SunOpta (STKL) 10-Q/A 2006 Q2 Quarterly report (amended)

Exhibit 99.1

FOR IMMEDIATE RELEASE

SUNOPTA ANNOUNCES FIRST QUARTER RESULTS

REPORTS RECORD REVENUES AND EARNINGS

Toronto, Ontario, May 4, 2005. SunOpta Inc. (SunOpta or the Company) (Nasdaq - STKL) (TSX – SOY) today announced results for the three months ended March 31, 2005. All amounts are expressed in U.S. dollars.

The Company achieved record revenues and earnings for the three months ended March 31, 2005, realizing its 30^th consecutive quarter of record revenue growth compared to the same quarter in the previous year. Revenues in the quarter increased by 38% to $86,223,000 as compared to $62,502,000 in the first quarter of the prior year, led by a 41% increase in revenues within the Company’s vertically integrated natural and organic food operations. The Company’s overall revenue growth of 38% includes an internal growth rate of 12.8% and growth via acquisitions of 25.2%.

Net earnings for the first quarter increased by 253% to a record $6,605,000 or $0.12 per diluted common share compared to $1,870,000 or $0.03 per diluted common share in the first quarter of the prior year. Net earnings in the quarter included a net unusual gain of $0.08 per diluted common share, consisting primarily of the recognition of a dilution gain on the sale of a 29.6% interest in the Company’s subsidiary Opta Minerals Inc. through the previously announced initial public offering. Excluding the net unusual gain, operating earnings were $0.04 per diluted common share.

The Company’s Grains & Soy Products Group improved significantly over the first quarter of 2004, led by strong growth in its sunflower operations which generated record revenues and gross profits. Although there is an overall shortage of sunflower seeds in North America, the Company anticipates being able to meet all of its requirements in 2005, leading to continued strong financial results in the coming quarters.

The results of the Packaged Products Group in the first quarter improved significantly over the prior year, benefiting from the recent capital improvements and strong growth in new business in aseptically packaged products, including soy, rice and tea beverages.

The SunOpta Ingredients Group experienced reduced volume and margins in its oat fiber operations as a result of the decline in the low-carb market and increase in competition. The Company has taken actions to counteract these factors, including the addition of organic fibers, expansion into new markets and aggressive pursuit of international markets. These measures are expected to have a positive financial impact in the remainder of the year.

The Canadian Food Distribution Group continued its aggressive growth and consolidation plan, however, profits fell short of expectations as the Group encountered a significant shortage of fresh product supply from California, resulting from local weather issues, including one of the rainiest seasons on record. Fresh product supplies have now been reestablished.

Jeremy Kendall, Chairman and Chief Executive Officer of SunOpta stated that “We are very pleased with our first quarter results, and particularly with the momentum that is evident in our business.”

SunOpta Inc. is an operator of high-growth ethical businesses, focusing on integrated business models in the natural and organic food markets. For the last six consecutive years, SunOpta was included in Profit magazine’s ‘Profit 100’ list of the 100 fastest growing companies in Canada. The Company has three business units: the SunOpta Food Group, which specializes in sourcing, processing and distribution of natural and organic food products integrated from seed through packaged products; the Opta Minerals Group, a producer, distributor, and recycler of environmentally friendly industrial materials; and the StakeTech Steam Explosion Group which engineers and markets proprietary steam explosion technology systems for the pulp, bio-fuel and food processing industries. Each of these business units has proprietary products and services that give it a solid competitive advantage in its sector.

For further information, please contact:

SunOpta Inc.

Jeremy N. Kendall, Chairman & CEO

Steve Bromley, President & COO

John Dietrich, Vice President & CFO

Susan Wiekenkamp, Information Officer

Tel: 905-455-2528, ext 103

swiekenkamp@sunopta.com

Website:  www.sunopta.com  

Note: This news release may contain forward-looking information. Actual future results may differ materially. The risks, uncertainties, and other factors that could influence actual results are described in the Company’s annual report to shareholders and in SEC filings. The attached consolidated balance sheet and consolidated statement of earnings are unaudited. The information provided here should be considered in conjunction with the other information included within various SEC documents including Form 10Q reports filed during 2004 and Form 10K report filed March 16, 2005.

SunOpta Inc.
Condensed Consolidated Statements of Earnings
For the three months ended March 31, 2005 and 2004
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)

	March 31, 2005 $			March 31, 2004 $			% Change
Revenues		86,223			62,502			38	%
Cost of goods sold		70,587			50,231			41	%
Gross profit		15,636			12,271			27	%
Warehousing and distribution expenses		2,604			1,156			125	%
Selling, general and administrative expenses		9,787			7,979			23	%
Earnings before the following		3,245			3,136			3	%
Interest expense, net		(302	)		(208	)		45	%
Other income (expense)		4,035			(115	)		—
Foreign exchange		35			(141	)		125	%
		3,768			(464	)		912	%
Earnings before income taxes		7,013			2,672			162	%
Provision for income taxes		235			802			(71	%)
Net earnings before minority interest		6,778			1,870			262	%
Minority interest		173			—			—
Net earnings for the period		6,605			1,870			253	%
Change in foreign currency translation adjustment		165			(197	)		184	%
Comprehensive income		6,440			1,673			285	%
Net earnings per share for the period
– Basic		0.12			0.04
– Diluted		0.12			0.03

SunOpta Inc.
Condensed Consolidated Balance Sheets
As at March 31, 2005 and December 31, 2004
Unaudited
(Expressed in thousands of U.S. dollars, except per share amounts)

	March 31, 2005 $		December 31, 2004 $
Assets
Current assets
Cash and cash equivalents		10,643		8,081
Accounts receivable		41,871		38,446
Inventories		57,757		49,537
Prepaid expenses and other current assets		4,010		4,472
Current income taxes recoverable		—		2,000
Deferred income taxes		421		421
		114,702		102,957
Property, plant and equipment		65,516		62,619
Goodwill and intangibles		43,718		43,934
Deferred income taxes		7,310		6,831
Other assets		3,372		3,831
		234,618		220,172
Liabilities
Current liabilities
Bank indebtedness		6,815		—
Accounts payable and accrued liabilities		28,511		35,668
Customer and other deposits		2,027		431
Current portion of long-term debt		4,947		4,819
Current portion of long-term payables		474		1,548
		42,774		42,466
Long-term debt		29,768		31,003
Long-term payables		1,131		1,232
		73,673		74,701
Minority interest		10,203		1,378
Shareholders’ Equity
Capital stock		106,003		105,794
Contributed surplus		3,330		3,330
Retained earnings		33,426		26,821
Cumulative other comprehensive income		7,983		8,148
		150,742		144,093
		234,618		220,172

SunOpta Inc.
Segmented Information
For the three months ended March 31, 2005
(Expressed in thousands of U.S. dollars)
(Unaudited)

					Three months ended March 31, 2005
	SunOpta Food Group $		Opta Minerals Group $		StakeTech Steam Explosion Group and Corporate $			Consolidated $
External revenues by market
U.S.		44,670		3,160		280			48,110
Canada		27,638		4,568		—			32,206
Other		5,897		10		—			5,907
Total revenues to external customers		78,205		7,738		280			86,223
Segment earnings before other income,    interest expense (net), income taxes    and minority interest		3,343		837		(900	)		3,280
Other income						4,035			4,035
Segment earnings before interest expense    (net), income taxes and minority interest		3,343		837		3,135			7,315
Interest expense, net						302			302
Provision for income taxes						235			235
Minority interest						173			173
Net earnings		3,343		837		2,425			6,605

							Three months ended March 31, 2005
	Grains & Soy Products Group $		SunOpta Ingredients Group $		Packaged Products Group $		Canadian Food Distribution Group $		SunOpta Food Group $
External revenues by market
U.S.		15,509		17,851		11,247		63		44,670
Canada		249		385		1,585		25,419		27,638
Other		4,523		1,335		39		—		5,897
Total revenues from external customers		20,281		19,571		12,871		25,482		78,205
Segment earnings before other income,      interest expense (net), income taxes      and minority interest		1,113		1,106		434		690		3,343

SunOpta Inc.
Segmented Information
For the three months ended March 31, 2005
(Expressed in thousands of U.S. dollars)
(Unaudited)

					Three months ended March 31, 2004
	SunOpta Food Group $		Opta Minerals Group $		StakeTech Steam Explosion Group and Corporate $			Consolidated $
External revenues by market
U.S.		35,236		4,135		147			39,518
Canada		15,567		2,704		—			18,271
Other		4,713		—		—			4,713
Total revenues to external customers		55,516		6,839		147			62,502
Segment earnings before other expense,    interest expense (net) and income taxes		3,191		677		(873	)		2,995
Other (expense)						(115	)		(115	)
Segment earnings before interest expense    (net) and income taxes		3,191		677		(988	)		2,880
Interest expense, net						208			208
Provision for income taxes						802			802
Net earnings (loss)		3,191		677		(1,998	)	��	1,870

								Three months ended March 31, 2004
	Grains & Soy Products Group $		SunOpta Ingredients Group $		Packaged Products Group $			Canadian Food Distribution Group $		SunOpta Food Group $
External revenues by market
U.S.		14,381		13,277		7,578			—		35,236
Canada		159		493		914			14,001		15,567
Other		3,143		1,515		55			—		4,713
Total revenues from external customers		17,683		15,285		8,547			14,001		55,516
Segment earnings (loss) before other      expense, interest expense (net) and      income taxes		467		1,812		(246	)		1,158		3,191