Planet Organic has released a corporate update statement. Darren Krissie, Executive Vice President of Planet Organic Health Corp. advised that the Company brought a motion on May 12 to adjourn and postpone the May 14 Annual General Meeting of the shareholders.
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EDMONTON /CNW/ - Planet Organic Health Corp. (TSX Venture Exchange - "POH"). Mr. Darren Krissie, Executive Vice President of Planet Organic Health Corp. (the "Corporation") advised that, as part of the Corporation's continuing effort to restructure its financial affairs under the protection of the Companies Creditor's Arrangement Act, it brought a motion on May 12, 2010 to adjourn and postpone the May 14, 2010 Annual General Meeting of the shareholders. The motion was heard in part on May 12, 2010 with the balance of the motion scheduled to be heard Monday, May 17, 2010. In order to preserve the status quo of all parties concerned and affected pending the completion of the hearing of the motion, the judge ordered the Annual General Meeting date to be reset pending the completion of the motion and his ruling on it. As a result, the Annual General Meeting has been tentatively reset for Friday, May 21, 2010 subject to the further decision of the judge after the continuation of the hearing on Monday, May 17, 2010. Further particulars concerning the Annual General Meeting will be clarified after the judge's decision is received.
The Corporation's operating plans are unaffected by today's announcement. All retail outlets will continue to operate in Canada and the U.S. without disruption to existing customers or employees.
SOURCE: Planet Organic Press Release
Friday, May 14, 2010
INDUSTRY BUZZ: Nordic Naturals Hosts Omega-3 Lecture at Expo West in Vancouver
Nordic Naturals is hosting a special lecture about a current hot-button issue in the industry - Omega-3s. The lecture, “The Norwegian Legacy of Omega-3s: From Pioneer to Perfection” with CEO and Founder Joar Opheim and Stuart Tomc, National Educator for Nordic Naturals, will be held on Friday, May 14. The lecture will address the roots of the omega-3 revolution from the fishing villages of Arctic Norway to the most researched and celebrated dietary supplement in the market today; and how the structure and purity of omega-3s dictate function and efficacy.
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Nordic Naturals Hosts Omega-3 Lecture at CHFA Expo West in Vancouver
Watsonville, CA (May 3, 2010) Nordic Naturals invites all expo attendees to attend a special lecture entitled “The Norwegian Legacy of Omega-3s: From Pioneer to Perfection” with CEO and Founder Joar Opheim and Stuart Tomc, National Educator for Nordic Naturals, on Friday, May 14th from 1:15 – 2:00 pm in room #206 at the Vancouver Convention and Exhibition Centre during the Canadian Health Food Association Expo West May 15-16. Discover the roots of the omega-3 revolution from the fishing villages of Arctic Norway to the most researched and celebrated dietary supplement in the market today. Also, learn how the structure and purity of omega-3s dictate function and efficacy.
Retailers and press members are invited to visit Nordic Naturals at booth #1053-1055 where they can see new products, sample Nordic Naturals line and receive educational information. Retailers are eligible to receive a 15% discount off their order and an additional 10% if they attend the lecture on Friday. For more details, contact JP Sidaner, Nordic Naturals International Sales Manager at 800.662.2544 ext 131.
Nordic Naturals will be highlighting two new products. Nordic Omega-3 Gummy Worms is a tasty source of EPA and DHA in a new fun gummy shape. This yummy strawberry treat is perfect for two-year-olds and up. Parent’s concerns can be put to rest as this product does not contain artificial flavorings, colorings or preservatives plus it is free of gluten, yeast and dairy. Omega-3 Effervescent is an innovative way to enjoy fish oil supplementation via a water-soluble drink mix containing EPA and DHA in a delicious orange flavor. This revolutionary delivery system is clean on the palate and is packaged in single-serving packets. The product is easy to use and lets you Drink Your Omega-3s™ anytime and anywhere. Each serving offers 500 mg of EPA and DHA as well as 1200 I.U. of vitamin D3.
SOURCE: Nordic Naturals Press Release
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Nordic Naturals Hosts Omega-3 Lecture at CHFA Expo West in Vancouver
Watsonville, CA (May 3, 2010) Nordic Naturals invites all expo attendees to attend a special lecture entitled “The Norwegian Legacy of Omega-3s: From Pioneer to Perfection” with CEO and Founder Joar Opheim and Stuart Tomc, National Educator for Nordic Naturals, on Friday, May 14th from 1:15 – 2:00 pm in room #206 at the Vancouver Convention and Exhibition Centre during the Canadian Health Food Association Expo West May 15-16. Discover the roots of the omega-3 revolution from the fishing villages of Arctic Norway to the most researched and celebrated dietary supplement in the market today. Also, learn how the structure and purity of omega-3s dictate function and efficacy.
Retailers and press members are invited to visit Nordic Naturals at booth #1053-1055 where they can see new products, sample Nordic Naturals line and receive educational information. Retailers are eligible to receive a 15% discount off their order and an additional 10% if they attend the lecture on Friday. For more details, contact JP Sidaner, Nordic Naturals International Sales Manager at 800.662.2544 ext 131.
Nordic Naturals will be highlighting two new products. Nordic Omega-3 Gummy Worms is a tasty source of EPA and DHA in a new fun gummy shape. This yummy strawberry treat is perfect for two-year-olds and up. Parent’s concerns can be put to rest as this product does not contain artificial flavorings, colorings or preservatives plus it is free of gluten, yeast and dairy. Omega-3 Effervescent is an innovative way to enjoy fish oil supplementation via a water-soluble drink mix containing EPA and DHA in a delicious orange flavor. This revolutionary delivery system is clean on the palate and is packaged in single-serving packets. The product is easy to use and lets you Drink Your Omega-3s™ anytime and anywhere. Each serving offers 500 mg of EPA and DHA as well as 1200 I.U. of vitamin D3.
SOURCE: Nordic Naturals Press Release
BUSINESS NEWS: Whole Foods' Q2 sales up 13%
Whole Foods' Q2 sales up 13%
AUSTIN, Texas: Whole Foods Market reported that second-quarter sales increased 13% to $2.1 billion.
Comparable-store sales increased 8.7%, or 3.9% on a two-year stacked basis. Identical-store sales, excluding four relocations, increased 7.7%, or 1.9% on a two-year stacked basis.
Income available to common shareholders increased 147% to $67.5 million, and diluted earnings per share increased 102% to 39 cents per diluted share.
“Our second quarter results are the best we have reported in several years, with extremely strong growth in comparable store sales, earnings and cash flow,” said John Mackey, CEO and co-founder of Whole Foods Market. “We have successfully emerged from this recession with a healthier balance sheet and better capital disciplines. Our new stores are performing very well, and we look forward to rebuilding our store development pipeline and re-accelerating our square footage growth in the future.”
SOURCE: Drug Store News
AUSTIN, Texas: Whole Foods Market reported that second-quarter sales increased 13% to $2.1 billion.
Comparable-store sales increased 8.7%, or 3.9% on a two-year stacked basis. Identical-store sales, excluding four relocations, increased 7.7%, or 1.9% on a two-year stacked basis.
Income available to common shareholders increased 147% to $67.5 million, and diluted earnings per share increased 102% to 39 cents per diluted share.
“Our second quarter results are the best we have reported in several years, with extremely strong growth in comparable store sales, earnings and cash flow,” said John Mackey, CEO and co-founder of Whole Foods Market. “We have successfully emerged from this recession with a healthier balance sheet and better capital disciplines. Our new stores are performing very well, and we look forward to rebuilding our store development pipeline and re-accelerating our square footage growth in the future.”
SOURCE: Drug Store News
INDUSTRY NEWS: Manitoba Harvest Earns Two Prestigious Awards
Manitoba Harvest has announced that the Company has earned the 2010 Best New Product Award and the 2010 Company of the Year Award from the Manitoba Food Processors Association (MFPA). Manitoba Harvest will be exhibiting at Expo West this weekend.
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Manitoba Harvest Earns Two Prestigious Awards
Manitoba Food Processors Association Bestows 2010 Best New Product and 2010 Company of the Year
Winnipeg, Manitoba (May 14, 2010) – Manitoba Harvest™ Hemp Foods & Oils is pleased to announce that it has earned the 2010 Best New Product Award and the 2010 Company of the Year Award from the Manitoba Food Processors Association (MFPA). The awards were announced on May 12 at the 2010 MFPA Industry Excellence Awards dinner in Winnipeg, which is a key part of the organization’s Annual Conference.
Manitoba Harvest (www.manitobaharvest.com
“We’re thrilled to be recognized by MFPA for Hemp PRO-70 because it took our team many years of hard work and product development to get it to market,” says Mike Fata, CEO and Co-Founder of Manitoba Harvest. Hemp PRO 70 is easy for the body to digest and assimilate because it doesn’t contain gluten or added sugars, and it’s free of the enzyme inhibitor found in soy and other legumes and grains that can prevent protein absorption and cause digestive challenges. Unlike many protein powders on the market, hemp is not known to be an allergen for people with food sensitivities.
“We have overcome many challenges since our founding in 1998, so being named by MFPA as the Company of the Year is inspiring and will motivate our team toward further success,” add Fata. Consumer demand for hemp foods was virtually nonexistent in 1998 when 22 year-old Mike Fata began pressing oil from nutritious hemp seeds and selling it to local health food stores in Winnipeg. Now, Manitoba Harvest, which he started with friends Martin Moravcik and Alex Chwaiewsky, has emerged as one of the fastest growing companies in Canada.
In addition to Hemp PRO-70 and the rest of their line of nutritious hemp foods, the Canadian ‘hemp-reneurs’ will unveil new Hemp Bliss organic hempmilk at the Canadian Health Food Association Expo West in Vancouver on May 15 & 16. Hemp Bliss™ is the only organic hempmilk on the market.
SOURCE: Manitoba Harvest Press Release
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Manitoba Harvest Earns Two Prestigious Awards
Manitoba Food Processors Association Bestows 2010 Best New Product and 2010 Company of the Year
Winnipeg, Manitoba (May 14, 2010) – Manitoba Harvest™ Hemp Foods & Oils is pleased to announce that it has earned the 2010 Best New Product Award and the 2010 Company of the Year Award from the Manitoba Food Processors Association (MFPA). The awards were announced on May 12 at the 2010 MFPA Industry Excellence Awards dinner in Winnipeg, which is a key part of the organization’s Annual Conference.
Manitoba Harvest (www.manitobaharvest.com
“We’re thrilled to be recognized by MFPA for Hemp PRO-70 because it took our team many years of hard work and product development to get it to market,” says Mike Fata, CEO and Co-Founder of Manitoba Harvest. Hemp PRO 70 is easy for the body to digest and assimilate because it doesn’t contain gluten or added sugars, and it’s free of the enzyme inhibitor found in soy and other legumes and grains that can prevent protein absorption and cause digestive challenges. Unlike many protein powders on the market, hemp is not known to be an allergen for people with food sensitivities.
“We have overcome many challenges since our founding in 1998, so being named by MFPA as the Company of the Year is inspiring and will motivate our team toward further success,” add Fata. Consumer demand for hemp foods was virtually nonexistent in 1998 when 22 year-old Mike Fata began pressing oil from nutritious hemp seeds and selling it to local health food stores in Winnipeg. Now, Manitoba Harvest, which he started with friends Martin Moravcik and Alex Chwaiewsky, has emerged as one of the fastest growing companies in Canada.
In addition to Hemp PRO-70 and the rest of their line of nutritious hemp foods, the Canadian ‘hemp-reneurs’ will unveil new Hemp Bliss organic hempmilk at the Canadian Health Food Association Expo West in Vancouver on May 15 & 16. Hemp Bliss™ is the only organic hempmilk on the market.
SOURCE: Manitoba Harvest Press Release
INDUSTRY NEWS: Wal-Mart Settles Wage Lawsuit
Wal-Mart Stores Inc. has agreed to pay as much as $86 million to settle a class-action lawsuit that accused the retailer of failing to pay vacation, overtime and other wages to thousands of former workers in California. The settlement requires a minimum payout of $43 million. The original complaint came in 2006, saying that the retailer failed to pay a variety of wages to former workers as required under California law.
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WAL-MART SETTLES WAGE LAWSUIT
NEW YORK – Wal-Mart Stores Inc agreed to pay as much as $86 million to settle a class-action lawsuit accusing the retailer of failing to pay vacation, overtime and other wages to thousands of former workers in California. About 232,000 people will share in the settlement, which was disclosed in a US federal court filing.
The settlement requires a minimum payout of $43 million, and "far exceeds other recent settlements" involving Wal-Mart, the filing shows. The accord still requires court approval. The world's largest retailer was accused in the original 2006 complaint of failing to pay a variety of wages to former workers as required under California law. In agreeing to settle, Wal-Mart did not concede that any wages remained unpaid. The settlement is separate from Wal-Mart's 2008 agreement to pay as much as $640 million to settle 63 federal and state class-action lawsuits alleging the company deprived workers of wages. Last December, Wal-Mart also agreed to pay $40 million to settle a class-action lawsuit over wages in Massachusetts. The $86 million equals roughly two days of after-tax operating profit for Wal-Mart, regulatory filings show.
SOURCE: Lawday
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WAL-MART SETTLES WAGE LAWSUIT
NEW YORK – Wal-Mart Stores Inc agreed to pay as much as $86 million to settle a class-action lawsuit accusing the retailer of failing to pay vacation, overtime and other wages to thousands of former workers in California. About 232,000 people will share in the settlement, which was disclosed in a US federal court filing.
The settlement requires a minimum payout of $43 million, and "far exceeds other recent settlements" involving Wal-Mart, the filing shows. The accord still requires court approval. The world's largest retailer was accused in the original 2006 complaint of failing to pay a variety of wages to former workers as required under California law. In agreeing to settle, Wal-Mart did not concede that any wages remained unpaid. The settlement is separate from Wal-Mart's 2008 agreement to pay as much as $640 million to settle 63 federal and state class-action lawsuits alleging the company deprived workers of wages. Last December, Wal-Mart also agreed to pay $40 million to settle a class-action lawsuit over wages in Massachusetts. The $86 million equals roughly two days of after-tax operating profit for Wal-Mart, regulatory filings show.
SOURCE: Lawday
Thursday, May 13, 2010
BUSINESS NEWS: Aeterna Zentaris Reports First Quarter 2010 Financial and Operating Results
Aeterna Zentaris has reported first quarter 2010 financial results. Revenues were $6.4 million for the three-month period ended March 31, 2010, compared to $6.1 million for the same period in 2009. The increase is mainly due to a comparative increase in sales of Cetrotide(R) to certain customers in the first quarter of 2010. This increase was partly offset by lower amortization of upfront license fee payments in 2010 related to our agreement with sanofi-aventis U.S. LLC ("sanofi-aventis"), which was entered into in March 2009, in connection with our now discontinued development program involving cetrorelix for the treatment of Benign Prostatic Hyperplasia ("BPH"), and subsequently terminated.
______________________
Aeterna Zentaris Reports First Quarter 2010 Financial and Operating Results
All amounts are in U.S. dollars
QUEBEC CITY, May 13 /CNW Telbec/ - Aeterna Zentaris Inc. (NASDAQ: AEZS, TSX: AEZ) ("the Company"), a late-stage drug development company specialized in oncology and endocrinology, today reported financial and operating results as at and for the three months ended March 31, 2010.
First Quarter 2010 Highlights
- January 25, 2010: Updated results of a Phase 2 study related to the use
of perifosine in the treatment of advanced metastatic colon cancer
showing a statistically significant benefit in survival, including
5 FU-refractory patients.
- January 29, 2010: Publication in the February 2010 issue of the Journal
of Clinical Cancer Research of positive Phase 2 results for perifosine
as a single agent for the treatment of advanced Waldenstrom's
macroglobulinemia.
- February 3, 2010: Special Protocol Assessment ("SPA") granted by the
United States Food and Drug Administration ("FDA") for the Phase 3
trial of perifosine in combination with capecitabine (Xeloda(R)) in
refractory advanced colorectal cancer. The trial is to be conducted by
Keryx Biopharmaceuticals, Inc. ("Keryx") (NASDAQ: KERX), Aeterna
Zentaris' partner and licensee for perifosine in North America.
- March 1, 2010: Disclosure that the Committee for Orphan Medicinal
Products of the European Medicines Agency ("EMA") had issued a positive
opinion for orphan medicinal product designation for perifosine for the
treatment of multiple myeloma.
Subsequent to Quarter-End
- April 5, 2010: Perifosine receives FDA Fast Track Designation for the
Phase 3 X-PECT (Xeloda(R) + Perifosine Evaluation in Colorectal cancer
Treatment) registration trial.
- April 8, 2010: Initiation of a Phase 3 registration trial with
perifosine in refractory advanced colorectal cancer by Keryx.
- April 15, 2010: Positive Scientific Advice from the EMA for the Phase 3
program with perifosine in multiple myeloma. Data from ongoing Phase 3
study, sponsored by Keryx, can be used to register perifosine in
multiple myeloma in Europe.
- April 20, 2010: Presentations of preclinical data on Erk inhibitor,
AEZS-131, and Erk/PI3K dual inhibitor, AEZS-132, as well as preclinical
data from a study sponsored by the National Institutes of Health with
perifosine in oncology at the American Association for Cancer Research
Annual Meeting in Washington, D.C.
- April 20, 2010: Completion of a $15.0 million registered direct
offering with certain institutional investors.
- April, 23, 2010: Company regained compliance with Nasdaq's minimum bid
price listing requirement.
- May 6, 2010: Company receives orphan-drug designation from the FDA for
AEZS-108 in ovarian cancer.
- May 12, 2010: FDA approves the Company's Investigational New Drug (IND)
application for AEZS-108 in LHRH-receptor positive urothelial (bladder)
cancer.
Juergen Engel, Ph.D., Aeterna Zentaris' President and Chief Executive Officer commented, "This has been a very exciting quarter as we made great strides in the development of our lead oncology compound, perifosine, now in Phase 3 registration trials for multiple myeloma and refractory advanced colorectal cancer. Furthermore, the different designations recently granted by the FDA in both indications and the EMA's positive Scientific Advice for multiple myeloma, will accelerate as well as facilitate the future review and marketing authorization processes in North America and Europe."
Dennis Turpin, Senior Vice President and Chief Financial Officer of Aeterna Zentaris added, "With more than $40 million in cash, including proceeds from our recent $15 million registered direct offering and no debt, combined with our expected significantly reduced burn rate, we are in a solid financial position to execute our focused drug development and business strategy."
CONSOLIDATED RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2010
Revenues were $6.4 million for the three-month period ended March 31, 2010, compared to $6.1 million for the same period in 2009. The increase is mainly due to a comparative increase in sales of Cetrotide(R) to certain customers in the first quarter of 2010. This increase was partly offset by lower amortization of upfront license fee payments in 2010 related to our agreement with sanofi-aventis U.S. LLC ("sanofi-aventis"), which was entered into in March 2009, in connection with our now discontinued development program involving cetrorelix for the treatment of Benign Prostatic Hyperplasia ("BPH"), and subsequently terminated.
Research and development ("R&D") costs, net of tax credits and grants, were $5.7 million for the three-month period ended March 31, 2010, compared to $11.4 million for the same period in 2009. The comparative decrease in net R&D costs is almost entirely attributable to the winding down and termination of development activities related to cetrorelix in BPH, despite the presence in the first quarter of 2010 of residual expenditures associated with certain remaining contractual obligations.
Selling, general and administrative ("SG&A") expenses were $2.8 million for the three-month period ended March 31, 2010, compared to $3.6 million for the same period in 2009. This decrease is primarily related to lower comparative salary and benefit costs, lower legal expenses and other cost-saving measures.
Net loss was $5.9 million, or $0.09 per basic and diluted share, for the three-month period ended March 31, 2010, compared to $12.4 million, or $0.23 per basic and diluted share, for the same period in 2009. This decrease is mainly related to lower comparative net R&D costs, lower SG&A expenses and higher foreign exchange gains, partly offset by lower comparative license fee revenues and lower sales and royalty margins.
Cash and cash equivalents were $26.9 million as at March 31, 2010. This amount excludes an estimated $13.7 million of net proceeds received in connection with the registered direct offering completed on April 20, 2010.
SOURCE: CNW Newswire
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Aeterna Zentaris Reports First Quarter 2010 Financial and Operating Results
All amounts are in U.S. dollars
QUEBEC CITY, May 13 /CNW Telbec/ - Aeterna Zentaris Inc. (NASDAQ: AEZS, TSX: AEZ) ("the Company"), a late-stage drug development company specialized in oncology and endocrinology, today reported financial and operating results as at and for the three months ended March 31, 2010.
First Quarter 2010 Highlights
- January 25, 2010: Updated results of a Phase 2 study related to the use
of perifosine in the treatment of advanced metastatic colon cancer
showing a statistically significant benefit in survival, including
5 FU-refractory patients.
- January 29, 2010: Publication in the February 2010 issue of the Journal
of Clinical Cancer Research of positive Phase 2 results for perifosine
as a single agent for the treatment of advanced Waldenstrom's
macroglobulinemia.
- February 3, 2010: Special Protocol Assessment ("SPA") granted by the
United States Food and Drug Administration ("FDA") for the Phase 3
trial of perifosine in combination with capecitabine (Xeloda(R)) in
refractory advanced colorectal cancer. The trial is to be conducted by
Keryx Biopharmaceuticals, Inc. ("Keryx") (NASDAQ: KERX), Aeterna
Zentaris' partner and licensee for perifosine in North America.
- March 1, 2010: Disclosure that the Committee for Orphan Medicinal
Products of the European Medicines Agency ("EMA") had issued a positive
opinion for orphan medicinal product designation for perifosine for the
treatment of multiple myeloma.
Subsequent to Quarter-End
- April 5, 2010: Perifosine receives FDA Fast Track Designation for the
Phase 3 X-PECT (Xeloda(R) + Perifosine Evaluation in Colorectal cancer
Treatment) registration trial.
- April 8, 2010: Initiation of a Phase 3 registration trial with
perifosine in refractory advanced colorectal cancer by Keryx.
- April 15, 2010: Positive Scientific Advice from the EMA for the Phase 3
program with perifosine in multiple myeloma. Data from ongoing Phase 3
study, sponsored by Keryx, can be used to register perifosine in
multiple myeloma in Europe.
- April 20, 2010: Presentations of preclinical data on Erk inhibitor,
AEZS-131, and Erk/PI3K dual inhibitor, AEZS-132, as well as preclinical
data from a study sponsored by the National Institutes of Health with
perifosine in oncology at the American Association for Cancer Research
Annual Meeting in Washington, D.C.
- April 20, 2010: Completion of a $15.0 million registered direct
offering with certain institutional investors.
- April, 23, 2010: Company regained compliance with Nasdaq's minimum bid
price listing requirement.
- May 6, 2010: Company receives orphan-drug designation from the FDA for
AEZS-108 in ovarian cancer.
- May 12, 2010: FDA approves the Company's Investigational New Drug (IND)
application for AEZS-108 in LHRH-receptor positive urothelial (bladder)
cancer.
Juergen Engel, Ph.D., Aeterna Zentaris' President and Chief Executive Officer commented, "This has been a very exciting quarter as we made great strides in the development of our lead oncology compound, perifosine, now in Phase 3 registration trials for multiple myeloma and refractory advanced colorectal cancer. Furthermore, the different designations recently granted by the FDA in both indications and the EMA's positive Scientific Advice for multiple myeloma, will accelerate as well as facilitate the future review and marketing authorization processes in North America and Europe."
Dennis Turpin, Senior Vice President and Chief Financial Officer of Aeterna Zentaris added, "With more than $40 million in cash, including proceeds from our recent $15 million registered direct offering and no debt, combined with our expected significantly reduced burn rate, we are in a solid financial position to execute our focused drug development and business strategy."
CONSOLIDATED RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2010
Revenues were $6.4 million for the three-month period ended March 31, 2010, compared to $6.1 million for the same period in 2009. The increase is mainly due to a comparative increase in sales of Cetrotide(R) to certain customers in the first quarter of 2010. This increase was partly offset by lower amortization of upfront license fee payments in 2010 related to our agreement with sanofi-aventis U.S. LLC ("sanofi-aventis"), which was entered into in March 2009, in connection with our now discontinued development program involving cetrorelix for the treatment of Benign Prostatic Hyperplasia ("BPH"), and subsequently terminated.
Research and development ("R&D") costs, net of tax credits and grants, were $5.7 million for the three-month period ended March 31, 2010, compared to $11.4 million for the same period in 2009. The comparative decrease in net R&D costs is almost entirely attributable to the winding down and termination of development activities related to cetrorelix in BPH, despite the presence in the first quarter of 2010 of residual expenditures associated with certain remaining contractual obligations.
Selling, general and administrative ("SG&A") expenses were $2.8 million for the three-month period ended March 31, 2010, compared to $3.6 million for the same period in 2009. This decrease is primarily related to lower comparative salary and benefit costs, lower legal expenses and other cost-saving measures.
Net loss was $5.9 million, or $0.09 per basic and diluted share, for the three-month period ended March 31, 2010, compared to $12.4 million, or $0.23 per basic and diluted share, for the same period in 2009. This decrease is mainly related to lower comparative net R&D costs, lower SG&A expenses and higher foreign exchange gains, partly offset by lower comparative license fee revenues and lower sales and royalty margins.
Cash and cash equivalents were $26.9 million as at March 31, 2010. This amount excludes an estimated $13.7 million of net proceeds received in connection with the registered direct offering completed on April 20, 2010.
SOURCE: CNW Newswire
BUSINESS NEWS: SunOpta Announces First Quarter 2010 Results
SunOpta, which this week agreed to sell its Canadian food distribution assets to United Natural Foods Inc for (CDN)$68 million in cash, has announced first quarter 2010 results. For the first quarter of 2010 the Company realized revenues of $266.1 million versus first quarter 2009 revenues of $232.1 million, a year over year increase of 14.7%. Revenues in SunOpta Foods were $247.6 million, an increase of 13.9% versus the first quarter of 2009. After adjusting for movements in foreign exchange rates and commodity prices, food revenues increased approximately 10.8% in the first quarter of 2010 versus the first quarter of 2009. All operating segments realized increased revenues year over year.
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SunOpta Announces First Quarter 2010 Results
TORONTO (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 period ended April 3, 2010. All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.
For the first quarter of 2010 the Company realized revenues of $266.1 million versus first quarter 2009 revenues of $232.1 million, a year over year increase of 14.7%. Revenues in SunOpta Foods were $247.6 million, an increase of 13.9% versus the first quarter of 2009. After adjusting for movements in foreign exchange rates and commodity prices, food revenues increased approximately 10.8% in the first quarter of 2010 versus the first quarter of 2009. All operating segments realized increased revenues year over year.
For the first quarter of 2010 the Company reported net income on a GAAP basis of $4.6 million or $0.07 per diluted common share versus a loss in 2009 of $(1.7) million or $(0.03) per diluted common share. Results for the quarter include additional pre-tax costs of approximately $2.4 million, including legal and professional fees and costs related to ongoing facility and operational rationalizations.
Gross margin as a percentage of revenue increased to 18.4% in the quarter versus 14.5% in the prior year. All operating segments realized improved gross margins as a percentage of revenue. Operating income(1) increased to $10.7 million or 4.0% of revenues versus negative operating income(1) in the prior year of $(0.4) million or (0.02%) of revenues. Operating income(1) in SunOpta Foods increased to $12.5 million or 5.1% of revenues versus $2.7 million or 1.3% in the prior year.
EBITDA(1) for the first quarter of 2010 increased 259% to $15.7 million versus $4.4 million in the first quarter of 2009, indicative of the improved operating performance realized in the business.
At April 3, 2010 the Company's balance sheet reflects a current working capital ratio of 1.30 to 1.00, long-term debt to equity ratio of 0.36 to 1.00 and total debt to equity ratio of 0.72 to 1.00. During the first quarter of 2010 the Company used cash from operating activities of $14.3 million, due primarily to increased accounts receivable and normal seasonal fluctuations. At April 3, 2010 the Company has total assets of $571.1 million and a net book value of $3.68 per outstanding share.
At quarter-end, the Company is in compliance with all banking covenants.
Steve Bromley, President and Chief Executive Officer of SunOpta commented, "We are very pleased with our first quarter results and our return to profitability. The results of the first quarter are the product of extensive initiatives we have completed, centered on improving operating results within our core business segments while at the same time improving our return on assets employed. We continue to focus on these efforts and are very pleased that the initiatives completed to date are beginning to have the expected positive effect on our results. We remain confident that our continued focus on margin improvement, when combined with strong consumer interest in health and wellness, positions our Company for long-term success."
SOURCE: SunOpta Press Release
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SunOpta Announces First Quarter 2010 Results
TORONTO (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 period ended April 3, 2010. All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.
For the first quarter of 2010 the Company realized revenues of $266.1 million versus first quarter 2009 revenues of $232.1 million, a year over year increase of 14.7%. Revenues in SunOpta Foods were $247.6 million, an increase of 13.9% versus the first quarter of 2009. After adjusting for movements in foreign exchange rates and commodity prices, food revenues increased approximately 10.8% in the first quarter of 2010 versus the first quarter of 2009. All operating segments realized increased revenues year over year.
For the first quarter of 2010 the Company reported net income on a GAAP basis of $4.6 million or $0.07 per diluted common share versus a loss in 2009 of $(1.7) million or $(0.03) per diluted common share. Results for the quarter include additional pre-tax costs of approximately $2.4 million, including legal and professional fees and costs related to ongoing facility and operational rationalizations.
Gross margin as a percentage of revenue increased to 18.4% in the quarter versus 14.5% in the prior year. All operating segments realized improved gross margins as a percentage of revenue. Operating income(1) increased to $10.7 million or 4.0% of revenues versus negative operating income(1) in the prior year of $(0.4) million or (0.02%) of revenues. Operating income(1) in SunOpta Foods increased to $12.5 million or 5.1% of revenues versus $2.7 million or 1.3% in the prior year.
EBITDA(1) for the first quarter of 2010 increased 259% to $15.7 million versus $4.4 million in the first quarter of 2009, indicative of the improved operating performance realized in the business.
At April 3, 2010 the Company's balance sheet reflects a current working capital ratio of 1.30 to 1.00, long-term debt to equity ratio of 0.36 to 1.00 and total debt to equity ratio of 0.72 to 1.00. During the first quarter of 2010 the Company used cash from operating activities of $14.3 million, due primarily to increased accounts receivable and normal seasonal fluctuations. At April 3, 2010 the Company has total assets of $571.1 million and a net book value of $3.68 per outstanding share.
At quarter-end, the Company is in compliance with all banking covenants.
Steve Bromley, President and Chief Executive Officer of SunOpta commented, "We are very pleased with our first quarter results and our return to profitability. The results of the first quarter are the product of extensive initiatives we have completed, centered on improving operating results within our core business segments while at the same time improving our return on assets employed. We continue to focus on these efforts and are very pleased that the initiatives completed to date are beginning to have the expected positive effect on our results. We remain confident that our continued focus on margin improvement, when combined with strong consumer interest in health and wellness, positions our Company for long-term success."
SOURCE: SunOpta Press Release
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