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Smart Balance, Inc. (BDBD) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

Boulder Brands, Inc.

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CIK: 1331301 Ticker: BDBD
 
Smart Balance Announces 2008 Fourth-Quarter Results
 
 
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Net sales $65.6 million, up 29% versus year ago
 
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Net loss $2.6 million, includes non-cash charges of $5.9 million
 
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Debt reduction of $15 million
 
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2009 first half outlook: net sales percentage growth high teens to mid-twenties

Paramus, N.J. (February 26, 2009) – Smart Balance, Inc. (NasdaqGM: SMBL) today announced its results for the fourth quarter ended December 31, 2008.  The Company reported net sales of $65.6 million, an increase of 28.9% versus year ago, and a net loss of $2.6 million, reflecting the after-tax impact of $5.9 million of non-cash items, including $2.9 million of stock-based compensation expense, $1.8 million of change in fair value of an interest rate swap and $1.2 million of amortization and depreciation.  The net loss was $0.04 on both diluted and basic shares.
 
The fourth quarter net sales increase versus 2007 was due to higher pricing and a 6% increase in case shipments.  Selling prices in the Company’s core category of spreads were increased in February, June, and August to cover rising commodity costs.  In the second half of 2008 versus 2007, sales increased 33%, within the Company’s outlook of 25-35%, primarily due to higher pricing and a case volume increase of 10%.  For the full year, net sales grew 26% versus 2007, on an operating basis1.
 
The Company’s spreads products, which represent approximately 75% of its sales, increased market share by 1.0 point in supermarkets to 13.4% in the fourth quarter versus the prior year, representing the 28th consecutive quarter of share growth, according to Information Resources, Inc. data.
 
“I am pleased with our top-line growth for the quarter and the year, despite the challenging economic and commodity environments, and that we were able to pay down $50 million in debt during the year,” said Stephen B. Hughes, Smart Balance Chairman and CEO.  “We established a solid foundation for growth in 2008 and look forward to taking the next step in building Smart Balance® into a billion dollar brand.”
 
Gross profit margin for the quarter was 41.3%, versus 46.5% in the fourth quarter of 2007, as the rate of selling price increases lagged the rate of commodity cost increases.
 
The Company paid down $15.0 million of long-term debt during the quarter and met its debt covenants.  Year-to-date, $50.0 million of long-term debt has been paid down.  Long-term debt at year-end 2008 is now $70 million, down $90 million since the May 2007 acquisition of GFA Brands.  The Company plans to pay down additional debt in 2009.
 
The following information was filed by Boulder Brands, Inc. (BDBD) on Thursday, February 26, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: BDBD
CIK: 1331301
Form Type: 10-K Annual Report
Accession Number: 0001144204-09-011294
Submitted to the SEC: Fri Feb 27 2009 2:49:11 PM EST
Accepted by the SEC: Fri Feb 27 2009
Period: Wednesday, December 31, 2008
Industry: Food And Kindred Products

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