Operating income 1 increased approximately 46% to $7.2 million, or 2.6% of revenues for the fourth quarter of 2012 as compared to $4.9 million, or 2.0% of revenues in 2011. This increase was due to a significant improvement in operating income in the Consumer Products Group versus the prior year as a result of a decrease in rationalization costs in the Frozen Foods operations and leveraged selling, general and administrative costs due in part to streamlining and rationalizations completed over the past year.

Earnings for the fourth quarter of 2012 were $4.4 million, or $0.07 per diluted common share, as compared to a loss of $7.6 million, or $0.11 per diluted common share, for the fourth quarter of 2011. Excluding discontinued operations, earnings during the fourth quarter of 2012 were $4.3 million or $0.06 per diluted common share, versus $1.4 million or $0.02 per diluted common share during the fourth quarter of 2011. Fourth quarter 2012 earnings include the impact of approximately $1.2 million in pre-tax severance, acquisition, start-up costs ($0.6 million after-tax and minority interest), offset by approximately $0.6 million in tax adjustments that lowered the Company's effective tax rate.

For the fourth quarter of 2012 EBITDA 1 increased 33% to $12.4 million as compared to $9.3 million during the fourth quarter of 2011.

Fiscal 2012 Results

For fiscal 2012 revenues increased 7% to $1.091 billion versus revenues of $1.020 billion in 2011. Excluding the impact of changes including foreign exchange rates, commodity-related pricing, acquisitions and rationalized product lines, revenues increased approximately 6% on a consolidated basis. The increase in consolidated revenues in 2012 was driven by strong growth within integrated packaged food product categories and the benefit of increased prices and higher volume of sales of raw grains in SunOpta Foods, as well as higher sales within Opta Minerals as a result of recent acquisitions. These increases were partially offset by the effect of lower fiber and fruit ingredient sales and decreased revenues in the Company's European organic ingredients operation.

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