SunOpta Announces Record 2012 Results

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Forward-Looking Statements

Certain statements included in this press release may be considered "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, which are based on information available to us on the date of this release. These forward-looking statements include, but are not limited to, our focus on our core natural and organic foods business and our belief that healthy eating and healthy living are key long-term global trends and we are well positioned to be a key player in these markets. The terms and phrases "continued", "improve", "will provide", "remain confident", and other similar terms and phrases are intended to identify these forward looking statements. Forward looking statements are based on information available to us on the date of this release and are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors the Company believes are appropriate in the circumstances including, but not limited to, general economic conditions, consumer interest in health and wellness, product pricing levels, current customer demand, planned facility and operational expansions, competitive intensity, cost rationalization and product development initiatives. Whether actual timing and results will agree with expectations and predications of the Company is subject to many risks and uncertainties including, but not limited to, global economic conditions, consumer spending patterns and changes in market trends, decreases in customer demand, potential failure of product development, working capital management and continuous improvement initiatives, availability and pricing of raw materials and supplies, potential covenant breaches under our credit facilities and other risks described from time to time under "Risk Factors" in the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q (available at www.sec.gov ). Consequently all forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized.

SunOpta Inc.
Consolidated Statements of Operations
For the quarter ended December 29, 2012 and December 31, 2011
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)
	Quarter ended	Quarter ended
	December 29, 2012	December 31, 2011	Change
	$	$	%
Revenues	270,089	242,322	11.5%
Cost of goods sold	241,107	215,711	11.8%
Gross profit	28,982	26,611	8.9%
Selling, general and administrative expenses	20,967	20,679	1.4%
Intangible asset amortization	1,280	983	30.2%
Other expense, net	188	55	241.8%
Foreign exchange (gain) loss	(417)	62	-772.6%
Earnings from continuing operations before the following	6,964	4,832	44.1%
Interest expense, net	1,853	2,302	-19.5%
Earnings from continuing operations before income taxes	5,111	2,530	102.0%
Provision for income taxes	632	1,021	-38.1%
Earnings from continuing operations	4,479	1,509	196.8%
Discontinued operations
Loss from discontinued operations, net of taxes	(69)	(8,948)	n/a
Gain on sale of discontinued operations, net of taxes	132	--	n/a
Gain (loss) from discontinued operations, net of taxes	63	(8,948)	100.7%
Earnings (loss)	4,542	(7,439)	161.1%
Earnings attributable to non-controlling interests	159	113	40.7%
Earnings (loss) attributable to SunOpta Inc.	4,383	(7,552)	158.0%
Earnings (loss) per share - basic
-from continuing operations	0.07	0.02
-from discontinued operations	--	(0.14)
	0.07	(0.11)
Earnings (loss) per share - diluted
-from continuing operations	0.06	0.02
-from discontinued operations	--	(0.13)
	0.07	(0.11)

SunOpta Inc.
Consolidated Statements of Operations
For the year ended December 29, 2012 and December 31, 2011
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)
	Year ended	Year ended
	December 29, 2012	December 31, 2011	Change
	$	$	%
Revenues	1,091,064	1,019,871	7.0%
Cost of goods sold	957,327	898,627	6.5%
Gross profit	133,737	121,244	10.3%
Selling, general and administrative expenses	82,878	82,176	0.9%
Intangible asset amortization	4,933	4,061	21.5%
Other expense (income), net	2,194	(2,832)	177.5%
Foreign exchange (gain) loss	(1,046)	1,238	-184.5%
Earnings from continuing operations before the following	44,778	36,601	22.3%
Interest expense, net	9,333	8,839	5.6%
Earnings from continuing operations before income taxes	35,445	27,762	27.7%
Provision for income taxes	10,934	9,896	10.5%
Earnings from continuing operations	24,511	17,866	37.2%
Discontinued operations
Earnings (loss) from discontinued operations, net of taxes	448	(11,005)	n/a
Gain on sale of discontinued operations, net of taxes	808	71	n/a
Earnings (loss) from discontinued operations, net of taxes	1,256	(10,934)	111.5%
Earnings	25,767	6,932	271.7%
Earnings attributable to non-controlling interests	1,543	1,636	-5.7%
Earnings attributable to SunOpta Inc.	24,224	5,296	357.4%
Earnings (loss) per share – basic
-from continuing operations	0.35	0.25
-from discontinued operations	0.02	(0.17)
	0.37	0.08
Earnings (loss) per share – diluted
-from continuing operations	0.34	0.24
-from discontinued operations	0.02	(0.16)
	0.36	0.08

SunOpta Inc.
Consolidated Balance Sheets
As at December 29, 2012 and December 31, 2011
Unaudited
(Expressed in thousands of U.S. dollars)
	December 29, 2012	December 31, 2011
	$	$
Assets
Current assets
Cash and cash equivalents	6,840	2,378
Restricted cash	6,595	--
Accounts receivable	113,314	88,898
Inventories	255,738	228,455
Prepaid expenses and other current assets	20,538	21,378
Current income taxes recoverable	1,814	1,503
Deferred income taxes	2,653	4,773
Current assets held for sale	--	17,923
	407,492	365,308
Investments	33,845	33,845
Property, plant and equipment	140,579	120,584
Goodwill	57,414	49,387
Intangible assets	52,885	48,035
Deferred income taxes	12,879	11,751
Other assets	2,216	1,854
Non-current assets held for sale	--	739
	707,310	631,503
Liabilities
Current liabilities
Bank indebtedness	131,061	109,718
Accounts payable and accrued liabilities	128,544	114,308
Customer and other deposits	4,734	843
Income taxes payable	4,125	1,229
Other current liabilities	2,660	1,419
Current portion of long-term debt	6,925	35,198
Current portion of long-term liabilities	1,471	995
Current liabilities held for sale	--	5,920
	279,520	269,630
Long-term debt	51,273	17,066
Long-term liabilities	5,544	5,586
Deferred income taxes	27,438	24,273
	363,775	316,555
Equity
SunOpta Inc. shareholders' equity
Capital Stock	183,027	182,108
66,007,236 common shares (December 31, 2011 - 65,796,398)
Additional paid in capital	16,855	14,134
Retained earnings	124,732	100,508
Accumulated other comprehensive income	1,537	2,382
	326,151	299,132
Non-controlling interest	17,384	15,816
Total equity	343,535	314,948
	707,310	631,503

SunOpta Inc.
Consolidated Statements of Cash Flows
For the quarter ended December 29, 2012 and December 31, 2011
Unaudited
(Expressed in thousands of U.S. dollars)
	Quarter ended	Quarter ended
	December 29, 2012	December 31, 2011
	$	$
Cash provided by (used in)
Operating activities
Earnings (loss)	4,542	(7,439)
Earnings (loss) from discontinued operations	63	(8,948)
Earnings from continuing operations	4,479	1,509
Items not affecting cash
Depreciation and amortization	5,280	4,455
Unrealized gain on foreign exchange	--	(246)
Deferred income taxes	(1,096)	(1,842)
Stock-based compensation	712	554
Impairment of long-lived assets	--	358
Unrealized loss on derivative instruments	483	4,111
Loss on sale of property, plant and equipment	51	39
Other	(2)	383
Changes in non-cash working capital	(16,917)	(12,266)
Net cash flows from operating activities - continuing operations	(7,010)	(2,945)
Net cash flows from operating activities - discontinued operations	(55)	36
	(7,065)	(2,909)
Investing activities
Acquisitions of businesses, net of cash acquired	(870)	(2,961)
Purchases of property, plant and equipment	(6,628)	(1,964)
Increase in restricted cash	(6,595)	--
Proceeds on sale of property, plant and equipment	50	1,755
Purchases of intangible assets	(47)	9
Payment of contingent consideration	(89)	(233)
Other	(352)	(919)
Net cash flows from investing activities - continuing operations	(14,531)	(4,313)
Net cash flows from investing activities - discontinued operations	--	(35)
	(14,531)	(4,348)
Financing activities
Increase under line of credit facilities	19,379	3,317
Borrowings under long-term debt	6,573	2,913
Repayment of long-term debt	(1,713)	(4,545)
Financing costs	(74)	--
Proceeds from the issuance of common shares	107	166
Other	(105)	114
Net cash flows from financing activities - continuing operations	24,167	1,965
Foreign exchange gain on cash held in a foreign currency	82	144
Increase (decrease) in cash and cash equivalents during the period	2,653	(5,148)
Discontinued operations cash activity included above:
Cash and cash equivalents - beginning of the period	4,187	7,526
Cash and cash equivalents - end of the period	6,840	2,378

SunOpta Inc.
Consolidated Statements of Cash Flows
For the year ended December 29, 2012 and December 31, 2011
Unaudited
(Expressed in thousands of U.S. dollars)
	Year ended	Year ended
	December 29, 2012	December 31, 2011
	$	$
Cash provided by (used in)
Operating activities
Earnings	25,767	6,932
Earnings (loss) from discontinued operations	1,256	(10,934)
Earnings from continuing operations	24,511	17,866
Items not affecting cash
Depreciation and amortization	20,226	17,809
Unrealized gain on foreign exchange	(169)	(268)
Deferred income taxes	1,981	3,993
Stock-based compensation	2,753	2,090
Impairment of long-lived assets	--	358
Unrealized (gain) loss on derivative instruments	(695)	839
Loss (gain) on sale of property, plant and equipment	51	(3,201)
Other	1,215	693
Changes in non-cash working capital	(18,838)	(44,169)
Net cash flows from operating activities - continuing operations	31,035	(3,990)
Net cash flows from operating activities - discontinued operations	(58)	(1,602)
	30,977	(5,592)
Investing activities
Acquisition of businesses, net of cash acquired	(30,044)	(5,461)
Purchases of property, plant and equipment	(24,251)	(17,220)
Increase in restricted cash	(6,595)	--
Proceeds on sale of property, plant and equipment	50	4,528
Purchases of intangible assets	(128)	(58)
Payment of contingent consideration	(477)	(233)
Other	(436)	(949)
Net cash flows from investing activities - continuing operations	(61,881)	(19,393)
Net cash flows from investing activities - discontinued operations	12,134	(423)
	(49,747)	(19,816)
Financing activities
Increase under line of credit facilities	65,813	36,503
Repayment of line of credit facilities	(45,296)	--
Borrowings under long-term debt	59,992	4,825
Repayment of long-term debt	(55,484)	(17,968)
Financing costs	(2,564)	(186)
Proceeds from the issuance of common shares	787	1,155
Other	(81)	916
Net cash flows from financing activities - continuing operations	23,167	25,245
Foreign exchange gain (loss) on cash held in a foreign currency	65	(102)
Increase (decrease) in cash and cash equivalents during the period	4,462	(265)
Discontinued operations cash activity included above:
Add: Balance included at beginning of period	--	308
Cash and cash equivalents - beginning of the period	2,378	2,335
Cash and cash equivalents - end of the period	6,840	2,378

SunOpta Inc.
Segmented Information
For the quarter ended December 29, 2012 and December 31, 2011
Unaudited
(Expressed in thousands of U.S. dollars)
Quarter ended
December 29, 2012
		SunOpta		Corporate
		Foods	Opta Minerals	Services	Consolidated
		$	$	$	$
Total revenues from external customers		235,964	34,125	--	270,089
Segment Operating Income (Loss)		6,488	1,884	(1,220)	7,152
SunOpta Foods has the following segmented reporting:
Quarter ended
December 29, 2012
	Grains and	Ingredients	Consumer Products	International	SunOpta
	Foods Group	Group	Group	Foods Group	Foods
	$	$	$	$	$
Total revenues from external customers	127,563	20,136	45,143	43,122	235,964
Segment Operating Income (Loss)	5,134	518	(433)	1,269	6,488
Quarter ended
December 31, 2011
		SunOpta		Corporate
		Foods	Opta Minerals	Services	Consolidated
		$	$	$	$
Total revenues from external customers		219,697	22,625	--	242,322
Segment Operating Income (Loss)		5,123	1,361	(1,597)	4,887
SunOpta Foods has the following segmented reporting:
Quarter ended
December 31, 2011
	Grains and	Ingredients	Consumer Products	International	SunOpta
	Foods Group	Group	Group	Foods Group	Foods
	$	$	$	$	$
Total revenues from external customers	117,224	19,472	39,482	43,519	219,697
Segment Operating Income (Loss)	6,851	391	(3,827)	1,708	5,123
(Segment operating income (loss) is defined as "Earnings from continuing operations before the following" excluding the impact of "Other expense (income), net".)

SunOpta Inc.
Segmented Information
For the year ended December 29, 2012 and December 31, 2011
Unaudited
(Expressed in thousands of U.S. dollars)
Year ended
December 29, 2012
		SunOpta		Corporate
		Foods	Opta Minerals	Services	Consolidated
		$	$	$	$
Total revenues from external customers		964,413	126,651	--	1,091,064
Segment Operating Income (Loss)		42,911	10,062	(6,001)	46,972
SunOpta Foods has the following segmented reporting:
Year ended
December 29, 2012
	Grains and	Ingredients	Consumer Products	International	SunOpta
	Foods Group	Group	Group	Foods Group	Foods
	$	$	$	$	$
Total revenues from external customers	524,659	82,544	181,022	176,188	964,413
Segment Operating Income (Loss)	32,796	3,464	(982)	7,633	42,911
Year ended
December 31, 2011
		SunOpta		Corporate
		Foods	Opta Minerals	Services	Consolidated
		$	$	$	$
Total revenues from external customers		926,751	93,120	--	1,019,871
Segment Operating Income (Loss)		34,958	7,577	(8,766)	33,769
SunOpta Foods has the following segmented reporting:
Year ended
December 31, 2011
	Grains and	Ingredients	Consumer Products	International	SunOpta
	Foods Group	Group	Group	Foods Group	Foods
	$	$	$	$	$
Total revenues from external customers	479,195	91,074	165,239	191,243	926,751
Segment Operating Income (Loss)	22,813	7,083	(3,978)	9,040	34,958
(Segment operating income (loss) is defined as "Earnings from continuing operations before the following" excluding the impact of "Other expense (income), net".)

¹ Non-GAAP Measures

In addition to reporting financial results in accordance with generally accepted accounting principles ("GAAP"), the Company provides information regarding Operating Income and Earnings before interest, taxes, depreciation and amortization ("EBITDA") as additional information about its operating results, which are not measures in accordance with GAAP. The Company believes that these non-GAAP measures assist investors in comparing performance across reporting periods on a consistent basis by excluding items that are not indicative of the Company's core operating performance. The non-GAAP measures of operating income and EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. 

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