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Smart Balance, Inc. (BDBD) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2009

Boulder Brands, Inc.

CIK: 1331301 Ticker: BDBD
Exhibit 99.1

 
Smart Balance, Inc. Announces 2009 Fourth Quarter and Full Year Results
 
 
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Fourth quarter gross profit up 8% versus last year, full year up 22%
 
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Fourth quarter earnings per share $0.00, up $0.04 versus last year
 
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Earnings included $1.5 million one-time refinancing costs, or $0.01 per share
 
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Full year earnings per share $0.06, up $0.17 versus last year
 
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Fourth quarter net sales down 10% versus last year, full year up 8%

Paramus, N.J. (February 25, 2010) – Smart Balance, Inc. (NasdaqGM: SMBL) today announced its results for the fourth quarter and full year ended December 31, 2009.  For the fourth quarter, the Company reported net sales of $58.9 million, a decrease of 10.1% compared to last year, and earnings per share of $0.00, compared to a loss of $0.04 per share in 2008.  The fourth quarter of 2009 included $1.5 million ($0.9 million after-tax) or $0.01 per share, of after-tax impact of one-time costs related to the refinancing of the Company’s debt.
 
Fourth quarter net sales decreased in 2009 compared to 2008 due to higher promotion spending and a 1.5% volume decline in case shipments.  The improvement in earnings per share was due to increased gross profit and lower interest expense and related costs, partially offset by the one-time impact of the Company’s 2009 debt refinancing.
 
The Company increased market share in its core category of spreads by 0.2 points to 13.6% in the fourth quarter versus the same quarter in 2008, representing the 31st consecutive quarter of market share growth, according to Information Resources, Inc. (IRI) food channel data.  For the year, the Company’s market share in spreads increased 1.0 points to 14.6%.
 
Fourth quarter gross profit increased 8.1% to $29.2 million in 2009 versus the prior year.  Gross profit margin for the quarter improved to 49.6% versus 41.3% for the fourth quarter of 2008, due to lower commodity costs partially offset by higher promotion expenses.
 
“We delivered our income targets for the quarter and the year helped by the strong performance in gross margin, despite the lower than expected volumes in our core spreads category and the slower roll-out of sour cream,” said Stephen B. Hughes, Smart Balance, Inc. Chairman and CEO.
 
For the full year of 2009, sales increased 7.9% compared to 2008 primarily due to a 6.4% increase in case shipment volume.  Year over year, gross profit increased 21.6% and operating income increased 107.4%.  Cash operating income increased approximately 31% to $32.8 million in 2009 from $25.1 million in 2008 (see table for a reconciliation of this non-GAAP measure to operating income).  Earnings per share in 2009 were $0.06, up $0.17 versus a loss of $0.11 in 2008.
 
Mr. Hughes added “Despite the continued challenging economic and competitive environment, the Company has executed on initiatives that we expect will provide a strong platform for growth.  In 2009, we expanded distribution of our enhanced milk products, introduced sour cream, signed an exclusive global agreement to license the Bestlife™ brand and refinanced our debt for financial flexibility.  I look forward to 2010 and progress on the national rollout of milk.  Success in the milk category, with its high purchase frequency, is the critical element for our growth beyond spreads and achieving our future business goals.”
 

The following information was filed by Boulder Brands, Inc. (BDBD) on Thursday, March 4, 2010 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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SEC Filing Tools
Ticker: BDBD
CIK: 1331301
Form Type: 10-K Annual Report
Accession Number: 0001144204-10-012479
Submitted to the SEC: Wed Mar 10 2010 3:16:00 PM EST
Accepted by the SEC: Wed Mar 10 2010
Period: Thursday, December 31, 2009
Industry: Food And Kindred Products

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