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SunOpta Announces Fiscal 2011 and Fourth Quarter 2011 Results

March 06,2012

TORONTO, March 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 quarter and year ended December 31, 2011. All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.

For the quarter ended December 31, 2011 the Company reported quarterly revenues of $258.5 million versus revenues of $230.6 million for the quarter ended January 1, 2011, a year over year increase of 12.1%. This increase is indicative of continued strength in the natural, organic and specialty foods sectors. Revenues increased 8.8% excluding the impact of acquisitions.

For the quarter ended December 31, 2011 the Company incurred a loss per diluted common share from continuing operations of $0.06 or $4.2 million, compared to earnings from continuing operations of $2.6 million or $0.04 per diluted common share for the quarter ended January 1, 2011. Included in the results for the quarter ended December 31, 2011 was a primarily non-cash charge of approximately $8.7 million after tax or $0.13 per diluted common share, reflecting the write-down of intangible and other long-lived assets and certain inventory at the Company's Purity Life Health Products and Frozen Foods operations. Adjusting for these items, adjusted earnings from continuing operations1 in the fourth quarter of 2011 were $4.5 million or $0.07 per diluted common share.

For the quarter ended December 31, 2011 the Company realized EBITDA1 of $10.1 million as compared to $15.3 million for the quarter ended January 1, 2011.

For the year ended December 31, 2011 the Company realized revenues of $1,082.1 million versus revenues of $898.3 million for the year ended January 1, 2011, a year over year increase of 20.5%. Revenues increased 11.6% excluding the impact of acquisitions.

For the year ended December 31, 2011 the Company realized earnings per diluted common share from continuing operations of $0.14 or $9.6 million, compared to $0.20 or $13.2 million for the year ended January 1, 2011. Adjusted earnings from continuing operations1 for the year ended December 31, 2011 were $20.2 million or $0.30 per diluted common share, after excluding the effect of the aforementioned write-downs of intangible and other long-lived assets and certain inventory at the Company's Purity Life Health Products and Frozen Foods operations of approximately $8.7 million after tax or $0.13 per diluted common share, as well as the effect of specific net costs of $2.0 million after tax or $0.03 per diluted common share which we believe are not reflective of normal operations, including severance, rationalization and curtailment charges. The severance, rationalization and curtailment charges were partially offset by gains realized during the year on the sale of the Company's Mexican fruit processing assets and recognition of decreased contingent consideration liabilities.

For the year ended December 31, 2011 the Company realized EBITDA1 of $52.6 million as compared to $60.8 million for the year ended January 1, 2011.

At December 31, 2011, the Company's balance sheet reflected a current ratio of 1.35 to 1.00, long-term debt to equity ratio of 0.17 to 1.00 and total debt to equity ratio of 0.54 to 1.00. At December 31, 2011 the Company had total debt outstanding of $162.0 million, an increase of $21.3 million from the period ended January 1, 2011. At December 31, 2011 the Company had total assets of $631.5 million and a net book value of $4.55 per outstanding share. 

Steve Bromley, President and Chief Executive Officer of SunOpta commented, "Our results from continuing operations reflect continued growth in the core natural and organic foods categories within which we operate, and also reflect the impact of the difficult commodity environment over the course of this past year. We have recently undertaken to streamline our operations and organization structure, addressing underperforming food based operations and targeting improved earnings predictability and return on assets. We continue to be confident in our strategy and are encouraged by the number of new initiatives and opportunities we have in the pipeline. We believe we are well positioned in the natural and organic foods sector and are confident in our future prospects."

The Company plans to host a conference call at 10:00 A.M. Eastern Time on Wednesday, March 7th, 2012 to discuss the fourth quarter and year ended December 31, 2011 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 March 7th and 14th with the toll free dial-in number 1-855-859-2056 or 404-537-3406 followed by pass code: 46853475#.

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, statements regarding our continued growth in core categories, our efforts to streamline our operations and organization structure to address underperforming food based operations, statements regarding new initiatives and opportunities we have in the pipeline, and statements regarding the expected impact of these efforts and initiatives on annual operating expenses, future cash flows and future earnings. The terms and phrases "continued", "improved", "positioned", "believe" 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 December 31, 2011 and January 1, 2011
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)
 
 Quarter ended
December 31, 2011
Quarter ended
January 1, 2011
Change
 $ $ %
       
Revenues 258,514   230,582  12.1%
      
Cost of goods sold 229,021  194,886  17.5%
      
Gross profit  29,493  35,696 -17.4%
      
Selling, general and administrative expenses 22,928  24,816 -7.6%
Intangible asset amortization 1,321  1,201 10.0%
Other expense, net  7,603  2,133 256.4%
Foreign exchange gain (65) (158) 58.9%
      
Earnings from continuing operations before the following  (2,294) 7,704 -129.8%
      
Interest expense, net 2,302  2,124 8.4%
      
Earnings from continuing operations before income taxes (4,596)  5,580 -182.4%
      
(Recovery of) provision for income taxes (519)  2,781 -118.7%
      
Earnings from continuing operations (4,077) 2,799 -245.6%
      
Discontinued operations      
(Loss) earnings from discontinued operations, net of taxes (3,362)  4 n/a
Gain on sale of discontinued operations, net of taxes -- (726) 100.0%
      
Loss from discontinued operations, net of taxes (3,362) (722) -365.7%
      
(Loss) earnings (7,439) 2,077 -458.2%
      
Earnings attributable to non-controlling interests 113 157 -28.0%
      
(Loss) earnings attributable to SunOpta Inc. (7,552) 1,920 -493.3%
      
(Loss) earnings per share - basic      
-from continuing operations (0.06)  0.04  
-from discontinued operations (0.05)  (0.01)  
  (0.11)  0.03  
       
(Loss) earnings per share - diluted      
-from continuing operations (0.06)  0.04  
-from discontinued operations (0.05)  (0.01)  
  (0.11)  0.03  
 
 
SunOpta Inc.
Consolidated Statements of Operations 
For the year ended December 31, 2011 and January 1, 2011
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)
 
 Year ended
December 31, 2011
Year ended
January 1, 2011
Change
 $ $ %
       
Revenues 1,082,076  898,309 20.5%
      
Cost of goods sold  950,345  756,818 25.6%
      
Gross profit 131,731  141,491 -6.9%
      
Selling, general and administrative expenses 92,078  95,486 -3.6%
Intangible asset amortization 5,512  4,675 17.9%
Other expense, net  5,097  10,945 -53.4%
Goodwill impairment  --  1,654 -100.0%
Foreign exchange loss (gain) 947  (1,652) 157.3%
      
Earnings from continuing operations before the following  28,097  30,383 -7.5%
      
Interest expense, net 8,839  9,749 -9.3%
      
Earnings from continuing operations before income taxes 19,258  20,634 -6.7%
      
Provision for income taxes 8,047  6,058 32.8%
      
Earnings from continuing operations 11,211  14,576 -23.1%
      
Discontinued operations       
Loss from discontinued operations, net of taxes (4,350)  (15,092) 71.2%
Gain on sale of discontinued operations, net of taxes 71  62,950 -99.9%
      
(Loss) earnings from discontinued operations, net of taxes (4,279)  47,858 -108.9%
      
Earnings 6,932  62,434 -88.9%
      
Earnings attributable to non-controlling interests 1,636  1,368 19.6%
    
Earnings attributable to SunOpta Inc. 5,296  61,066 -91.3%
      
Earnings (loss) per share — basic      
-from continuing operations 0.15  0.20  
-from discontinued operations (0.07)  0.73  
  0.08  0.94  
       
Earnings (loss) per share — diluted       
-from continuing operations 0.14  0.20  
-from discontinued operations (0.06)  0.72  
  0.08  0.92  
 
 
SunOpta Inc.
Consolidated Balance Sheets
As at December 31, 2011 and January 1, 2011
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)
 
 December 31, 2011 January 1, 2011
 $ $
     
Assets    
     
Current assets    
Cash and cash equivalents  2,378 2,335
Accounts receivable 94,177 98,777
Inventories  240,852 200,278
Prepaid expenses and other current assets 21,625 30,023
Current income taxes recoverable 1,503  --
Deferred income taxes 4,773 870
Current assets held for sale  --  424
 365,308 332,707
    
Investments  33,845  33,345
Property, plant and equipment 120,734  115,200
Goodwill  49,387  48,174
Intangible assets 48,624  60,200
Deferred income taxes 11,751  11,889
Other assets 1,854  2,930
Non-current assets held for sale  --  4,855
    
  631,503 609,300
    
Liabilities    
    
Current liabilities   
Bank indebtedness  109,718 75,910
Accounts payable and accrued liabilities 120,228 122,743
Customer and other deposits 843 2,858
Income taxes payable 1,229 973
Other current liabilities 1,419 7,674
Current portion of long-term debt  35,198 22,247
Current portion of long-term liabilities 995 493
Current liabilities held for sale  --  1,028
 269,630 233,926
    
Long-term debt  17,066  42,485
Long-term liabilities 5,586  6,596
Deferred income taxes 24,273  20,808
Non-current liabilities held for sale  --  358
  316,555 304,173
    
Equity   
SunOpta Inc. shareholders' equity   
Capital Stock  182,108 180,661
65,796,398 common shares (January 1, 2011 - 65,500,091)    
Additional paid in capital  14,134 12,336
Retained earnings 100,508 95,212
Accumulated other comprehensive income 2,382 2,833
  299,132  291,042
Non-controlling interest 15,816 14,085
Total equity 314,948  305,127
    
  631,503  609,300
 
 
SunOpta Inc.
Consolidated Statements of Cash Flows
For the quarter ended December 31, 2011 and January 1, 2011
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)
 
 Quarter ended
December 31, 2011
Quarter ended
January 1, 2011
 $ $
     
Cash provided by (used in)    
     
Operating activities   
(Loss) earnings (7,439)  2,077
Loss from discontinued operations (3,362)  (722)
(Loss) earnings from continuing operations (4,077)  2,799
    
Items not affecting cash   
Depreciation and amortization 4,839  5,492
Unrealized gain on foreign exchange (246)  (388)
Deferred income taxes (3,383)  2,627
Stock-based compensation 554  897
Loss on disposal of property, plant and equipment 39  59
Impairment of long-lived assets  7,868  89
Unrealized loss (gain) on derivative instruments 4,111  (1,831)
Other 384  616
Changes in non-cash working capital  (12,998)  (25,946)
Net cash flows from operations - continuing operations (2,909)  (15,586)
Net cash flows from operations - discontinued operations --  (566)
  (2,909)  (16,152)
Investing activities   
Acquisition of business, net of cash acquired (2,961)  (43,761)
Purchases of property, plant and equipment, net (1,999)  (6,089)
Proceeds on sale of property, plant and equipment 1,755  36
Payment of deferred purchase consideration (233)  (667)
Purchases of patents, trademarks and other intangible assets --  (262)
Other (910)  290
Cash flows from investing activities - continuing operations (4,348)  (50,453)
Cash flows from investing activities - discontinued operations --    (326)
  (4,348)  (50,779)
Financing activities   
Increase in line of credit facilities 3,317  53,453
Borrowings under long-term debt 2,913  30,125
Proceeds from the issuance of common shares 166  1,033
Repayment of long-term debt (4,545)  (36,096)
Other 114  (56)
Cash flows from financing activities - continuing operations 1,965  48,459
    
Foreign exchange gain on cash held in a foreign currency 144  167
    
Decrease in cash and cash equivalents during the period (5,148)  (18,305)
    
Discontinued operations cash activity included above:   
Add: Balance included at beginning of period --  4
Less: Balance included at end of period --  (308)
    
Cash and cash equivalents - beginning of the period 7,526  20,944
    
Cash and cash equivalents - end of the period 2,378  2,335
 
 
SunOpta Inc.
Consolidated Statements of Cash Flows
For the year ended December 31, 2011 and January 1, 2011
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)
 
 Year ended
December 31, 2011
Year ended
January 1, 2011
 $ $
     
Cash provided by (used in)    
     
Operating activities   
Earnings 6,932  62,434
(Loss) earnings from discontinued operations (4,279)  47,858
Earnings from continuing operations 11,211  14,576
    
Items not affecting cash   
Depreciation and amortization 19,447  17,842
Unrealized gain on foreign exchange (268)  (977)
Deferred income taxes 2,144  2,448
Stock-based compensation 2,090  2,764
(Gain) loss on disposal of property, plant and equipment (3,201)  59
Goodwill impairment  --  1,654
Impairment of long-lived assets  7,868  7,984
Unrealized loss (gain) on derivative instruments 839  (1,503)
Other 693  24
Changes in non-cash working capital  (44,697)  (34,594)
Net cash flows from operations - continuing operations (3,874)  10,277
Net cash flows from operations - discontinued operations (1,718)  (8,969)
  (5,592)  1,308
Investing activities   
Acquisition of business, net of cash acquired (5,461)  (43,761)
Purchases of property, plant and equipment, net (17,312)  (19,372)
Proceeds on sale of property, plant and equipment 4,528  36
Payment of deferred purchase consideration (233)  (1,388)
Purchases of patents, trademarks and other intangible assets (81)  (662)
Other (949)  328
Cash from investing activities - continuing operations (19,508)  (64,819)
Cash from investing activities - discontinued operations (308)  51,972
  (19,816)  (12,847)
Financing activities   
Increase in line of credit facilities 36,503  14,328
Borrowings under long-term debt 4,825  30,217
Proceeds from the issuance of common shares 1,155  1,883
Repayment of long-term debt (17,968)  (52,423)
Financing costs (186)  (642)
Other 916  (169)
Cash from financing activities - continuing operations 25,245  (6,806)
Foreign exchange (loss) gain on cash held in a foreign currency (102)  265
    
     
Decrease in cash and cash equivalents during the period (265)  (18,080)
    
Discontinued operations cash activity included above:   
Add: Balance included at beginning of period 308  18,971
Less: Balance included at end of period --  (308)
    
Cash and cash equivalents - beginning of the period 2,335  1,752
    
Cash and cash equivalents - end of the period 2,378  2,335
 
 
SunOpta Inc.
Segmented Information
For the quarter ended December 31, 2011 and January 1, 2011
Unaudited
(Expressed in thousands of U.S. dollars)
 
Quarter ended
December 31, 2011
    SunOpta
Foods
Opta Minerals Corporate
Services
Consolidated
    $ $ $ $
Total revenues from external customers   235,889 22,625 -- 258,514
           
Segment Operating Income (Loss)  5,295 1,361 (1,347) 5,309
           
SunOpta Foods has the following segmented reporting:
 
Quarter ended
December 31, 2011
  Grains and
Foods Group
Ingredients
Group
Fruit
Group
International
Foods Group
SunOpta
Foods
  $ $ $ $ $
Total revenues from external customers 117,224 12,991 33,977 71,697 235,889
           
Segment Operating Income (Loss) 6,851 443 (3,370) 1,371 5,295
           
 
Quarter ended
January 1, 2011
    SunOpta
Foods
Opta Minerals Corporate
Services
Consolidated
    $ $ $ $
Total revenues from external customers    209,207  21,375  --  230,582
           
Segment Operating Income (Loss)   10,890  1,529  (2,582)  9,837
           
SunOpta Foods has the following segmented reporting:
 
Quarter ended
January 1, 2011
  Grains and
Foods Group
Ingredients
Group
Fruit
Group
International
Foods Group
SunOpta
Foods
  $ $ $ $ $
Total revenues from external customers  107,832  15,431  31,336  54,608  209,207
           
Segment Operating Income (Loss)  8,813  2,850  (26)  (747)  10,890
           
(Operating Income (Loss) is defined as "Earnings before the following" excluding the impact of "Other (income) expense, net" and "Goodwill impairment")
           
           
           
SunOpta Inc.
Segmented Information
For the year ended December 31, 2011 and January 1, 2011
Unaudited
(Expressed in thousands of U.S. dollars)
 
Year ended
December 31, 2011
    SunOpta
Foods
Opta Minerals Corporate
Services
Consolidated
    $ $ $ $
Total revenues from external customers   988,956 93,120 -- 1,082,076
           
Segment Operating Income (Loss)  33,386 7,577 (7,769) 33,194
           
SunOpta Foods has the following segmented reporting:
 
Year ended
December 31, 2011
  Grains and
Foods Group
Ingredients
Group
Fruit
Group
International
Foods Group
SunOpta
Foods
  $ $ $ $ $
Total revenues from external customers 479,195 56,356 148,162 305,243 988,956
           
Segment Operating Income (Loss) 22,813 4,611 (2,853) 8,815 33,386
           
 
Year ended
January 1, 2011
    SunOpta
Foods
Opta Minerals Corporate
Services
Consolidated
    $ $ $ $
Total revenues from external customers    817,441  80,868  --  898,309
           
Segment Operating Income (Loss)   46,442  7,753  (11,213)  42,982
           
SunOpta Foods has the following segmented reporting:
 
Year ended
January 1, 2011
  Grains and
Foods Group
Ingredients
Group
Fruit
Group
International
Foods Group
SunOpta
Foods
  $ $ $ $ $
Total revenues from external customers  364,905  68,363  144,451  239,722  817,441
           
Segment Operating Income  28,003  13,172  4,095  1,172  46,442
           
(Operating Income (Loss) is defined as "Earnings before the following" excluding the impact of "Other (income) expense, net" and "Goodwill impairment")

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 (loss) from continuing operations, which the Company believes to be the most directly comparable GAAP financial measure:

     
 Quarter ended
December 31, 2011
Quarter ended
January 1, 2011
 $ $
     
(Loss) earnings from continuing operations (4,077)  2,799
    
(Recovery of) provision for income taxes (519)  2,781
Interest expense, net 2,302  2,124
Other expense, net 7,603  2,133
Operating income 5,309  9,837
Depreciation and amortization 4,839  5,492
Earnings before interest, taxes, depreciation and amortization (EBITDA) 10,148  15,329
     
     
     
 Year ended
December 31, 2011
Year ended
January 1, 2011
 $ $
     
Earnings from continuing operations 11,211  14,576
    
Provision for income taxes 8,047  6,058
Interest expense, net 8,839  9,749
Other expense, net 5,097  10,945
Goodwill impairment --  1,654
Operating income 33,194  42,982
Depreciation and amortization 19,447  17,842
Earnings before interest, taxes, depreciation and amortization (EBITDA) 52,641  60,824

The Company also reported Adjusted earnings from continuing operations and Adjusted earnings from continuing operations per diluted share for the periods presented. Adjusted earnings from continuing operations and Adjusted earnings from continuing operations per diluted share are also non-GAAP financial measures. During the quarter and year ended December 31, 2011, the Company recognized specific charges and recorded certain gains that we do not believe are reflective of normal business operations. We have adjusted the Loss attributable to SunOpta Inc. and the Loss Attributable on a per diluted share basis to exclude the effect of these charges and gains to arrive at Adjusted earnings from continuing operations and Adjusted earnings from continuing operations per diluted share. The following is a tabular presentation of Adjusted earnings from continuing operations and Adjusted earnings from continuing operations per diluted share, including a reconciliation to GAAP Loss attributable to SunOpta Inc. and GAAP Loss attributable to SunOpta Inc. on a per diluted share basis, which the Company believes to be the most directly comparable GAAP financial measures.

Following is a calculation of our Adjusted earnings from continuing operations and Adjusted earnings from continuing operations per diluted share for the quarter ended December 31, 2011.

 Quarter ended
December 31, 2011
Adjusted earnings
per diluted share
for the quarter
 $$
     
Loss attributable to SunOpta Inc. (7,552) (0.11)
Loss from discontinued operations, net of taxes 3,362 0.05
Earnings from continuing operations attributable to SunOpta Inc.  (4,190) (0.06)
   
Adjusted for:  
Write-down of intangible and other long-lived assets at Purity Life Health Products, net of taxes of $1,615 5,895  0.09
Write-down of certain inventory and long-lived assets at Frozen Foods operations, net of taxes of $1,507 2,668  0.04
Costs to curtail and/or retrofit facilities at the Ingredients Group, as well as integration costs at Lorton's, net of taxes of $602 1,066  0.02
Reduction of fair value of contingent consideration liability for Dahlgren and Edner (945) (0.01)
Adjusted earnings from continuing operations 4,494 0.07

Following is a calculation of our Adjusted earnings from continuing operations and Adjusted earnings from continuing operations per diluted share for the year ended December 31, 2011.

 Year ended
December 31, 2011
Adjusted earnings
per diluted share
for the year
 $$
     
Earnings attributable to SunOpta Inc. 5,296 0.08
Loss from discontinued operations, net of taxes 4,279 0.06
Earnings from continuing operations attributable to SunOpta Inc.  9,575 0.14
   
Adjusted for:  
Write-down of intangible and other long-lived assets at Purity Life Health Products, net of taxes of $1,615 5,895  0.09
Costs to curtail and/or retrofit facilities at the Ingredients Group, as well as integration costs at Lorton's, net of taxes of $1,103 1,952 0.03
Other severance, rationalization, de-listing and acquisition-related costs, net of taxes of $741 1,939 0.03
Write-down of certain inventory and long-lived assets at Frozen Foods operations, offset by gains on sale of Mexican processing assets, net of taxes of $859 1,235 0.02
Costs to fill expeller pressed oil contracts at a loss due to dispute with Colorado Mills, net of taxes of $486 861  0.01
Reduction of fair value of contingent consideration liability for Dahlgren and Edner (1,235) (0.02)
Adjusted earnings from continuing operations 20,222 0.30
CONTACT: SunOpta Inc.

         

         Steve Bromley, President & CEO

         Tony Tavares, Vice President & COO

         Robert McKeracher, Vice President & CFO

         John Dietrich, Vice President, Corporate Development

         Susan Wiekenkamp, Information Officer

         Tel: 905-455-2528, ext 103

         susan.wiekenkamp@sunopta.com

         Website: www.sunopta.com

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