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Boulder Brands, Inc. (BDBD) SEC Filing 10-Q Quarterly report for the period ending Monday, June 30, 2014

Boulder Brands, Inc.

CIK: 1331301 Ticker: BDBD

Exhibit 99.1

 

Boulder Brands Announces 2014 Second Quarter Results

 

Boulder, CO (August 7, 2014)

– Boulder Brands, Inc. (NasdaqGM: “BDBD”) today announced its financial results for the second quarter ending June 30, 2014. For the second quarter of 2014 compared to the equivalent period of 2013:

 

·Net sales increased 18.7% to $131.3 million, operating income decreased 19.9% to $8.6 million, non-GAAP operating income decreased 20.3% to $9.4 million, and adjusted EBITDA was flat year over year at $17.6 million.

 

·Organic net sales increased 19.4% and organic consumption growth increased 17.2%.

 

·Excluding certain items, non-GAAP diluted earnings per share were $0.05 in the second quarter of 2014, compared to $0.06 in the second quarter of 2013.

 

·The Company reaffirmed its previously stated 2014 guidance. The Company continues to expect net sales to be in the range of $540 million to $550 million, adjusted EBITDA to be in the range of $89 to $91 million, and its earnings per share to be in the range of $0.39 to $0.41.

 

Chairman and Chief Executive Officer Stephen Hughes stated, “We executed our plan in the quarter and we are on track to reach our full year targets. While first half profits continue to be muted due to elevated egg-white prices and the mix shift to Natural, we are experiencing strong sales momentum and anticipate significant margin improvement and further distribution gains from our core initiatives in the second half. Importantly, we now have egg-whites locked in for the duration of the year.”

 

Commenting further, Mr. Hughes said, “The Natural segment, which includes Udi’s, Glutino, and EVOL, represented 61% of our total net sales and reported a strong organic net sales increase of 34.8%. Our Balance segment organic net sales increased 1.4%, and brand profit and brand profit margin for the Balance segment both increased in the second quarter. Our transition to Non-GMO spreads is complete and Smart Balance Spreads are now entirely non-GMO across all accounts. In addition, Earth Balance continues to have momentum in the spreads category and conventional retailers are looking to expand Earth Balance placements. Overall, I’m pleased with our progress. The combination of continued strong organic growth and a rebound in gross margins should result in a strong finish to 2014.”

 

2014 Second Quarter Results

 

Total Company net sales in the second quarter of 2014 increased 18.7% to $131.3 million, compared to net sales of $110.7 million in the second quarter of 2013. This performance reflected strong growth from our Natural segment. Organic net sales (which include EVOL and exclude the licensing of Smart Balance Milk from our reported net sales) increased 19.4% in the second quarter of 2014 compared to the second quarter of 2013.

 


The following information was filed by Boulder Brands, Inc. (BDBD) on Thursday, August 7, 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-Q Quarterly 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-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income (loss)
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)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Financial Instruments
Financial Instruments (details)
Financial Instruments (tables)
General And Basis Of Presentation
General And Basis Of Presentation (details)
General And Basis Of Presentation (policies)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets - Finite Lived Intangible Assets (details)
Goodwill And Intangible Assets - Goodwill (details)
Goodwill And Intangible Assets - Indefinite Lived Intangible Assets (details)
Income Taxes
Income Taxes (details)
Inventory
Inventory (details)
Inventory (tables)
Legal Proceedings And Contingencies
Legal Proceedings And Contingencies (details)
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 - Maturities (details)
Property And Equipment
Property And Equipment (details)
Property And Equipment (tables)
Restructuring And Other Actions
Restructuring And Other Actions (details)
Restructuring And Other Actions (tables)
Segments
Segments (details)
Segments (tables)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Activity (details)
Stock-based Compensation - Narrative (details)
Stock-based Compensation - Restricted Stock Units (details)
Stock-based Compensation - Stock-based Compensation Expense (details)
Subsequent Events
Subsequent Events (details)
Ticker: BDBD
CIK: 1331301
Form Type: 10-Q Quarterly Report
Accession Number: 0001331301-14-000010
Submitted to the SEC: Thu Aug 07 2014 10:50:17 AM EST
Accepted by the SEC: Thu Aug 07 2014
Period: Monday, June 30, 2014
Industry: Food And Kindred Products

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