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Press release from Newsfile Corp

SunOpta Announces Fiscal 2011 and Fourth Quarter 2011 Results

Tuesday, March 06, 2012

SunOpta Announces Fiscal 2011 and Fourth Quarter 2011 Results22:31 EST Tuesday, March 06, 2012Toronto, Ontario--(Newsfile Corp. - March 6, 2012) - 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 quarter and year ended December 31, 2011. All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.For the quarter ended December 31, 2011 the Company reported quarterly revenues of $258.5 million versus revenues of $230.6 million for the quarter ended January 1, 2011, a year over year increase of 12.1% . This increase is indicative of continued strength in the natural, organic and specialty foods sectors. Revenues increased 8.8% excluding the impact of acquisitions.For the quarter ended December 31, 2011 the Company incurred a loss per diluted common share from continuing operations of $0.06 or $4.2 million, compared to earnings from continuing operations of $2.6 million or $0.04 per diluted common share for the quarter ended January 1, 2011. Included in the results for the quarter ended December 31, 2011 was a primarily non-cash charge of approximately $8.7 million after tax or $0.13 per diluted common share, reflecting the write-down of intangible and other long-lived assets and certain inventory at the Company’s Purity Life Health Products and Frozen Foods operations. Adjusting for these items, adjusted earnings from continuing operations1 in the fourth quarter of 2011 were $4.5 million or $0.07 per diluted common share. For the quarter ended December 31, 2011 the Company realized EBITDA1 of $10.1 million as compared to $15.3 million for the quarter ended January 1, 2011. For the year ended December 31, 2011 the Company realized revenues of $1,082.1 million versus revenues of $898.3 million for the year ended January 1, 2011, a year over year increase of 20.5% . Revenues increased 11.6% excluding the impact of acquisitions.For the year ended December 31, 2011 the Company realized earnings per diluted common share from continuing operations of $0.14 or $9.6 million, compared to $0.20 or $13.2 million for the year ended January 1, 2011. Adjusted earnings from continuing operations1 for the year ended December 31, 2011 were $20.2 million or $0.30 per diluted common share, after excluding the effect of the aforementioned write-downs of intangible and other long-lived assets and certain inventory at the Company’s Purity Life Health Products and Frozen Foods operations of approximately $8.7 million after tax or $0.13 per diluted common share, as well as the effect of specific net costs of $2.0 million after tax or $0.03 per diluted common share which we believe are not reflective of normal operations, including severance, rationalization and curtailment charges. The severance, rationalization and curtailment charges were partially offset by gains realized during the year on the sale of the Company’s Mexican fruit processing assets and recognition of decreased contingent consideration liabilities. For the year ended December 31, 2011 the Company realized EBITDA1 of $52.6 million as compared to $60.8 million for the year ended January 1, 2011. At December 31, 2011, the Company’s balance sheet reflected a current ratio of 1.35 to 1.00, long-term debt to equity ratio of 0.17 to 1.00 and total debt to equity ratio of 0.54 to 1.00. At December 31, 2011 the Company had total debt outstanding of $162.0 million, an increase of $21.3 million from the period ended January 1, 2011. At December 31, 2011 the Company had total assets of $631.5 million and a net book value of $4.55 per outstanding share. Steve Bromley, President and Chief Executive Officer of SunOpta commented, “Our results from continuing operations reflect continued growth in the core natural and organic foods categories within which we operate, and also reflect the impact of the difficult commodity environment over the course of this past year. We have recently undertaken to streamline our operations and organization structure, addressing underperforming food based operations and targeting improved earnings predictability and return on assets. We continue to be confident in our strategy and are encouraged by the number of new initiatives and opportunities we have in the pipeline. We believe we are well positioned in the natural and organic foods sector and are confident in our future prospects.” The Company plans to host a conference call at 10:00 A.M. Eastern Time on Wednesday, March 7th, 2012 to discuss the fourth quarter and year ended December 31, 2011 results and recent corporate developments. The conference call can be accessedvia 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 7th and 14th with the toll free dial-in number 1–855-859-2056 or 404-537-3406 followed by pass code: 46853475#. 1See discussion of non-GAAP measuresAbout 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 66.2% 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, statements regarding our continued growth in core categories, our efforts to streamline our operations and organization structure to address underperforming food based operations, statements regarding new initiatives and opportunities we have in the pipeline, and statements regarding the expected impact of these efforts and initiatives on annual operating expenses, future cash flows and future earnings. The terms and phrases “continued”, “improved”, “positioned”, “believe” 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, 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, President & CEO Tony Tavares, Vice President & COO Robert McKeracher, Vice President & CFO John Dietrich, Vice President, Corporate Development 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 31, 2011 and January 1, 2011 Unaudited (Expressed in thousands of U.S. dollars, except per share amounts)    Quarter ended   Quarter ended         December 31,   January 1,         2011   2011   Change     $  $   %  Revenues  258,514   230,582   12.1%            Cost of goods sold  229,021   194,886   17.5%            Gross profit  29,493   35,696   -17.4%            Selling, general and administrative expenses  22,928   24,816   -7.6%  Intangible asset amortization  1,321   1,201   10.0%  Other expense, net  7,603   2,133   256.4%  Foreign exchange gain  (65)  (158)  58.9%            Earnings from continuing operations before the following  (2,294)  7,704   -129.8%            Interest expense, net  2,302   2,124   8.4%            Earnings from continuing operations before income taxes  (4,596)  5,580   -182.4%            (Recovery of) provision for income taxes  (519)  2,781   -118.7%            Earnings from continuing operations  (4,077)  2,799   -245.6%            Discontinued operations                  (Loss) earnings from discontinued operations, net of taxes  (3,362)  4   n/a       Gain on sale of discontinued operations, net of taxes  -   (726)  100.0%            Loss from discontinued operations, net of taxes  (3,362)  (722)  -365.7%            (Loss) earnings  (7,439)  2,077   -458.2%            Earnings attributable to non-controlling interests  113   157   -28.0%            (Loss) earnings attributable to SunOpta Inc.  (7,552)  1,920   -493.3%            (Loss) earnings per share - basic                    -from continuing operations  (0.06)  0.04             -from discontinued operations  (0.05)  (0.01)        (0.11)  0.03      (Loss) earnings per share - diluted                    -from continuing operations  (0.06)  0.04             -from discontinued operations  (0.05)  (0.01)        (0.11)  0.03       SunOpta Inc. Consolidated Statements of Operations For the year ended December 31, 2011 and January 1, 2011 Unaudited (Expressed in thousands of U.S. dollars, except per share amounts)    Year ended   Year ended         December 31, 2011   January 1, 2011   Change    $  $   %  Revenues  1,082,076   898,309   20.5%            Cost of goods sold  950,345   756,818   25.6%            Gross profit  131,731   141,491   -6.9%            Selling, general and administrative expenses  92,078   95,486   -3.6%  Intangible asset amortization  5,512   4,675   17.9%  Other expense, net  5,097   10,945   -53.4%  Goodwill impairment  -   1,654   -100.0%  Foreign exchange loss (gain)  947   (1,652)  157.3%            Earnings from continuing operations before the following  28,097   30,383   -7.5%            Interest expense, net  8,839   9,749   -9.3%            Earnings from continuing operations before income taxes  19,258   20,634   -6.7%            Provision for income taxes  8,047   6,058   32.8%            Earnings from continuing operations  11,211   14,576   -23.1%            Discontinued operations                  Loss from discontinued operations, net of taxes  (4,350)  (15,092)  71.2%       Gain on sale of discontinued operations, net of taxes  71   62,950   -99.9%            (Loss) earnings from discontinued operations, net of taxes  (4,279)  47,858   -108.9%            Earnings  6,932   62,434   -88.9%            Earnings attributable to non-controlling interests  1,636   1,368   19.6%            Earnings attributable to SunOpta Inc.  5,296   61,066   -91.3%            Earnings (loss) per share – basic                  -from continuing operations  0.15   0.20           -from discontinued operations  (0.07)  0.73         0.08   0.94      Earnings (loss) per share – diluted                  -from continuing operations  0.14   0.20           -from discontinued operations  (0.06)  0.72         0.08   0.92       SunOpta Inc.Consolidated Balance Sheets As at December 31, 2011 and January 1, 2011 Unaudited (Expressed in thousands of U.S. dollars, except per share amounts)    December 31, 2011   January 1, 2011    $  $  Assets               Current assets              Cash and cash equivalents  2,378   2,335       Accounts receivable  94,177   98,777       Inventories  240,852   200,278       Prepaid expenses and other current assets  21,625   30,023       Current income taxes recoverable  1,503   -       Deferred income taxes  4,773   870       Current assets held for sale  -   424     365,308   332,707            Investments  33,845   33,345  Property, plant and equipment  120,734   115,200  Goodwill  49,387   48,174  Intangible assets  48,624   60,200  Deferred income taxes  11,751   11,889  Other assets  1,854   2,930  Non-current assets held for sale  -   4,855               631,503   609,300            Liabilities                   Current liabilities              Bank indebtedness  109,718   75,910       Accounts payable and accrued liabilities  120,228   122,743       Customer and other deposits  843   2,858       Income taxes payable  1,229   973       Other current liabilities  1,419   7,674       Current portion of long-term debt  35,198   22,247       Current portion of long-term liabilities  995   493       Currrent liabilities held for sale  -   1,028     269,630   233,926            Long-term debt  17,066   42,485  Long-term liabilities  5,586   6,596  Deferred income taxes  24,273   20,808  Non-current liabilities held for sale  -   358     316,555   304,173                      Equity         SunOpta Inc. shareholders’ equity              Capital Stock  182,108   180,661       65,796,398 common shares (January 1, 2011 - 65,500,091)              Additional paid in capital  14,134   12,336       Retained earnings  100,508   95,212       Accumulated other comprehensive income  2,382   2,833     299,132   291,042  Non-controlling interest  15,816   14,085  Total equity  314,948   305,127               631,503   609,300   SunOpta Inc.Consolidated Statements of Cash Flows For the quarter ended December 31, 2011 and January 1, 2011 Unaudited (Expressed in thousands of U.S. dollars, except per share amounts)    Quarter ended   Quarter ended     December 31, 2011   January 1, 2011     $  $            Cash provided by (used in)                Operating activities              (Loss) earnings  (7,439)  2,077       Loss from discontinued operations  (3,362)  (722)      (Loss) earnings from continuing operations  (4,077)  2,799         Items not affecting cash              Depreciation and amortization  4,839   5,492       Unrealized gain on foreign exchange  (246)  (388)      Deferred income taxes  (3,383)  2,627       Stock-based compensation  554   897       Loss on disposal of property, plant and equipment  39   59       Impairment of long-lived assets  7,868   89       Unrealized loss (gain) on derivative instruments  4,111   (1,831)      Other  384   616  Changes in non-cash working capital  (12,998)  (25,946) Net cash flows from operations - continuing operations  (2,909)  (15,586) Net cash flows from operations - discontinued operations  -   (566)    (2,909)  (16,152) Investing activities         Acquisition of business, net of cash acquired  (2,961)  (43,761) Purchases of property, plant and equipment, net  (1,999)  (6,089) Proceeds on sale of property, plant and equipment  1,755   36  Payment of deferred purchase consideration  (233)  (667) Purchases of patents, trademarks and other intangible assets  -   (262) Other  (910)  290  Cash flows from investing activities - continuing operations  (4,348)  (50,453) Cash flows from investing activities - discontinued operations  -   (326)    (4,348)  (50,779) Financing activities         Increase in line of credit facilities  3,317   53,453  Borrowings under long-term debt  2,913   30,125  Proceeds from the issuance of common shares  166   1,033  Repayment of long-term debt  (4,545)  (36,096) Other  114   (56) Cash flows from financing activities - continuing operations  1,965   48,459         Foreign exchange gain on cash held in a foreign currency  144   167         Decrease in cash and cash equivalents during the period  (5,148)  (18,305)        Discontinued operations cash activity included above:              Add: Balance included at beginning of period  -   4       Less: Balance included at end of period  -   (308)        Cash and cash equivalents - beginning of the period  7,526   20,944         Cash and cash equivalents - end of the period  2,378   2,335   SunOpta Inc.Consolidated Statements of Cash Flows For the year ended December 31, 2011 and January 1, 2011 Unaudited (Expressed in thousands of U.S. dollars, except per share amounts)    Year ended   Year ended     December 31, 2011   January 1, 2011    $  $            Cash provided by (used in)         Operating activities              Earnings  6,932   62,434       (Loss) earnings from discontinued operations  (4,279)  47,858       Earnings from continuing operations  11,211   14,576         Items not affecting cash              Depreciation and amortization  19,447   17,842       Unrealized gain on foreign exchange  (268)  (977)      Deferred income taxes  2,144   2,448       Stock-based compensation  2,090   2,764       (Gain) loss on disposal of property, plant and equipment  (3,201)  59       Goodwill impairment  -   1,654       Impairment of long-lived assets  7,868   7,984       Unrealized loss (gain) on derivative instruments  839   (1,503)      Other  693   24  Changes in non-cash working capital  (44,697)  (34,594) Net cash flows from operations - continuing operations  (3,874)  10,277  Net cash flows from operations - discontinued operations  (1,718)  (8,969)    (5,592)  1,308  Investing activities         Acquisition of business, net of cash acquired  (5,461)  (43,761) Purchases of property, plant and equipment, net  (17,312)  (19,372) Proceeds on sale of property, plant and equipment  4,528   36  Payment of deferred purchase consideration  (233)  (1,388) Purchases of patents, trademarks and other intangible assets  (81)  (662) Other  (949)  328  Cash from investing activities - continuing operations  (19,508)  (64,819) Cash from investing activities - discontinued operations  (308)  51,972     (19,816)  (12,847) Financing activities         Increase in line of credit facilities  36,503   14,328  Borrowings under long-term debt  4,825   30,217  Proceeds from the issuance of common shares  1,155   1,883  Repayment of long-term debt  (17,968)  (52,423) Financing costs  (186)  (642) Other  916   (169) Cash from financing activities - continuing operations  25,245   (6,806)           Foreign exchange (loss) gain on cash held in a foreign currency  (102)  265            Decrease in cash and cash equivalents during the period  (265)  (18,080)        Discontinued operations cash activity included above:              Add: Balance included at beginning of period  308   18,971       Less: Balance included at end of period  -   (308)        Cash and cash equivalents - beginning of the period  2,335   1,752         Cash and cash equivalents - end of the period  2,378   2,335   SunOpta Inc. Segmented Information For the quarter ended December 31, 2011 and January 1, 2011 Unaudited (Expressed in thousands of U.S. dollars)    Quarter ended     December 31, 2011     SunOpta       Corporate         Foods   Opta Minerals   Services   Consolidated    $  $  $  $  Total revenues from external customers  235,889   22,625   -   258,514                    Segment Operating Income (Loss)  5,295   1,361   (1,347)  5,309   SunOpta Foods has the following segmented reporting:    Quarter ended     December 31, 2011     Grains and   Ingredients   Fruit   International   SunOpta     Foods Group   Group   Group   Foods Group   Foods    $  $  $  $  $  Total revenues from external customers  117,224   12,991   33,977   71,697   235,889                        Segment Operating Income (Loss)  6,851   443   (3,370)  1,371   5,295     Quarter ended     January 1, 2011     SunOpta       Corporate         Foods   Opta Minerals   Services   Consolidated    $  $  $  $  Total revenues from external customers 209,207 21,375 - 230,582                   Segment Operating Income (Loss)  10,890   1,529   (2,582)  9,837   SunOpta Foods has the following segmented reporting:    Quarter ended     January 1, 2011     Grains and   Ingredients   Fruit   International   SunOpta     Foods Group   Group   Group   Foods Group   Foods    $  $  $  $  $  Total revenues from external customers  107,832   15,431   31,336   54,608   209,207                        Segment Operating Income (Loss)  8,813   2,850   (26)  (747)  10,890  (Operating Income (Loss) is defined as “Earnings before the following” excluding the impact of “Other (income) expense, net” and "Goodwill impairment")  SunOpta Inc. Segmented Information For the year ended December 31, 2011 and January 1, 2011 Unaudited (Expressed in thousands of U.S. dollars)    Year ended     December 31, 2011     SunOpta       Corporate         Foods   Opta Minerals   Services   Consolidated    $  $  $  $  Total revenues from external customers  988,956   93,120   -   1,082,076                    Segment Operating Income (Loss)  33,386   7,577   (7,769)  33,194   SunOpta Foods has the following segmented reporting:    Year ended     December 31, 2011     Grains and   Ingredients   Fruit   International   SunOpta     Foods Group   Group   Group   Foods Group   Foods    $  $  $  $  $  Total revenues from external customers  479,195   56,356   148,162   305,243   988,956                        Segment Operating Income (Loss)  22,813   4,611   (2,853)  8,815   33,386     Year ended     January 1, 2011     SunOpta       Corporate         Foods   Opta Minerals   Services   Consolidated    $  $  $  $  Total revenues from external customers  817,441   80,868   -   898,309                    Segment Operating Income (Loss)  46,442   7,753   (11,213)  42,982   SunOpta Foods has the following segmented reporting:    Year ended     January 1, 2011     Grains and   Ingredients   Fruit   International   SunOpta     Foods Group   Group   Group   Foods Group   Foods    $  $  $  $  $  Total revenues from external customers  364,905   68,363   144,451   239,722   817,441                        Segment Operating Income  28,003   13,172   4,095   1,172   46,442  (Operating Income (Loss) is defined as “Earnings before the following” excluding the impact of “Other (income) expense, net” and "Goodwill impairment") 1Non-GAAP MeasuresIn 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 (loss) from continuing operations, which the Company believes to be the most directly comparable GAAP financial measure:    Quarter ended  Quarter ended     December 31, 2011  January 1, 2011    $  $            (Loss) earnings from continuing operations (4,077) 2,799            (Recovery of) provision for income taxes  (519) 2,781  Interest expense, net  2,302  2,124  Other expense, net  7,603  2,133       Operating income  5,309  9,837  Depreciation and amortization  4,839  5,492       Earnings before interest, taxes, depreciation and amortization (EBITDA)  10,148  15,329     Year ended  Year ended     December 31, 2011  January 1, 2011    $  $            Earnings from continuing operations 11,211  14,576            Provision for income taxes  8,047  6,058  Interest expense, net  8,839  9,749  Other expense, net  5,097  10,945  Goodwill impairment  -  1,654       Operating income  33,194  42,982  Depreciation and amortization  19,447  17,842       Earnings before interest, taxes, depreciation and amortization (EBITDA)  52,641  60,824   The Company also reported Adjusted earnings from continuing operations and Adjusted earnings from continuing operations per diluted share for the periods presented. Adjusted earnings from continuing operations and Adjusted earnings from continuing operations per diluted share are also non-GAAP financial measures. During the quarter and year ended December 31, 2011, the Company recognized specific charges and recorded certain gains that we do not believe are reflective of normal business operations. We have adjusted the Loss attributable to SunOpta Inc. and the Loss Attributable on a per diluted share basis to exclude the effect of these charges and gains to arrive at Adjusted earnings from continuing operations and Adjusted earnings from continuing operations per diluted share. The following is a tabular presentation of Adjusted earnings from continuing operations and Adjusted earnings from continuing operations per diluted share, including a reconciliation to GAAP Loss attributable to SunOpta Inc. and GAAP Loss attributable to SunOpta Inc. on a per diluted share basis, which the Company believes to be the most directly comparable GAAP financial measures. Following is a calculation of our Adjusted earnings from continuing operations and Adjusted earnings from continuing operations per diluted share for the quarter ended December 31, 2011.       Adjusted earnings    Quarter ended  per diluted share    December 31, 2011  for the quarter   $   $            Loss attributable to SunOpta Inc. (7,552) (0.11)Loss from discontinued operations, net of taxes 3,362  0.05 Earnings from continuing operations attributable to SunOpta Inc. (4,190) (0.06)               Adjusted for:              Write-down of intangible and other long-lived assets at Purity Life Health Products , net of taxes of $1,615  5,895  0.09       Write-down of certain inventory and long-lived assets at Frozen Foods operations, net of taxes of $1,507  2,668  0.04       Costs to curtail and/or retrofit facilities at the Ingredients Group, as well as integration costs at Lorton's, net of taxes of $602  1,066  0.02       Reduction of fair value of contingent consideration liability for Dahlgren and Edner  (945) (0.01) Adjusted earnings from continuing operations  4,494  0.07  Following is a calculation of our Adjusted earnings from continuing operations and Adjusted earnings from continuing operations per diluted share for the year ended December 31, 2011.        Adjusted earnings    Year ended  per diluted share    December 31, 2011  for the year   $  $            Earnings attributable to SunOpta Inc. 5,296  0.08 Loss from discontinued operations, net of taxes 4,279  0.06 Earnings from continuing operations attributable to SunOpta Inc. 9,575  0.14                Adjusted for:              Write-down of intangible and other long-lived assets at Purity Life Health Products, net of taxes of $1,615  5,895  0.09       Costs to curtail and/or retrofit facilities at the Ingredients Group, as well as integration costs at Lorton's, net of taxes of $1,103  1,952  0.03       Other severance, rationalization, de-listing and acquisition-related costs, net of taxes of $741  1,939  0.03       Write-down of certain inventory and long-lived assets at Frozen Foods operations, offset by gains on sale of Mexican processing assets, net of taxes of $859  1,235  0.02       Costs to fill expeller pressed oil contracts at a loss due to dispute with Colorado Mills, net of taxes of $486  861  0.01       Reduction of fair value of contingent consideration liability for Dahlgren and Edner  (1,235) (0.02) Adjusted earnings from continuing operations  20,222  0.30