ManageMent’s Discussion anD analysis Therefore, the total adjustment to earnings before income taxes for fiscal 2013 was a gain of $4.5 million compared to a loss  of $22.2 million in fiscal 2012. Adjusted consolidated financial information (non-GAAP reconciliation): RESULTS OF OPERATIONS  2013 2012 Revenues ($000’s)  558,438 618,093 Volume (MT)  649,274 641,573 Revenues  Consolidated Results 2013 2012 2011 (In thousands of dollars, except per share information) $ $ $ Gross margin as per financial statements   85,653  77,861   96,849 Adjustment as per above  (2,674) 24,331 (13,174) Adjusted gross margin  82,979 102,192 83,675 Results from operating activities as per financial statements  59,538 50,604 68,884 Adjustment as per above  (2,674) 24,331 (13,174) Adjusted results from operating activities  56,864 74,935 55,710 Net earnings as per financial statements  37,265 30,261 41,854 Adjustment to cost of sales as per above  (2,674) 24,331 (13,174) Adjustment for mark-to-market of finance costs  (1,787) (2,119) (855) Adjustment for IFRS transition on option of convertible debentures  –  – 3,782 Deferred taxes on above adjustments  1,018 (5,448) 3,595 Adjusted net earnings  33,822 47,025 35,202 Net earnings per share basic, as per financial statements  0.40 0.33 0.47 Adjustment for the above  (0.04) 0.17  (0.07) Adjusted net earnings, per share basic  0.36 0.50 0.40 Rogers Sugar Inc. 16