Toronto-based natural and organic food group SunOpta has reported record revenues for its second quarter ended 30 June, with revenues increasing by 51.4% to US$155m, up from $102m reported for the comparable period last year.
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Gains were led by a 48.3% increase in revenues within the company’s vertically integrated natural, organic and specialty foods operations. The company’s revenue growth in the quarter reflects an internal growth rate of 19.3% and growth via acquisitions of 32.1%.
Operating earnings for the quarter increased by 54.1% to $8,772,000 or 5.6% of revenues, as compared to $5,693,000 or 5.5% of revenues in the previous year. Net earnings in the quarter were $4,343,000, or $0.08 per diluted common share, against $3,307,000, or $0.06 per diluted common share, last year.
Jeremy Kendall, chairman and chief executive officer of SunOpta said: “I am extremely pleased with our internal revenue growth from the SunOpta Food Group of 21.5% in the quarter and 19.8% for the year. It is a testament to the continuing maturation of organic foods, healthy food products and growth of private label food products within these categories, and supports our vision to continue to expand within these markets both through internal growth and selective acquisition. The company is on track to achieve its goal of an exit rate of $1bn in sales by the end of 2007.”
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By GlobalData
