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Boulder Brands, Inc. (BDBD) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Boulder Brands, Inc.

CIK: 1331301 Ticker: BDBD

 

Exhibit 99.1

 

 

Boulder Brands Announces 2012 Fourth Quarter Results

 

Company Delivers 35% Net Sales Growth & 15% Organic Net Sales Growth in the Quarter;

Operating Income Increases 70% to $11.2 Million;

Organic Cash Operating Income Increases 47% to $18.6 Million;

Company Increases 2013 Outlook

 

Boulder, CO (February 28, 2013)

– Boulder Brands, Inc. (NasdaqGM: BDBD) today announced its financial results for the fourth quarter ended December 31, 2012. For the fourth quarter of 2012 compared to the equivalent period of 2011, net sales increased 34.7% to $113.0 million, GAAP operating income increased 70.4% to $11.2 million, and cash operating income increased 64.6% to $18.6 million. Organic net sales increased 14.6% and organic cash operating income increased 46.9% (in each case assuming that Boulder Brands had owned Udi’s during the fourth quarter of 2011). GAAP earnings per share were $0.06 in the fourth quarter of 2012, compared to $0.03 per share in the fourth quarter of 2011; earnings per share excluding certain items, were $0.06 in the fourth quarter of 2012, compared to $0.07 in the fourth quarter of 2011. Earnings per share were impacted by higher interest, depreciation, amortization and stock-based compensation expense, when compared to last year.

 

The Company raised its outlook for 2013. For 2013, the Company expects net sales to be in the range of $450 million to $460 million and cash operating income to be in the range of $72 million to $77 million. The company’s previous outlook was for sales to be in the range of $440 million to $450 million and cash operating income to be in the range of $70 million to $75 million.

 

Commenting on the results, Chairman and Chief Executive Officer Stephen Hughes stated, “We are delivering on our core strategies for our Smart Balance and Natural segments and are excited about the future. In the fourth quarter, we remained focused on accelerating the growth in our Natural segment and holding the profit line for our Smart Balance segment. In the quarter, our Natural segment, which includes the Udi’s, Glutino and Earth Balance brands, represented 54.0% of our total net sales and reported strong organic net sales increases of 54.6% and organic brand profit growth of 86.8%, in each case compared to the fourth quarter of 2011. While our Smart Balance segment, which includes spreads, milk and grocery, reported a net sales decline, we managed to increase brand profit for this segment, excluding the expenses related to the launch of our Smart Balance Spreadable Butter.”

 

Commenting further about 2013, Mr. Hughes said, “We are confident about our future growth, as we are well on our way to making gluten-free products more broadly available on retail shelves and we are beginning to gain traction in the food service channel. Since adding Udi’s and Glutino brands to our portfolio, retailers have accepted an incremental 660 Udi’s & Glutino items and it is clear that retailers are highly motivated to address the needs of gluten-free consumers. As we begin 2013, our success will be driven by executing our growth plans for our Natural segment and continuing to maintain its current level of profitability in the Smart Balance segment.”

 


The following information was filed by Boulder Brands, Inc. (BDBD) on Thursday, February 28, 2013 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: 0001331301-13-000005
Submitted to the SEC: Thu Feb 28 2013 12:19:49 PM EST
Accepted by the SEC: Thu Feb 28 2013
Period: Monday, December 31, 2012
Industry: Food And Kindred Products

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