SunOpta Announces Second Quarter Fiscal 2019 Financial Results

SunOpta Announces Second Quarter Fiscal 2019 Financial Results

The products featured in this list are chosen independently and reviewed without conscious bias. If you click on the product links below and make a purchase, we may receive commissions at no additional cost to you. Thank you for your support!

TORONTO–(BUSINESS WIRE)–SunOpta Inc. (“SunOpta” or the “Company”) (Nasdaq:STKL) (TSX:SOY), a leading global company focused on organic, non-genetically modified and specialty foods, today announced financial results for the second quarter ended June 29, 2019.

“In the second quarter, we delivered consolidated revenue growth, adjusted for changes in our business, of 2.4%, led by accelerated growth rates in both our Healthy Beverage and Healthy Snack platforms, which increased 9.3% and 21.2% respectively,” said Joe Ennen, Chief Executive Officer at SunOpta. “Additionally, our Global Ingredients platform delivered adjusted revenue growth of 1.4%, as strength in Tradin Organic more than offset pressure in the domestic sunflower market.”

“In our Healthy Fruit business, we made progress on the first phase of our fruit margin optimization plan, and encouragingly, we are on plan with our efforts to lower variable labor costs through our investments in automation, increase our finished good production in Mexico, and reduce our processing yield loss, while also focusing commercial efforts to address pricing and contractual terms with customers. However, the weather-related shortfall of strawberry supply in 2019 from both Mexico and California is having a significant impact on gross profit. California freezer volume is down approximately 20% compared to 2018. We are experiencing similar shortfalls compared to our pack plan which is resulting in reduced production volumes and therefore lower overhead absorption and higher rework costs to fill orders, and is further compounded by higher fruit purchase prices, substitution, and labor as we take steps to produce more product in California to compensate for the Mexican strawberry shortfall. These supply issues weighed on profitability during the second quarter and are expected to continue in the near term as we sell through this season’s inventory and take actions to limit future revenue pressure due to the shortage of raw materials. Despite these weather-related crop issues, I am pleased with our fast and flexible response to service customers and our efforts to limit the overall impact to the Company. Our fruit operations were able to flex production schedules, and our sales team has been working with customers to establish service expectations and build sustainable pricing positions where we were misaligned. While our progress against the plan is being more than offset by significant strawberry sourcing challenges, we believe the structural improvements made are sustainable. As a result, we expect to drive improved profitability in Healthy Fruit as supply dynamics return to historical norms.”

“As we look forward to the second half of 2019, we anticipate accelerated growth in both Healthy Beverage and Tradin Organic. In Healthy Beverage, consumer demand for plant-based beverages continues to be robust. The expansion of our Allentown aseptic facility, which added approximately 20% system-wide incremental processing and filling capacity, was completed on time, and we are currently producing and shipping product run on the new lines in the third quarter. At Tradin Organic, we anticipate accelerated growth in the second half of the year, driven by improved throughput at our recently expanded organic cocoa operations and the smooth integration of Sanmark.”

“While the crop-related challenges we are experiencing in Health Fruit are disappointing, we are encouraged by the strong results and growing pipeline we see across the balance of our business. We remain focused on strengthening our product portfolio, accelerating customer-centric, margin accretive innovation, and executing our fruit margin optimization plan to drive growth, margin and long-term shareholder value.”

All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.

Second Quarter 2019 Highlights:

  • Revenues of $293.0 million for the second quarter of 2019, compared to $319.3 million in the second quarter of 2018, a decrease of 8.2%. Adjusted for disposed operations, foreign exchange, commodity prices, a new contract manufacturing arrangement and the acquisition of Sanmark, revenues grew 2.4% during the second quarter.
  • Loss attributable to common shareholders of $11.1 million or $0.13 per common share in the second quarter of 2019, compared to a loss attributable to common shareholders of $5.1 million or $0.06 per common share in the second quarter of 2018.
  • Adjusted loss¹ of $9.0 million or $0.10 per common share during the second quarter of 2019, compared to an adjusted loss of $5.0 million or $0.06 per common share during the second quarter of 2018.
  • Adjusted EBITDA¹ excluding disposed operations of $10.1 million or 3.5% of revenues for the second quarter of 2019, versus $12.7 million or 4.4% of adjusted revenues in the second quarter of 2018.

Second Quarter 2019 Results

Revenues for the second quarter of 2019 were $293.0 million, a decrease of 8.2% compared to $319.3 million in the second quarter of 2018. Excluding the impact on reported revenues of disposed business, including the soy and corn business (sold in February 2019) and exit from flexible resealable pouch product lines (exited in fiscal 2018), changes in commodity-related pricing and foreign exchange rates, a profit-neutral change to a co-manufacturing agreement, and excluding the impact of the acquisition of Sanmark in April 2019, revenues in the second quarter of 2019 increased by 2.4% compared with the second quarter of 2018.

The Consumer Products segment generated revenues of $176.0 million during the second quarter of 2019, an increase of 2.0% compared to $172.6 million in the second quarter of 2018. Excluding the impact of commodity-related pricing, sales of resealable pouch products in the second quarter of 2018, and a profit-neutral change to a co-manufacturing agreement, Consumer Products revenue in the second quarter increased by 3.1%. The growth primarily reflects a 9.3% increase in the Healthy Beverage platform consisting of favorable customer product mix and higher sales of aseptic plant-based beverages and favorable extraction volumes combined with a 21.2% revenue increase in the Healthy Snack platform driven by favorable volumes, partially offset by a 4.9% decline in the Healthy Fruit platform as a result of reduced demand for fruit ingredients and modest declines in volumes and pricing for frozen fruit.

The Global Ingredients segment generated revenues of $117.0 million, a decrease of 20.2% compared to $146.7 million in the second quarter of 2018. Excluding the impact on revenues from the divested soy and corn business, changes in commodity-related pricing and foreign exchange rates, and the acquisition of Sanmark, Global Ingredients revenue in the second quarter increased 1.4%. Adjusting for the items noted above, sales of internationally sourced organic ingredients grew 2.3% during the quarter, driven mainly by increased volumes of oils, nuts, coffee and cocoa, offset by lower volumes of grains, fruits and vegetables, sugars and liquid sweeteners. Sales of domestically sourced ingredients declined 5.5% during the quarter, primarily reflecting lower sunflower volumes, partially offset by higher roasted snack and ingredient volumes.

Gross profit was $27.3 million for the quarter ended June 29, 2019, a decrease of $7.0 million compared to $34.3 million for the quarter ended June 30, 2018. Consumer Products accounted for $5.3 million of the decrease in gross profit, mainly reflecting the impact of a substantial shortfall in strawberries from central Mexico and California due to poor weather conditions, which resulted in commodity price inflation and unfavorable production variances within the frozen fruit operations due to lower plant utilization and rework of bulk inventories to meet customer demand. The negative impact to gross profit from the strawberry shortage during the second quarter of 2019 was approximately $3.6 million. The unfavorability in Healthy Fruit was partially offset by favorable impacts within the Healthy Beverage and Snacks platforms from improved plant utilization due to higher production volumes to meet demand, and productivity-driven cost savings for aseptic beverages and fruit snacks. Global Ingredients accounted for $1.7 million of the decrease in gross profit primarily due to the sale of the soy and corn business, partially offset by higher sales volumes of organic ingredients.

As a percentage of revenues, gross profit for the quarter ended June 29, 2019 was 9.3% compared to 10.8% for the quarter ended June 30, 2018, a decrease of 1.5%. On a pro forma basis, which excludes the gross profit from disposed businesses, as well as $0.5 million of plant expansion and contract manufacturing transition costs in the second quarter of 2019, and in the second quarter of 2018 a claim recovery from a supplier for $1.2 million, less equipment start-up costs of $0.7 million, the gross profit percentage for the second quarter of 2019 would have been approximately 9.5%, compared with 10.7% for the second quarter of 2018.

Segment operating loss¹ was $2.5 million, or 0.9% of revenues in the second quarter of 2019, compared to operating income of $4.6 million, or 1.5% of revenues in the second quarter of 2018. The decrease in operating income year-over-year was primarily attributable to $7.0 million lower gross profit and a $0.3 million increase in SG&A due to higher employee-related compensation costs, partially offset by the sale of the soy and corn business and rationalized overhead, together with other cost reduction measures. Excluding the operating results of disposed businesses, as well as SG&A expenses related to employee retention and transition costs, our segment operating loss would have been $1.1 million for the second quarter of 2019, compared with income of $2.8 million for the second quarter of 2018.

Other expense for the second quarter of 2019 reflected employee termination costs of $0.7 million associated with the Value Creation Plan, and $0.2 million of legal fees associated with the sale of the soy and corn business, offset by a $0.5 gain related to a project cancellation.

Adjusted EBITDA¹ was $10.1 million or 3.5% of revenues in the second quarter of 2019, compared to $14.8 million or 4.6% of revenues in the second quarter of 2018. Excluding disposed operations, adjusted EBITDA for the quarter ended June 29, 2019 was $10.1 million, compared with $12.7 million for the quarter ended June 30, 2018.

The Company reported a loss attributable to common shareholders for the second quarter of 2019 of $11.1 million, or $0.13 per diluted common share, compared to a loss of $5.1 million, or $0.06 per diluted common share during the second quarter of 2018. Adjusted loss¹ in the second quarter of 2019 was $9.0 million or $0.10 per common share, compared to $5.0 million or $0.06 per common share in the second quarter of 2018. Please refer to the discussion and table below under “Non-GAAP Measures – Adjusted Earnings/Loss”.

Balance Sheet and Cash Flow

At June 29, 2019, SunOpta’s balance sheet reflected total assets of $971.7 million and total debt of $498.5 million. During the second quarter of 2019, cash used in operating activities was $31.7 million, compared to cash used of $34.2 million during the second quarter of 2018. The $2.5 million decrease in cash used in operating activities reflects lower cash used to fund working capital, partially offset by decreased consolidated earnings primarily due to lower profitability in the Company’s Healthy Fruit platform. Cash used in investing activities was $12.9 million in the second quarter of 2019, compared with $10.0 million in the second quarter of 2018, an increase in cash used of $2.9 million due mainly to cash used to finance the acquisition of Sanmark in April 2019.

Conference Call

SunOpta plans to host a conference call at 9:00 A.M. Eastern time on Wednesday, August 7, 2019, to discuss the second quarter financial results. After opening remarks, there will be a question and answer period. This conference call can be accessed via a link on SunOpta’s website at www.sunopta.com under the “Investors” section. To listen to the live call over the Internet, please go to SunOpta’s website at least 15 minutes early to register, download and install any necessary audio software. Additionally, the call may be accessed with the toll-free dial-in number 1 (877) 312-9198 or International dial-in number 1 (631) 291-4622. If you are unable to listen live, the conference call will be archived and can be accessed for approximately 90 days on the Company’s website.

¹ See discussion of non-GAAP measures

About SunOpta Inc.

SunOpta Inc. is a leading global company focused on organic, non-genetically modified (“non-GMO”) and specialty foods. SunOpta specializes in the sourcing, processing and packaging of organic and non-GMO food products, integrated from seed through packaged products; with a focus on strategic vertically integrated business models. SunOpta’s organic and non-GMO food operations revolve around value-added grain, seed, fruit and vegetable-based product offerings, supported by a global sourcing and supply infrastructure.

Forward-Looking Statements

Certain statements included in this press release may be considered “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, which are based on information available to us on the date of this release. These forward-looking statements include, but are not limited to, our expectation that our structural improvements will persist and drive improved profitability, the anticipated accelerated growth in our Healthy Beverage platform and at Tradin Organic, our expectation for greater cost efficiencies as a result of the further optimization of our national production planning and the estimated full year impact to gross profit from the strawberry shortage. Generally, forward-looking statements do not relate strictly to historical or current facts and are typically accompanied by words such as “continue”, “expected”, “anticipate”, “estimates”, “can”, “will”, “believe”, “targeting”, “should”, “would”, “plans”, “becoming”, “intend”, “confident”, “may”, “project”, “potential”, “intention”, “might”, “predict”, “budget”, “forecast” or other similar terms and phrases intended to identify these forward-looking statements. Forward-looking statements are based on information available to the Company on the date of this release and are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments including, but not limited to, unexpected issues or delays with the Company’s structural improvements and automation investments, portfolio optimization and productivity efforts, the sustainability of the Company’s sales pipeline, the Company’s expectations regarding commodity pricing, margins and hedging results, improved availability and field prices for fruit, procurement and logistics savings, freight lane cost reductions, yield and throughput enhancements, and labor cost reductions, as well as other factors the Company believes are appropriate in the circumstances including, but not limited to, general economic conditions, continued consumer interest in health and wellness, ability to maintain product pricing levels, current customer demand, planned facility and operational expansions, closures and divestitures, competitive intensity, cost rationalization, product development initiatives, and alternative potential uses for the Company’s capital resources. Whether actual timing and results will agree with expectations and predications of the Company is subject to many risks and uncertainties including, but not limited to, failure or inability to implement portfolio changes, process improvements, go-to-market improvements and process sustainability strategies in a timely manner; changes in the level of capital investment; local and global political and economic conditions; consumer spending patterns and changes in market trends; decreases in customer demand; delayed or unsuccessful product development efforts; potential product recalls; working capital management; availability and pricing of raw materials and supplies; potential covenant breaches under the Company’s credit facilities; and other risks described from time to time under “Risk Factors” in the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q (available at www.sec.gov). Consequently, all forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized. The Company undertakes no obligation to publicly correct or update the forward-looking statements in this document, in other documents, or on its website to reflect future events or circumstances, except as may be required under applicable securities laws.

Source: SunOpta Inc. 

SunOpta Inc.

 

 

 

 

Consolidated Statements of Operations

 

 

 

 

For the quarters and two quarters ended June 29, 2019 and June 30, 2018

(Unaudited)

 

 

 

 

(All dollar amounts expressed in thousands of U.S. dollars, except per share amounts)

 

 

 

 

 

 

 

Quarter ended

Two quarters ended

 

June 29, 2019

June 30, 2018

June 29, 2019

June 30, 2018

 

$

$

$

$

 

 

 

 

 

Revenues

 

293,004

 

 

319,308

 

 

598,279

 

 

631,960

 

 

 

 

 

 

Cost of goods sold

 

265,677

 

 

284,962

 

 

542,746

 

 

563,930

 

 

 

 

 

 

Gross profit

 

27,327

 

 

34,346

 

 

55,533

 

 

68,030

 

 

 

 

 

 

Selling, general and administrative expenses

 

27,262

 

 

26,948

 

 

53,510

 

 

55,236

 

Intangible asset amortization

 

2,692

 

 

2,768

 

 

5,434

 

 

5,539

 

Other expense (income), net

 

445

 

 

583

 

 

(43,067

)

 

181

 

Foreign exchange loss (gain)

 

(90

)

 

(11

)

 

(1,194

)

 

951

 

 

 

 

 

 

Earnings (loss) before the following

 

(2,982

)

 

4,058

 

 

40,850

 

 

6,123

 

 

 

 

 

 

Interest expense, net

 

8,254

 

 

8,474

 

 

16,993

 

 

16,694

 

 

 

 

 

 

Earnings (loss) before income taxes

 

(11,236

)

 

(4,416

)

 

23,857

 

 

(10,571

)

 

 

 

 

 

Provision for (recovery of) income taxes

 

(2,324

)

 

(1,290

)

 

7,174

 

 

(2,983

)

 

 

 

 

 

Net earnings (loss)

 

(8,912

)

 

(3,126

)

 

16,683

 

 

(7,588

)

 

 

 

 

 

Earnings (loss) attributable to non-controlling interests

 

143

 

 

48

 

 

89

 

 

(51

)

 

 

 

 

 

Earnings (loss) attributable to SunOpta Inc.

 

(9,055

)

 

(3,174

)

 

16,594

 

 

(7,537

)

 

 

 

 

 

Dividends and accretion on Series A Preferred Stock

 

(2,001

)

 

(1,974

)

 

(3,996

)

 

(3,941

)

 

 

 

 

 

Earnings (loss) attributable to common shareholders

 

(11,056

)

 

(5,148

)

 

12,598

 

 

(11,478

)

 

 

 

 

 

Earnings (loss) per share

 

 

 

 

Basic

 

(0.13

)

 

(0.06

)

 

0.14

 

 

(0.13

)

Diluted

 

(0.13

)

 

(0.06

)

 

0.14

 

 

(0.13

)

 

 

 

 

 

Weighted-average common shares outstanding (000s)

 

 

 

 

Basic

 

87,683

 

 

86,968

 

 

87,579

 

 

86,889

 

Diluted

 

87,683

 

 

86,968

 

 

87,743

 

 

86,889

 

SunOpta Inc.

 

 

Consolidated Balance Sheets

 

 

As at June 29, 2019 and December 29, 2018

 

 

(Unaudited)

 

 

(All dollar amounts expressed in thousands of U.S. dollars)

 

 

 

 

 

June 29, 2019

December 29, 2018

 

$

$

 

 

 

ASSETS

 

 

Current assets

 

 

Cash and cash equivalents

 

2,530

 

 

3,280

 

Accounts receivable

 

121,084

 

 

132,131

 

Inventories

 

377,377

 

 

361,957

 

Prepaid expenses and other current assets

 

34,224

 

 

29,024

 

Income taxes recoverable

 

7,558

 

 

7,029

 

Total current assets

 

542,773

 

 

533,421

 

 

 

 

Property, plant and equipment

 

168,433

 

 

171,032

 

Operating lease right-of-use assets

 

72,788

 

 

 

Goodwill

 

28,488

 

 

27,959

 

Intangible assets

 

155,492

 

 

160,975

 

Deferred income taxes

 

183

 

 

182

 

Other assets

 

3,536

 

 

3,169

 

 

 

 

Total assets

 

971,693

 

 

896,738

 

 

 

 

LIABILITIES

 

 

Current liabilities

 

 

Bank indebtedness

 

268,510

 

 

280,334

 

Accounts payable and accrued liabilities

 

148,248

 

 

155,371

 

Customer and other deposits

 

719

 

 

1,445

 

Income taxes payable

 

1,889

 

 

2,208

 

Other current liabilities

 

309

 

 

862

 

Current portion of long-term debt

 

1,524

 

 

1,840

 

Current portion of operating lease liabilities

 

17,402

 

 

 

Current portion of long-term liabilities

 

4,286

 

 

4,286

 

Total current liabilities

 

442,887

 

 

446,346

 

 

 

 

Long-term debt

 

228,494

 

 

227,023

 

Operating lease liabilities

 

56,111

 

 

 

Long-term liabilities

 

2,192

 

 

2,079

 

Deferred income taxes

 

13,121

 

 

8,149

 

Total liabilities

 

742,805

 

 

683,597

 

 

 

 

Series A Preferred Stock

 

81,898

 

 

81,302

 

 

 

 

EQUITY

 

 

SunOpta Inc. shareholders’ equity

 

 

Common shares

 

317,735

 

 

314,357

 

Additional paid-in capital

 

31,518

 

 

31,796

 

Accumulated deficit

 

(193,553

)

 

(206,151

)

Accumulated other comprehensive loss

 

(10,508

)

 

(9,667

)

 

 

145,192

 

 

130,335

 

Non-controlling interests

 

1,798

 

 

1,504

 

Total equity

 

146,990

 

 

131,839

 

 

 

 

Total equity and liabilities

 

971,693

 

 

896,738

 

SunOpta Inc.

 

 

 

 

Consolidated Statements of Cash Flows

 

 

 

 

For the quarters and two quarters ended June 29, 2019 and June 30, 2018

 

(Unaudited)

 

 

 

 

(Expressed in thousands of U.S. dollars)

 

 

 

 

 

 

 

Quarter ended

Two quarters ended

 

June 29, 2019

June 30, 2018

June 29, 2019

June 30, 2018

 

$

$

$

$

 

 

 

 

 

CASH PROVIDED BY (USED IN)

 

 

 

 

 

 

 

 

 

Operating activities

 

 

 

 

Net earnings (loss)

 

(8,912

)

 

(3,126

)

 

16,683

 

 

(7,588

)

Items not affecting cash:

 

 

 

 

Depreciation and amortization

 

8,186

 

 

8,189

 

 

16,488

 

 

16,330

 

Amortization of debt issuance costs

 

684

 

 

600

 

 

1,339

 

 

1,208

 

Deferred income taxes

 

(2,356

)

 

(865

)

 

4,971

 

 

(2,151

)

Stock-based compensation

 

2,998

 

 

2,104

 

 

2,835

 

 

4,275

 

Unrealized gain on derivative contracts

 

(400

)

 

(2,764

)

 

(288

)

 

(1,243

)

Loss (gain) on sale of business

 

201

 

 

 

 

(45,378

)

 

 

Fair value of contingent consideration

 

 

 

43

 

 

 

 

(2,373

)

Impairment of long-lived assets

 

 

 

70

 

 

 

 

409

 

Other

 

(72

)

 

(148

)

 

(134

)

 

(147

)

Changes in non-cash working capital, net of businesses

 

 

 

 

acquired or sold

 

(31,989

)

 

(38,324

)

 

(27,188

)

 

(35,435

)

Net cash flows from operations

 

(31,660

)

 

(34,221

)

 

(30,672

)

 

(26,715

)

 

 

 

 

 

Investing activities

 

 

 

 

Net proceeds from sale of business

 

(201

)

 

 

 

64,675

 

 

 

Purchases of property, plant and equipment

 

(9,341

)

 

(10,428

)

 

(17,315

)

 

(17,163

)

Acquisition of business, net of cash acquired

 

(3,341

)

 

 

 

(3,341

)

 

 

Proceeds from sale of assets

 

 

 

30

 

 

 

 

730

 

Other

 

 

 

389

 

 

 

 

389

 

Net cash flows from investing activities

 

(12,883

)

 

(10,009

)

 

44,019

 

 

(16,044

)

 

 

 

 

 

Financing activities

 

 

 

 

Increase (decrease) under line of credit facilities

 

43,367

 

 

49,885

 

 

(11,294

)

 

50,194

 

Borrowings under long-term debt

 

24

 

 

 

 

1,876

 

 

 

Repayment of long-term debt

 

(634

)

 

(415

)

 

(1,357

)

 

(937

)

Payment of cash dividends on Series A Preferred Stock

 

(1,700

)

 

(1,700

)

 

(3,400

)

 

(3,400

)

Proceeds from the exercise of stock options and employee

 

 

 

 

share purchases

 

37

 

 

91

 

 

265

 

 

240

 

Payment of debt issuance costs

 

(81

)

 

 

 

(395

)

 

 

Payment of contingent consideration

 

 

 

(4,399

)

 

 

 

(4,399

)

Other

 

(5

)

 

(5

)

 

216

 

 

(45

)

Net cash flows from financing activities

 

41,008

 

 

43,457

 

 

(14,089

)

 

41,653

 

 

 

 

 

 

Foreign exchange gain (loss) on cash held in a foreign currency

 

50

 

 

(64

)

 

(8

)

 

(35

)

 

 

 

 

 

Decrease in cash and cash equivalents in the period

 

(3,485

)

 

(837

)

 

(750

)

 

(1,141

)

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents – beginning of the period

 

6,015

 

 

2,924

 

 

3,280

 

 

3,228

 

 

 

 

 

 

Cash and cash equivalents – end of the period

 

2,530

 

 

2,087

 

 

2,530

 

 

2,087

 

SunOpta Inc.

 

Segmented Information

 

 

 

 

For the quarters and two quarters ended June 29, 2019 and June 30, 2018

Unaudited

 

 

 

(Expressed in thousands of U.S. dollars)

 

 

 

 

 

 

 

 

Quarter ended

Two quarters ended

 

June 29, 2019

June 30, 2018

June 29, 2019

June 30, 2018

 

$

$

$

$

Segment revenues from external customers:

 

 

 

 

Global Ingredients

 

117,007

 

 

146,685

 

 

245,050

 

 

283,016

 

Consumer Products

 

175,997

 

 

172,623

 

 

353,229

 

 

348,944

 

Total segment revenues from external customers

 

293,004

 

 

319,308

 

 

598,279

 

 

631,960

 

 

 

 

 

 

Segment gross profit:

 

 

 

 

Global Ingredients

 

11,762

 

 

13,464

 

 

24,634

 

 

28,099

 

Consumer Products

 

15,565

 

 

20,882

 

 

30,899

 

 

39,931

 

Total segment gross profit

 

27,327

 

 

34,346

 

 

55,533

 

 

68,030

 

 

 

 

 

 

Segment operating income (loss):

 

 

 

 

Global Ingredients

 

3,345

 

 

2,965

 

 

8,068

 

 

6,067

 

Consumer Products

 

(1,213

)

 

4,762

 

 

(2,551

)

 

8,078

 

Corporate Services

 

(4,669

)

 

(3,086

)

 

(7,734

)

 

(7,841

)

Total segment operating income (loss)

 

(2,537

)

 

4,641

 

 

(2,217

)

 

6,304

 

 

 

 

 

 

Segment gross profit percentage:

 

 

 

 

Global Ingredients

 

10.1

%

 

9.2

%

 

10.1

%

 

9.9

%

Consumer Products

 

8.8

%

 

12.1

%

 

8.7

%

 

11.4

%

Total segment gross profit percentage

 

9.3

%

 

10.8

%

 

9.3

%

 

10.8

%

 

 

 

 

 

Segment operating income (loss) percentage:

 

 

 

 

Global Ingredients

 

2.9

%

 

2.0

%

 

3.3

%

 

2.1

%

Consumer Products

 

-0.7

%

 

2.8

%

 

-0.7

%

 

2.3

%

Total segment operating income (loss)

 

-0.9

%

 

1.5

%

 

-0.4

%

 

1.0

%

Contacts

Scott Van Winkle

ICR

617-956-6736

[email protected]

Read full story here

Angela Fuller

Angela is a reviewer at foodplusice.com. Friends call her a pop culture geek, Zombie ninja, a travel evangelist and a friendly entrepreneur. Read more about the company >>

Food Plus Ice