Smart Balance, Inc. (BDBD) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

 

Smart Balance Announces 2011 Fourth Quarter and Full Year Results

 

Company Delivers 34% Net Sales Growth in the Quarter;

Cash Operating Income Increases 63% to $11.4 Million;

Increases 2012 Profit Outlook

 

 

Paramus, N.J. (February 23, 2012)

– Smart Balance, Inc. (NasdaqGM: SMBL) today announced its financial results for the fourth quarter and year ended December 31, 2011. For the fourth quarter of 2011, net sales increased 33.7% to $83.9 million, and cash operating income increased 62.9% to $11.4 million. Earnings per share were $0.03, versus $0.01 last year. Excluding certain non-cash and one-time items, and using a normalized tax rate of 42.3%, earnings per share for the fourth quarter improved to $0.07.

 

Regarding its 2012 outlook, the Company continues to expect net sales in the $320 million to $330 million range, and gross margin in the 42% to 44% range. However, the Company increased its cash operating income outlook to the $46 million to $48 million range, from $44 million to $47 million.

 

Commenting on the results, Chairman and Chief Executive Officer Stephen Hughes stated, “We are pleased with our overall results this quarter. In the quarter our three growth platforms - Glutino, Earth Balance and Smart Balance Milk – reported strong consumption trends, and our core Smart Balance spreads and grocery business had solid top-line and strong bottom-line results.”

 

Commenting further on the quarter Mr. Hughes stated, “While the addition of Glutino contributed a significant portion of our sales growth in the quarter, we had a number of positive developments in our base business this quarter, which experienced sales growth of approximately 10%. Our spreads strategy performed well, reporting approximately 9% sales growth, as the overall spreads category continued to benefit from the price increases initiated earlier in the year. Earth Balance continues to perform well, with 25% sales growth. Finally, our Smart Balance Milk national distribution efforts resulted in sales growth of 31%.”

 

Regarding Glutino, Mr. Hughes stated, “In the quarter, sell-through of Glutino sales at all retail channels, reported approximately 20% growth on average. Since the acquisition, our teams have identified opportunities within product development, sales and marketing, and supply chain efficiencies. In 2012 we expect to see the benefits of these efforts through product and packaging innovation, increased distribution gains and margin improvement for Glutino.”

---

The following information was filed by Boulder Brands, Inc. (BDBD) on Thursday, February 23, 2012 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.