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SunOpta Announces Second Quarter 2013 Results

August 07,2013

TORONTO, Aug. 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 second quarter ended June 29, 2013. All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.

Second Quarter 2013 Highlights:

  • Record second quarter revenues of $311.2 million, an increase of 10.2% versus the 2012 second quarter
  • Operating income¹of $13.3 million, or 4.3% of revenues
  • EBITDA¹ of $18.7 million, or 6.0% of revenues
  • Adjusted earnings from continuing operations1 of $6.5 million, or $0.10 per diluted common share
  • GAAP loss per diluted common share from continuing operations of $0.23 or $15.0 million, after accounting for non-cash impairment charge of non-core investment in Mascoma Corporation

Year-to-date 2013 Highlights:

  • Record year-to-date revenues of $594.0 million, an increase of 9.7% versus the prior year
  • Operating income¹of $24.0 million, or 4.0% of revenues
  • EBITDA¹ of $34.8 million, or 5.9% of revenues
  • Adjusted earnings from continuing operations1 of $11.7 million, or $0.17 per diluted common share
  • GAAP loss per diluted common share from continuing operations of $0.15 or $9.8 million, after accounting for non-cash impairment charge of non-core investment in Mascoma Corporation

"We are pleased with our record revenues for the quarter and year-to-date periods, combined with the continued momentum in our core natural and organic foods business. There is no doubt that interest in healthy eating continues to grow and we believe we are well positioned to capitalize on future growth as consumers around the world increase their interest in healthy eating and healthy living," commented Steve Bromley, Chief Executive Officer. "We continued to see strong growth in our value added product offerings during the quarter, and with a number of our expansion projects now coming on line, we look forward to realizing the benefits of these expansions. As we anticipated, our margins in the quarter were impacted by crop quality associated with the poor growing conditions experienced in 2012 and cyclical weakness in the steel and infrastructure segments within our non-core holding, Opta Minerals. As we look 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."

Second Quarter 2013 Results

Revenues increased 10.2% to a record $311.2 million as compared to $282.3 million in the second 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 a number of factors including commodity, currency and product rationalizations, revenues in SunOpta Foods increased approximately 7.2% versus the prior year and consolidated revenues increased approximately 5.7%.

Operating income¹for the second quarter was $13.3 million, or 4.3% of revenues, as compared to $14.3 million, or 5.1% of revenues in 2012. Operating earnings were driven by solid results across the Company's grains, feed, international ingredients and consumer products operations, offset by the effect of the 2012 drought on sunflower processing yields and by-product values, and Opta Minerals which continued to face cyclical weakness in both the steel and infrastructure sectors and the cost of integrating recent acquisitions.

For the quarter ended June 29, 2013 the Company incurred a loss from continuing operations of $15.0 million or $0.23 per diluted common share, compared to earnings from continuing operations of $7.3 million or $0.11 per diluted common share for the second quarter of 2012. Included in the results for the second quarter is a non-cash charge of approximately $21.5 million after tax, or $0.32 per diluted common share, representing a 64% write-down of the carrying value of the Company's non-core investment in Mascoma Corporation. In assessing the fair value the Company considered a number of factors including the values of comparable public companies in the renewable energy space, which have experienced declines in value that no longer appear to be of a temporary nature. The Company's investment in Mascoma was established in the third quarter of 2010 following the sale of SunOpta BioProcess Inc. in return for a minority equity stake in Mascoma. At that time, a non-cash gain on sale was recognized and adjusted earnings were reported to remove the effect of the gain.

Excluding the Mascoma impairment charge, adjusted earnings from continuing operations1 in the second quarter of 2013 were $6.5 million or $0.10 per diluted common share. In addition, earnings for the second quarter include the impact of approximately $1.7 million in pre-tax severance, acquisition and start-up costs, or approximately $1.0 million after-tax and minority interest.

For the second quarter of 2013 EBITDA¹was $18.7 million as compared to $19.4 million during the second quarter of 2012.

Year-to-date 2013 Results

Revenues increased 9.7% to a record $594.0 million as compared to $541.6 million in the first half 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 a number of factors including commodity, currency and product rationalizations, revenues in SunOpta Foods have increased approximately 7.4% versus the prior year and consolidated revenues increased approximately 5.9%.

Operating income¹for the first half of 2013 was $24.0 million, or 4.0% of revenues, as compared to $27.1 million, or 5.0% of revenues in the first half of 2012. Operating earnings were driven by solid results across the Company's grains, feed, and consumer products operations, offset by the effect the factors previously noted in the sunflower operations and Opta Minerals.

For the first half of 2013 the Company incurred a loss from continuing operations of $9.8 million or $0.15 per diluted common share, compared to earnings from continuing operations of $13.0 million or $0.19 per diluted common share for the first half of 2012. Included in the results for the first half of 2013 was the non-cash charge of approximately $21.5 million after tax or $0.32 per diluted common share, reflecting the write-down of the Company's investment in Mascoma. After adjusting for this item, adjusted earnings from continuing operations1 in the first half of 2013 were $11.7 million or $0.17 per diluted common share. Earnings for the first half of 2013 include the impact of approximately $2.9 million in pre-tax severance, acquisition and start-up costs, or approximately $1.7 million after-tax and minority interest.

For the first half of 2013 EBITDA¹was $34.8 million as compared to $36.9 million during the first half of 2012.

Balance Sheet

The Company's balance sheet remains strong and at June 29, 2013 reflected a current ratio of 1.46 to 1.00 and a net debt to equity ratio of 0.57 to 1.00. At June 29, 2013, the Company had total debt outstanding of $195.5 million, net debt of $182.5 million, total assets of $694.9 million, shareholders' equity of $318.3 million and a net book value of $4.80 per outstanding share.

Conference Call Information

The Company plans to host a conference call at 10:00 A.M. Eastern Time on Thursday, August 8, 2013 to discuss the results for the second 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.

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 belief that we are well positioned to capitalize on future growth as consumers around the world increase their interest in healthy eating and healthy living and that 2013 will be another successful year. The terms and phrases "believe", "look forward" and "continued", " 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, 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 quarter ended June 29, 2013 and June 30, 2012
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)
       
 Quarter ended Quarter ended  
 June 29, 2013 June 30, 2012 Change
 $ $ %
       
Revenues 311,170   282,308  10.2%
       
Cost of goods sold 274,187   245,220  11.8%
       
Gross profit  36,983   37,088  -0.3%
       
Selling, general and administrative expenses 22,839   22,086  3.4%
Intangible asset amortization 1,200   1,235  -2.8%
Other expense, net  647   1,378  -53.0%
Foreign exchange gain(356) (581) 38.7%
       
Earnings from continuing operations before the following 12,653  12,970  -2.4%
       
Interest expense, net 2,238   2,558  -12.5%
Impairment loss on investment 21,495   --  n/m
       
Earnings (loss) from continuing operations before income taxes(11,080) 10,412  -206.4%
       
Provision for income taxes3,958   2,769  42.9%
       
Earnings (loss) from continuing operations(15,038) 7,643  -296.8%
       
Discontinued operations       
Earnings (loss) from discontinued operations, net of taxes(302)  214  -241.1%
Gain on sale of discontinued operations, net of taxes --   676  n/m
       
Earnings (loss) from discontinued operations, net of taxes(302) 890  -133.9%
       
Earnings (loss)(15,340) 8,533  -279.8%
       
Earnings (loss) attributable to non-controlling interests(59) 388  -115.2%
       
Earnings (loss) attributable to SunOpta Inc.(15,281) 8,145  -287.6%
       
Earnings (loss) per share - basic       
 -from continuing operations(0.23)  0.11  
 -from discontinued operations --  0.01   
 (0.23) 0.12  
       
Earnings (loss) per share — diluted      
 -from continuing operations(0.23)  0.11  
 -from discontinued operations --  0.01   
 (0.23) 0.12  
       
       
SunOpta Inc.
Consolidated Statements of Operations 
For the two quarters ended June 29, 2013 and June 30, 2012
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)
       
 Two quarters ended Two quarters ended  
 June 29, 2013 June 30, 2012 Change
 $ $ %
      
Revenues 593,995   541,636  9.7%
     
Cost of goods sold  522,762   470,062  11.2%
     
Gross profit 71,233   71,574  -0.5%
     
Selling, general and administrative expenses 45,750   42,516  7.6%
Intangible asset amortization 2,448   2,428  0.8%
Other expense, net  1,012   1,742  -41.9%
Foreign exchange gain(941) (499) -88.6%
     
Earnings from continuing operations before the following  22,964   25,387  -9.5%
     
Interest expense, net 3,928   5,141  -23.6%
Impairment loss on investment 21,495   --  n/m
     
Earnings (loss) from continuing operations before income taxes(2,459) 20,246  -112.1%
     
Provision for income taxes 7,233  6,355  13.8%
     
Earnings (loss) from continuing operations(9,692) 13,891  -169.8%
     
Discontinued operations      
Earnings (loss) from discontinued operations, net of taxes(360)  405  -188.9%
Gain on sale of discontinued operations, net of taxes --  676  n/m
     
Earnings (loss) from discontinued operations, net of taxes(360) 1,081  -133.3%
     
Earnings (loss)(10,052) 14,972  -167.1%
     
Earnings attributable to non-controlling interests104  935  -88.9%
    
Earnings (loss) attributable to SunOpta Inc.(10,156) 14,037  -172.4%
     
Earnings (loss) per share — basic     
-from continuing operations(0.15) 0.20   
-from discontinued operations(0.01) 0.02   
 (0.15) 0.21   
      
Earnings (loss) per share — diluted      
-from continuing operations(0.15) 0.19   
-from discontinued operations(0.01) 0.02   
 (0.15) 0.21   
      
     
SunOpta Inc.
Consolidated Balance Sheets
As at June 29, 2013 and December 29, 2012
Unaudited
(Expressed in thousands of U.S. dollars)
     
 June 29, 2013 December 29, 2012
 $ $
     
ASSETS    
     
Current assets    
Cash and cash equivalents  6,460  6,840 
Restricted cash 6,495   6,595 
Accounts receivable 120,680  113,314 
Inventories  249,407  255,738 
Prepaid expenses and other current assets 19,862  20,538 
Current income taxes recoverable 676   1,814 
Deferred income taxes 3,178  2,653 
 406,758  407,492 
     
Investment  12,350   33,845 
Property, plant and equipment 155,141   140,579 
Goodwill  57,022   57,414 
Intangible assets 49,788   52,885 
Deferred income taxes12,565   12,879 
Other assets 1,234   2,216 
     
 694,858 707,310 
     
LIABILITIES    
     
Current liabilities    
Bank indebtedness  142,977  131,061 
Accounts payable and accrued liabilities 113,459  128,544 
Customer and other deposits9,127  4,734 
Income taxes payable3,358  4,125 
Other current liabilities 2,873  2,660 
Current portion of long-term debt  6,393  6,925 
Current portion of long-term liabilities 689  1,471 
 278,876  279,520 
     
Long-term debt  46,122   51,273 
Long-term liabilities 4,949   5,544 
Deferred income taxes 28,944   27,438 
 358,891  363,775 
     
     
EQUITY    
SunOpta Inc. shareholders' equity    
Capital Stock  184,742  183,027 
66,305,459 common shares (December 29, 2012 - 66,007,236)    
Additional paid in capital  17,912  16,855 
Retained earnings 114,576  124,732 
Accumulated other comprehensive income 1,057  1,537 
  318,287   326,151 
Non-controlling interests 17,680  17,384 
Total equity 335,967   343,535 
     
 694,858  707,310 
     
     
SunOpta Inc.
Consolidated Statements of Cash Flows
For the quarter ended June 29, 2013 and June 30, 2012
Unaudited
(Expressed in thousands of U.S. dollars)
     
 Quarter ended Quarter ended
 June 29, 2013 June 30, 2012
 $ $
     
Cash provided by (used in)    
     
Operating activities    
Earnings (loss)(15,340)  8,533 
Earnings (loss) from discontinued operations(302)  890 
Earnings (loss) from continuing operations(15,038)  7,643 
     
Items not affecting cash    
Depreciation and amortization 5,429   5,018 
Deferred income taxes 564   1,630 
Stock-based compensation 856   740 
Unrealized loss on derivative instruments199   1,215 
Impairment loss on investment 21,495   -- 
Other(219)  173 
Changes in non-cash working capital, net of businesses acquired15,191  12,547 
Net cash flows from operations - continuing operations 28,477  28,966 
Net cash flows from operations - discontinued operations(4,570) (168)
  23,907   28,798 
Investing activities    
Purchases of property, plant and equipment, net(14,083) (6,995)
Payment of contingent consideration(1,074) (327)
Other(341) (129)
Net cash flows from investing activities - continuing operations(15,498) (7,451)
Net cash flows from investing activities - discontinued operations --   12,147 
 (15,498)  4,696 
Financing activities    
Decrease in line of credit facilities(7,857) (29,534)
Borrowings under long-term debt 112   285 
Repayment of long-term debt(1,601) (3,793)
Financing costs(9) (1,084)
Proceeds from the issuance of common shares 567   266 
Other 20  (26)
Net cash flows from financing activities - continuing operations(8,768) (33,886)
     
Foreign exchange gain (loss) on cash held in a foreign currency 110  (90)
     
Decrease in cash and cash equivalents during the period(249) (482)
     
     
Cash and cash equivalents - beginning of the period 6,709   3,729 
     
Cash and cash equivalents - end of the period 6,460   3,247 
     
     
SunOpta Inc.
Consolidated Statements of Cash Flows
For the two quarters ended June 29, 2013 and June 30, 2012
Unaudited
(Expressed in thousands of U.S. dollars)
     
 Two quarters ended Two quarters ended
 June 29, 2013 June 30, 2012
 $ $
     
Cash provided by (used in)    
     
Operating activities    
Earnings (loss)(10,052)  14,972 
Earnings (loss) from discontinued operations(360)  1,081 
Earnings (loss) from continuing operations(9,692)  13,891 
     
Items not affecting cash    
Depreciation and amortization 10,849   9,791 
Deferred income taxes 1,505   3,716 
Stock-based compensation 1,541   1,328 
Unrealized loss on derivative instruments942   1,897 
Impairment loss on investment 21,495   -- 
Other 103   616 
Changes in non-cash working capital, net of businesses acquired(4,985) (9,383)
Net cash flows from operations - continuing operations 21,758   21,856 
Net cash flows from operations - discontinued operations(4,608) (316)
  17,150   21,540 
Investing activities    
Acquisitions of businesses, net of cash acquired(3,828) (17,530)
Purchases of property, plant and equipment(21,976) (11,914)
Payment of contingent consideration(1,074) (327)
Other(838) (231)
Net cash flows from investing activities - continuing operations(27,716) (30,002)
Net cash flows from investing activities - discontinued operations --   12,134 
 (27,716) (17,868)
Financing activities    
Increase (decrease) in line of credit facilities 12,782  (10,526)
Borrowings under long-term debt 344   19,373 
Repayment of long-term debt(4,020) (10,823)
Financing costs(23) (1,175)
Proceeds from the issuance of common shares 1,231   423 
Other(25) (29)
Net cash flows from financing activities - continuing operations 10,289  (2,757)
     
Foreign exchange loss on cash held in a foreign currency(103) (46)
     
     
Increase (decrease) in cash and cash equivalents during the period(380)  869 
     
     
Cash and cash equivalents - beginning of the period 6,840   2,378 
     
Cash and cash equivalents - end of the period 6,460   3,247 
     
           
SunOpta Inc.
Segmented Information
For the quarter ended June 29, 2013 and June 30, 2012
Unaudited
(Expressed in thousands of U.S. dollars)
 
Quarter ended
June 29, 2013
    SunOpta   Corporate  
    Foods Opta Minerals Services Consolidated
    $ $ $ $
Total revenues from         
external customers  273,708  37,462  --  311,170 
           
Segment operating income (loss)  14,284  903 (1,887) 13,300 
           
SunOpta Foods has the following segmented reporting:
 
Quarter ended
June 29, 2013
  Grains and   Consumer International SunOpta
  Foods Ingredients Products Foods Foods
  $ $ $ $ $
Total revenues from         
external customers 144,951  21,975  53,725  53,057  273,708 
           
Segment operating income 9,531  950  2,055  1,748  14,284 
           
 
Quarter ended
June 30, 2012
    SunOpta   Corporate  
    Foods Opta Minerals Services Consolidated
    $ $ $ $
Total revenues from         
external customers   251,094   31,214   --   282,308 
           
Segment operating income (loss)   14,035   1,817  (1,504)  14,348 
           
SunOpta Foods has the following segmented reporting:
 
Quarter ended
June 30, 2012
  Grains and   Consumer International SunOpta
  Foods Ingredients Products Foods Foods
  $ $ $ $ $
Total revenues from         
external customers  136,004   20,486   49,091   45,513   251,094 
           
Segment operating income  10,496   839   170   2,530   14,035 
           
(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 two quarters ended June 29, 2013 and June 30, 2012
Unaudited
(Expressed in thousands of U.S. dollars)
 
Two quarters ended
June 29, 2013
    SunOpta   Corporate  
    Foods Opta Minerals Services Consolidated
    $ $ $ $
Total revenues from         
external customers  520,308  73,687  --  593,995 
           
Segment operating income (loss)  23,908  3,366 (3,298) 23,976 
           
SunOpta Foods has the following segmented reporting:
 
Two quarters ended
June 29, 2013
  Grains and   Consumer International SunOpta
  Foods Ingredients Products Foods Foods
  $ $ $ $ $
Total revenues from         
external customers 275,404  43,496  100,276  101,132  520,308 
           
Segment operating income 17,024  1,952  1,880  3,052  23,908 
 
Two quarters ended
June 30, 2012
    SunOpta   Corporate  
    Foods Opta Minerals Services Consolidated
    $ $ $ $
Total revenues from         
external customers   482,090   59,546   --   541,636 
           
Segment operating income (loss)   25,588   4,898  (3,357)  27,129 
           
SunOpta Foods has the following segmented reporting:
 
Two quarters ended
June 30, 2012
  Grains and   Consumer International SunOpta
  Foods Ingredients Products Foods Foods
  $ $ $ $ $
Total revenues from         
external customers  257,179   42,135   94,243   88,533   482,090 
           
Segment operating income (loss)  18,882   2,068  (5)  4,643   25,588 
           
(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, 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
 June 29, 2013 June 30, 2012
 $ $
     
Earnings (loss) from continuing operations(15,038)  7,643 
    
Provision for income taxes 3,958   2,769 
Interest expense, net 2,238   2,558 
Other expense, net 647   1,378 
Impairment loss on investment 21,495   -- 
Operating income 13,300   14,348 
Depreciation and amortization 5,429   5,018 
Earnings before interest, taxes, depreciation and amortization (EBITDA) 18,729   19,366 
     
     
 Two quarters ended Two quarters ended
 June 29, 2013 June 30, 2012
 $ $
     
Earnings (loss) from continuing operations(9,692)  13,891 
    
Provision for income taxes 7,233   6,355 
Interest expense, net 3,928   5,141 
Other expense, net 1,012   1,742 
Impairment loss on investment 21,495   -- 
Operating income 23,976   27,129 
Depreciation and amortization 10,849   9,791 
Earnings before interest, taxes, depreciation and amortization (EBITDA) 34,825   36,920 
     

The Company also reported Adjusted earnings from continuing operations and Adjusted earnings from continuing operations per diluted share for the quarter and two quarters ended June 29, 2013. Adjusted earnings from continuing operations and Adjusted earnings from continuing operations per diluted share are also non-GAAP financial measures.  During the quarter and two quarters ended June 29, 2012, the Company recognized specific charges that we do not believe are reflective of normal business operations. We have excluded the impairment loss on our investment in Mascoma 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 and two quarters ended June 29, 2013.

     
   Adjusted earnings
 Quarter endedper diluted share
 June 29, 2013for the quarter
 $$
     
Loss attributable to SunOpta Inc.(15,281)(0.23)
Loss from discontinued operations, net of taxes(302) -- 
Loss from continuing operations attributable to SunOpta Inc. (14,979)(0.23)
   
Adjusted for:   
Impairment loss on Mascoma investment 21,495  0.32 
    
Adjusted earnings from continuing operations 6,516  0.10 
     
     Adjusted earnings
 Two quarters ended per diluted share
 June 29, 2013for the two quarters
 $$
     
Loss attributable to SunOpta Inc.(10,156)(0.15)
Loss from discontinued operations, net of taxes(360)(0.01)
Loss from continuing operations attributable to SunOpta Inc. (9,796)(0.15)
   
Adjusted for:   
Impairment loss on Mascoma investment  21,495  0.32 
     
Adjusted earnings from continuing operations 11,699  0.17 
     
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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