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SunOpta Announces Third Quarter 2010 Results

November 10,2010

TORONTO, Nov. 10, 2010 (GLOBE NEWSWIRE) -- SunOpta Inc. ("SunOpta" or "the Company") (Nasdaq:STKL) (TSX:SOY), a leading global company focused on natural, organic and specialty foods and natural health products, today announced financial results for the period ended October 2, 2010. All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted. As a result of the June 11, 2010 sale of the Company's Food Distribution Assets and August 31, 2010 sale of SunOpta BioProcess Inc., all results from operations related to these businesses have been excluded from operating results and are now reported as discontinued operations for all comparable periods.

For the third quarter of 2010 the Company realized revenues of $217.9 million versus third quarter 2009 revenues of $212.5 million, a year over year increase of 2.5%. Revenues in SunOpta Foods were $197.5 million, an increase of 0.9% versus the third quarter of 2009. After adjusting for movements in foreign exchange rates and commodity related pricing, revenues increased approximately 7.6% on a consolidated basis versus the third quarter of 2009, and approximately 6.4% in SunOpta Foods, reflecting continued momentum in the natural, organic and specialty foods sectors.

For the third quarter of 2010 the Company reported net income on a GAAP basis of $34.1 million or $0.52 per diluted common share versus net losses in the third quarter of 2009 of $4.7 million or $0.07 per diluted common share. Included in the results of the third quarter was a net gain on the sale of SunOpta Bioprocess Inc. of $34.6 million after tax or $0.52 per diluted common share, offset by non-cash goodwill and impairment charges of $6.4 million after tax or $0.10 per diluted common share.

Earnings from operations1 for the third quarter of 2010 were $5.3 million or $0.08 per diluted common share. Earnings from operations1 for the third quarter include additional pre-tax costs of approximately $0.6 million related primarily to ongoing facility and operational rationalizations.

Operating income1 for the third quarter increased 96.2% to $10.0 million or 4.6% of revenues versus operating income1 in the prior year of $5.1 million or 2.4% of revenues. Operating income1 in SunOpta Foods increased to $9.7 million or 4.9% of revenues versus $5.3 million or 2.7% in the prior year.

EBITDA1 for the third quarter of 2010, excluding the net effect of discontinued operations and non-cash charges increased 52% to $14.1 million versus $9.3 million in 2009, indicative of the improved operating performance realized within the business.

For the year to date period ended October 2, 2010 the Company has realized revenues of $668.5 million versus year to date third quarter 2009 revenues of $619.8 million, a year over year increase of 7.9%. Revenues in SunOpta Foods for the year-to-date period were $609.0 million, an increase of 6.1% versus the year-to-date period in 2009. After adjusting for movements in foreign exchange rates and commodity related pricing, revenues increased approximately 11.2% on a consolidated basis, and approximately 9.7% in SunOpta Foods. Year to date all operating segments have realized increased revenues and operating income1 versus the prior year.   

Year to date the Company has realized net income on a GAAP basis of $59.1 million or $0.90 per diluted common share versus a net loss in 2009 of $4.5 million or $0.07 per diluted common share.   Included in the year to date results was a net gain after tax on the sale of the Canadian Food Distribution assets of $13.8 million or $0.21 per diluted common share and a net gain after tax on the sale of SunOpta Bioprocess Inc. of $34.6 million or $0.52 per diluted common share, offset by certain non-cash goodwill and impairment charges of $6.4 million after tax or $0.10 per diluted common share.

Earnings from operations1 for the three quarters ended October 2, 2010 were $16.6 million or $0.25 per diluted common share. Earnings from operations in the three quarters ended October 2, 2010 also include additional pre-tax costs of approximately $4.6 million, including legal and professional fees and costs related to ongoing facility and operational rationalizations.   

Year to date the Company has realized operating income1 of $31.5 million or 4.7% of revenues versus operating income1 in the prior year of $9.6 million or 1.6% of revenues. Operating income1 in SunOpta Foods increased to $33.9 million or 5.6% of revenues versus $14.1 million or 2.4% in the prior year.

The Company has realized EBITDA1 through the first three quarters ended October 2, 2010 of $43.9 million versus $22.4 million in the prior year, an increase of approximately 96%, excluding the net favorable benefit of dispositions offset by goodwill and impairment charges.

At October 2, 2010 the Company's balance sheet reflects a current working capital ratio of 1.61 to 1.00, long-term debt to equity ratio of 0.25 to 1.00 and total debt to equity ratio of 0.33 to 1.00. During the third quarter the Company generated cash from continuing operations of $20.7 million.  At October 2, 2010 the Company has total assets of $517.4 million and a net book value of $4.42 per outstanding share.

At quarter-end, the Company is in compliance with all banking covenants.

Steve Bromley, President and Chief Executive Officer of SunOpta, commented, "We are very pleased with our third quarter and year to date results which are the result of numerous operational improvement initiatives which have been implemented, combined with the benefit of the disposition of certain of our non-core assets.   We continue to focus on process improvement across the organization and are very pleased that the initiatives undertaken are having the expected positive effect on our results. At the same time our balance sheet has improved significantly with lower debt leverage and improved return on net assets employed. We remain confident that our continued focus on margin improvement and asset management, when combined with strong consumer interest in health and wellness, positions our Company for long-term success."  

The Company plans to host a conference call at 10:00 a.m. Eastern Time on Thursday, November 11th, 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 1-877-312-9198 or 631-291-4622. A replay number can also be accessed between November 11th and 18th with the toll free dial-in number 1?800-642-1687 or 706-645-9291 followed by pass code: 16944666#.

1 See discussion and reconciliation of Non-GAAP Measures

About SunOpta Inc.

SunOpta Inc. is a leading global company focused on natural, organic and specialty foods and natural health 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 significant 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 66.4% ownership position in Opta Minerals Inc. (TSX:OPM), 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, management's continued focus on process improvement, margin improvement and asset management and positioning for long-term success. The terms and phrases "continue," "improvement," "remain 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, consumer interest in health and wellness, 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 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 October 2, 2010 and September 30, 2009
Unaudited      
(Expressed in thousands of U.S. dollars, except per share amounts)
       
 
  Quarter
ended
October 2,
2010
$
Quarter
ended
September 30,
2009
$
%
change
       
       
       
Revenues  217,905 212,488 2.5%
       
Cost of goods sold  184,698 183,949 0.4%
       
Gross profit  33,207 28,539 16.4%
       
Warehousing and distribution expenses 702 1,036 (32.2%)
Selling, general and administrative expenses  21,412 21,747 (1.5%)
Intangible asset amortization 1,155 1,300 (11.2%)
Other expense (income), net  7,453 (270) n/m
Goodwill impairment  1,654 8,341 (80.2%)
Foreign exchange gain (58) (639) 90.9%
       
Earnings (loss) from continuing operations before the following  889 (2,976) 129.9%
       
Interest expense, net 2,036 3,883 (47.6%)
       
Loss from continuing operations before income taxes (1,147) (6,859) (83.3%)
Recovery of income taxes (1,258) (145) 767.6%
       
Earnings (loss) from continuing operations 111 (6,714) (101.7%)
       
Discontinued operations       
Loss from discontinued operations, net of taxes (15,415) (150) n/m
Gain on sale of discontinued operations, net of taxes 49,867 -- n/m
       
Earnings (loss) from discontinued operations, net of taxes 34,452 (150) n/m
  34,563 (6,864) 603.5%
Earnings (loss)      
       
Earnings (loss) attributable to non-controlling interests 496 (2,192) 122.6%
       
Earnings (loss) attributable to SunOpta Inc. 34,067 (4,672) 829.2%
       
(Loss) earnings per share  ? basic       
-from continuing operations (0.01) (0.07)  
-from discontinued operations 0.53 --  
  0.52 (0.07)  
       
(Loss) earnings per share  ? diluted       
-from continuing operations -- (0.07)  
-from discontinued operations 0.52 --  
  0.52 (0.07)  
SunOpta Inc.      
Consolidated Statements of Operations 
For the three quarters ended October 2, 2010 and September 30, 2009
Unaudited      
(Expressed in thousands of U.S. dollars, except per share amounts)
       
 
  Three quarters
ended October 2,
2010
$
Three quarters
ended September 30,
2009
$
%
change
       
       
       
Revenues  668,539 619,772 7.9%
       
Cost of goods sold  560,721 538,859 4.1%
       
Gross profit  107,818 80,913 33.3%
       
Warehousing and distribution expenses 2,894 3,034 (4.6%)
Selling, general and administrative expenses  71,432 64,833 10.2%
Intangible asset amortization 3,474 3,577 (2.9%)
Other expense (income), net  8,812 (342) n/m
Goodwill impairment  1,654 8,341 (80.2%)
Foreign exchange gain  (1,494) (156) (857.7%)
       
Earnings from continuing operations before the following  21,046 1,626 n/m
       
Interest expense, net 7,625 10,159 (24.9%)
       
Earnings (loss) from continuing operations before income taxes 13,421 (8,533) 257.3%
Provision for (recovery of) income taxes 2,672 (1,207) 321.4%
       
Earnings (loss) from continuing operations 10,749 (7,326) 246.7%
       
Discontinued operations       
(Loss) earnings from discontinued operations, net of taxes (14,569) 29 n/m
Gain on sale of discontinued operations, net of taxes 63,676 -- n/m
       
Earnings from discontinued operations, net of taxes 49,107 29 n/m
  59,856 (7,297)  
Earnings (loss)     n/m
       
Earnings (loss) attributable to non-controlling interests 710 (2,748) 125.8%
       
Earnings (loss) attributable to SunOpta Inc. 59,146 (4,549) n/m
       
Earnings (loss) per share ? basic       
-from continuing operations 0.16 (0.07)  
-from discontinued operations 0.75 --  
  0.91 (0.07)  
       
Earnings (loss) per share ? diluted       
-from continuing operations 0.15 (0.07)  
-from discontinued operations 0.75 --  
  0.90 (0.07)  
SunOpta Inc.      
Consolidated Balance Sheets
As at October 2, 2010 and December 31, 2009
Unaudited      
(Expressed in thousands of U.S. dollars, except per share amounts)
       
 
  October 2,
2010
$
December 31,
2009
$
       
Assets       
       
Current assets       
Cash and cash equivalents    21,067 1,752
Accounts receivable    94,618 78,483
Inventories   158,049 157,541
Prepaid expenses and other current assets    13,573 10,001
Current income taxes recoverable   -- 442
Deferred income taxes   5,173 5,457
Current assets held for sale    -- 56,140
    292,480 309,816
       
Investments   33,345 --
Property, plant and equipment    100,266 103,561
Goodwill   30,134 31,431
Intangible assets   48,424 55,229
Deferred income taxes    10,680 15,257
Other assets   2,037 2,876
Non-current assets held for sale    -- 33,120
       
    517,366 551,290
Liabilities       
       
Current liabilities       
Bank indebtedness    23,690 63,481
Accounts payable and accrued liabilities   100,167 87,519
Customer and other deposits    963 1,064
Incomes taxes payable   1,612 --
Other current liabilities   1,187 1,566
Current portion of long-term debt    53,842 52,455
Current portion of long-term liabilities    373 683
Current liabilities held for sale    -- 19,135
    181,834 225,903
       
Long-term debt    17,183 34,734
Long-term liabilities    2,595 2,760
Deferred income taxes   13,126 12,708
Non-current liabilities held for sale    -- 487
    214,738 276,592
       
Preferred shares of a subsidiary company held for sale   -- 28,187
       
Equity      
SunOpta Inc. shareholders' equity      
Capital stock    179,587 178,694
65,299,048 common shares (December 31, 2009 ? 64,982,968)      
Additional paid in capital    11,480 7,934
Retained earnings   93,292 34,146
Accumulated other comprehensive income    4,101 12,079
    288,460 232,853
Non-controlling interest   14,168 13,658
Total equity   302,628 246,511
       
    517,366 551,290
SunOpta Inc.    
Consolidated Statements of Cash Flows    
For the quarter ended October 2, 2010 and September 30, 2009
Unaudited    
(Expressed in thousands of U.S. dollars, except per share amounts)
 
  Quarter ended
October 2,
2010
Quarter ended
September 30,
2009
$
     
Cash provided by (used in)    
     
Operating activities    
Earnings (loss) 34,563 (6,864)
Earnings (loss) from discontinued operations 34,452 (150)
Earnings (loss) from continuing operations 111 (6,714)
     
Items not affecting cash    
Depreciation and amortization 4,110 4,187
Unrealized loss (gain) on foreign exchange 829 (169)
Deferred income taxes (1,909) (1,459)
Goodwill impairment 1,654 8,341
Impairment of long-lived assets 7,505 --
Other 21 2,254
Changes in non-cash working capital  8,371 13,683
Net cash flows from operating activities ? continuing operations 20,692 20,123
Net cash flows from operating activities ? discontinued operations (5,362) (857)
  15,330 19,266
Investing activities    
Purchases of property, plant and equipment, net (4,714) (1,871)
Purchase of patents, trademarks and other intangible assets (37) (77)
Other 116 2,041
Cash flows from investing activities ? continuing operations (4,635) 93
Cash flows from investing activities ? discontinued operations (12,485) 1,120
  (17,120) 1,213
Financing activities    
Decrease in line of credit facilities (4,359) (18,996)
Proceeds from the issuance of common shares 338 215
Repayment of long-term debt  (12,158) (3,141)
Other (44) (1)
Cash flows from financing activities ? continuing operations (16,223) (21,923)
Cash flows from financing activities ? discontinued operations -- --
  (16,233) (21,923)
     
Foreign exchange gain on cash held in a foreign currency 725 573
     
Decrease in cash and cash equivalents during the period (17,288) (871)
     
Discontinued operations cash activity included above:    
Add: Balance included at beginning of period 17,974 19,136
Less: Balance included at end of period -- (19,400)
     
Cash and cash equivalents ? beginning of the period 20,381 2,456
     
Cash and cash equivalents ? end of the period 21,067 1,321
SunOpta Inc.    
Consolidated Statements of Cash Flows    
For the three quarters ended October 2, 2010 and September 30, 2009
Unaudited    
(Expressed in thousands of U.S. dollars, except per share amounts)
 
  Three quarters
ended October 2,
2010
Three quarters
ended September 30,
2009
$
     
Cash provided by (used in)    
     
Operating activities    
Earnings (loss)  59,856 (7,297)
Earnings from discontinued operations 48,107 29
Earnings (loss) from continuing operations 10,749 (7,326)
     
Items not affecting cash    
Depreciation and amortization 12,350 12,806
Unrealized gain on foreign exchange (589) (403)
Deferred income taxes (784) (354)
Goodwill impairment 1,654 8,341
Impairment of long-lived assets 7,895 --
Other 1,603 337
Changes in non-cash working capital  (10,433) 14,628
Cash flows from operating activities ? continuing operations 22,444 28,029
Cash flows from operating activities ? discontinued operations (5,439) (1,808)
  17,005 26,221
Investing activities    
Purchases of property, plant and equipment, net (13,545) (9,490)
Payment of deferred purchase consideration (721) (1,500)
Purchase of patents, trademarks and other intangible assets (400) (214)
Other 281 (191)
Cash flows from investing activities ? continuing operations (14,385) (11,395)
Cash flows from investing activities ? discontinued operations 52,298 (1,669)
  37,913 (13,064)
Financing activities    
Decrease in line of credit facilities (39,155) (9,750)
Borrowings under long-term debt  247 716
Proceeds from the issuance of common shares 850 627
Repayment of long-term debt  (16,327) (9,670)
Other (287) 60
Net cash flows from financing activities ? continuing operations (54,672) (18,017)
Net cash flows from financing activities ? discontinued operations -- --
  (54,672) (18,017)
     
Foreign exchange gain on cash held in a foreign currency 98 826
     
Increase (decrease) in cash and cash equivalents during the period 344 (4,034)
     
Discontinued operations cash activity included above:    
Add: Balance included at beginning of period 18,971 22,877
Less: Balance included at end of period -- (19,400)
     
Cash and cash equivalents ? beginning of the period 1,752 1,878
     
Cash and cash equivalents ? end of the period 21,067 1,321
SunOpta Inc.          
Segmented Information          
For the quarter ended October 2, 2010 and September 30, 2009  
Unaudited          
(Expressed in thousands of U.S. dollars)  
   
  Quarter ended
October 2, 2010
 
  SunOpta
Foods
$
Opta Minerals
$
Corporate
Services
$
Consolidated
$
 
           
Total revenues from external customers 197,484 20,421 -- 217,905  
           
Segment Operating Income 9,710 2,792 (2,506) 9,996  
           
SunOpta Foods has the following segmented reporting:  
  Quarter ended
October 2, 2010
  Grains
and
Foods
Group 
$
Ingredients
Group
$
Fruit
Group
$
International
Foods
Group
$
SunOpta
Foods
$
           
Total revenues from external customers 86,952 17,134 34,824 58,574 197,484
           
Segment Operating Income 5,353 3,104 707 546 9,710
     
  Quarter ended
September 30, 2009
 
  SunOpta
Foods
$
Opta Minerals
$
Corporate
Services
$
Consolidated
$
 
           
Total revenues from external customers 195,743 16,745 -- 212,488  
           
Segment Operating Income 5,292 1,290 (1,487) 5,095  
           
SunOpta Foods has the following segmented reporting:  
  Quarter ended
September 30, 2009
  Grains
and
Foods
Group
$
Ingredients
Group 
$
Fruit
Group
$
International
Foods
Group
$
SunOpta
Foods
$
           
Total revenues from external customers 86,290 17,385 35,870 56,198 195,743
           
Segment Operating Income 5,257 2,859 (1,745) (1,079) 5,292
           
(Segment Operating Income is defined as "Earnings before the following" excluding the impact of "other expense (income), net" and "Goodwill impairment")
SunOpta Inc.          
Segmented Information          
For the three quarters ended October 2, 2010 and September 30, 2009
Unaudited          
(Expressed in thousands of U.S. dollars)
     
  Three quarters ended
October 2, 2010
 
 
SunOpta
Foods
$
Opta
Minerals
$
Corporate
Services
$
Consolidated
$
 
           
Total revenues from external customers 609,046 59,493 -- 668,539  
           
Segment Operating Income 33,919 6,224 (8,631) 31,512  
           
SunOpta Foods has the following segmented reporting:  
  Three quarters ended
October 2, 2010
  Grains
and
Foods
Group
$
Ingredients
Group
$
Fruit
Group
$
International
Foods
Group
$
SunOpta
Foods
$
           
Total revenues from external customers 257,885 52,932 119,476 178,753 609,046
           
Segment Operating Income 17,557 10,322 3,867 2,173 33,919
     
  Three quarters ended
September 30, 2010
 
  SunOpta
Foods
$
Opta Minerals
$
Corporate
Services
$
Consolidated
$
 
           
Total revenues from external customers 573,962 45,810 -- 619,772  
           
Segment Operating Income 14,051 429 (4,855) 9,625  
           
SunOpta Foods has the following segmented reporting:  
  Three quarters ended
September 30, 2009
  Grains
and
Foods
Group
$
Ingredients
Group
$
Fruit
Group
$
International
Foods
Group
$
SunOpta
Foods
$
           
Total revenues from external customers 250,346 47,138 113,331 163,147 573,962
           
Segment Operating Income 14,405 5,571 (2,279) (3,646) 14,051
           
(Segment Operating Income is defined as "Earnings before the following" excluding the impact of "other expense (income), net" and "Goodwill impairment")

Non-GAAP Measures

In addition to reporting financial results in accordance with generally accepted accounting principles ("GAAP"), the Company provides information regarding Operating Income, Earnings before interest, taxes, depreciation and amortization ("EBITDA") and Earnings from Operations 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, EBITDA, and earnings from operations 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 "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 for the period, which the Company believes to be the most directly comparable GAAP financial measure.

  Quarter ended 
October 2, 2010
$
Quarter ended
September 30, 2009
$
     
Earnings (loss) from continuing operations 111 (6,714)
     
Recovery of income taxes (1,258) (145)
Interest expense, net 2,036 3,883
Other expense (income), net 7,453 (270)
Goodwill impairment 1,654 8,341
 Operating income 9,996 5,095
Depreciation and amortization 4,110 4,187
Earnings before interest, taxes, depreciation and amortization (EBITDA) 14,106 9,282
     
  Three quarters
ended
October 2, 2010
$
Three quarters
ended
September 30, 2009
$
     
Earnings (loss) from continuing operations 10,749 (7,326)
     
Provision for (recovery of) income taxes 2,672 (1,207)
Interest expense, net 7,625 10,159
Other expense (income), net 8,812 (342)
Goodwill impairment 1,654 8,341
 Operating income 31,512 9,625
Depreciation and amortization 12,350 12,806
Earnings before interest, taxes, depreciation and amortization (EBITDA) 43,862 22,431

Earnings from operations and diluted earnings from operations per share are non-GAAP measures. During the quarter and three quarters ended October 2, 2010, the Company recognized certain gains and recorded specific expenses against income that we do not believe are reflective of normal business operations.  As a result, earnings attributable to SunOpta Inc. and earnings per diluted share are adjusted to arrive at earnings from operations and earnings from operations per diluted share. The following is a tabular presentation of earnings from operations and earnings from operations per diluted common share, including a reconciliation to GAAP earnings attributable to SunOpta Inc. and diluted earnings per share, which the Company believes to be the most directly comparable GAAP financial measure.

  Quarter Ended
October 2, 2010
Diluted Earnings
per Share for the
Period
     
Earnings attributable to SunOpta Inc.  34,067   0.52 
Adjusted for:    
Gain on sale of discontinued operations, net of taxes  (49,867) (0.76)
Costs included in discontinued operations incurred as a result of the sale of SunOpta BioProcess Inc.  15,281   0.23 
Impairment of long-lived assets and goodwill, net of taxes of $2,321  6,367   0.10 
Reversal of tax valuation allowance (549) (0.01)
Earnings from operations  5,299   0.08 
     
  Three Quarters
Ended October 2, 2010 
Diluted Earnings
per Share for the
Period
     
Earnings attributable to SunOpta Inc. $ 59,146  0.90 
Adjusted for:    
Gain on sale of discontinued operations, net of taxes  (63,676) (0.97)
Costs included in discontinued operations incurred as a result of the sale of the Canadian food distribution assets and SunOpta BioProcess Inc., net of taxes of $388  16,183   0.25 
Severance costs related to restructuring plan at our natural health products operation, net of taxes of $223  413   0.01 
Gain on dilution of SBI's ownership position in Xylitol Canada (1,242) (0.02)
Impairment of long-lived assets and goodwill, net of taxes of $2,321  6,367   0.10 
Reversal of tax valuation allowance (549) (0.01)
Earnings from operations  16,642   0.25 
CONTACT:  SunOpta Inc.

          Steve Bromley, President & CEO

          Eric Davis, Vice President & CFO

          Tony Tavares, Chief Operating Officer

          Susan Wiekenkamp, Information Officer

            susan.wiekenkamp@sunopta.com

          905-455-2528, ext 103

          www.sunopta.com

 

 

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