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Press release from GlobeNewswire (a Nasdaq OMX company)

SunOpta Inc. Announces Fiscal 2010 and Fourth Quarter 2010 Results

Tuesday, March 08, 2011

SunOpta Inc. Announces Fiscal 2010 and Fourth Quarter 2010 Results13:30 EST Tuesday, March 08, 2011TORONTO, 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 income1 of $41.4 million or 4.6% of revenues versus operating income1 in the prior year of $12.2 million or 1.5% of revenues. During fiscal 2010, all operating segments realized increased revenues and operating income1 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 operations1 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 EBITDA1 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. Operating income1 for the fourth quarter of 2010 increased to $9.9 million or 4.3% of revenues versus operating income1 in the prior year of $2.6 million or 1.3% of revenues.  For the fourth quarter of fiscal 2010 the Company reported net income on a GAAP basis of $1.9 million or $0.03 per diluted common share versus a net loss in the fourth quarter of 2009 of $2.2 million or $0.03 loss per diluted common share. Included in the fourth quarter 2010 results were the negative impact of results from discontinued operations of $0.7 million after tax, or $0.01 per diluted common share, plus the net impact of after tax costs related to the fourth quarter acquisitions, non-cash stock compensation costs in a subsidiary and non-cash pension wind-up costs totalling $1.9 million, or $0.03 per diluted common share. Adjusted earnings from operations1 for the fourth quarter of 2010 were $4.5 million or $0.07 per diluted common share or $0.08 per diluted common share using the annual effective tax rate for fiscal 2010. Absorbed in these results were additional pre-tax costs of approximately $0.4 million related primarily to ongoing facility and operational rationalizations which are not expected to recur. EBITDA1 for the fourth quarter of fiscal 2010 increased 126% to $15.4 million versus $6.8 million in the fourth quarter of 2009, indicative of the improved operating performance realized within the business. At January 1, 2011 the Company's balance sheet reflects a current working capital ratio of 1.42 to 1.00, long-term debt to equity ratio of 0.22 to 1.00 and total debt to equity ratio of 0.48 to 1.00. On December 20, 2010 the Company refinanced its syndicated long-term debt and operating lines through October 2012. At January 1, 2011 the Company had total assets of $609.7 million and a net book value of $4.44 per outstanding share.  Steve Bromley, President and Chief Executive Officer of SunOpta, commented, "We are very pleased with our fourth quarter and fiscal 2010 results. The fiscal 2010 results represent record net earnings and record operating income for the Company. Our earnings from operations have shown significant improvement and reflect our continued efforts to improve returns in our core operating segments. While we are pleased with the improvements realized, we believe there is further opportunity, and we are working to realize continued improvements in support of our goal of 8% earnings from operations. Over the course of 2010 we completed a number of strategic transactions, acquiring two core businesses and disposing of two non-core businesses, all in support of our mission to build a focused global leader in natural and organic foods. We remain confident that our focus on margin improvement and asset management, when combined with strong consumer interest in health and wellness, positions our Company for long-term success."  The Company plans to host a conference call at 10:00 a.m. Eastern Time on Wednesday, March 9th, 2011 to discuss these results and recent corporate developments. The conference call can be accessed via a link at the Company's website at www.sunopta.com. Additionally, the call may be accessed with the toll free dial-in number 1-877-312-9198 or 631-291-4622. A replay number can also be accessed between March 9th and 16th with the toll free dial-in number 1–800-642-1687 or 706-645-9291 followed by pass code: 40966049#.1 See discussion of Non-GAAP MeasuresAbout SunOpta Inc. SunOpta Inc. is a leading global company focused on natural, organic and specialty foods and natural health 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 significant 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 66.4% ownership position in Opta Minerals Inc. (TSX:OPM), a producer, distributor, and recycler of environmentally friendly industrial materials, and a minority ownership position in Mascoma Corporation, an innovative biofuels company. The SunOpta Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3958Forward-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 continued efforts to improve returns in our key operating segments, our mission to build a global leader, our goal for earnings from operations, our focus on margin improvement and asset management and positioning for long-term success. The terms and phrases "continue," "improve," "remain confident," "positions," 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, 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, 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 years ended January 1, 2011 and December 31, 2009 (Expressed in thousands of U.S. dollars, except per share amounts) (Unaudited)          January 1, 2011 December 31, 2009 Change  $ $         Revenues898,931  819,040  9.8%       Cost of goods sold 754,487  709,981  6.3%       Gross profit144,444  109,059  32.4%        Warehousing and distribution expenses3,703  4,223  -12.3% Selling, general and administrative expenses96,341  88,504  8.9% Intangible asset amortization4,675  4,648  0.6% Other expense (income), net 10,945  2,245  387.5% Goodwill impairment 1,654  8,841  -81.3% Foreign exchange gain(1,652) (523) -215.9%       Earnings from continuing operations before the following28,778  1,121  2467.2%        Interest expense, net 9,749  13,839  -29.6%       Earnings (loss) from continuing operations before income taxes19,029  (12,718) 249.6%       Provision for (recovery of) income taxes5,463  (3,201) 270.7%       Earnings (loss) from continuing operations13,566  (9,517) 242.5%       Discontinued operations      (Loss) earnings from discontinued operations, net of income taxes(14,569) (273) n/mGain on sale of discontinued operations, net of income taxes 62,950   --  n/m      Earnings (loss) from discontinued operations, net of taxes48,381  (273) n/m      Earnings (loss)61,947  (9,790) 732.8%        Earnings (loss) attributable to non-controlling interests881  (3,027) 129.1%     Earnings (loss) attributable to SunOpta Inc.61,066  (6,763) 1002.9%       Earnings (loss) per share – basic      -from continuing operations 0.20  (0.10)  -from discontinued operations 0.74  --      0.94  (0.10)          Earnings (loss) per share – diluted       -from continuing operations 0.19  (0.10)  -from discontinued operations 0.73  --      0.92  (0.10)          SunOpta Inc. Consolidated Statements of Operations  For the quarters ended January 1, 2011 and December 31, 2009 (Expressed in thousands of U.S. dollars, except per share amounts) (Unaudited)          January 1, 2011 December 31, 2009 Change  $ $         Revenues230,392  199,268  15.6%       Cost of goods sold 193,766  171,122  13.2%       Gross profit36,626  28,146  30.1%        Warehousing and distribution expenses809  1,189  -32.0% Selling, general and administrative expenses24,909  23,671  5.2% Intangible asset amortization1,201  1,071  12.1% Other expense, net 2,133  2,587  -17.5% Goodwill impairment  --  500  -100.0% Foreign exchange gain(158) (367) 56.9%       Earnings (loss) from continuing operations before the following7,732  (505) 1631.1%        Interest expense, net 2,124  3,680  -42.3%       Earnings (loss) from continuing operations before income taxes5,608  (4,185) 234.0%       Provision for (recovery of) income taxes2,791  (1,995) 240.0%       Earnings (loss) from continuing operations2,817  (2,190) 228.6%       Discontinued operations      Loss from discontinued operations, net of income taxes --  (303) n/mLoss on sale of discontinued operations, net of income taxes(726)  --  n/m      Loss from discontinued operations, net of taxes(726) (303) n/m      Earnings (loss)2,091  (2,493) 183.9%        Earnings (loss) attributable to non-controlling interests171  (279) 161.3%     Earnings (loss) attributable to SunOpta Inc.1,920  (2,214) 186.7%       Earnings (loss) per share – basic      -from continuing operations 0.04  (0.02)  -from discontinued operations(0.01) (0.01)     0.03  (0.03)          Earnings (loss) per share – diluted       -from continuing operations 0.04  (0.02)  -from discontinued operations(0.01) (0.01)     0.03  (0.03)  SunOpta Inc. Consolidated Balance Sheets As at January 1, 2011 and December 31, 2009 (Expressed in thousands of U.S. dollars, except per share amounts) (Unaudited)        January 1, 2011 December 31, 2009  $ $      Assets           Current assets     Cash and cash equivalents  2,643   1,752 Accounts receivable  98,875  78,483  Inventories  200,278  155,882  Prepaid expenses and other current assets 30,041  10,001  Current income taxes recoverable --  442  Deferred income taxes  870  5,457  Current assets held for sale  --  56,140   332,707  308,157      Investments  33,345   -- Property, plant and equipment  120,055  105,220 Goodwill  48,558  31,431 Intangible assets  60,200  55,229 Deferred income taxes  11,889  15,257 Other assets  2,930  2,876 Non-current assets held for sale  --  33,120        609,684  551,290       Liabilities         Current liabilities    Bank indebtedness 75,910  63,481 Accounts payable and accrued liabilities  124,031  87,519  Customer and other deposits 2,858   1,064  Income taxes payable 973   --  Other current liabilities  7,674  1,566  Current portion of long-term debt  22,247  52,455  Current portion of long-term liabilities 571  683  Current liabilities held for sale  --  19,135   234,264  225,903      Long-term debt  42,735  34,734 Long-term liabilities 6,642  2,760 Deferred income taxes  20,808  12,708 Non-current liabilities held for sale  --  487    304,449  276,592      Preferred shares of a subsidiary company held for sale  --  28,187      Equity    SunOpta Inc. shareholders' equity   Capital Stock  180,661  178,694  65,500,091 common shares (December 31, 2009 - 64,982,968)   Additional paid in capital  12,336  7,934 Retained earnings 95,212  34,146 Accumulated other comprehensive income 2,833  12,079    291,042   232,853 Non-controlling interest 14,193  13,658 Total equity 305,235   246,511        609,684  551,290SunOpta Inc. Consolidated Statements of Cash Flows For the years ended January 1, 2011 and December 31, 2009 (Expressed in thousands of U.S. dollars, except per share amounts) (Unaudited)        January 1, 2011 December 31, 2009  $ $      Cash provided by (used in)          Operating activities    Earnings (loss) 61,947  (9,790) Earnings (loss) from discontinued operations 48,381  (273) Earnings (loss) from continuing operations 13,566  (9,517)      Items not affecting cash    Amortization 17,859   17,030  Unrealized gain on foreign exchange(977) (1,022) Deferred income taxes 1,853  (2,250) Stock-based compensation 2,764   1,425  Goodwill impairment  1,654   8,841  Impairment of long-lived assets  7,984   1,800  Other(1,420) (508) Changes in non-cash working capital, net of businesses acquired(33,575)  41,229  Net cash flows from operations - continuing operations 9,708   57,028  Net cash flows from operations - discontinued operations(8,400) (12,140)   1,308   44,888 Investing activities    Acquisition of businesses, net of cash acquired (43,761)  --  Purchases of property, plant and equipment(19,698) (11,538) Proceeds from the sale of long-lived assets 36   1,076  Purchases of patents, trademarks and other intangible assets(662) (216) Payment of deferred purchase consideration(1,388) (1,856) Other 328   259  Cash from investing activities - continuing operations(65,145) (12,275) Cash from investing activities - discontinued operations 52,298  (1,857)  (12,847) (14,132)Financing activities    Increase (decrease) in line of credit facilities 14,328  (5,644) Borrowings under long-term debt 30,217   719  Proceeds from the issuance of common shares 1,883   836  Repayment of long-term debt(52,423) (29,438) Deferred financing costs(642) (2,198) Other(169) (14) Cash from financing activities - continuing operations(6,806) (35,739) Cash from financing activities - discontinued operations --   --   (6,806) (35,739)      Foreign exchange gain on cash held in a foreign subsidiary 265   951       Decrease in cash and cash equivalents during the period(18,080) (4,032)      Discontinued operations cash activity included above:    Add: Balance included at beginning of period 18,971   22,877  Less: Balance included at end of period --  (18,971)      Cash and cash equivalents - beginning of the period 1,752   1,878       Cash and cash equivalents - end of the period 2,643   1,752 SunOpta Inc. Consolidated Statements of Cash Flows For the quarters ended January 1, 2011 and December 31, 2009 (Expressed in thousands of U.S. dollars, except per share amounts) (Unaudited)        January 1, 2011 December 31, 2009  $ $      Cash provided by (used in)          Operating activities    Earnings (loss) 2,091  (2,493) Loss from discontinued operations(726) (302) Earnings (loss) from continuing operations 2,817  (2,191)      Items not affecting cash    Amortization 5,509   4,224  Unrealized gain on foreign exchange(388) (619) Deferred income taxes 2,040  (1,896) Stock-based compensation 897   354  Goodwill impairment  --   500  Impairment of long-lived assets  --   804  Other(3,020)  1,223  Changes in non-cash working capital, net of businesses acquired(23,552)  26,601  Net cash flows from operations - continuing operations(15,697)  29,000  Net cash flows from operations - discontinued operations --  (10,332)  (15,697)  18,668 Investing activities    Acquisition of businesses, net of cash acquired (43,761)  --  Purchases of property, plant and equipment(6,131) (2,048) Proceeds from the sale of long-lived assets 14   2,576  Purchases of patents, trademarks and other intangible assets(262)  --  Payment of deferred purchase consideration(667) (1,856) Other 47   764  Cash from investing activities - continuing operations(50,760) (564) Cash from investing activities - discontinued operations --  (504)  (50,760) (1,068)Financing activities    Increase in line of credit facilities 53,453   4,106  Borrowings under long-term debt 30,000   --  Proceeds from the issuance of common shares 1,033   209  Repayment of long-term debt(36,096) (19,768) Deferred financing costs(442) (2,198) Other(82) (72) Cash from financing activities - continuing operations 47,866  (17,723) Cash from financing activities - discontinued operations --   --    47,866  (17,723)      Foreign exchange gain on cash held in a foreign subsidiary 167   125       (Decrease) increase in cash and cash equivalents during the period(18,424)  2       Discontinued operations cash activity included above:    Add: Balance included at beginning of period --   429       Cash and cash equivalents - beginning of the period 21,067   1,321       Cash and cash equivalents - end of the period 2,643   1,752 SunOpta Inc. Segmented Information For the years ended January 1, 2011 and December 31, 2009 (Unaudited) (Expressed in thousands of U.S. dollars)              Year endedJanuary 1, 2011     SunOpta   Corporate       Foods Opta Minerals Services Consolidated     $ $ $ $Total revenues from external customers   818,063  80,868  --  898,931             Segment Operating Income   44,837  7,753 (11,213) 41,377              SunOpta Foods has the following segmented reporting:            Year endedJanuary 1, 2011   Grains and Ingredients Fruit International SunOpta   Foods Group Group Group Foods Group Foods   $ $ $ $ $Total revenues from external customers 365,527  68,363  151,578  232,595  818,063             Segment Operating Income 26,398  13,172  3,615  1,652  44,837                          Year ended December 31, 2009     SunOpta   Corporate       Foods Opta Minerals Services Consolidated     $ $ $ $Total revenues from external customers    756,517   62,523   --   819,040             Segment Operating Income    17,660   1,161  -6,614  12,207              SunOpta Foods has the following segmented reporting:            Year endedDecember 31, 2009   Grains and Ingredients Fruit International SunOpta   Foods Group Group Group Foods Group Foods   $ $ $ $ $Total revenues from external customers  325,038   64,657   147,443   219,379   756,517             Segment Operating Income  18,044   8,691  (4,073) (5,002)  17,660              (Segment Operating Income is defined as "Earnings before the following" excluding the impact of "Other expense (income), net" and "Goodwill impairment")SunOpta Inc. Segmented Information For the quarters ended January 1, 2011 and December 31, 2009 (Unaudited) (Expressed in thousands of U.S. dollars)    Quarter endedJanuary 1, 2011     SunOpta   Corporate       Foods Opta Minerals Services Consolidated     $ $ $ $Total revenues from external customers   209,017  21,375  --  230,392             Segment Operating Income   10,918  1,529 (2,582) 9,865              SunOpta Foods has the following segmented reporting:                      Quarter endedJanuary 1, 2011   Grains and Ingredients Fruit International SunOpta   Foods Group Group Group Foods Group Foods   $ $ $ $ $Total revenues from external customers 107,642  15,431  32,102  53,842  209,017             Segment Operating Income 8,841  2,850 (252)(521) 10,918                          Quarter ended December 31, 2009     SunOpta   Corporate       Foods Opta Minerals Services Consolidated     $ $ $ $Total revenues from external customers    182,555   16,713   --   199,268             Segment Operating Income   3,609   732  (1,759)  2,582              SunOpta Foods has the following segmented reporting:            Quarter endedDecember 31, 2009   Grains and Ingredients Fruit International SunOpta   Foods Group Group Group Foods Group Foods   $ $ $ $ $Total revenues from external customers  74,692   17,519   34,112   56,232   182,555             Segment Operating Income  3,639   3,120  (1,794) (1,356)  3,609              (Segment Operating Income is defined as "Earnings before the following" excluding the impact of "Other expense (income), net" and "Goodwill impairment") Non-GAAP Measures In addition to reporting financial results in accordance with generally accepted accounting principles ("GAAP"), the Company provides information regarding Operating income, Earnings before interest, taxes, depreciation and amortization ("EBITDA") and Adjusted earnings from operations 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, EBITDA, and Adjusted earnings from operations 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 expense (income), 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.  Year ended Year ended  January 1, 2011 December 31, 2009  $ $      Earnings (loss) from continuing operations 13,566  (9,517)      Provision for (recovery of) income taxes 5,463  (3,201) Interest expense, net 9,749   13,839  Other expense (income), net 10,945   2,245  Goodwill impairment 1,654   8,841  Operating income 41,377   12,207  Depreciation and amortization 17,859   17,030  Earnings before interest, taxes, depreciation and amortization (EBITDA) 59,236   29,237               Quarter ended Quarter ended  January 1, 2011 December 31, 2009  $ $      Earnings (loss) from continuing operations 2,817  (2,191)      Provision for (recovery of) income taxes 2,791  (1,994) Interest expense, net 2,124   3,680  Other expense (income), net 2,133   2,587  Goodwill impairment --   500  Operating income 9,865   2,582  Depreciation and amortization 5,509   4,224  Earnings before interest, taxes, depreciation and amortization (EBITDA) 15,374   6,806  Adjusted earnings from operations and Adjusted earnings from operations per diluted share are non-GAAP measures. During the quarter and year ended January 1, 2011, the Company recognized certain gains and recorded specific expenses against income that we do not believe are reflective of normal business operations. As a result, earnings attributable to SunOpta Inc. and earnings per diluted share are adjusted to arrive at Adjusted earnings from operations and Adjusted earnings from operations per diluted share. The following is a tabular presentation of Adjusted earnings from operations and Adjusted earnings from operations per diluted share, including a reconciliation to GAAP earnings attributable to SunOpta Inc. and earnings per diluted share, which the Company believes to be the most directly comparable GAAP financial measure.    Adjusted earnings  Year endedper diluted share  January 1, 2011for the period  $$      Earnings attributable to SunOpta Inc. 61,066  0.92  Adjusted for:   Gain on sale of discontinued operations, net of taxes(62,950)(0.95) Gain on dilution of SunOpta BioProcess Inc.'s ownership position in Xylitol Canada(1,242)(0.02) Reversal of tax valuation allowance at SunOpta Inc., net of valuation allowance recorded at Opta Minerals(350)(0.01) Costs included in discontinued operations as a result of the sale of the Canadian food distribution assets and SunOpta BioProcess Inc., net of taxes of $388 16,183  0.25  Impairment of long-lived assets and goodwill, net of taxes of $2,320 6,367  0.10  Severance and closure costs at our natural health products operation and our brokerage operation, net of taxes of $345 662  0.01  Non-cash accounting charge on the wind-up of a defined benefit pension plan 588  0.01  Costs incurred to complete acquisitions of Dahlgren & Company Inc. and Edner of Nevada, Inc. 547  0.01  Non-cash compensation costs related to cancelled stock options recorded at Opta Minerals, net of $146 allocated to non-controlling interests 289 --  Adjusted earnings from operations 21,160  0.32     Adjusted earnings  Quarter endedper diluted share  January 1, 2011for the period  $$      Earnings attributable to SunOpta Inc. 1,920  0.03  Adjusted for:   Loss on sale of discontinued operations, net of taxes 726  0.01  Non-cash accounting charge related to wind up of a defined benefit pension plan 588  0.01  Costs incurred to complete acquisitions of Dahlgren & Company Inc. and Edner of Nevada, Inc. 547  0.01  Non-cash compensation costs related to cancelled stock options recorded at Opta Minerals, net of $146 allocated to non-controlling interests 289  0.01  Costs to close Chicago administrative facility, net of taxes of $122 249 --  Non-cash income tax valuation allowance recorded at Opta Minerals 199 --  Adjusted earnings from operations 4,518  0.07        Adjusted earnings from operations 4,518  0.07  Adjusted for:   Provision for income taxes at the annualized 2010 effective tax rate 1,066  0.01  Adjusted earnings from operations, normalized for tax rate 5,584  0.08 CONTACT: SunOpta Inc. Steve Bromley, President & CEO Eric Davis, Vice President & CFO Tony Tavares, Chief Operating Officer Susan Wiekenkamp, Information Officer Tel: 905-455-2528, ext 103 susan.wiekenkamp@sunopta.com Website: www.sunopta.com