted accounting principles ("GAAP"), the Company provides information
regarding Operating Income and Earnings before interest, taxes, depreciation
and amortization ("EBITDA") as additional information about its operating
results, which are not measures in accordance with GAAP. The Company believes
that these non-GAAP measures assist investors in comparing performance across
reporting periods on a consistent basis by excluding items that are not
indicative of the Company's core operating performance. The non-GAAP measures
of Operating Income and EBITDA should not be considered in isolation or as a
substitute for performance measures calculated in accordance with GAAP. 

The Company defines Operating Income as "Earnings from continuing operations
before the following" excluding the impact of "Other expense [income], net";
and EBITDA as Operating Income plus depreciation and amortization. The
following is a tabular presentation of Operating Income and EBITDA, including
a reconciliation to GAAP earnings, which the Company believes to be the most
directly comparable GAAP financial measure:

                                              Quarter ended      Quarter ended
                                              September 29, 2012 October 1,
                                                                 2011
                                              $                  $
                                                                  
Earnings from continuing operations            6,141              3,872 
                                                                  
Provision for income taxes                     3,947              1,451 
Interest expense, net                          2,339              2,033 
Other expense, net                             264                7 
Operating income                               12,691             7,363 
Depreciation and amortization                  5,155              4,497 
Earnings before interest, taxes, depreciation  17,846             11,860 
and amortization (EBITDA)
                                                                  
                                                                  

                                            Three quarters    Three quarters
                                            ended             ended
                                            September 29,     October 1, 2011
                                            2012
                                            $                 $
                                                               
Earnings from continuing operations          20,032            16,357 
                                                               
Provision for income taxes                   10,302            8,875 
Interest expense, net                        7,480             6,537 
Other expense (income), net                  2,006             (2,887)
Operating income                             39,820            28,882 
Depreciation and amortization                14,946            13,354 
Earnings before interest, taxes,             54,766            42,236 
depreciation and amortization (EBITDA)
                                                               

CONTACT: For further information, please contact:
         SunOpta Inc.
         Rob McKeracher, Vice President & CFO
         Susan Wiekenkamp, Information Officer
         Tel: 905-455-2528, ext 103
         susan.wiekenkamp@sunopta.com
         Website:  www.sunopta.com

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