Boulder Brands, Inc. (BDBD) 10-Q Quarterly Report Thu Nov 06 2014

During the third quarter of 2014, net sales of Smart Balance continued to decline more than the category. Given the stronger trends and unique positioning with Earth Balance, the Company has made the strategic decision to substitute Earth Balance for under-performing Smart Balance items, and has lowered its long-term projections for Smart Balance. As a result, the Company recorded impairment charges to goodwill and the Smart Balance trade name of $150.5 million, of which $113.5 is not tax deductible.

The Company’s operating loss was $138.1 million in the third quarter of 2014 after giving effect to the Smart Balance impairment charges. Adjusted EBITDA for the third quarter of 2014 was $20.9 million.

GAAP diluted loss per share for the third quarter of 2014 was $(2.17) after giving effect to the impairment charges noted above. Excluding certain items, non-GAAP diluted earnings per share for the third quarter of 2014 were $0.08.

As previously announced, for the fourth quarter of 2014, net sales are expected to be in the range of $132 million to $137 million; adjusted EBITDA is expected to be in the range of $18 million to $20 million; and non-GAAP diluted earnings per share is expected to be in the range of $0.04 to $0.06 per share.

The initial outlook for the full year 2015 is as follows: Net sales are expected to be in the range of $575 million to $585 million; Gross margin is estimated to be in the 36% to 37% range; EBITDA is expected to be in the range of $67 million to $71 million; adjusted EBITDA is expected to be in the range of $78 million to $82 million; and diluted earnings per share is expected to be in the range of $0.25 to $0.29, based on 64 million shares outstanding.

Chairman and Chief Executive Officer Stephen Hughes stated, “We faced a number of simultaneous headwinds this quarter, including the challenging spreads environment, the mix shift impact of our lower-margin but faster-growing Natural segment, and continued commodity pressure in our gluten-free business, and we are disappointed with our recent performance. We are also realigning our inventory management practices with respect to our largest customer in order to be more consistent with the rest of our customer base, which will be a drag on our fourth quarter results.” Mr. Hughes continued, “Rest assured, we have worked tirelessly to address our issues. While this quarter was not what we had planned for across the business, we are encouraged that consumption is tracking ahead of sales, which is a positive indicator, and based on continuing improvements in managing our cost structure, we remain confident in our long term margin outlook. After very thoughtful planning and our learnings from this quarter, we are providing 2015 guidance that we are eager and committed to achieve.”

The following information was filed by Boulder Brands, Inc. (BDBD) on Thursday, November 6, 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

Ticker: BDBD
CIK: 1331301
Form Type: 10-Q Quarterly Report
Accession Number: 0001331301-14-000013
Submitted to the SEC: Thu Nov 06 2014 10:54:38 AM EST
Accepted by the SEC: Thu Nov 06 2014
Period: Tuesday, September 30, 2014
Industry: Food And Kindred Products

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

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