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Boulder Brands, Inc. (BDBD) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Boulder Brands, Inc.

CIK: 1331301 Ticker: BDBD

 

Exhibit 99.1

 

 

Boulder Brands Announces 2013 Fourth Quarter Results

 

Boulder, CO (February 27, 2014)

– Boulder Brands, Inc. (NasdaqGM: “BDBD”) today announced its financial results for the fourth quarter ended December 31, 2013. For the fourth quarter of 2013 compared to the equivalent period of 2012:

 

·Net sales increased 11.0% to $125.5 million, operating income increased 16.9% to $13.1 million, non-GAAP operating income increased 38.8% to $16.1 million and adjusted EBITDA increased 25.5% to $22.7 million.

 

·Organic net sales, which exclude the impact of licensing milk and discontinued items from our net sales in the fourth quarter of 2012, increased 15.8%. Organic consumption growth, which is growth in scanned sales at retail and excludes the impact of licensing milk and discontinued items, was 18.6%.

 

·Diluted earnings per share were $0.08 in the fourth quarter of 2013, compared to $0.06 per share in the fourth quarter of 2012.

 

·Excluding certain items, non-GAAP diluted earnings per share were $0.11 in the fourth quarter of 2013, compared to $0.06 in the fourth quarter of 2012.

 

The Company also reiterated its 2014 outlook and provided further detail for its earnings per share outlook. For 2014, the Company continues to expect net sales to be in the range of $540 million to $550 million, EBITDA to be in the range of $80 to $85 million, and adjusted EBITDA to be in the range of $89 million to $94 million. In addition, the Company updated its earnings per share outlook to be in the range of $0.39 to $0.44, compared to the Company’s initial estimate of $0.41-$0.46, to reflect updated estimates for stock-based compensation and depreciation and amortization.

 

Commenting on the results, Chairman and Chief Executive Officer Stephen Hughes stated, “We ended the year on a strong note, as we continued to see strong sales momentum in our Natural segment and improved profitability in our Smart Balance segment. Our Natural segment, which includes the Udi’s, Glutino, and Earth Balance brands, represented 65% of our total net sales and reported a strong net sales increase of 34.4%. The Natural segment continued to benefit from distribution gains with our gluten-free brands and Earth Balance spreads, nut butters and snacks.”

 

Commenting further, Mr. Hughes said, “Our Smart Balance segment continued to execute on its core strategies which resulted in an increase in brand profit for this segment. While organic net sales for the Smart Balance segment declined 8%, brand profit increased 24%. Despite the difficult environment for spreads, we capped the year with a more stable Smart Balance as we completed our initiative to exit certain categories that are not strategic and implemented a licensing agreement for Smart Balance Milk with Byrne Dairy. In addition, we concluded the transition to space saver packaging and gained points of distribution on spreads.”

 

Finally, Mr. Hughes stated, “At the end of the fourth quarter, we acquired EVOL Foods. Based in Boulder, CO, EVOL is a relatively small company but has significant growth potential as part of the Boulder Brands portfolio. EVOL is a platform growth brand, with consumer permission to expand and span multiple day parts, eating occasions and categories. This platform brand will allow us to further accelerate our growth rate and continue to diversify our business mix to high growth, natural brands. With EVOL, Boulder Brands will participate in this exciting growth opportunity with a newly defined ‘pure and simple’ food platform. Consumers are demanding pure and simple ingredients in the food they buy, with ingredient names they can pronounce. Retailers are currently in the process of renovating and rejuvenating their freezer cases with healthier alternatives. Combined with our Udi’s pizza platform, we will now offer consumers and retailers two highly disruptive solutions to a tired category. In the fourth quarter, had we owned EVOL for the full quarter, organic consumption growth excluding discontinued products would have been 20.5% compared to the 18.2% we reported.”

 


The following information was filed by Boulder Brands, Inc. (BDBD) on Thursday, February 27, 2014 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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Inside this 10-K Annual Report

Document And Entity Information Document
Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income (loss)
Statement Of Changes In Stockholders' Equity
Accounts Payable And Accrued Expenses
Accounts Payable And Accrued Expenses (details)
Accounts Payable And Accrued Expenses (tables)
Acquisitions
Acquisitions (details)
Acquisitions (tables)
Acquisitions - Other Intangible Assets (details)
Acquisitions - Purchase Price Allocation (details)
Background
Background (details)
Commitments
Commitments (details)
Commitments (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Financial Instruments
Financial Instruments (details)
Financial Instruments (tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (details)
Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets - Goodwill By Segment (details)
Goodwill And Intangible Assets - Intangible Assets (details)
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Income Taxes - Deferred Tax Assets And Liabilities And Valuation Allowance (details)
Income Taxes - Reconciliation Of Income Tax Rate (details)
Income Taxes - Reconciliation Of Unrecognized Tax Benefit (details)
Income Taxes - Schedule Of Income Before Taxes (details)
Income Taxes - Schedule Of Income Tax (details)
Inventory
Inventory (details)
Inventory (tables)
Legal Proceedings And Contingencies
License
License (details)
Long-term Debt And Contract Payable
Long-term Debt And Contract Payable (details)
Long-term Debt And Contract Payable (tables)
Long-term Debt And Contract Payable - Long-term Debt (details)
Long-term Debt And Contract Payable - Maturities (details)
Property And Equipment
Property And Equipment (details)
Property And Equipment (tables)
Restructurings And Other Actions
Restructurings And Other Actions (details)
Restructurings And Other Actions (tables)
Segment Information
Segment Information (details)
Segment Information (tables)
Segment Information - Sales By Geographic Location (details)
Segment Information - Sales By Segment (details)
Selected Quarterly Financial Data (unaudited)
Selected Quarterly Financial Data (unaudited) (details)
Selected Quarterly Financial Data (unaudited) (tables)
Stock Repurchase Activities
Stock Repurchase Activities (details)
Stock-based Compensation
Stock-based Compensation (details)
Stock-based Compensation (tables)
Stock-based Compensation - Activity (details)
Stock-based Compensation - Additional Activity (details)
Stock-based Compensation - Expense (details)
Stock-based Compensation - Nonvested Options Activity (details)
Stock-based Compensation - Rsu Activity (details)
Subsequent Event (notes)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies - Concentration Risk (details)
Ticker: BDBD
CIK: 1331301
Form Type: 10-K Annual Report
Accession Number: 0001331301-14-000003
Submitted to the SEC: Thu Feb 27 2014 2:42:26 PM EST
Accepted by the SEC: Thu Feb 27 2014
Period: Tuesday, December 31, 2013
Industry: Food And Kindred Products

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