SunOpta Announces First Quarter 2013 Results

SunOpta Announces First Quarter 2013 Results

Company Reports Record First Quarter Revenues of $282.8 Million

TORONTO, May 7, 2013 (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 first quarter ended March 30, 2013. All amounts are expressed in U.S.
dollars and results are reported in accordance with U.S. GAAP, except where
specifically noted.

First Quarter 2013 Highlights:

  *Record first quarter revenues of $282.8 million, an increase of
    approximately 9% versus the 2012 first quarter
  *Operating income¹ ^ of $10.7 million, or 3.8% of revenues
  *EBITDA¹ of $16.1 million, or 5.7% of revenues
  *Earnings of $5.1 million, or $0.08 per diluted common share

"We continue to experience strong momentum across our business segments and
are pleased with our record revenues in the first quarter. As we anticipated,
our margins were impacted by crop quality associated with the drought-like
conditions experienced in 2012, along with continued investment in a number of
our consumer product and ingredient operations, and cyclical weakness in the
steel and infrastructure segments within Opta Minerals," commented Steve
Bromley, Chief Executive Officer. "Looking ahead, we believe that 2013 will be
another successful year for our Company as we continue to execute on our core
strategies of growing our value-added packaged foods and ingredients
portfolio, and leveraging our integrated platform in support of our long-term
operating targets. We believe SunOpta is well positioned to capitalize on
future growth opportunities as consumers around the world are increasingly
focused on healthy eating and healthy living."

First Quarter 2013 Results

Revenues increased approximately 9% to a record $282.8 million as compared to
$259.3 million in the first quarter of 2012. The increase in consolidated
revenues was driven by strong demand and increased prices for organic grains
and feed products, continued growth in consumer packaged categories including
aseptic non-dairy beverages and re-sealable pouch products, as well as higher
sales within Opta Minerals Inc. as a result of recent acquisitions. Excluding
the impact of changes including foreign exchange rates, commodity-related
pricing, acquisitions, rationalized product lines and the impact on current
revenues related to reduced commodity sales volumes due to the impact of the
2012 drought and delayed 2013 planting season, Food Group revenues increased
approximately 7.5% versus the prior year and consolidated revenues increased
approximately 6.0%.

Operating income¹ ^ for the quarter was $10.7 million, or 3.8% of revenues,
for the first quarter of 2013 as compared to $12.8 million, or 4.9% of
revenues in 2012. Operating earnings reflected the impact of lower soy and
sunflower processing yields due to the effects of the 2012 North American
drought, which negatively impacted seed quality and by-product values. In
addition, margin pressure was experienced across a number of product lines in
the European operations of the International Foods Group as a result of weak
economic conditions in Europe and Opta Minerals was impacted by cyclical
weakness in the steel and infrastructure sectors, partially offset by the
positive impact of recent acquisitions, continued growth in certain consumer
packaged goods categories, favorable margins on organic grains and feed
products as well as the positive impact of product rationalization efforts in
the Company's frozen foods operation.

Earnings for the first quarter of 2013 were $5.1 million, or $0.08 per diluted
common share, as compared to $5.9 million, or $0.09 per diluted common share,
during the record first quarter of 2012. Excluding discontinued operations,
earnings for the first quarter of 2013 were $5.2 million, or $0.08 per diluted
common share, versus $5.7 million, or $0.09 per diluted common share, during
the first quarter of 2012. Earnings for the first quarter include the impact
of approximately $1.2 million in pre-tax severance, acquisition and start-up
costs, or approximately $0.7 million after-tax and minority interest.

For the first quarter of 2013 EBITDA¹ ^ was $16.1 million as compared to $17.6
million during the first quarter of 2012.

Balance Sheet

The Company's balance sheet remains strong and at March 30, 2013 reflected a
current ratio of 1.45 to 1.00 and a net debt to equity ratio of 0.58 to 1.00.
At March 30, 2013, the Company had total debt outstanding of $206.2 million,
net debt of $193.1 million, total assets of $715.1 million, shareholders'
equity of $331.0 million and a net book value of $5.00 per outstanding share.

Conference Call Information

The Company plans to host a conference call at 10:00 A.M. Eastern Time on
Wednesday, May 8, 2013 to discuss the results for the first quarter of 2013
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 66.1%
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.

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 belief that 2013 will be another successful year for the Company, our
core strategies of growing our value-added packaged foods and ingredients
portfolio and leveraging our integrated platform and that we are well
positioned to capitalize on future growth opportunities. The terms and phrases
"continued", "believe", "growing", "leveraging", "increasingly", 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 and focus on healthy eating and living, potential
failure of product development, working capital management and continuous
improvement initiatives, availability and pricing of raw materials and
supplies, potential covenant breaches under our credit facilities 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 quarters ended March 30, 2013 and March 31, 2012
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)

                                        Quarter ended  Quarter ended  
                                        March 30, 2013 March 31, 2012 Change
                                        $              $              %
                                                                    
Revenues                                 282,825      259,328      9.1%
                                                                    
Cost of goods sold                      248,575      224,842      10.6%
                                                                    
Gross profit                             34,250       34,486       -0.7%
                                                                    
Selling, general and administrative      22,911       20,430       12.1%
expenses
Intangible asset amortization            1,248        1,193        4.6%
Other expense, net                      365          364          0.3%
Foreign exchange loss (gain)             (585)          82           -813.4%
                                                                    
Earnings from continuing operations      10,311       12,417       -17.0%
before the following
                                                                    
Interest expense, net                    1,690        2,583        -34.6%
                                                                    
Earnings from continuing operations      8,621        9,834         -12.3%
before income taxes
                                                                    
Provision for income taxes               3,275        3,586         -8.7%
                                                                    
Earnings from continuing operations      5,346        6,248         -14.4%
                                                                    
Earnings (loss) from discontinued        (58)           191           -130.4%
operations, net of income taxes
                                                                    
Earnings                                 5,288         6,439         -17.9%
                                                                    
Earnings attributable to non-controlling 163           547           -70.2%
interests
                                                                    
Earnings attributable to SunOpta Inc.    5,125         5,892         -13.0%
                                                                    
Earnings per share – basic                                          
-from continuing operations              0.08         0.09          
-from discontinued operations            --           --            
                                        0.08         0.09          
                                                                    
Earnings per share – diluted                                        
-from continuing operations              0.08         0.09          
-from discontinued operations            --           --            
                                        0.08         0.09          


SunOpta Inc.
Consolidated Balance Sheets
As at March 30, 2013 and March 31, 2012
Unaudited
(Expressed in thousands of U.S. dollars)

                                             March 30, 2013 December 29, 2012
                                             $              $
                                                           
ASSETS                                                      
                                                           
Current assets                                              
Cash and cash equivalents                    6,709        6,840
Restricted cash                               6,397        6,595
Accounts receivable                           117,763      113,314
Inventories                                  258,798      255,738
Prepaid expenses and other current assets     17,309       20,538
Current income taxes recoverable              1,814        1,814
Deferred income taxes                         2,664        2,653
                                             411,454       407,492
                                                           
Investments                                  33,845       33,845
Property, plant and equipment                 147,600      140,579
Goodwill                                     56,998       57,414
Intangible assets                             51,076       52,885
Deferred income taxes                         12,085       12,879
Other assets                                  2,073        2,216
                                                           
                                             715,131      707,310
                                                           
LIABILITIES                                                 
                                                           
Current liabilities                                         
Bank indebtedness                            150,849      131,061
Accounts payable and accrued liabilities      111,133      128,544
Customer and other deposits                   8,702        4,734
Income taxes payable                          3,632        4,125
Other current liabilities                     2,177        2,660
Current portion of long-term debt            6,582        6,925
Current portion of long-term liabilities      1,477        1,471
                                             284,552       279,520
                                                           
Long-term debt                               48,799       51,273
Long-term liabilities                         5,830        5,544
Deferred income taxes                         27,596       27,438
                                             366,777      363,775
                                                           
                                                           
EQUITY                                                      
SunOpta Inc. shareholders' equity                           
Capital Stock                                183,954      183,027
66,151,249 common shares (December 29, 2012 -               
66,007,236)
Additional paid in capital                   17,277       16,855
Retained earnings                             129,857      124,732
Accumulated other comprehensive income (loss) (93)           1,537
                                             330,995      326,151
Non-controlling interest                      17,359       17,384
Total equity                                  348,354      343,535
                                                           
                                             715,131      707,310


SunOpta Inc.
Consolidated Statements of Cash Flows
For the quarters ended March 30, 2013 and March 31, 2012
Unaudited
(Expressed in thousands of U.S. dollars)

                                                Quarter ended  Quarter ended
                                                March 30, 2013 March 31, 2012
                                                $              $
                                                              
Cash provided by (used in)                                     
                                                              
Operating activities                                           
Earnings                                         5,288        6,439
Earnings (loss) from discontinued operations     (58)           191
Earnings from continuing operations              5,346        6,248
                                                              
Items not affecting cash                                       
Depreciation and amortization                    5,420        4,773
Deferred income taxes                            941          2,086
Stock-based compensation                         685          588
Unrealized loss on derivative instruments        743          682
Other                                            322          443
Changes in non-cash working capital, net of      (20,176)       (21,930)
business acquired
Net cash flows from operations - continuing      (6,719)        (7,110)
operations
Net cash flows from operations - discontinued    (38)           (148)
operations
                                                (6,757)        (7,258)
Investing activities                                           
Acquisition of businesses, net of cash acquired  (3,828)        (17,530)
Purchases of property, plant and equipment       (7,893)        (4,919)
Purchases of intangible assets                   (99)           (25)
Other                                            (398)          (77)
Net cash flows from investing activities -       (12,218)       (22,551)
continuing operations
Net cash flows from investing activities –       --             (13)
discontinued operations
                                                (12,218)       (22,564)
Financing activities                                           
Increase in line of credit facilities            20,639       19,008
Borrowings under long-term debt                  232          19,088
Repayment of long-term debt                      (2,419)        (7,030)
Financing costs                                  (14)           (91)
Proceeds from the issuance of common shares      664          157
Other                                            (45)           (3)
Net cash flows from financing activities -       19,057       31,129
continuing operations
                                                              
Foreign exchange (loss) gain on cash held in a   (213)          44
foreign currency
                                                              
                                                              
Increase (decrease) in cash and cash equivalents (131)          1,351
during the period
                                                              
                                                              
                                                              
Cash and cash equivalents - beginning of the     6,840        2,378
period
                                                              
Cash and cash equivalents - end of the period    6,709        3,729


SunOpta Inc.
Segmented Information
For the quarters ended March 30, 2013 and March 31, 2012
Unaudited
(Expressed in thousands of U.S. dollars)


Quarter ended
March 30, 2013
                           SunOpta               Corporate     
                           Foods        Opta      Services      Consolidated
                                          Minerals
                           $            $         $             $
Total revenues
from external               246,600    36,225  --          282,825
customers
Segment
Operating Income            9,624      2,463   (1,411)       10,676
(Loss)
                                                             
SunOpta Foods has the following segmented reporting:

Quarter ended
March 30, 2013
                Grains and              Consumer  International SunOpta
                Foods       Ingredients  Products  Foods         Foods
                $           $            $         $             $
Total revenues
from external    130,453   21,521     46,551  48,075      246,600
customers
Segment
Operating Income 7,493     1,002      (175)     1,304       9,624
(Loss)
                                                             

Quarter ended
March 31, 2012
                           SunOpta               Corporate     
                           Foods        Opta      Services      Consolidated
                                          Minerals
                           $            $         $             $
Total revenues
from external               230,996    28,332  --          259,328
customers
Segment
Operating Income            11,553     3,081   (1,853)       12,781
(Loss)
                                                             
SunOpta Foods has the following segmented reporting:

Quarter ended
March 31, 2012
                Grains and              Consumer  International SunOpta
                Foods       Ingredients  Products  Foods         Foods
                $           $            $         $             $
Total revenues
from external    121,175   21,649     45,152  43,020      230,996
customers
Segment
Operating Income 8,386     1,229      (175)     2,113       11,553
(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 (income) expense, net"
and "Goodwill impairment"; 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
                                                March 30, 2013 March 31, 2012
                                                $              $
                                                              
Earnings from continuing operations              5,346        6,248
                                                              
Provision for income taxes                       3,275        3,586
Interest expense, net                            1,690        2,583
Other expense, net                               365          364
Operating income                                 10,676       12,781
Depreciation and amortization                    5,420        4,773
Earnings before interest, taxes, depreciation    16,096       17,554
and amortization (EBITDA)

CONTACT: For further information, please contact:
         SunOpta Inc.
         Steve Bromley, CEO
         Robert 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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