Boulder Brands, Inc. (BDBD) 10-K Annual Report Thu Feb 26 2015

– Boulder Brands, Inc. (NasdaqGM: “BDBD”) today announced its financial results for the fourth quarter ended December 31, 2014. For the fourth quarter of 2014 compared to the equivalent period of 2013:

Net sales increased 2.4% to $128.6 million, operating income decreased 36.5% to $8.3 million, non-GAAP operating income decreased 37.8% to $10.0 million, and adjusted EBITDA decreased 22.2% to $17.7 million.

Organic net sales, which include EVOL in the full fourth quarter of last year, decreased 1.5%. Excluding the impact from rebalancing inventories at the Company’s largest distributor, organic net sales increased 5.2%. Organic consumption growth, which is growth in scanned sales at retail, increased 4.9%.

GAAP diluted earnings per share for the fourth quarter of 2014 were $0.03, compared to $0.08 in last year’s fourth quarter.

Excluding certain items, non-GAAP diluted earnings per share for the fourth quarter of 2014 were $0.05, as compared to $0.11 in last year’s fourth quarter.

The Company updated its 2015 outlook and provided further detail for its earnings per share outlook. For 2015, the Company expects net sales to be in the range of $550 million to $560 million, a range of approximately 6% to 8% net sales growth. The Company continues to expect adjusted EBITDA to be in the range of $78 million to $82 million and earnings to be in the range of $0.25 per share to $0.29 per share.

Chairman and Chief Executive Officer Stephen Hughes stated, “2014 was a challenging year for three primary reasons - the weaker than expected operating environment for buttery spreads, service issues in our natural segment, and higher egg white costs, a key ingredient in our gluten free baking business. As a result, the company missed the expectations we set in the beginning of the year. The difficulties we experienced have given us a greater sense of urgency and the opportunity to strengthen our systems and processes in order to be better prepared for future growth than ever before.”

“In the fourth quarter we worked through a brand-by-brand inventory rebalancing with our largest distributor, which had a net adverse impact on our net sales growth for the Natural Segment brands and Earth Balance. In addition, during the fourth quarter we experienced softer consumption then expected in October and November, in part related to service issues in September; consumption improved in December and continued to strengthen in January. In addition, we continue to improve our operational processes. These improvements, combined with our key strategies, should result in stronger results in 2015,” concluded Mr. Hughes.

The following information was filed by Boulder Brands, Inc. (BDBD) on Thursday, February 26, 2015 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Boulder Brands, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: BDBD
CIK: 1331301
Form Type: 10-K Annual Report
Accession Number: 0001331301-15-000003
Submitted to the SEC: Thu Feb 26 2015 10:50:13 AM EST
Accepted by the SEC: Thu Feb 26 2015
Period: Wednesday, December 31, 2014
Industry: Food And Kindred Products

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Boulder Brands, Inc. (BDBD) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

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