Smart Balance Announces 2008 First-Quart...(tion of GFA BrandsInc. operating income ...),Health

Date:5/7/2008

tion of GFA Brands Inc., operating income consisted largely of formation costs and other expenses incurred in seeking and evaluating potential business combinations. We have added these expenses back to the operating basis results below, as GFA incurred its own operating expenses for these periods, and the inclusion of the parent company's expenses prior to the date of acquisition make it difficult to compare operating results period to period. Additionally, in 2008, the Company began accruing for certain trade incentives and marketing costs as prepaid expense to better match recognition of expense to revenue. While this methodology may create timing differences between prior year's quarters on an operating basis, it has no impact on full year results. A retrospective application of the change in accounting principle is being applied to 2007 quarterly results to improve comparability. With the information set forth below, management and stockholders would be better able to determine whether or not sales or operating income of the acquired business have improved in 2008 compared with prior periods. The operating basis results provided below are intended to assist the reader in comparing the operating performance of the GFA business we acquired, for the periods before and after the acquisition. However, they do not indicate what consolidated results would have been had we acquired GFA on January 1, 2007.

The operating basis results should not be viewed in isolation or as a substitution for GAAP results.

GAAP Basis Operating Basis

($ in 000's)

(1)

Add GFA (2)

Three Months Ended As reported Results For Add Operating

March 31, 2008 Form 10-Q the Period Adjustments Basis

Net Sales 50,766 -- -- 50,766

Operating Income
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SOURCE Smart Balance Inc. Copyright©2008 PR Newswire. All rights reserved

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