SunOpta Inc. ("SunOpta") (NASDAQ:STKL) (TSX:SOY), a leading global company focused on organic, non-genetically modified and specialty foods, today announced financial results for the fourth quarter and fiscal year ended December 31, 2016.

"Significant progress has been made identifying the immediate strategic actions that support our Value Creation Plan," said David Colo, President and Chief Executive Officer. "We have worked diligently evaluating all aspects of the business, defining initial actions and building the team and processes to execute our strategic plan to drive long-term shareholder value. As we implement the four pillars of our strategic plan, we will refine our product portfolio, improve execution, broaden our sales effort and build a sustainable platform for profitable growth. We believe SunOpta is well positioned to benefit from the growing trend for healthier foods and we are building the platform for long-term achievement of our strategic goals and increased returns for shareholders."

Colo continued, "Fourth quarter results were below our expectations, driven by the exit of non-core business lines, impairment charges, and sales softness in beverage and fruit that also impacted production volumes. We believe these results are not in any way reflective of the true earnings power of our Company. Through our Value Creation Plan, we are taking aggressive action to improve our operating performance and deliver improved results in 2017 and beyond."

All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.

Fourth Quarter 2016 Highlights:
  • Revenues of $297.5 million for the fourth quarter of 2016, versus $316.4 million in the fourth quarter of 2015, a decrease of 6.0% versus the prior year period.
  • Loss from continuing operations of $33.5 million or $0.41 per diluted common share in the fourth quarter of 2016, compared to a loss from continuing operations of $13.6 million or $0.16 per diluted common share in the fourth quarter of 2015.
  • Adjusted loss 1 of $7.3 million or $0.08 per diluted common share during the fourth quarter of 2016, compared to adjusted earnings of $2.4 million or $0.03 per diluted common share during the fourth quarter of 2015.
  • Adjusted EBITDA¹ of $9.4 million or 3.2% of revenues for the fourth quarter of 2016, versus $18.2 million or 5.8% of revenues in the fourth quarter of 2015.

Fiscal 2016 Highlights
  • Revenues of $1,346.7 million for fiscal 2016, versus $1,145.1 million in fiscal 2015, an increase of 17.6%.
  • Loss from continuing operations of $50.6 million or $0.61 per diluted common share, compared to loss from continuing operations of $3.0 million or $0.04 per diluted common share during the same period in 2015.
  • Adjusted earnings 1 per diluted common share were $5.8 million or $0.07 per diluted common share for fiscal 2016, compared to $19.0 million or $0.26 per diluted common share during fiscal 2015.
  • Adjusted EBITDA¹ of $81.7 million, or 6.1% of revenues for the full year, versus $62.2 million, or 5.4% of revenues in the same period of 2015.

Recent Board of Directors and Senior Management Enhancements Highlighted

The Company has made significant progress enhancing corporate governance and the senior management team. On January 23, 2017, the Company announced that veteran industry executive Gregg Tanner joined the Board of Directors. Additionally, on February 6, 2017, the Company announced the appointment of David Colo as President and Chief Executive Officer. The Company has also named Colin Smith to the position of Chief Operating Officer for the Consumer Products segment.

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