Business
SunOpta Announces Second Quarter Results; Second Quarter Revenue Exceeds $150 Million for the First Time
SunOpta Announces Second Quarter Results; Second Quarter Revenue Exceeds $150 Million for the First Time.
About this update from Sunopta Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, August 2 /CNW/ - SunOpta Inc. (SunOpta or the Company)\n(Nasdaq:STKL) (TSX:SOY) today announced results for the three and six month\nperiods ended June 30, 2006. All amounts are expressed in U.S. dollars.\nThe Company achieved record revenues for the three months ended June 30,\n2006, realizing its 35th consecutive quarter of increased revenue growth\nversus the same quarter in the previous year. Revenues in the quarter\nincreased by 51.4% to $155,745,000 as compared to $102,858,000 in the second\nquarter of the prior year, led by a 48.3% increase in revenues within the\nCompany's vertically integrated natural, organic and specialty foods\noperations. The Company's revenue growth in the quarter reflects an internal\ngrowth rate of 19.3%, and growth via acquisitions of 32.1%.\nOperating earnings(1) for the quarter increased by 54.1% to $8,772,000 or\n5.6% of revenues as compared to $5,693,000 or 5.5% of revenues in the previous\nyear, driven by a 61.6% increase in operating earnings within the SunOpta Food\nGroup. Net earnings in the quarter were $4,343,000 or $0.08 per diluted common\nshare as compared to $3,307,000 or $0.06 per diluted common share in the prior\nyear. Operating earnings for the six months ended June 30, 2006 increased 65%\nto $14,803,000 as compared to $8,973,000 in the prior year. Net earnings in\nthe six months ended June 30, 2006 increased to $7,355,000 or $0.13 per\ndiluted common share, a 35.8% increase compared to $5,400,000 or $0.10 per\ndiluted common share after excluding a net unusual gain of $4,512,000 realized\nin the first quarter of 2005 mainly related to the initial public offering of\nOpta Minerals Inc..\nIn the second quarter, and on a year to date basis, the SunOpta Food\nGroup reported increased revenues and operating earnings, when compared to\n2005. In the second quarter revenues increased 48.3% while operating earnings\nincreased 61.6%. On a year to date basis revenues increased 50.2% and\noperating earnings increased 78.6%. The improved operating earnings for the\nsecond quarter and first half were driven by strong aseptic packaged product\nrevenues, the rebound in sales of oat fiber and addition of soy fiber, growth\nin organic private label fruit and tomato based products and revenue and cost\nimprovements in the Canadian distribution operations. The SunOpta Grains an...