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Smart Balance Announces Third Quarter 2007 Results
Date:11/9/2007

Warrant Redemption To Reduce Debt and Enhance Financial Flexibility To Fund

Growth

PARAMUS, N.J., Nov. 9 /PRNewswire-FirstCall/ -- Smart Balance, Inc. (Nasdaq: SMBL) today announced its results for the third quarter and nine months ended September 30, 2007. For the third quarter of 2007, the Company reported net sales of approximately $42 million and a net loss of approximately $29 million, including approximately $34 million of non-cash expenses pertaining to derivative losses associated with the Company's outstanding warrants, 123R stock-based compensation, depreciation and amortization.

The Company also recently announced the launch of a major recapitalization of its balance sheet, involving the call for redemption of all its outstanding public warrants associated with the original initial public offering. This transaction, expected to be completed in December 2007, was triggered by satisfying a provision in the Company's warrant agreement related to maintaining the last sales price on its common stock of $11.50 for 20 of 30 trading days. Upon completion, and assuming the exercise of all outstanding warrants, the Company expects the warrant redemption to generate approximately $77 million in liquidity, no less than half of which will be earmarked to reduce indebtedness.

Commenting on the announcement, Smart Balance chairman and CEO, Stephen B. Hughes stated, "The third quarter was another period of very strong growth for the Company. The business continued to achieve historical growth levels in sales and operating earnings on an operating basis, and we also set the stage for a major recapitalization of our balance sheet, given the recent strength in our stock pric
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SOURCE Smart Balance, Inc.
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