SunOpta swings to loss in quarter
May 08, 2009
by FoodBusinessNews.net Staff
TORONTO — SunOpta, Inc. sustained a loss of $1,657,000 in the first quarter ended March 31. This compared with income of $1,486,000 during the same quarter of the previous year. The most recent results included a foreign exchange loss of $1 million and $2.4 million in other pre-tax costs.
Revenue for the quarter was $232,074,000, up 1% from $230,444,000 during the same quarter of the previous year. Increased revenue was attributed to increases in the SunOpta Food Group, including contributions from the acquisition of The Organic Corp.
"The company’s primary focus for 2009 remains the improvement of operating margins and return on assets employed through working capital management and a tight focus on capital spending," said Steve Bromley, president and chief executive officer. "The first quarter was marked by continued consumer uncertainty and market volatility resulting from the deterioration in global economic conditions. While market conditions were difficult, we have remained focused on numerous cost control, efficiency, product development and asset utilization initiatives we believe will position the company for improved returns. We remain confident our core food operations are well positioned as interest in health and wellness continues to increase around the globe."