SunOpta Reports $4.2 Million Loss in Q4 on Writedown Charge
Strong revenues in certain business segments show continued strength in the natural, organic and speciality foods sectors; but For the year ended December 31, 2011 the Company realized EBITDA of $52.6 million as compared to $60.8 million for the year ended January 1, 2011. A decrease of 13.4%
Mar 7 2012 --- Organic food company SunOpta Inc. has reported a loss during the fourth quarter.
The Toronto-based company said the Q4 loss was $4.2 million, or six cents per share, compared to earnings of $2.6 million, or four cents per share during the same period for the previous year.
SunOpta said it took an $8.7-million charge, reflecting the writedown of assets and inventory at its Purity Life Health Products and Frozen Foods operations.
Stripped of those items, adjusted earnings were $4.5 million, or seven cents per share.
Revenues for the latest quarter were $258.5 million, compared to $230.6 million a year earlier, indicating continued strength in the natural, organic and speciality foods sectors.
For the year ended December 31, 2011 the Company realized revenues of $1,082.1 million compared to 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.
Adjusted earnings from continuing operations 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.
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 EBITDA of $52.6 million as compared to $60.8 million for the year ended January 1, 2011. A decrease of 13.4%
"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," CEO Steve Bromley said in a release.
"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."
