Sun-Rype reports Q1 2009 financial results



    TSX: SRF

    KELOWNA, BC, May 7 /CNW/ - Sun-Rype Products Ltd. (TSX:SRF) today
released its financial results for the quarter ended March 28, 2009.

    Financial Highlights

    Sun-Rype achieved record quarterly net sales in the first quarter of 2009
of $41.0 million. Gross profit in the first quarter of 2009 was $11.7 million.
The Company's net earnings for the first quarter of 2009 were $2.8 million or
$0.26 per share.
    "After a financially challenging year in 2008, we are very pleased to
report a return to profitability in the first quarter of 2009," says David
Lynn, President & CEO. "New product innovations, geographic expansion and
promotional activities were the primary drivers of our record quarterly sales.
These sales, combined with lower raw materials costs and the effects of
various cost savings initiatives, contributed to robust net earnings."
    Sun-Rype Products Ltd., based in Kelowna, BC, is a manufacturer and
marketer of 100% juices and 100% fruit snacks under the Sun-Rype brand.
Sun-Rype is a publicly traded Canadian company with its common shares listed
on the Toronto Stock Exchange under the symbol SRF.

    Additional Information

    The foregoing are financial highlights only. The full first quarter
interim management's discussion and analysis, financial statements and
accompanying notes of Sun-Rype Products Ltd. for the period ended March 28,
2009, are available on the Canadian Securities Administrator's website at
www.sedar.com and on the Company's website at www.sunrype.com. Additional
information relating to Sun-Rype's operations can be found in the Company's
Annual Information Form, filed with all applicable Canadian securities
commissions and available for viewing on the Canadian Securities
Administrator's website at www.sedar.com and on the Company's website at
www.sunrype.com.

    Forward Looking Statements

    Statements contained in this press release, which are not based on
historical fact, including without limitation, statements containing the words
"may", "will", "plans", "intends", "expects", "anticipates", "believes",
"estimate", "continue" and similar expressions, constitute "forward looking
information" within the meaning of applicable Canadian securities laws.
Forward looking statements contained in this document may involve, but are not
limited to, statements relating to the Company's objectives, priorities,
strategies, actions, targets, expectations and outlook. Forward looking
statements are necessarily based upon assumptions and predictions with respect
to the future, including but not limited to the factors referred to below. As
a result, forward looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, events or
developments to be materially different from any future results, events or
developments expressed or implied thereby. These risks, uncertainties and
other factors include, but are not limited to, changes in the consumer
packaged goods industry and external market factors, as well as the factors
referred to in the Company's Annual Information Form dated February 26, 2009,
and its other filings with the applicable Canadian securities regulatory
authorities. In light of these uncertainties, assumptions and risks, readers
are cautioned not to place undue reliance on such forward looking statements.
Except as required by law, the Company assumes no obligation to update or
revise such information to reflect later events or developments.

    
                           Sun-Rype Products Ltd.
              Statements of Operations and Comprehensive Income
                                 (Unaudited)
             (in thousands of dollars, except per share amounts)

    -------------------------------------------------------------------------
                                                      For the quarters ended
                                                         March 28,  March 31,
                                                           2009       2008
    -------------------------------------------------------------------------

    Net sales                                            $ 41,040   $ 21,386
      Cost of sales                                        29,347     20,546
    -------------------------------------------------------------------------
      Gross profit                                         11,693        840
    -------------------------------------------------------------------------

    Expenses
      Selling, general, and administrative                  6,771      7,076
      Amortization                                            424        764
      Interest                                                222         57
      Foreign exchange loss (gain)                            152       (405)
    -------------------------------------------------------------------------
                                                            7,569      7,492
    -------------------------------------------------------------------------

      Earnings (loss) before income taxes                   4,124     (6,652)
      Income taxes (recovery)                               1,308     (2,456)
    -------------------------------------------------------------------------

    Net earnings (loss) and comprehensive income (loss)   $ 2,816   $ (4,196)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Earnings (loss) per share
       Basic and diluted                                  $  0.26   $  (0.39)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    %SEDAR: 00001572E




For further information:

For further information: Don VanderZwaag, Director, Finance &
Accounting, cfo@sunrype.com or David Lynn, Chief Executive Officer,
ceo@sunrype.com; Sun-Rype Products Ltd., 1165 Ethel Street, Kelowna, BC, V1Y
2W4, Tel: (250) 860-7973, Fax: (250) 762-3611, www.sunrype.com


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