Business
SunOpta Announces Second Quarter 2010 Results
SunOpta Announces Second Quarter 2010 Results
About this update from Sunopta Inc.
[{"type":"text","content":"\nSunOpta Announces Second Quarter 2010 Results\n\n\n Aug. 12, 2010 (Newsfile Corp.) -- Toronto, Ontario--(August 10, 2010) - 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 July 3, 2010. All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted. Please note that as a result of the June 2010 sale of the Company’s Food Distribution assets, all results from operations related to this business have been excluded from operating results and are now reported as discontinued operations for all comparable periods. For the second quarter of 2010 the Company realized revenues of $235.9 million versus second quarter 2009 revenues of $216.1 million, a year over year increase of 9.2% . Revenues in SunOpta Foods were $212.7 million, an increase of 5.5% versus the second quarter of 2009. After adjusting for movements in foreign exchange rates and commodity prices, revenues in SunOpta Foods increased approximately 6.9% versus the second quarter of 2009, reflecting continued momentum in the natural and organic foods sector. All operating segments realized increased revenues and operating income1 year over year. For the second quarter of 2010 the Company reported net income on a GAAP basis of $20.5 million or $0.31 per diluted common share versus net income in the second quarter of 2009 of $1.8 million or $0.03 per diluted common share. Included in the results of the second quarter was a gain on the sale of the Canadian Food Distribution assets of $13.8 million or $0.21 per diluted common share. Earnings from operations1 for the second quarter of 2010 were $6.7 million or $0.10 per diluted common share. Earnings from operations1 for the second quarter include additional pre-tax costs of approximately $1.3 million, including legal and professional fees and costs related to ongoing facility and operational rationalizations. Operating income1 increased to $11.8 million or 5.0% of revenues versus operating income1 in the prior year of $4.6 million or 2.1% of revenues. Operating income1 in SunOpta Foods increased to $12.8 million or 6.0% of revenues versus $6.8 million or 3.4...