SunOpta, a Canadian-based company that is developing a sugar substitute using ethanol, has reported strong revenues for second quarter. According to company financials, they brought in $235.9 million this quarter, as compared to $216.1 million in second quarter of 2009, a 9.2 percent increase. During this same time frame, SunOpta reported a significant increase in net income on a GAAP bases of $20.5 million or $0.31 per diluted common share versus $1.8 million or $0.03 per diluted common share for the second quarter 2009.
SunOpta BioProcess Inc. (SBI), a subsidiary of SunOpta, is working in the biofuels space to develop additional revenue generating co-products for the cellulosic ethanol industry. Unique to the industry SBI and its partners on working technology that will produce food grade xylitol, a healthy sugar substitute, as well as produce fuel-grade cellulosic ethanol.
Steve Bromley, President and Chief Executive Officer of SunOpta commented, “We are very pleased with our second quarter and year to date results which are indicative of numerous initiatives which have been implemented, 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 core operating processes and believe that the initiatives are having the expected positive effect on our results.”