SunOpta Inc. (STKL) saw its loss widen to $11.40 million, or $0.16 a share for the quarter ended Apr. 01, 2017. In the previous year period, the company reported a loss of $10.23 million, or $0.12 a share. On an adjusted basis, net loss for the quarter stood at $0.89 million, or $0.01 a share compared with a net profit of $2.69 million, or $0.03 a share in the last year period. Revenue during the quarter dropped 6.32 percent to $330.03 million from $352.31 million in the previous year period. Gross margin for the quarter expanded 267 basis points over the previous year period to 11.73 percent. Operating margin for the quarter stood at negative 2.54 percent as compared to a negative 0.38 percent for the previous year period.
Operating loss for the quarter was $8.40 million, compared with an operating loss of $1.34 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $18.89 million compared with $22.12 million in the prior year period. At the same time, adjusted EBITDA margin contracted 56 basis points in the quarter to 5.72 percent from 6.28 percent in the last year period.
"We have made significant progress during the first quarter, executing several key strategic actions including building out our senior leadership team, improving our food safety and quality programs, driving operational efficiencies and enhancing our go-to-market capabilities," said David Colo, Chief Executive Officer. "I am pleased with how quickly we have been able to build the senior leadership team. All key positions are now filled. The rapid success of our recruiting efforts and the high quality of talent we have attracted underscores the opportunity at SunOpta. We are now aggressively focused on executing against each of the four pillars of the Value Creation Plan. I am very encouraged by the level of engagement across the organization."
Operating cash flow turns positive
SunOpta Inc. has generated cash of $19.48 million from operating activities during the quarter as against cash outgo of $17.14 million in the last year period. The company has spent $8.66 million cash to meet investing activities during the quarter as against cash outgo of $4.74 million in the last year period.
The company has spent $8.57 million cash to carry out financing activities during the quarter as against cash inflow of $24.62 million in the last year period.
Cash and cash equivalents stood at $3.51 million as on Mar. 31, 2017, up 35.87 percent or $1.96 million from $5.48 million on Mar. 31, 2016.
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