Business
SunOpta Announces First Quarter Results
SunOpta Announces First Quarter Results.
About this update from Sunopta Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, May 8 /CNW/ - SunOpta Inc. (SunOpta or the Company)\n(Nasdaq:STKL) (TSX:SOY) today announced results for the first quarter ended\nMarch 31, 2007. All amounts are expressed in U.S. dollars.\n\n\nThe Company achieved record revenues for the three months ended March 31,\n2007, realizing its 38th consecutive quarter of increased revenue growth\nversus the same quarter in the previous year. Revenues in the quarter\nincreased by 37.6% to $183,440,000 as compared to $133,312,000 in the first\nquarter of 2006, led by a 39.4% increase in revenues within the Company's\nvertically integrated natural and organic food operations. The Company's\nrevenue growth in the quarter reflects an internal growth rate of 16.1% on a\nconsolidated basis and includes internal growth of 20.2% within the SunOpta\nFood Group.\n\n\nOperating income (1) for the quarter increased by 32.3% to $7,976,000 or\n4.3% of net revenue as compared to $6,031,000 or 4.5% of net revenue in 2006,\ndriven by solid increases in operating income within the SunOpta Grains and\nFoods Group, the SunOpta Canadian Food Distribution Group and Opta Minerals\nInc. Net earnings in the quarter were $3,850,000 or $0.063 per diluted common\nshare as compared to $3,012,000 or $0.053 per diluted common share in the\nprior year.\n\n\nThe SunOpta Food Group reported increased revenues of $166,262,000 as\ncompared to $119,271,000 in 2006, a 39.4% increase. Segment operating income\nincreased to $7,935,000 versus $6,829,000 in 2006. This increase includes\nadditional corporate cost allocations of $1,169,000. Excluding these\nallocations, segment operating income increased 33.3%. The improved segment\noperating income was driven by strong growth in packaged soymilk products, a\nrebound in sales and margins of sunflower products, revenue gains and improved\nmargins within the SunOpta Canadian Food Distribution Group, growth in global\nsourcing of fruit based products and increased sales of frozen fruits and\ningredients. During the quarter the Company's fruit bar operations realized\nsignificant revenue growth but experienced a number of transitional operations\nissues as a result of the major increase in product demand. A major capacity\nand equipment upgrade is in process with new equipment scheduled to come on\nline late in the third quarter. The SunOpta Ingredients Group experi...