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SunOpta swings to profit in fiscal Q1


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Banking Essentials Newsletter: 17th April Edition

SunOpta swings to profit in fiscal Q1

SunOpta Inc. said its normalized net income for the fiscal first quarter ended April 1 amounted to $741,630, compared with a loss of $440,880 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 0.2% from negative 0.1% in the year-earlier period.

Total revenue declined 6.3% year over year to $330.0 million from $352.3 million, and total operating expenses fell 5.6% on an annual basis to $320.2 million from $339.2 million.

Reported net income came to a loss of $13.3 million, or a loss of 16 cents per share, compared to a loss of $9.7 million, or a loss of 11 cents per share, in the year-earlier period.