TORONTO, Nov. 8, 2011 (GLOBE NEWSWIRE) -- SunOpta Inc. ("SunOpta" or "the Company") (Nasdaq:STKL) (TSX:SOY), a leading global company focused on natural, organic and specialty foods and natural health products, today announced financial results for the quarter and three quarters ended October 1, 2011. All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.
For the quarter ended October 1, 2011, the Company realized quarterly revenues of $272.4 million versus revenues of $217.5 million for the quarter ended October 2, 2010, a year over year increase of 25.3%. This increase reflects continued growth in the natural and organic foods sectors. Revenues increased 14.6% excluding the impact of the acquisitions completed during 2010 and 2011.
For the quarter ended October 1, 2011 the Company realized earnings per diluted common share from continuing operations of $0.06 or $3.7 million, as compared to $0.00 or a loss of $0.2 million for the quarter ended October 2, 2010. These results were driven by continued strong performance in the International Foods Group offset by reduced earnings in the Grains and Foods Group due to commodity market pressures in the sunflower segment, reduced earnings in the Ingredients Group due in part to the loss of a major customer earlier in the year, and reduced earnings at Opta Minerals due primarily to the impact of foreign exchange losses realized in 2011 versus significant gains in the third quarter of 2010.
The quarterly results include additional pre-tax costs of approximately $2.1 million related primarily to rationalization and legal matters, acquisition and start-up costs, plus foreign exchange losses as a result of significant currency fluctuations during the quarter.
For the quarter ended October 1, 2011, the Company realized EBITDA1 of $12.5 million as compared to $14.7 million for the quarter ended October 2, 2010.
For the three quarters ended October 1, 2011, the Company has realized revenues of $823.6 million versus revenues of $667.7 million for the three quarters ended October 2, 2010, a year over year increase of 23.3%. Revenues increased 12.5% excluding the impact of the acquisitions completed late in 2010 and in the third quarter of 2011.
For the three quarters ended October 1, 2011, the Company has realized earnings per diluted common share from continuing operations of $0.21 or $13.8 million, as compared to $0.16 or $10.6 million for the three quarters ended October 2, 2010. For the three quarters ended October 1, 2011 the Company realized EBITDA1 of $42.5 million as compared to $45.5 million for the three quarters ended October 2, 2010.
At October 1, 2011, the Company's balance sheet reflects a current ratio of 1.49 to 1.00, long-term debt to equity ratio of 0.18 to 1.00 and total debt to equity ratio of 0.53 to 1.00. For the quarter ended October 1, 2011, the Company generated cash from continuing operating activities of $11.7 million as compared to $20.3 million for the quarter ended October 2, 2010. At the end of the quarter, the Company has total debt outstanding of $161.7 million, a decrease of $6.1 million from the period ended July 2, 2011. At October 1, 2011, the Company has total assets of $624.3 million and a net book value of $4.65 per outstanding share. At quarter-end, the Company was in compliance with all its debt covenants.
Steve Bromley, President and Chief Executive Officer of SunOpta, commented, "Results for the third quarter reflect continued growth in the core natural and organic foods categories within which we operate. Our results also reflect the impact of the difficult commodity environment over the course of this year, especially in the sunflower component of our business. We continue to be very confident in our strategy and are encouraged by the number of new initiatives and opportunities in the pipeline. We are focused on expanding our business in fast growing healthy foods categories while at the same time improving operating margins and returns on assets employed. We believe we are well positioned in the natural and organic foods sector and are confident in our future prospects."
The Company plans to host a conference call at 10:00 A.M. Eastern Time on Wednesday November 9th, 2011 to discuss the third quarter results and recent corporate developments. The conference call can be accessedvia a link at the Company's website at www.sunopta.com. Additionally, the call may be accessed with the toll free dial-in number 1-877-312-9198 or international 631-291-4622. A replay of the call can also be accessed between November 9th and 16th with the toll free dial-in number 1-855-859-2056 or 404-537-3406 followed by pass code: 17828140#.
1See discussion of non-GAAP measures
About SunOpta Inc.
SunOpta Inc. is a leading global company focused on natural, organic and specialty foods. The Company specializes in sourcing, processing and packaging of natural and organic food products, integrated from seed through packaged products; with a focus on strategically significant vertically integrated business models. The Company's core natural and organic food operations focus on value-added grains, fiber and fruit based product offerings, supported by a global infrastructure. The Company has two non-core holdings, a 66.4% ownership position in Opta Minerals Inc. (TSX:OPM), a producer, distributor, and recycler of environmentally friendly industrial materials, and a minority ownership position in Mascoma Corporation, an innovative biofuels company.
The SunOpta Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3958
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 focus on growing our business and improving operating margins and returns on assets employed and our positioning in the natural and organic foods sector. The terms and phrases "continue", "improving", "focused", "believe", "positioned" and "confident", and other similar terms and phrases are intended to identify these forward looking statements. Forward looking statements are based on information available to us 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 as well as other factors the Company believes are appropriate in the circumstances including, but not limited to, general economic conditions, consumer interest in health and wellness, product pricing levels, current customer demand, planned facility and operational expansions, competitive intensity, cost rationalization and product development initiatives. 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, global economic conditions, consumer spending patterns and changes in market trends, decreases in customer demand, potential failure of product development, working capital management, inability or delays in implementing continuous improvement initiatives, availability and pricing of raw materials and supplies, 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.
| SunOpta Inc. | |||
| Consolidated Statements of Operations | |||
| For the quarter ended October 1, 2011 and October 2, 2010 | |||
| Unaudited | |||
| (Expressed in thousands of U.S. dollars, except per share amounts) | |||
| Quarter ended | Quarter ended | ||
| October 1, 2011 | October 2, 2010 | Change | |
| $ | $ | % | |
| Revenues | 272,420 | 217,487 | 25.3% |
| Cost of goods sold | 239,478 | 184,723 | 29.6% |
| Gross profit | 32,942 | 32,764 | 0.5% |
| Selling, general and administrative expenses | 22,981 | 21,118 | 8.8% |
| Intangible asset amortization | 1,413 | 1,155 | 22.3% |
| Other expense, net | 321 | 7,453 | -95.7% |
| Goodwill impairment | -- | 1,654 | -100.0% |
| Foreign exchange loss (gain) | 934 | (58) | 1,710.3% |
| Earnings from continuing operations before the following | 7,293 | 1,442 | 405.8% |
| Interest expense, net | 2,033 | 2,036 | -0.1% |
|
Earnings (loss) from continuing operations before income taxes |
5,260 | (594) | 985.5% |
| Provision for (recovery of) income taxes | 1,438 | (1,053) | 236.6% |
| Earnings from continuing operations | 3,822 | 459 | 732.7% |
| Discontinued operations | |||
| Loss from discontinued operations, net of taxes | (383) | (15,616) | 97.5% |
| Gain on sale of discontinued operations, net of taxes | 71 | 49,867 | -99.9% |
| (Loss) earnings from discontinued operations, net of taxes | (312) | 34,251 | -100.9% |
| Earnings | 3,510 | 34,710 | -89.9% |
| Earnings attributable to non-controlling interests | 144 | 643 | -77.6% |
| Earnings attributable to SunOpta Inc. | 3,366 | 34,067 | -90.1% |
| Earnings (loss) per share - basic | |||
| -from continuing operations | 0.06 | -- | |
| -from discontinued operations | (0.01) | 0.53 | |
| 0.05 | 0.53 | ||
| Earnings (loss) per share - diluted | |||
| -from continuing operations | 0.06 | -- | |
| -from discontinued operations | (0.01) | 0.52 | |
| 0.05 | 0.52 | ||
| SunOpta Inc. | |||
| Consolidated Statements of Operations | |||
| For the three quarters ended October 1, 2011 and October 2, 2010 | |||
| Unaudited | |||
| (Expressed in thousands of U.S. dollars, except per share amounts) | |||
| Three quarters ended | Three quarters ended | ||
| October 1, 2011 | October 2, 2010 | Change | |
| $ | $ | % | |
| Revenues | 823,562 | 667,727 | 23.3% |
| Cost of goods sold | 721,324 | 561,932 | 28.4% |
| Gross profit | 102,238 | 105,795 | -3.4% |
| Selling, general and administrative expenses | 69,150 | 70,670 | -2.2% |
| Intangible asset amortization | 4,191 | 3,474 | 20.6% |
| Other (income) expense, net | (2,506) | 8,812 | -128.4% |
| Goodwill impairment | -- | 1,654 | -100.0% |
| Foreign exchange loss (gain) | 1,012 | (1,494) | 167.7% |
| Earnings from continuing operations before the following | 30,391 | 22,679 | 34.0% |
| Interest expense, net | 6,537 | 7,625 | -14.3% |
| Earnings from continuing operations before income taxes | 23,854 | 15,054 | 58.5% |
| Provision for income taxes | 8,566 | 3,277 | 161.4% |
| Earnings from continuing operations | 15,288 | 11,777 | 29.8% |
| Discontinued operations | |||
| Loss from discontinued operations, net of taxes | (988) | (15,096) | 93.5% |
| Gain on sale of discontinued operations, net of taxes | 71 | 63,676 | -99.9% |
| (Loss) earnings from discontinued operations, net of taxes | (917) | 48,580 | -101.9% |
| Earnings | 14,371 | 60,357 | -76.2% |
| Earnings attributable to non-controlling interests | 1,523 | 1,211 | 25.8% |
| Earnings attributable to SunOpta Inc. | 12,848 | 59,146 | -78.3% |
| Earnings (loss) per share – basic | |||
| -from continuing operations | 0.21 | 0.16 | |
| -from discontinued operations | (0.01) | 0.75 | |
| 0.20 | 0.91 | ||
| Earnings (loss) per share – diluted | |||
| -from continuing operations | 0.21 | 0.16 | |
| -from discontinued operations | (0.01) | 0.74 | |
| 0.20 | 0.90 | ||
| SunOpta Inc. | ||
| Consolidated Balance Sheets | ||
| As at October 1, 2011 and January 1, 2011 | ||
| Unaudited | ||
| (Expressed in thousands of U.S. dollars, except per share amounts) | ||
| October 1, 2011 | January 1, 2011 | |
| $ | $ | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 7,526 | 2,335 |
| Accounts receivable | 112,863 | 98,777 |
| Inventories | 204,760 | 200,278 |
| Prepaid expenses and other current assets | 24,720 | 30,023 |
| Current income taxes recoverable | 655 | -- |
| Deferred income taxes | 489 | 870 |
| Current assets held for sale | -- | 424 |
| 351,013 | 332,707 | |
| Investments | 33,845 | 33,345 |
| Property, plant and equipment | 119,964 | 115,200 |
| Goodwill | 48,751 | 48,174 |
| Intangible assets | 56,544 | 60,200 |
| Deferred income taxes | 12,233 | 11,889 |
| Other assets | 1,977 | 2,930 |
| Non-current assets held for sale | -- | 4,855 |
| 624,327 | 609,300 | |
| Liabilities | ||
| Current liabilities | ||
| Bank indebtedness | 107,713 | 75,910 |
| Accounts payable and accrued liabilities | 103,427 | 122,743 |
| Customer and other deposits | 2,065 | 2,858 |
| Income taxes payable | 329 | 973 |
| Other current liabilities | 2,610 | 7,674 |
| Current portion of long-term debt | 18,790 | 22,247 |
| Current portion of long-term liabilities | 672 | 493 |
| Currrent liabilities held for sale | -- | 1,028 |
| 235,606 | 233,926 | |
| Long-term debt | 35,183 | 42,485 |
| Long-term liabilities | 6,187 | 6,596 |
| Deferred income taxes | 25,608 | 20,808 |
| Non-current liabilities held for sale | -- | 358 |
| 302,584 | 304,173 | |
| Equity | ||
| SunOpta Inc. shareholders' equity | ||
| Capital Stock | 181,751 | 180,661 |
| 65,742,868 common shares (January 1, 2011 - 65,500,091) | ||
| Additional paid in capital | 13,771 | 12,336 |
| Retained earnings | 108,060 | 95,212 |
| Accumulated other comprehensive income | 2,377 | 2,833 |
| 305,959 | 291,042 | |
| Non-controlling interest | 15,784 | 14,085 |
| Total equity | 321,743 | 305,127 |
| 624,327 | 609,300 | |
| SunOpta Inc. | ||
| Consolidated Statements of Cash Flows | ||
| For the quarter ended October 1, 2011 and October 2, 2010 | ||
| Unaudited | ||
| (Expressed in thousands of U.S. dollars, except per share amounts) | ||
| Quarter ended | Quarter ended | |
| October 1, 2011 | October 2, 2010 | |
| $ | $ | |
| Cash provided by (used in) | ||
| Operating activities | ||
| Earnings | 3,510 | 34,710 |
| (Loss) earnings from discontinued operations | (312) | 34,251 |
| Earnings from continuing operations | 3,822 | 459 |
| Items not affecting cash | ||
| Depreciation and amortization | 4,912 | 4,110 |
| Unrealized (gain) loss on foreign exchange | (991) | 829 |
| Loss on sale of property, plant and equipment | 584 | -- |
| Deferred income taxes | 1,102 | (2,227) |
| Stock-based compensation | 555 | 447 |
| Goodwill impairment | -- | 1,654 |
| Impairment of long-lived assets | -- | 7,505 |
| Unrealized loss (gain) on derivative instruments | 646 | (681) |
| Other | 375 | (1,450) |
| Changes in non-cash working capital | 648 | 9,670 |
| Net cash flows from operations - continuing operations | 11,653 | 20,316 |
| Net cash flows from operations - discontinued operations | (914) | (5,100) |
| 10,739 | 15,216 | |
| Investing activities | ||
| Acquisition of business, net of cash acquired | (2,500) | -- |
| Purchases of property, plant and equipment | (6,092) | (4,707) |
| Purchases of patents, trademarks and other intangible assets | -- | (37) |
| Other | 411 | 116 |
| Cash flows from investing activities - continuing operations | (8,181) | (4,628) |
| Cash flows from investing activities - discontinued operations | (308) | (12,485) |
| (8,489) | (17,113) | |
| Financing activities | ||
| Increase (decrease) in line of credit facilities | 4,759 | (4,329) |
| Borrowings under long-term debt | 1,875 | -- |
| Proceeds from the issuance of common shares | 242 | 338 |
| Repayment of long-term debt | (6,697) | (12,188) |
| Other | (19) | (44) |
| Cash flows from financing activities - continuing operations | 160 | (16,223) |
| Foreign exchange (loss) gain on cash held in a foreign currency | (457) | 725 |
| Increase (decrease) in cash and cash equivalents during the period | 1,953 | (17,395) |
| Discontinued operations cash activity included above: | ||
| Add: Balance included at beginning of period | 212 | 17,974 |
| Cash and cash equivalents - beginning of the period | 5,361 | 20,365 |
| Cash and cash equivalents - end of the period | 7,526 | 20,944 |
| SunOpta Inc. | ||
| Consolidated Statements of Cash Flows | ||
| For the three quarters ended October 1, 2011 and October 2, 2010 | ||
| Unaudited | ||
| (Expressed in thousands of U.S. dollars, except per share amounts) | ||
| Three quarters ended | Three quarters ended | |
| October 1, 2011 | October 2, 2010 | |
| $ | $ | |
| Cash provided by (used in) | ||
| Operating activities | ||
| Earnings | 14,371 | 60,357 |
| (Loss) earnings from discontinued operations | (917) | 48,580 |
| Earnings from continuing operations | 15,288 | 11,777 |
| Items not affecting cash | ||
| Depreciation and amortization | 14,608 | 12,350 |
| Unrealized gain on foreign exchange | (22) | (589) |
| Deferred income taxes | 5,527 | (179) |
| Stock-based compensation | 1,536 | 1,867 |
| Gain on sale of property, plant and equipment | (3,240) | -- |
| Goodwill impairment | -- | 1,654 |
| Impairment of long-lived assets | -- | 7,895 |
| Unrealized (gain) loss on derivative instruments | (3,272) | 328 |
| Other | 309 | (592) |
| Changes in non-cash working capital | (31,699) | (8,648) |
| Net cash flows from operations - continuing operations | (965) | 25,863 |
| Net cash flows from operations - discontinued operations | (1,718) | (8,403) |
| (2,683) | 17,460 | |
| Investing activities | ||
| Acquisition of business, net of cash acquired | (2,500) | -- |
| Purchases of property, plant and equipment | (15,313) | (13,283) |
| Proceeds on sale of property, plant and equipment | 2,773 | -- |
| Payment of deferred purchase consideration | -- | (721) |
| Purchases of patents, trademarks and other intangible assets | (90) | (400) |
| Other | (30) | 38 |
| Cash from investing activities - continuing operations | (15,160) | (14,366) |
| Cash from investing activities - discontinued operations | (308) | 52,298 |
| (15,468) | 37,932 | |
| Financing activities | ||
| Increase (decrease) in line of credit facilities | 33,186 | (39,125) |
| Borrowings under long-term debt | 1,912 | 92 |
| Proceeds from the issuance of common shares | 989 | 850 |
| Repayment of long-term debt | (13,423) | (16,327) |
| Financing costs | (186) | -- |
| Other | 802 | (755) |
| Cash from financing activities - continuing operations | 23,280 | (55,265) |
| Foreign exchange (loss) gain on cash held in a foreign currency | (246) | 98 |
| Increase in cash and cash equivalents during the period | 4,883 | 225 |
| Discontinued operations cash activity included above: | ||
| Add: Balance included at beginning of period | 308 | 18,967 |
| Cash and cash equivalents - beginning of the period | 2,335 | 1,752 |
| Cash and cash equivalents - end of the period | 7,526 | 20,944 |
| SunOpta Inc. | ||||||||||
| Segmented Information | ||||||||||
| For the quarter ended October 1, 2011 and October 2, 2010 | ||||||||||
| Unaudited | ||||||||||
| (Expressed in thousands of U.S. dollars) | ||||||||||
| Quarter ended | ||||||||||
| October 1, 2011 | ||||||||||
| SunOpta | Corporate | |||||||||
| Foods | Opta Minerals | Services | Consolidated | |||||||
| $ | $ | $ | $ | |||||||
| Total revenues from | ||||||||||
| external customers | 248,318 | 24,102 | -- | 272,420 | ||||||
| Segment Operating Income (Loss) | 8,564 | 1,606 | (2,556) | 7,614 | ||||||
| SunOpta Foods has the following segmented reporting: | ||||||||||
| Quarter ended | ||||||||||
| October 1, 2011 | ||||||||||
| Grains and | Ingredients | Fruit | International | SunOpta | ||||||
| Foods Group | Group | Group | Foods Group | Foods | ||||||
| $ | $ | $ | $ | $ | ||||||
| Total revenues from | ||||||||||
| external customers | 121,596 | 13,690 | 35,498 | 77,534 | 248,318 | |||||
| Segment Operating Income | 4,394 | 1,374 | 346 | 2,450 | 8,564 | |||||
| Quarter ended | ||||||||||
| October 2, 2010 | ||||||||||
| SunOpta | Corporate | |||||||||
| Foods | Opta Minerals | Services | Consolidated | |||||||
| $ | $ | $ | $ | |||||||
| Total revenues from | ||||||||||
| external customers | 197,066 | 20,421 | -- | 217,487 | ||||||
| Segment Operating Income (Loss) | 10,257 | 2,792 | (2,500) | 10,549 | ||||||
| SunOpta Foods has the following segmented reporting: | ||||||||||
| Quarter ended | ||||||||||
| October 2, 2010 | ||||||||||
| Grains and | Ingredients | Fruit | International | SunOpta | ||||||
| Foods Group | Group | Group | Foods Group | Foods | ||||||
| $ | $ | $ | $ | $ | ||||||
| Total revenues from | ||||||||||
| external customers | 86,534 | 17,134 | 33,244 | 60,154 | 197,066 | |||||
| Segment Operating Income | 5,906 | 3,104 | 853 | 394 | 10,257 | |||||
| (Operating Income (Loss) is defined as "Earnings before the following" excluding the impact of "Other (income) expense, net" and "Goodwill impairment") | ||||||||||
| SunOpta Inc. | ||||||||||
| Segmented Information | ||||||||||
| For the three quarters ended October 1, 2011 and October 2, 2010 | ||||||||||
| Unaudited | ||||||||||
| (Expressed in thousands of U.S. dollars) | ||||||||||
| Three quarters ended | ||||||||||
| October 1, 2011 | ||||||||||
| SunOpta | Corporate | |||||||||
| Foods | Opta Minerals | Services | Consolidated | |||||||
| $ | $ | $ | $ | |||||||
| Total revenues from | ||||||||||
| external customers | 753,067 | 70,495 | -- | 823,562 | ||||||
| Segment Operating Income (Loss) | 28,091 | 6,216 | (6,422) | 27,885 | ||||||
| SunOpta Foods has the following segmented reporting: | ||||||||||
| Three quarters ended | ||||||||||
| October 1, 2011 | ||||||||||
| Grains and | Ingredients | Fruit | International | SunOpta | ||||||
| Foods Group | Group | Group | Foods Group | Foods | ||||||
| $ | $ | $ | $ | $ | ||||||
| Total revenues from | ||||||||||
| external customers | 361,971 | 43,365 | 114,185 | 233,546 | 753,067 | |||||
| Segment Operating Income | 15,962 | 4,168 | 517 | 7,444 | 28,091 | |||||
| Three quarters ended | ||||||||||
| October 2, 2010 | ||||||||||
| SunOpta | Corporate | |||||||||
| Foods | Opta Minerals | Services | Consolidated | |||||||
| $ | $ | $ | $ | |||||||
| Total revenues from | ||||||||||
| external customers | 608,234 | 59,493 | -- | 667,727 | ||||||
| Segment Operating Income (Loss) | 35,552 | 6,224 | (8,631) | 33,145 | ||||||
| SunOpta Foods has the following segmented reporting: | ||||||||||
| Three quarters ended | ||||||||||
| October 2, 2010 | ||||||||||
| Grains and | Ingredients | Fruit | International | SunOpta | ||||||
| Foods Group | Group | Group | Foods Group | Foods | ||||||
| $ | $ | $ | $ | $ | ||||||
| Total revenues from | ||||||||||
| external customers | 257,073 | 52,932 | 113,115 | 185,114 | 608,234 | |||||
| Segment Operating Income | 19,190 | 10,322 | 4,121 | 1,919 | 35,552 | |||||
| (Operating Income (Loss) is defined as "Earnings before the following" excluding the impact of "Other (income) expense, net" and "Goodwill impairment") | ||||||||||
1Non-GAAP Measures
In addition to reporting financial results in accordance with generally accepted accounting principles ("GAAP"), the Company provides information regarding Operating Income and Earnings before interest, taxes, depreciation and amortization ("EBITDA") as additional information about its operating results, which are not measures in accordance with GAAP. The Company believes that these non-GAAP measures assist investors in comparing performance across reporting periods on a consistent basis by excluding items that are not indicative of the Company's core operating performance. The non-GAAP measures of operating income and EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP.
The Company defines Operating Income as "Earnings from continuing operations before the following" excluding the impact of "Other (income) expense, net" and "Goodwill impairment"; and EBITDA as Operating Income plus depreciation and amortization. The following is a tabular presentation of Operating income and EBITDA, including a reconciliation to GAAP earnings, which the Company believes to be the most directly comparable GAAP financial measure:
| Quarter ended | Quarter ended | |
| October 1, 2011 | October 2, 2010 | |
| $ | $ | |
| Earnings from continuing operations | 3,822 | 459 |
| Provision for (recovery of) income taxes | 1,438 | (1,053) |
| Interest expense, net | 2,033 | 2,036 |
| Other expense, net | 321 | 7,453 |
| Goodwill impairment | -- | 1,654 |
| Operating income | 7,614 | 10,549 |
| Depreciation and amortization | 4,912 | 4,110 |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) | 12,526 | 14,659 |
| Three quarters ended | Three quarters ended | |
| October 1, 2011 | October 2, 2010 | |
| $ | $ | |
| Earnings from continuing operations | 15,288 | 11,777 |
| Provision for income taxes | 8,566 | 3,277 |
| Interest expense, net | 6,537 | 7,625 |
| Other (income) expense, net | (2,506) | 8,812 |
| Goodwill impairment | -- | 1,654 |
| Operating income | 27,885 | 33,145 |
| Depreciation and amortization | 14,608 | 12,350 |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) | 42,493 | 45,495 |