Smart Balance Announces 2008 First-Quart...(rted GAAP financial statementsinclude th...),Health

Date:5/7/2008

rted GAAP financial statements include the results of its acquisition of GFA Brands, Inc. since the date of acquisition on May 21, 2007. Because there were no operations prior to the acquisition, prior periods are not comparable. The Company has provided results on an operating basis following the GAAP results. The operating basis results should not be viewed in isolation or as a substitute for reported GAAP results. A reconciliation of operating basis results to GAAP results is provided for in the accompanying tables.

Net sales were $50.8 million for the first quarter. Operating income was $2.0 million, which included $4.6 million of non-cash charges. First quarter net loss was $1.2 million. The $30 million in debt pay down required a cash prepayment penalty of $0.6 million, reflected in pretax interest expense. In addition, the debt prepayment accelerated $0.9 million of deferred financing amortization, reflected in pretax other expense net. See the tables below for the non-cash items affecting operating income and net loss. Net loss for the quarter was $0.02 on a per share basis, both diluted and basic.

Items Affecting GAAP Operating Income - 2008

$ in Millions First Quarter

Operating Income 2.0

Non-cash charges affecting Operating Income:

FAS 123R Stock Option Expense (3.5)

Depreciation & Amortization (1.1)

(4.6)

Operating Income less non-cash charges 6.6

Items Affecting GAAP Net Loss - 2008

$ in Millions First Quarter

Net Loss (1.2)

Non-cash charges after-tax affecting Net Loss:

FAS 123R Stock Option Expense (2.1
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SOURCE Smart Balance Inc. Copyright©2008 PR Newswire. All rights reserved

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