Business
SunOpta Announces Third Quarter Results
SunOpta Announces Third Quarter Results.
About this update from Sunopta Inc.
[{"type":"text","content":"\n\n\n\n\nRevenue Increases 26.5% in the Quarter / Earnings Impacted by $2.1 MM\nSunflower Gross Margin Losses\n\nTORONTO, November 1 /CNW/ - SunOpta Inc. (SunOpta or the Company)\n(Nasdaq:STKL)(TSX:SOY) today announced results for the three and nine month\nperiods ended September 30, 2006. All amounts are expressed in U.S. dollars.\n\nThe Company achieved record revenues for the three months ended September\n30, 2006, realizing its 36th consecutive quarter of increased revenue growth\nversus the same quarter in the previous year. Revenues in the quarter\nincreased by 26.5% to $145,463,000 as compared to $114,950,000 in the third\nquarter of the prior year. The Company's revenue growth of 26.5% represents\nconsolidated internal growth of 15.8% and growth via acquisitions of 10.7%.\nDuring the quarter the Company's vertically integrated food operations\nrealized internal growth of 18.0%. For the nine months ended September 30,\n2006 revenues have increased 42.9% to $434,520,000 as compared to $304,031,000\nin the prior year. This increase reflects internal growth of 17.7% plus growth\nvia acquisitions of 25.2%.\n\nOperating earnings(1) for the quarter were $3,547,000 or 2.4% of revenues\nas compared to $3,862,000 or 3.4% of revenues in the previous year. This\ndecline reflects the impact of lower year over year quarterly operating\nearnings within the Company's sunflower operations of $2,425,000, including\nthe impact of the previously announced gross margin losses of $2,100,000 for\nthe write down of inventory and negative margins related to the previous\nyear's crop. Excluding the results of the sunflower business, operating\nearnings increased 54.6% versus the previous year.\n\nNet earnings in the quarter were $1,524,000 or $0.03 per diluted common\nshare as compared to $2,088,000 or $0.04 per diluted common share in the prior\nyear including the effects of the losses on sunflower. Operating earnings for\nthe nine months ended September 30, 2006 have increased 43.0% to $18,350,000,\nincluding the impact of the losses on sunflower, as compared to $12,835,000 in\nthe prior year. Net earnings in the nine months ended September 30, 2006\nincreased to $8,879,000 or $0.15 per diluted common share, as compared to\n$7,488,000 or $0.13 per diluted common share after excluding a net unusual\ngain of $4,512,000 realized in the first quar...