SunOpta swings to loss in quarter

by Bakingbusiness Staff
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TORONTO — Faced with various charges and costs, SunOpta, Inc. suffered a third-quarter loss.

For the quarter ended Sept. 30, the company posted a loss of $4,672,000, which compared with an income of $3,904,000, equal to 6c per share, during the same quarter of the previous year. Revenue for the quarter was $253,812,000, down 12% from $287,747,000 during the same quarter of the previous year.

"We are pleased with the strong results with the Grains and Foods Group, Ingredients Group and certain segments of the Fruit Group, combined with improving results within our International Sourcing and Trading Group and Opta Minerals, Inc.," said Steve Bromley, president and chief executive officer. "We are confident that the changes occurring in the Frozen Fruit segment of the Fruit Group and the Distribution Group will pay dividends down the road.

"Our balance sheet continues to improve with reduced working capital levels, tight control on capital spending and net reductions in debt. Our primary focus continues to be the improvement of operating margins and return on assets employed to be realized through a combination of aggressive working capital management and continuous improvement initiatives."

For the nine months ended Sept. 30, the company had a loss of $4,549,000 compared with an income of $6,109,000 during the same period of the previous year. Revenue during the period was $743,611,000, down 8% from $810,136,000 during the same period of the previous year.

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