SunOpta Inc. Announces Fiscal 2010 And Fourth Quarter 2010 Results

TORONTO, March 8, 2011 (GLOBE NEWSWIRE) -- 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 fourth quarter and fiscal year ended January 1, 2011 ("fiscal 2010"). All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.

RESULTS FOR THE FISCAL YEAR ENDED JANUARY 1, 2011

For fiscal 2010 the Company realized revenues of $898.9 million versus revenues of $819.0 million in 2009, a year over year increase of 9.8%. After adjusting for movements in foreign exchange rates, commodity related pricing and the impact of acquisitions, revenues increased approximately 10.6% on a consolidated basis.

For fiscal 2010, the Company realized operating income ¹ of $41.4 million or 4.6% of revenues versus operating income ¹ in the prior year of $12.2 million or 1.5% of revenues. During fiscal 2010, all operating segments realized increased revenues and operating income ¹ versus the prior year.

On a GAAP basis, the Company realized net income of $61.1 million or $0.92 per diluted common share in fiscal 2010 versus a net loss in 2009 of $6.8 million or $0.10 per diluted common share.   Included in the 2010 results was a net gain after tax on the sale of the Canadian Food Distribution assets of $11.9 million or $0.18 per diluted common share and a net gain after tax on the sale of SunOpta BioProcess Inc. of $34.9 million or $0.53 per diluted common share, offset by certain non-cash goodwill, impairment charges and other items of $6.9 million after tax or $0.11 per diluted common share.

Adjusted earnings from operations ¹ in fiscal 2010 were $21.2 million or $0.32 per diluted common share. Absorbed in these results were additional pre-tax costs of approximately $5.0 million, including legal and professional fees and costs related to ongoing facility and operational rationalizations which are not expected to recur. 

The Company realized EBITDA ¹ in fiscal 2010 of $59.2 million as compared to $29.2 million in the prior year, an increase of approximately 103%.

For the fourth quarter of 2010 the Company realized revenues of $230.4 million versus fourth quarter 2009 revenues of $199.3 million, a year over year increase of 15.6%. After adjusting for movements in foreign exchange rates, commodity related pricing and the impact of acquisitions, revenue increased approximately 10.6% on a consolidated basis.