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Exhibit 99.1
Boulder Brands Announces 2015 First Quarter Results
Boulder, CO (May 7, 2015) – Boulder Brands, Inc. (NasdaqGM: “BDBD”) today announced its financial results for the first quarter ended March 31, 2015. For the first quarter of 2015 compared to the equivalent period of 2014:
· | Net sales increased 5.0% to $129.0 million, operating income increased 35.9% to $7.2 million, non-GAAP operating income decreased 6.2% to $9.6 million, and adjusted EBITDA decreased 1.8% to $17.4 million, and non-GAAP diluted earnings per share were flat to last year at $0.05. |
· | Consumption growth was 5.5% in the first quarter. |
· | GAAP diluted earnings per share for the first quarter of 2015 were $0.03, compared to $0.01 in last year’s first quarter. |
· | Excluding certain items, non-GAAP diluted earnings per share for the first quarter of 2015 were $0.05, as compared to $0.05 in last year’s first quarter. |
· | For 2015, the Company continues to expect 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 non-GAAP diluted earnings per share to be in the range of $0.25 to $0.29. |
Chief Executive Officer Stephen Hughes stated, “The first quarter of 2015 was a solid initial step toward delivering on the expectations that we set out for the year. Net sales increased 7.6%, and consumption increased 18% in the Natural segment, demonstrating the continued resonance our Natural brands are having with consumers. Our Balance segment reported a net sales increase of 1.1%, driven by the momentum in our Earth Balance strategy and the impact of an earlier Easter on Q1 revenue. Overall, we are pleased with the first quarter and remain focused on delivering on our plan throughout the rest of 2015.”
2015 First Quarter Results
Total Company net sales in the first quarter of 2015 increased 5.0% to $129.0 million, compared to net sales of $122.9 million in the first quarter of 2014.
Net sales for the Company’s Natural segment increased 7.6% to $79.0 million in the first quarter of 2015 compared to $73.4 million in the first quarter of 2014, driven by EVOL’s net sales increase of 44.9%. The Company’s gluten-free brands – Udi’s and Glutino – reported net sales growth of 15.7% and a decline of 20.0%, respectively.
Net sales for the Company’s Balance segment increased 1.1% to $50.0 million in the first quarter of 2015 compared to $49.5 million in the first quarter of 2014, driven by Earth Balance. Earth Balance reported a net sales increase of 13.6% in the first quarter of 2015 compared to the first quarter of 2014.
The chart below highlights net sales, gross profit, gross margin, and brand profit (calculated as gross profit less marketing, selling and royalty expense (income), net) for the first quarters of 2015 and 2014, by the Company’s Natural and Balance segments.
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Boulder Brands, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2015 10-K Annual Report includes:
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
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Boulder Brands, Inc. provided additional information to their SEC Filing as exhibits
Ticker: BDBD
CIK: 1331301
Form Type: 10-Q Quarterly Report
Accession Number: 0001331301-15-000006
Submitted to the SEC: Thu May 07 2015 11:03:45 AM EST
Accepted by the SEC: Thu May 07 2015
Period: Tuesday, March 31, 2015
Industry: Food And Kindred Products