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Smart Balance Announces 2008 First-Quarter Results
Date:5/7/2008

- Net sales $50.8 million, up 25% versus year ago on operating basis (1)

- Gross profit margin 45% - despite historic high commodity costs

- Net loss $1.2 million, includes non-cash charges of $3.2 million - 2008 Outlook - Targeted 30% growth in net sales on operating basis (1)

PARAMUS, N.J., May 7 /PRNewswire-FirstCall/ -- Smart Balance Inc. (Nasdaq: SMBL) today announced its results for the first quarter ended March 31, 2008. The Company reported net sales of $50.8 million, an increase of 25.1% versus year ago on an operating basis(1), and a net loss of $1.2 million, reflecting the $3.2 million after-tax impact of non-cash items, including $2.1 million of stock-based compensation expense and $1.1 million of amortization and depreciation. The net loss was $0.02 on both diluted and basic shares.

Gross profit margin was 45.0%, as the rate of selling price increases lagged the rate of input cost increases, reflecting historic high levels in commodity raw materials. Selling prices in the Company's core category of spreads were increased in February and the Company has announced additional price increases to take effect in June.

The Company continued the recapitalization of its balance sheet with the January conversion of its preferred stock to common stock. In March, an additional $30 million of cash was used to pay down debt. Long-term debt was $89.5 million on March 31, 2008, down $70.5 million (44%) since the acquisition of GFA Brands Inc. in May, 2007.

"We continue to make excellent progress executing against our strategy, despite the unprecedented cost environment," said Stephen B. Hughes, Smart Balance Chairman and CEO. "We increased market share in spreads for the 25th consecutive quarter and
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SOURCE Smart Balance Inc.
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