SunOpta Announces Fourth Quarter Fiscal 2019 Financial Results

Adjusted EBITDA doubled YOY excluding disposed operations

SunOpta Inc. ("SunOpta" or the "Company") (Nasdaq:STKL) (TSX:SOY), a leading global company focused on plant-based foods and beverages, fruit-based foods and beverages, and organic ingredient sourcing and production, today announced financial results for the fourth quarter ended December 28, 2019.

"I am pleased to report that SunOpta doubled adjusted EBITDA, excluding disposed operations, in the fourth quarter versus the prior year. The adjusted EBITDA results were primarily driven by strong revenue growth and margin expansion in our plant-based beverages business unit, supported by sequential improvement in frozen fruit profitability. We are confident in the outlook for continued EBITDA growth in 2020 as we expect to benefit from strong industry tailwinds and further capitalize on our industry-leading capabilities in key product categories," said Joe Ennen, Chief Executive Officer at SunOpta.

"Within our plant-based food and beverage business unit, we grew revenue 25%, reflecting strong growth in both existing and new customers. We also saw improved gross margins as a result of higher plant utilization and significant contributions from our productivity initiatives. Our capital investments to expand our extraction capabilities are well timed, given the growing consumer demand for plant-based foods and beverages and the scarcity of capacity capable of meeting this demand. Within our fruit-based food and beverage platform, results were consistent with our expectations. Encouragingly, we had both sequential and year-over-year gross margin improvement in all product segments of our fruit business and we were able to make pricing changes with key customers to reflect higher costs and in some cases move to indexed based pricing. As we gear up for the 2020 fruit season, we remain focused on executing our fruit margin optimization activities, which include further automation to lower variable labor costs; more direct bagging; shifting to customer pricing structures that reduce risk, and completing our enhancements to business planning and leadership. We still have considerable work to do to achieve acceptable margin levels in this business, but we are tracking in line with our turnaround plan. Within Tradin Organic, which is part of our Global Ingredients segment, our margin rate remains relatively consistent in spite of the inherent volatility in a commodity-based business and production inefficiencies in our cocoa business."

Mr. Ennen continued, "As we look ahead to 2020, we expect to see continued improvement in adjusted EBITDA performance as we capitalize on our strong plant-based food and beverage momentum, execute our margin optimization strategy in our fruit business, and leverage Tradin’s unique positioning in the organic ingredient supply chain. The recent extension of our $360 million revolving asset-based credit facility reflects the support and confidence of our banking partners as we execute our turnaround plan, while providing enhanced flexibility and liquidity to support our growth plans."

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

Fourth Quarter 2019 Highlights:

  • Revenues of $295.8 million for the fourth quarter of 2019, compared to $320.5 million in the fourth quarter of 2018, a decrease of 7.7%. Adjusted for disposed operations, foreign exchange, commodity prices, a new contract manufacturing arrangement and the acquisition of Sanmark, revenues grew 0.8% during the fourth quarter.
  • Loss attributable to common shareholders of $7.6 million or $0.09 per common share in the fourth quarter of 2019, compared to a loss attributable to common shareholders of $99.0 million or $1.13 per common share in the fourth quarter of 2018.
  • Adjusted loss¹ of $5.6 million or $0.06 per common share during the fourth quarter of 2019, compared to an adjusted loss of $9.3 million or $0.11 per common share during the fourth quarter of 2018.
  • Adjusted EBITDA¹ excluding disposed operations of $16.4 million or 5.5% of revenues for the fourth quarter of 2019, versus $8.2 million or 2.5% of adjusted revenues in the fourth quarter of 2018.

Fourth Quarter 2019 Results

Revenues for the fourth quarter of 2019 were $295.8 million, a decrease of 7.7% compared to $320.5 million in the fourth quarter of 2018. Excluding the impact on reported revenues of disposed business, including the soy and corn business sold in February 2019, 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 fourth quarter of 2019 increased by 0.8% compared with the fourth quarter of 2018.

As a result of the Company’s restructuring efforts in 2019, the Company has realigned its reporting structure to better align with its operational and strategic objectives. As a result, the Company established two new segments: a Plant-Based Foods and Beverages segment and a Fruit-Based Foods and Beverages segment, based on the synergistic nature of the underlying principal product ingredients and the reporting structure within each segment. The Plant-Based Foods and Beverages segment includes aseptic beverages, ingredient extraction and sunflower operations. The Fruit-Based Foods and Beverages segment includes: Sunrise frozen fruit, fruit ingredients and fruit snacks. In addition, the Company realigned the Global Ingredients segment to combine its Tradin Organic operations and its premium juice program, based on shared raw material sourcing.

The Global Ingredients segment generated revenues of $109.7 million, a decrease of 24.4% compared to $145.1 million in the fourth quarter of 2018. Excluding the impact of the disposed soy and corn business, and changes in commodity-related pricing and foreign exchange rates, Global Ingredients revenue in the fourth quarter decreased 5.7% compared to the prior year period, which reflected lower volumes in certain organic ingredient product categories. The Plant-Based Foods and Beverages segment generated revenues of $106.4 million during the fourth quarter of 2019, an increase of 25.0% compared to $85.1 million in the fourth quarter of 2018. Excluding sunflower price variances and a profit-neutral change to a co-manufacturing agreement, Plant-Based segment revenues in the fourth quarter increased 26.8% compared to the prior year period, reflecting higher volumes of aseptic beverages, broth offerings, and ingredient extraction. This growth came on top of a very strong prior year which was up 18.7% from 2017. The Fruit-Based Foods and Beverages segment generated revenues of $79.7 million during the fourth quarter of 2019, a decrease of 11.7% compared to $90.3 million in the fourth quarter of 2018. Excluding the impact of commodity price fluctuations, Fruit-Based segment revenues in the fourth quarter decreased 14.9% compared to the prior year period, primarily reflecting lower volumes with one large food service customer, partially offset by higher pricing.

Gross profit was $33.4 million for the quarter ended December 28, 2019, an increase of $12.1 million compared to $21.3 million for the quarter ended December 29, 2018. The Plant-Based Foods and Beverages segment accounted for $10.5 million of the increase in gross profit primarily due to revenue growth, increased gross margin as a result of increased capacity utilization and productivity programs, and strong margin performance in extraction operations. The Fruit-Based Foods and Beverages segment increased gross profit by $4.1 million in the quarter due to increased gross margin, reflecting pricing actions and efficiency efforts to optimize margins across the segment. These favorable impacts were partially offset by a $2.5 million decline in gross profit in the Global Ingredients segment primarily due to the sale of the soy and corn business, along with lower volumes and pricing spreads for certain organic ingredients.

As a percentage of revenues, gross profit for the quarter ended December 28, 2019 was 11.3% compared to 6.6% for the quarter ended December 29, 2018, an increase of 4.7%. On an adjusted basis, the gross profit percentage in the fourth quarter of 2019 would have been 11.4% excluding start-up costs of $0.3 million related to the Company’s new organic avocado oil facility in Ethiopia. The gross profit percentage for the fourth quarter of 2018 would have been approximately 8.5%, excluding inventory write-downs in frozen fruit, costs related to the commercialization of new beverage products, and equipment start-up costs.

Segment operating income¹ was $3.0 million, or 1.0% of revenues in the fourth quarter of 2019, compared to an operating loss of $6.9 million, or 2.2% of revenues in the fourth quarter of 2018. The increase in operating income year-over-year was primarily attributable to the $12.1 million increase in gross profit, offset by an increase in SG&A due to higher employee-related variable and stock-based compensation costs, non-structural costs in SG&A related to the Value Creation Plan, and an increase in foreign exchange losses within our Tradin Organic international operations. Excluding the impact of non-structural SG&A and items above impacting gross profit, segment operating income would have been $4.1 million for the fourth quarter of 2019, compared with an operating loss of $0.9 million for the fourth quarter of 2018.

Other income for the fourth quarter of 2019 reflected legal settlement gains of $1.2 million, offset by employee termination costs and post-closing adjustments related to the sale of the soy and corn business.

In the fourth quarter of 2018, the Company recognized a non-cash goodwill impairment charge of $81.2 million to write-off the remaining goodwill balance related to the Sunrise frozen fruit business.

Adjusted EBITDA¹ was $16.4 million or 5.5% of revenues in the fourth quarter of 2019, compared to $9.1 million or 2.8% of revenues in the fourth quarter of 2018. Excluding disposed operations, adjusted EBITDA for the quarter ended December 29, 2018 was $8.2 million.

The Company reported a loss attributable to common shareholders for the fourth quarter of 2019 of $7.6 million, or $0.09 per diluted common share, compared to a loss of $99.0 million, or $1.13 per diluted common share during the fourth quarter of 2018. Adjusted loss¹ in the fourth quarter of 2019 was $5.6 million or $0.06 per common share, compared to $9.3 million or $0.11 per common share in the fourth quarter of 2018. Please refer to the discussion and table below under "Non-GAAP Measures - Adjusted Earnings/Loss".

Balance Sheet and Cash Flow

At December 28, 2019, SunOpta’s balance sheet reflected total assets of $923.4 million and total debt of $490.7 million. During the fourth quarter of 2019, cash provided by operating activities was $36.2 million, compared to $5.1 million during the fourth quarter of 2018. The $31.1 million increase in cash provided by operating activities primarily reflects the improved year-over-year operating results, along with more efficient working capital management. Cash used in investing activities was $9.2 million in the fourth quarter of 2019, compared with $6.7 million in the fourth quarter of 2018, an increase in cash used of $2.5 million, including a higher level of capital expenditures related to the expansion of our ingredient extraction capabilities.

Conference Call

SunOpta plans to host a conference call at 9:00 A.M. Eastern time on Thursday, February 27, 2020, to discuss the fourth 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 plant-based foods and beverages, fruit-based foods and beverages, and organic ingredient sourcing and production. SunOpta specializes in the sourcing, processing and packaging of organic, natural and non-GMO food products, integrated from seed through packaged products; with a focus on strategic vertically integrated business models.

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 we will benefit from strong industry tailwinds and see continued improvement in adjusted EBITDA performance, our ability to execute our margin optimization strategy in our fruit business and leverage Tradin’s unique positioning in the organic ingredient supply chain. Generally, forward-looking statements do not relate strictly to historical or current facts and are typically accompanied by words such as "expect", "believe", "anticipate", "continue", "estimates", "can", "will", "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.

SunOpta Inc.

Consolidated Statements of Operations

For the quarters and years ended December 28, 2019 and December 29, 2018

(Unaudited)

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

 

 

 

 

 

 

 

 

 

 

 

Quarter ended

 

Year ended

 

 

December 28,

 

December 29,

 

December 28,

 

December 29,

2019

2018

2019

2018

 

 

$

 

$

 

$

 

$

 

 

 

 

 

 

 

 

 

Revenues

 

 

295,802

 

 

 

320,521

 

 

 

1,190,022

 

 

 

1,260,852

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

262,407

 

 

 

299,209

 

 

 

1,074,769

 

 

 

1,137,382

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

33,395

 

 

 

21,312

 

 

 

115,253

 

 

 

123,470

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

27,156

 

 

 

25,792

 

 

 

108,340

 

 

 

108,248

 

Intangible asset amortization

 

 

2,769

 

 

 

2,745

 

 

 

10,971

 

 

 

11,038

 

Other expense (income), net

 

 

(304

)

 

 

1,508

 

 

 

(40,048

)

 

 

2,825

 

Goodwill impairment

 

 

-

 

 

 

81,222

 

 

 

-

 

 

 

81,222

 

Foreign exchange loss (gain)

 

 

480

 

 

 

(331

)

 

 

(1,304

)

 

 

252

 

 

 

 

 

 

 

 

 

 

Earnings (loss) before the following

 

 

3,294

 

 

 

(89,624

)

 

 

37,294

 

 

 

(80,115

)

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

8,820

 

 

 

8,920

 

 

 

34,677

 

 

 

34,406

 

 

 

 

 

 

 

 

 

 

Earnings (loss) before income taxes

 

 

(5,526

)

 

 

(98,544

)

 

 

2,617

 

 

 

(114,521

)

 

 

 

 

 

 

 

 

 

Provision for (recovery of) income taxes

 

 

(18

)

 

 

(1,525

)

 

 

3,221

 

 

 

(5,378

)

 

 

 

 

 

 

 

 

 

Net loss

 

 

(5,508

)

 

 

(97,019

)

 

 

(604

)

 

 

(109,143

)

 

 

 

 

 

 

 

 

 

Earnings attributable to non-controlling interests

 

 

95

 

 

 

43

 

 

 

154

 

 

 

62

 

 

 

 

 

 

 

 

 

 

Loss attributable to SunOpta Inc.

 

 

(5,603

)

 

 

(97,062

)

 

 

(758

)

 

 

(109,205

)

 

 

 

 

 

 

 

 

 

Dividends and accretion on Series A Preferred Stock

 

 

(2,017

)

 

 

(1,987

)

 

 

(8,022

)

 

 

(7,909

)

 

 

 

 

 

 

 

 

 

Loss attributable to common shareholders

 

 

(7,620

)

 

 

(99,049

)

 

 

(8,780

)

 

 

(117,114

)

 

 

 

 

 

 

 

 

 

Loss per share

 

 

 

 

 

 

 

 

Basic

 

 

(0.09

)

 

 

(1.13

)

 

 

(0.10

)

 

 

(1.34

)

Diluted

 

 

(0.09

)

 

 

(1.13

)

 

 

(0.10

)

 

 

(1.34

)

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding (000s)

 

 

 

 

 

 

 

 

Basic

 

 

88,017

 

 

 

87,351

 

 

 

87,787

 

 

 

87,082

 

Diluted

 

 

88,017

 

 

 

87,351

 

 

 

87,787

 

 

 

87,082

 

SunOpta Inc.

Consolidated Balance Sheets

As at December 28, 2019 and December 29, 2018

(Unaudited)

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

 

 

 

 

 

 

 

December 28, 2019

 

December 29, 2018

 

 

$

 

$

 

 

 

 

 

ASSETS

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

1,498

 

 

3,280

 

Accounts receivable

 

121,445

 

 

132,131

 

Inventories

 

323,546

 

 

361,957

 

Prepaid expenses and other current assets

 

35,985

 

 

29,024

 

Income taxes recoverable

 

7,480

 

 

7,029

 

Total current assets

 

489,954

 

 

533,421

 

 

 

 

 

 

Property, plant and equipment

 

184,550

 

 

171,032

 

Operating lease right-of-use assets

 

68,433

 

 

-

 

Goodwill

 

28,422

 

 

27,959

 

Intangible assets

 

150,009

 

 

160,975

 

Deferred income taxes

 

-

 

 

182

 

Other assets

 

1,991

 

 

3,169

 

 

 

 

 

 

Total assets

 

923,359

 

 

896,738

 

 

 

 

 

 

LIABILITIES

 

 

 

 

Current liabilities

 

 

 

 

Bank indebtedness

 

245,536

 

 

280,334

 

Accounts payable and accrued liabilities

 

133,529

 

 

155,371

 

Customer and other deposits

 

37

 

 

1,445

 

Income taxes payable

 

1,272

 

 

2,208

 

Other current liabilities

 

802

 

 

862

 

Current portion of long-term debt

 

2,987

 

 

1,840

 

Current portion of operating lease liabilities

 

17,215

 

 

-

 

Current portion of long-term liabilities

 

4,286

 

 

4,286

 

Total current liabilities

 

405,664

 

 

446,346

 

 

 

 

 

 

Long-term debt

 

242,204

 

 

227,023

 

Operating lease liabilities

 

52,020

 

 

-

 

Long-term liabilities

 

2,011

 

 

2,079

 

Deferred income taxes

 

9,027

 

 

8,149

 

Total liabilities

 

710,926

 

 

683,597

 

 

 

 

 

 

Series A Preferred Stock

 

82,524

 

 

81,302

 

 

 

 

 

 

EQUITY

 

 

 

 

SunOpta Inc. shareholders’ equity

 

 

 

 

Common shares

 

318,456

 

 

314,357

 

Additional paid-in capital

 

35,767

 

 

31,796

 

Accumulated deficit

 

(214,931

)

 

(206,151

)

Accumulated other comprehensive loss

 

(11,271

)

 

(9,667

)

 

 

128,021

 

 

130,335

 

Non-controlling interests

 

1,888

 

 

1,504

 

Total equity

 

129,909

 

 

131,839

 

 

 

 

 

 

Total equity and liabilities

 

923,359

 

 

896,738

 

SunOpta Inc.

Consolidated Statements of Cash Flows

For the quarters and years ended December 28, 2019 and December 29, 2018

(Unaudited)

(Expressed in thousands of U.S. dollars)

 

 

 

 

 

 

 

 

 

 

 

Quarter ended

 

Year ended

 

 

December 28,

 

December 29,

 

December 28,

 

December 29,

2019

2018

2019

2018

 

 

$

 

$

 

$

 

$

 

 

 

 

 

 

 

 

 

CASH PROVIDED BY (USED IN)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

 

 

 

 

 

 

 

Net loss

 

(5,508

)

 

(97,019

)

 

(604

)

 

(109,143

)

Items not affecting cash:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

8,947

 

 

8,287

 

 

33,952

 

 

32,788

 

Amortization of debt issuance costs

 

699

 

 

730

 

 

2,721

 

 

2,536

 

Deferred income taxes

 

(1,179

)

 

(3,533

)

 

1,060

 

 

(7,390

)

Stock-based compensation

 

2,092

 

 

1,544

 

 

7,485

 

 

7,939

 

Unrealized loss (gain) on derivative contracts

 

(987

)

 

(402

)

 

(410

)

 

465

 

Loss (gain) on sale of business

 

242

 

 

-

 

 

(44,027

)

 

-

 

Fair value of contingent consideration

 

-

 

 

(287

)

 

-

 

 

(2,635

)

Impairment of long-lived assets

 

-

 

 

-

 

 

-

 

 

409

 

Goodwill impairment

 

-

 

 

81,222

 

 

-

 

 

81,222

 

Reserve for notes receivable

 

-

 

 

2,232

 

 

-

 

 

2,232

 

Other

 

(155

)

 

(86

)

 

(263

)

 

(197

)

Changes in non-cash working capital, net of businesses acquired or sold

 

32,041

 

 

12,404

 

 

9,895

 

 

(19,367

)

Net cash flows from operating activities

 

36,192

 

 

5,092

 

 

9,809

 

 

(11,141

)

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

 

Net proceeds from sale of businesses

 

(1,348

)

 

-

 

 

63,324

 

 

1,236

 

Purchases of property, plant and equipment

 

(7,857

)

 

(6,682

)

 

(32,764

)

 

(31,603

)

Acquisition of business, net of cash acquired

 

-

 

 

-

 

 

(3,341

)

 

-

 

Proceeds from sale of assets

 

-

 

 

-

 

 

-

 

 

1,437

 

Other

 

-

 

 

-

 

 

-

 

 

159

 

Net cash flows from investing activities

 

(9,205

)

 

(6,682

)

 

27,219

 

 

(28,771

)

 

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

 

 

Increase (decrease) under line of credit facilities

 

(26,104

)

 

2,797

 

 

(32,795

)

 

50,275

 

Borrowings under long-term debt

 

789

 

 

2,029

 

 

3,230

 

 

2,029

 

Repayment of long-term debt

 

(833

)

 

(316

)

 

(2,746

)

 

(1,810

)

Payment of cash dividends on Series A Preferred Stock

 

(1,700

)

 

(1,700

)

 

(6,800

)

 

(6,800

)

Proceeds from the exercise of stock options and employee share purchases

 

156

 

 

710

 

 

585

 

 

1,309

 

Payment of debt issuance costs

 

(17

)

 

-

 

 

(412

)

 

-

 

Dividend paid by subsidiary to non-controlling interest

 

-

 

 

(278

)

 

(31

)

 

(278

)

Payment of contingent consideration

 

-

 

 

-

 

 

-

 

 

(4,399

)

Other

 

(5

)

 

(203

)

 

206

 

 

(292

)

Net cash flows from financing activities

 

(27,714

)

 

3,039

 

 

(38,763

)

 

40,034

 

 

 

 

 

 

 

 

 

 

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

 

16

 

 

(26

)

 

(47

)

 

(70

)

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents in the period

 

(711

)

 

1,423

 

 

(1,782

)

 

52

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents - beginning of the period

 

2,209

 

 

1,857

 

 

3,280

 

 

3,228

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents - end of the period

 

1,498

 

 

3,280

 

 

1,498

 

 

3,280

 

...

SunOpta Inc.

Segmented Information

For the quarters and years ended December 28, 2019 and December 29, 2018

Unaudited

(Expressed in thousands of U.S. dollars)

 

 

 

 

 

 

 

 

 

 

 

Quarter ended

 

Year ended

 

 

December 28,

 

December 29,

 

December 28,

 

December 29,

2019

2018

2019

2018

 

 

$

 

$

 

$

 

$

Segment revenues from external customers:

 

 

 

 

 

 

 

 

Global Ingredients

 

109,682

 

 

145,062

 

 

478,772

 

 

581,307

 

Plant-Based Foods and Beverages

 

106,371

 

 

85,110

 

 

361,398

 

 

314,076

 

Fruit-Based Foods and Beverages

 

79,749

 

 

90,349

 

 

349,852

 

 

365,469

 

Total segment revenues from external customers

 

295,802

 

 

320,521

 

 

1,190,022

 

 

1,260,852

 

 

 

 

 

 

 

 

 

 

Segment gross profit (loss):

 

 

 

 

 

 

 

 

Global Ingredients

 

11,198

 

 

13,742

 

 

49,942

 

 

61,249

 

Plant-Based Foods and Beverages

 

19,881

 

 

9,385

 

 

58,812

 

 

40,477

 

Fruit-Based Foods and Beverages

 

2,316

 

 

(1,815

)

 

6,499

 

 

21,744

 

Total segment gross profit

 

33,395

 

 

21,312

 

 

115,253

 

 

123,470

 

 

 

 

 

 

 

 

 

 

Segment operating income (loss):

 

 

 

 

 

 

 

 

Global Ingredients

 

2,355

 

 

5,272

 

 

15,965

 

 

23,266

 

Plant-Based Foods and Beverages

 

13,745

 

 

931

 

 

29,476

 

 

10,766

 

Fruit-Based Foods and Beverages

 

(4,669

)

 

(11,215

)

 

(26,873

)

 

(16,029

)

Corporate Services

 

(8,441

)

 

(1,882

)

 

(21,322

)

 

(14,071

)

Total segment operating income (loss)

 

2,990

 

 

(6,894

)

 

(2,754

)

 

3,932

 

 

 

 

 

 

 

 

 

 

Segment gross profit (loss) percentage:

 

 

 

 

 

 

 

 

Global Ingredients

 

10.2

%

 

9.5

%

 

10.4

%

 

10.5

%

Plant-Based Foods and Beverages

 

18.7

%

 

11.0

%

 

16.3

%

 

12.9

%

Fruit-Based Foods and Beverages

 

2.9

%

 

-2.0

%

 

1.9

%

 

5.9

%

Total segment gross profit percentage

 

11.3

%

 

6.6

%

 

9.7

%

 

9.8

%

 

 

 

 

 

 

 

 

 

Segment operating income (loss) percentage:

 

 

 

 

 

 

 

 

Global Ingredients

 

2.1

%

 

3.6

%

 

3.3

%

 

4.0

%

Plant-Based Foods and Beverages

 

12.9

%

 

1.1

%

 

8.2

%

 

3.4

%

Fruit-Based Foods and Beverages

 

-5.9