Canadian natural, organic and specialty foods company SunOpta has reported earnings of $8.1 million or $0.12 per share for its 2Q12 period, as compared to earnings of $4.4 million or $0.07 per diluted common share for the year-ago quarter - an 85% increase, and a second quarter record for the company.
Revenues for the quarter were $282.3 million versus revenues of $275.2 million a year ago, an increase of 2.6%. The increase in revenues in the second quarter was, said the company, driven by strong growth in integrated packaged food product categories within SunOpta Foods.
The increases were somewhat offset by the effect of lower commodity grain sales, albeit at improved margins, and decreased volumes in the Company's European organic ingredients operation.
For the two quarters ended June 30, 2012, the company reported earnings of $14.0 million compared to earnings of $9.5 million - a 48% increase in earnings compared to last year.
"We are very pleased with our second quarter and first half results as they reflect continued momentum in our core natural and organic foods business, plus the positive impact of operational improvements which we have continued to implement,” said Steve Bromley, CEO of SunOpta.
“During the quarter, we realized strong cash flows, and subsequent to quarter end announced the amendment and expansion of our syndicated credit facilities that support our core food platform in North America.”
“These new facilities will provide additional flexibility in support of our internal growth initiatives as well as potential acquisitions. We remain confident in our focus on natural and organic foods and our strategy to improve operating margins and return on assets, and are encouraged by our progress."