SunOpta Announces Record 2012 Results

Toronto, Ontario--(Newsfile Corp. - March 5, 2013) - SunOpta Inc. ("SunOpta" or the "Company") (NASDAQ: STKL) (TSX: SOY), a leading global company focused on natural, organic and specialty foods, today announced financial results for the year ended December 29, 2012. All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.

Fourth Quarter 2012 Highlights:

  • Record revenues of $270.1 million, an increase of approximately 12% versus 2011
  • Operating income of $7.2 million, an increase of 46% versus 2011
  • Record fourth quarter earnings of $4.4 million versus a loss of $7.6 million in 2011
  • Earnings per diluted common share of $0.07 versus a loss of $0.11 in 2011

Fiscal 2012 Highlights:

  • Record revenues of $1.091 billion, an increase of approximately 7% versus 2011
  • Operating income of $47.0 million, an increase of 39% versus 2011
  • Record earnings of $24.2 million, an increase of 357% versus 2011
  • Earnings per diluted common share increased to a record $0.36 versus $0.08 in 2011

"We are pleased with our fiscal 2012 financial results which reflect both record revenues and earnings. We continue to execute on our core strategies focused on growing our value-added packaged foods and ingredients portfolio, and leveraging our integrated platform," commented Steve Bromley, Chief Executive Officer. "While our results improved significantly in fiscal 2012, we will continue to develop our global integrated natural and organic foods platform in support of our established operating targets. We continue to believe that healthy eating and healthy living are key long-term global trends and further believe that we are well positioned to be a key player in these markets."

Fourth Quarter 2012 Results

Revenues for the fourth quarter increased approximately 12% to $270.1 million as compared to $242.3 million in the fourth quarter of 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 versus the prior year. The increase in consolidated revenues in the fourth quarter was driven by strong growth across integrated packaged food product categories within SunOpta Foods, particularly in the areas of packaged aseptic non-dairy beverages and pouch products, as well as higher sales within Opta Minerals Inc. as a result of recent acquisitions.

Operating income1 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 EBITDA1 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.

Operating income1 for fiscal 2012 increased 39% to $47.0 million or 4.3% of revenues, versus $33.8 million, or 3.3% of revenues in the prior year. This increase was primarily due to improved operating income in the Grains and Foods Group, Consumer Products Group and Opta Minerals versus the prior year.

For fiscal 2012, earnings increased 357% to $24.2 million, or $0.36 per diluted common share, as compared to earnings of $5.3 million, or $0.08 per diluted common share in 2011. Excluding discontinued operations, earnings were $23.0 million or $0.34 per diluted common share, versus $16.2 million, or $0.24 per diluted common share in 2011.

Fiscal 2012 EBITDA1 increased 30% to $67.2 million as compared to $51.6 million in fiscal 2011.

Balance Sheet

The Company's balance sheet remains strong, and shareholders' equity increased to $326.2 million as of December 29, 2012 compared to $299.1 million at December 31, 2011. At the end of fiscal 2012 the Company's balance sheet reflects a current ratio of 1.46 to 1.00, and a total debt to equity ratio of 0.58 to 1.00. At December 29, 2012, the Company had total debt outstanding of $189.3 million, total assets of $707.3 million and a net book value of $4.94 per outstanding share. During fiscal 2012 the Company generated cash from operating activities of $31.0 million versus cash used in operating activities of $5.6 million in 2011, indicative of improved earnings and less cash used to fund working capital.

Conference Call Information

The Company plans to host a conference call at 10:00 A.M. Eastern Time on Wednesday, March 6, 2013 to discuss the results for the fourth quarter and year ended 2012 and recent corporate developments. After opening remarks, there will be a question and answer period. This conference call can be accessed via a link at the Company's website at www.sunopta.com. To listen to the live call over the Internet, please go to the Company's website at least 15 minutes early to register, download and install any necessary audio software. Additionally, the call may be accessed with the toll free dial-in number (877) 312-9198 or international dial-in number (631) 291-4622. If you are unable to listen live, the conference call will be archived and can be accessed for approximately 90 days at the Company's website.

1See discussion of non-GAAP measures

About SunOpta Inc.

SunOpta Inc. is a leading global company focused on natural, organic and specialty foods products. The company specializes in sourcing, processing and packaging of natural and organic food products, integrated from seed through packaged products; with a focus on strategically vertically integrated business models. The Company's core natural and organic food operations focus on value-added grains, fiber and fruit based product offerings, supported by a global infrastructure. The company has two non-core holdings, a 66.1% ownership position in Opta Minerals Inc., listed on the Toronto Stock Exchange, a producer, distributor, and recycler of environmentally friendly industrial materials; and a minority ownership position in Mascoma Corporation, an innovative biofuels company.

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.

For further information, please contact:

SunOpta Inc.

Steve Bromley, CEO
Robert McKeracher, Vice President & CFO
Susan Wiekenkamp, Information Officer
Tel: 905-455-2528, ext 103
susan.wiekenkamp@sunopta.com
Website: www.sunopta.com

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,     December 31,        

 

  2012     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
 

 

              Consumer              

 

  Grains and     Ingredients     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
 
                Consumer              

 

  Grains and     Ingredients     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
 

 

              Consumer              

 

  Grains and     Ingredients     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
 

 

              Consumer              

 

  Grains and     Ingredients     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".) 

1Non-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.

The Company defines Operating Income as "Earnings from continuing operations before the following" excluding the impact of "Other (income) expense, net" and "Goodwill impairment"; and EBITDA as Operating Income plus depreciation and amortization. The following is a tabular presentation of Operating income and EBITDA, including a reconciliation to GAAP earnings, which the Company believes to be the most directly comparable GAAP financial measure:

    Quarter ended     Quarter ended  
    December 29, 2012     December 31, 2011  
  $   $  
             

Earnings from continuing operations

  4,479     1,509  

 

           

Provision for income taxes

  632     1,021  

Interest expense, net

  1,853     2,302  

Other expense, net

  188     55  

     Operating income

  7,152     4,887  

Depreciation and amortization

  5,280     4,455  

     Earnings before interest, taxes, depreciation and amortization (EBITDA)

  12,432     9,342  

 


    Year ended     Year ended  
    December 29, 2012     December 31, 2011  

 

$   $  

 

           

Earnings from continuing operations

  24,511     17,866  

 

           

Provision for income taxes

  10,934     9,896  

Interest expense, net

  9,333     8,839  

Other expense (income), net

  2,194     (2,832 )

     Operating income

  46,972     33,769  

Depreciation and amortization

  20,226     17,809  

     Earnings before interest, taxes, depreciation and amortization (EBITDA)

  67,198     51,578  

 

Newsfile Corp.
@newsfile_corp
13 Aug
$SOY.CA $STKL SunOpta Inc. files Interim Financial Statements on SEDAR http://t.co/5yEnBU6kJT
Newsfile Corp.
@newsfile_corp
13 Aug
$SOY.CA $STKL SunOpta Inc. files Form 10-Q on EDGAR http://t.co/K7SUeydfr3
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