TORONTO, Aug. 9, 2012 (GLOBE NEWSWIRE) -- SunOpta Inc. ("SunOpta" or "the Company") (Nasdaq:STKL) (TSX:SOY), a leading global company focused on natural, organic and specialty foods, today announced financial results for the quarter ended June 30, 2012. All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.
For the second quarter of 2012, the Company reported earnings of $8.1 million or $0.12 per diluted common share, as compared to earnings of $4.4 million or $0.07 per diluted common share for the quarter ended July 2, 2011, an 85% increase in earnings over the second quarter of last year. Excluding discontinued operations, earnings for the second quarter of 2012 were $7.6 million or $0.11 per diluted common share versus $5.6 million or $0.08 per diluted common share in the prior year. These earnings are a second quarter record for the Company after excluding one-time items in certain prior years. Included in earnings for the second quarter were approximately $1.7 million in pre-tax severance, acquisition and start-up costs ($1.1 million after tax), offset by a $0.7 million after tax gain on the sale of Purity Life Natural Health Products and approximately $0.7 million in tax adjustments that lowered the Company's effective tax rate. Prior year earnings from continuing operations included pre-tax gains on the sale of assets of $3.0 million and a favorable adjustment of a legal claim of $0.5 million.
For the second quarter of 2012, the Company reported quarterly revenues of $282.3 million versus revenues of $275.2 million for the quarter ended July 2, 2011, a year over year increase of 2.6%. Excluding the impact of changes including foreign exchange rates, commodity-related pricing, acquisitions and rationalized product lines, revenues increased approximately 5% on a consolidated basis. The increase in consolidated revenues in the second quarter was driven by strong growth in integrated packaged food product categories within SunOpta Foods and the steel products segment within Opta Minerals Inc. These 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.
Operating income1 for the second quarter of 2012 increased to $14.3 million or 5.1% of revenues versus $9.8 million or 3.6% of revenues in the prior year, a year over year increase of 46.7%. This increase was primarily led by a significant improvement in operating income in the Grains and Foods Group versus the prior year.
For the quarter ended June 30, 2012, the Company realized EBITDA1 of $19.4 million as compared to $14.2 million for the quarter ended July 2, 2011, a year over year increase of 36.6%.
For the two quarters ended June 30, 2012, the Company reported earnings of $14.0 million or $0.21 per diluted common share, as compared to earnings of $9.5 million or $0.14 per diluted common share for the two quarters ended July 2, 2011, a 48% increase in earnings compared to last year. Excluding discontinued operations, earnings for the two quarters ended June 30, 2012 were $13.0 million or $0.19 per diluted common share versus $11.1 million or $0.17 per diluted common share in the prior year. These earnings are a first half record for the Company after excluding one-time items in certain prior years. Included in earnings for the two quarters ended June 30, 2012 were approximately $2.2 million in pre-tax severance, acquisition and start-up costs ($1.4 million after tax), offset by a $0.7 million after tax gain on the sale of Purity Life Natural Health Products and approximately $0.7 million in tax adjustments that lowered the Company's effective tax rate. Prior year earnings from continuing operations included pre-tax gains on the sale of assets of $3.0 million and favorable settlement of a legal claim of $0.5 million.
For the two quarters ended June 30, 2012, the Company reported revenues of $541.6 million versus revenues of $520.5 million for the two quarters ended July 2, 2011, a year over year increase of 4.1%. Excluding the impact of changes including foreign exchange rates, commodity-related pricing, acquisitions and rationalized product lines, revenues increased approximately 6% on a consolidated basis. The increase in consolidated revenues in the first two quarters of 2012 was driven by strong growth in integrated packaged food product categories within SunOpta Foods and the steel products segment within Opta Minerals Inc. These 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.
Operating income1 for the two quarters ended June 30, 2012 increased to $27.1 million or 5.0% of revenues versus $21.5 million or 4.1% of revenues in the prior year, a year over year increase of 26.1%. This increase was primarily led by improved operating income in the Grains and Foods Group versus the prior year.
For the two quarters ended June 30, 2012, the Company realized EBITDA1 of $36.9 million as compared to $30.4 million for the two quarters ended July 2, 2011.
At June 30, 2012, the Company's balance sheet reflects a current ratio of 1.47 to 1.00, and a total debt to equity ratio of 0.51 to 1.00. At June 30, 2012, the Company has total debt outstanding of $159.1 million, total assets of $643.5 million and a net book value of $4.75 per outstanding share. During the quarter, the Company generated cash from operating activities of $28.8 million versus $20.5 million in the prior year, indicative of improved earnings and improved cash provided by working capital.
Steve Bromley, Chief Executive Officer of SunOpta, commented, "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. 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."
The Company plans to host a conference call at 10:00 A.M. Eastern Time on Friday August 10th, 2012 to discuss the results for the second quarter of 2012 and recent corporate developments. The conference call can be accessed via 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 631-291-4622. A replay number can also be accessed between August 10th and 17th with the toll free dial-in number 1–855-859-2056 or 404-537-3406 followed by pass code: 90040467#.
1See discussion of non-GAAP measures
About SunOpta Inc.
SunOpta Inc. is a leading global company focused on natural, organic and specialty foods products. 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 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 66.2% ownership position in Opta Minerals Inc., listed on the Toronto Stock Exchange, 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 continued momentum in our core natural and organic foods business, the positive impact of operational improvements, additional flexibility provided by our new credit facilities and our strategy to improve operating margins and return on assets. The terms and phrases "continued", "improve", "will provide", "remain 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 and continuous improvement initiatives, availability and pricing of raw materials and supplies, potential covenant breaches under our 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.
SunOpta Inc. | |||
Consolidated Statements of Operations | |||
For the quarter ended June 30, 2012 and July 2, 2011 | |||
Unaudited | |||
(Expressed in thousands of U.S. dollars, except per share amounts) | |||
Quarter ended | Quarter ended | ||
June 30, 2012 | July 2, 2011 | Change | |
$ | $ | % | |
Revenues | 282,308 | 275,188 | 2.6% |
Cost of goods sold | 245,220 | 243,209 | 0.8% |
Gross profit | 37,088 | 31,979 | 16.0% |
Selling, general and administrative expenses | 22,086 | 21,163 | 4.4% |
Intangible asset amortization | 1,235 | 1,017 | 21.4% |
Other expense (income), net | 1,378 | (3,256) | 142.3% |
Foreign exchange loss (gain) | (581) | 19 | n/a |
Earnings from continuing operations before the following | 12,970 | 13,036 | -0.5% |
Interest expense, net | 2,558 | 2,520 | 1.5% |
Earnings from continuing operations before income taxes | 10,412 | 10,516 | -1.0% |
Provision for income taxes | 2,769 | 4,170 | -33.6% |
Earnings from continuing operations | 7,643 | 6,346 | 20.4% |
Discontinued operations | |||
Gain (loss) earnings from discontinued operations, net of taxes | 214 | (1,233) | n/a |
Gain on sale of discontinued operations, net of taxes | 676 | -- | n/a |
Earnings (loss) from discontinued operations, net of taxes | 890 | (1,233) | 172.2% |
Earnings | 8,533 | 5,113 | 66.9% |
Earnings attributable to non-controlling interests | 388 | 712 | -45.5% |
Earnings attributable to SunOpta Inc. | 8,145 | 4,401 | 85.1% |
Earnings (loss) per share - basic | |||
-from continuing operations | 0.11 | 0.09 | |
-from discontinued operations | 0.01 | (0.02) | |
0.12 | 0.07 | ||
Earnings (loss) per share – diluted | |||
-from continuing operations | 0.11 | 0.08 | |
-from discontinued operations | 0.01 | (0.02) | |
0.12 | 0.07 |
SunOpta Inc. | |||
Consolidated Statements of Operations | |||
For the two quarters ended June 30, 2012 and July 2, 2011 | |||
Unaudited | |||
(Expressed in thousands of U.S. dollars, except per share amounts) | |||
Two quarters ended | Two quarters ended | ||
June 30, 2012 | July 2, 2011 | Change | |
$ | $ | % | |
Revenues | 541,636 | 520,538 | 4.1% |
Cost of goods sold | 470,062 | 455,926 | 3.1% |
Gross profit | 71,574 | 64,612 | 10.8% |
Selling, general and administrative expenses | 42,516 | 40,906 | 3.9% |
Intangible asset amortization | 2,428 | 2,033 | 19.4% |
Other expense (income), net | 1,742 | (2,894) | 160.2% |
Foreign exchange loss (gain) | (499) | 154 | -424.0% |
Earnings from continuing operations before the following | 25,387 | 24,413 | 4.0% |
Interest expense, net | 5,141 | 4,504 | 14.1% |
Earnings from continuing operations before income taxes | 20,246 | 19,909 | 1.7% |
Provision for income taxes | 6,355 | 7,423 | -14.4% |
Earnings from continuing operations | 13,891 | 12,486 | 11.3% |
Discontinued operations | |||
Gain (loss) from discontinued operations, net of taxes | 405 | (1,625) | n/a |
Gain on sale of discontinued operations, net of taxes | 676 | -- | n/a |
Earnings (loss) from discontinued operations, net of income taxes | 1,081 | (1,625) | 172.2% |
Earnings | 14,972 | 10,861 | 37.9% |
Earnings attributable to non-controlling interests | 935 | 1,379 | -32.2% |
Earnings attributable to SunOpta Inc. | 14,037 | 9,482 | 48.0% |
Earnings (loss) per share – basic | |||
-from continuing operations | 0.20 | 0.17 | |
-from discontinued operations | 0.02 | (0.02) | |
0.21 | 0.14 | ||
Earnings (loss) per share – diluted | |||
-from continuing operations | 0.19 | 0.17 | |
-from discontinued operations | 0.02 | (0.02) | |
0.21 | 0.14 |
SunOpta Inc. | ||
Consolidated Balance Sheets | ||
As at June 30, 2012 and December 31, 2011 | ||
Unaudited | ||
(Expressed in thousands of U.S. dollars, except per share amounts) | ||
June 30, 2012 | December 31, 2011 | |
$ | $ | |
ASSETS | ||
Current assets | ||
Cash and cash equivalents | 3,247 | 2,378 |
Accounts receivable | 107,080 | 88,898 |
Inventories | 222,712 | 228,455 |
Prepaid expenses and other current assets | 18,654 | 21,378 |
Current income taxes recoverable | 1,083 | 1,503 |
Deferred income taxes | 4,779 | 4,773 |
Current assets held for sale | -- | 17,923 |
357,555 | 365,308 | |
Investments | 33,845 | 33,845 |
Property, plant and equipment | 128,256 | 120,584 |
Goodwill | 56,642 | 49,387 |
Intangible assets | 54,255 | 48,035 |
Deferred income taxes | 11,631 | 11,751 |
Other assets | 1,328 | 1,854 |
Non-current assets held for sale | -- | 739 |
643,512 | 631,503 | |
LIABILITIES | ||
Current liabilities | ||
Bank indebtedness | 97,826 | 109,718 |
Accounts payable and accrued liabilities | 107,555 | 114,308 |
Customer and other deposits | 4,581 | 843 |
Income taxes payable | 1,412 | 1,229 |
Other current liabilities | 3,504 | 1,419 |
Current portion of long-term debt | 27,406 | 35,198 |
Current portion of long-term liabilities | 621 | 995 |
Current liabilities held for sale | -- | 5,920 |
242,905 | 269,630 | |
Long-term debt | 33,905 | 17,066 |
Long-term liabilities | 6,712 | 5,586 |
Deferred income taxes | 30,676 | 24,273 |
314,198 | 316,555 | |
EQUITY | ||
SunOpta Inc. shareholders' equity | ||
Capital Stock | 182,604 | 182,108 |
65,832,112 common shares (December 31, 2011 - 65,796,398) | ||
Additional paid in capital | 15,489 | 14,134 |
Retained earnings | 114,545 | 100,508 |
Accumulated other comprehensive income | 196 | 2,382 |
312,834 | 299,132 | |
Non-controlling interest | 16,480 | 15,816 |
Total equity | 329,314 | 314,948 |
643,512 | 631,503 |
SunOpta Inc. | ||
Consolidated Statements of Cash Flows | ||
For the quarter ended June 30, 2012 and July 2, 2011 | ||
Unaudited | ||
(Expressed in thousands of U.S. dollars, except per share amounts) | ||
Quarter ended | Quarter ended | |
June 30, 2012 | July 2, 2011 | |
$ | $ | |
Cash provided by (used in) | ||
Operating activities | ||
Earnings | 8,533 | 5,113 |
Earnings (loss) from discontinued operations | 890 | (1,233) |
Earnings from continuing operations | 7,643 | 6,346 |
Items not affecting cash | ||
Depreciation and amortization | 5,018 | 4,439 |
Unrealized loss (gain) on foreign exchange | (195) | 246 |
Deferred income taxes | 1,630 | 3,216 |
Stock-based compensation | 740 | 552 |
Gain on sale of property, plant and equipment | -- | (3,824) |
Unrealized loss (gain) on derivative instruments | 1,215 | (233) |
Other | 368 | 322 |
Changes in non-cash working capital | 12,547 | 9,720 |
Net cash flows from operations - continuing operations | 28,966 | 20,784 |
Net cash flows from operations - discontinued operations | (168) | (303) |
28,798 | 20,481 | |
Investing activities | ||
Purchases of property, plant and equipment, net | (6,995) | (5,297) |
Proceeds on sale of property, plant and equipment | -- | 2,773 |
Payment of contingent consideration | (327) | -- |
Purchases of intangible assets | -- | (8) |
Other | (129) | (441) |
Net cash flows from investing activities - continuing operations | (7,451) | (2,973) |
Net cash flows from investing activities - discontinued operations | 12,147 | (16) |
4,696 | (2,989) | |
Financing activities | ||
Decrease in line of credit facilities | (29,534) | (14,124) |
Borrowings under long-term debt | 285 | -- |
Proceeds from the issuance of common shares | 266 | 534 |
Repayment of long-term debt | (3,793) | (4,722) |
Financing costs | (1,084) | (161) |
Other | (26) | 793 |
Net cash flows from financing activities - continuing operations | (33,886) | (17,680) |
Foreign exchange gain on cash held in a foreign currency | (90) | 41 |
Decrease in cash and cash equivalents during the period | (482) | (147) |
Discontinued operations cash activity included above: | ||
Add: Balance included at beginning of period | -- | 212 |
Less: Balance included at end of period | -- | (212) |
Cash and cash equivalents - beginning of the period | 3,729 | 5,508 |
Cash and cash equivalents - end of the period | 3,247 | 5,361 |
SunOpta Inc. | ||
Consolidated Statements of Cash Flows | ||
For the two quarters ended June 30, 2012 and July 2, 2011 | ||
Unaudited | ||
(Expressed in thousands of U.S. dollars, except per share amounts) | ||
Two quarters ended | Two quarters ended | |
June 30, 2012 | July 2, 2011 | |
$ | $ | |
Cash provided by (used in) | ||
Operating activities | ||
Earnings | 14,972 | 10,861 |
Earnings (loss) from discontinued operations | 1,081 | (1,625) |
Earnings from continuing operations | 13,891 | 12,486 |
Items not affecting cash | ||
Depreciation and amortization | 9,791 | 8,857 |
Unrealized loss (gain) on foreign exchange | (93) | 969 |
Deferred income taxes | 3,716 | 4,721 |
Stock-based compensation | 1,328 | 981 |
Gain on sale of property, plant and equipment | -- | (3,824) |
Unrealized loss (gain) on derivative instruments | 1,897 | (3,918) |
Other | 709 | (66) |
Changes in non-cash working capital, net of business acquired | (9,383) | (32,893) |
Net cash flows from operations - continuing operations | 21,856 | (12,687) |
Net cash flows from operations - discontinued operations | (316) | (735) |
21,540 | (13,422) | |
Investing activities | ||
Acquisition of business | (17,530) | -- |
Purchases of property, plant and equipment | (11,914) | (9,174) |
Proceeds on sale of property, plant and equipment | -- | 2,773 |
Payment of contingent consideration | (327) | -- |
Purchases of intangible assets | (25) | (67) |
Other | (206) | (441) |
Net cash from investing activities - continuing operations | (30,002) | (6,909) |
Net cash flows from investing activities - discontinued operations | 12,134 | (70) |
(17,868) | (6,979) | |
Financing activities | ||
Increase (decrease) in line of credit facilities | (10,526) | 28,427 |
Borrowings under long-term debt | 19,373 | 37 |
Proceeds from the issuance of common shares | 423 | 747 |
Repayment of long-term debt | (10,823) | (6,726) |
Financing costs | (1,175) | (186) |
Other | (29) | 821 |
Net cash from financing activities - continuing operations | (2,757) | 23,120 |
Foreign exchange gain on cash held in a foreign currency | (46) | 211 |
Increase in cash and cash equivalents during the period | 869 | 2,930 |
Discontinued operations cash activity included above: | ||
Add: Balance included at beginning of period | -- | 308 |
Less: Balance included at end of period | -- | (212) |
Cash and cash equivalents - beginning of the period | 2,378 | 2,335 |
Cash and cash equivalents - end of the period | 3,247 | 5,361 |
SunOpta Inc. | |||||
Segmented Information | |||||
For the quarter ended June 30, 2012 and July 2, 2011 | |||||
Unaudited | |||||
(Expressed in thousands of U.S. dollars) | |||||
Quarter ended June 30, 2012 |
|||||
SunOpta Foods $ |
Opta Minerals $ |
Corporate Services $ |
Consolidated $ |
||
Total revenues from external customers | 251,094 | 31,214 | -- | 282,308 | |
Segment Operating Income (Loss) | 14,035 | 1,817 | (1,504) | 14,348 | |
SunOpta Foods has the following segmented reporting: | |||||
Quarter ended June 30, 2012 |
|||||
Grains and Foods $ |
Ingredients $ |
Consumer Products $ |
International Foods $ |
SunOpta Foods $ |
|
Total revenues from external customers | 136,004 | 20,486 | 49,091 | 45,513 | 251,094 |
Segment Operating Income (Loss) | 10,496 | 839 | 170 | 2,530 | 14,035 |
Quarter ended July 2, 2011 |
|||||
SunOpta Foods $ |
Opta Minerals $ |
Corporate Services $ |
Consolidated $ |
||
Total revenues from external customers | 250,401 | 24,787 | -- | 275,188 | |
Segment Operating Income (Loss) | 9,848 | 2,159 | (2,227) | 9,780 | |
SunOpta Foods has the following segmented reporting: | |||||
Quarter ended July 2, 2011 | |||||
Grains and Foods $ |
Ingredients $ |
Consumer Products $ |
International Foods $ |
SunOpta Foods $ |
|
Total revenues from external customers | 125,108 | 23,700 | 47,747 | 53,846 | 250,401 |
Segment Operating Income (Loss) | 5,280 | 1,661 | 122 | 2,785 | 9,848 |
(Operating Income (Loss) is defined as "Earnings from continuing operations before the following" excluding the impact of "Other expense, net") |
SunOpta Inc. | |||||
Segmented Information | |||||
For the two quarters ended June 30, 2012 and July 2, 2011 | |||||
Unaudited | |||||
(Expressed in thousands of U.S. dollars) | |||||
Two quarters ended June 30, 2012 | |||||
SunOpta Foods | Opta Minerals | Corporate Services | Consolidated | ||
$ | $ | $ | $ | ||
Total revenues from external customers | 482,090 | 59,546 | -- | 541,636 | |
Segment Operating Income (Loss) | 25,588 | 4,898 | (3,357) | 27,129 | |
SunOpta Foods has the following segmented reporting: | |||||
Two quarters ended June 30, 2012 | |||||
Grains and Foods | Ingredients | Consumer Products | International Foods | SunOpta Foods | |
$ | $ | $ | $ | $ | |
Total revenues from external customers | 257,179 | 42,135 | 94,243 | 88,533 | 482,090 |
Segment Operating Income (Loss) | 18,882 | 2,068 | (5) | 4,643 | 25,588 |
Two quarters ended July 2, 2011 | |||||
SunOpta Foods | Opta Minerals | Corporate Services | Consolidated | ||
$ | $ | $ | $ | ||
Total revenues from external customers | 474,145 | 46,393 | -- | 520,538 | |
Segment Operating Income (Loss) | 21,272 | 4,610 | (4,363) | 21,519 | |
SunOpta Foods has the following segmented reporting: | |||||
Two quarters ended July 2, 2011 | |||||
Grains and Foods | Ingredients | Consumer Products | International Foods | SunOpta Foods | |
$ | $ | $ | $ | $ | |
Total revenues from external customers | 240,375 | 49,636 | 83,691 | 100,443 | 474,145 |
Segment Operating Income (Loss) | 11,568 | 4,627 | (356) | 5,433 | 21,272 |
(Operating Income (Loss) is defined as "Earnings from continuing operations before the following" excluding the impact of "Other expense, net") |
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 expense, net"; 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 June 30, 2012 |
Quarter ended July 2, 2011 |
|
$ | $ | |
Earnings from continuing operations | 7,643 | 6,346 |
Provision for income taxes | 2,769 | 4,170 |
Interest expense, net | 2,558 | 2,520 |
Other expense (income), net | 1,378 | (3,256) |
Operating income | 14,348 | 9,780 |
Depreciation and amortization | 5,018 | 4,439 |
Earnings before interest, taxes, depreciation and amortization (EBITDA) | 19,366 | 14,219 |
Two quarters ended June 30, 2012 |
Two quarters ended July 2, 2011 |
|
$ | $ | |
Earnings from continuing operations | 13,891 | 12,486 |
Provision for income taxes | 6,355 | 7,423 |
Interest expense, net | 5,141 | 4,504 |
Other expense (income), net | 1,742 | (2,894) |
Operating income | 27,129 | 21,519 |
Depreciation and amortization | 9,791 | 8,857 |
Earnings before interest, taxes, depreciation and amortization (EBITDA) | 36,920 | 30,376 |