CANADA: SunOpta sees signs of improvement
By: just-food.com | 12 March 2010
Canadian food group SunOpta has claimed its business is showing signs of improvement after it saw losses narrow in the fourth quarter of 2009.
The company booked a quarterly loss of US$2.2m against a loss of $17m in the fourth quarter of 2008. Revenues inched up from $245m to $245.5m.
SunOpta's fourth-quarter results included $7.6m in restructuring costs and $3.6m in product and facility "rationalisation efforts".
The company insisted its business had seen a "significant improvement in operating performance" against the fourth quarter of 2008 - and versus the third quarter of 2009.
The group pointed to fourth-quarter gross margins of 15.9% versus 11.7% in the fourth quarter of 2008.
It said its SunOpta Ingredients division booked "record earnings" in the quarter, while operating earnings within SunOpta Food Group more than doubled.
President and CEO Steve Bromley said: "We are very pleased with the continued improvement in operating results within our core business segments. Our balance sheet continues to improve with reduced working capital levels and net reductions in debt."
He added: "We are confident that this focus, when combined with growing consumer interest in health and wellness, positions our company for long-term success. We are looking forward to a return to profitability in 2010."
In 2009, SunOpta realised revenues of $989.1m versus 2008 sales of $1.06bn. The company reported a loss of $6.8m against a loss of $10.9m in 2008.
Sectors: Commodities & ingredients, Natural & organic
Companies: SunOpta
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