Business
SunOpta Announces Record Second Quarter Results; Revenues Increase 33.5% and Net Earnings Increase 55.4%
SunOpta Announces Record Second Quarter Results; Revenues Increase 33.5% and Net Earnings Increase 55.4%.
About this update from Sunopta Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, August 8 /CNW/ - SunOpta Inc. (SunOpta or the Company)\n(Nasdaq:STKL) (TSX:SOY) today announced record results for the second quarter\nended June 30, 2007. All amounts are expressed in U.S. dollars.\n\n\nThe Company achieved record revenues for the three months ended June 30,\n2007, realizing its 39th consecutive quarter of increased revenue growth\nversus the same quarter in the previous year. Revenues in the quarter\nincreased by 33.5% to $207,977,000 as compared to $155,745,000 in the second\nquarter of 2007, led by a 37.9% 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 16.2% on a\nconsolidated basis and includes internal growth of 19.4% within the SunOpta\nFood Group.\n\n\nOperating income (1) for the quarter increased to $11,402,000 as compared\nto $8,772,000 in 2006, driven by increases in segment operating income in all\ngroups within the SunOpta Food Group and led by the SunOpta Grains and Foods\nGroup and the SunOpta Distribution Group. Net earnings in the quarter were\n$6,750,000 or $0.11 per diluted common share as compared to $4,343,000 or\n$0.08 per diluted common share in the prior year.\n\n\nFor the six months ended June 30, 2007 the company has recognized record\nrevenues of $391,417,000 versus $289,057,000 in the same period of the prior\nyear, an increase of 35.4%. Net earnings for the period increased 44.1% to\n$10,600,000 or $0.17 per diluted common share as compared to $7,355,000 or\n$0.13 per diluted common share for the same period in 2006.\n\n\nIn the quarter, the SunOpta Food Group reported increased revenues of\n$189,264,000 as compared to $137,287,000 in the second quarter of 2006, a\n37.9% increase. Segment operating income increased to $11,411,000 versus\n$8,168,000 in 2006, an increase of 39.7%. This increase is after additional\ncorporate cost allocations of $1,326,000. Excluding these allocations, segment\noperating income increased 55.9%. The improved segment operating income was\ndriven by the continued rebound in sales and margins within sunflower product\noperations, strong volumes and margins in organic grains, packaged soy milk\nproducts and food ingredients, strong demand for organic frozen fruit products\nand improved margins within the Su...