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

e. This recapitalization will dramatically strengthen our capital structure and enhance our financial flexibility to invest behind our strategic growth initiatives. We are pleased with the progress we are making to strengthen and build the Smart Balance brand and the Company's capital structure, and we are confident that the strategies we are pursuing will build on this solid foundation."

In reporting its results for the third quarter, the Company indicated that its GAAP financial statements include the results of its recent acquisition of GFA Brands, Inc. since the date of acquisition on May 21, 2007. Because the Company had no operations prior to the acquisition of GFA Brands, Inc., prior periods are not comparable.

3rd Quarter 2007 GAAP Results

For the third quarter of 2007, net sales were $41.6 million, and operating income was $5.3 million. Net loss for the third quarter of 2007 was $28.6 million, including non-cash derivative losses, 123R stock-based compensation, depreciation and amortization of $34.4 million. On a per share basis, net loss for the third quarter of 2007 was $1.09, including the impact of the non- cash expenses of $1.13. Prior period results for the third quarter are not comparable with the current quarter, due to the aforementioned acquisition of GFA Brands, Inc.

3rd Quarter 2007 Operating Basis Results

The following discussion of operating basis results provides a comparison of the operating results of Smart Balance, excluding operating expenses of the parent company prior to the acquisition of GFA Brands, Inc. Therefore, operating basis results in the prior-year period include only the results of operations of GFA Brands, Inc. (the operating company acquired by Smart Balance, Inc. on May 21, 2007). Management believes that the operating basis results are useful to the investor because they reflect the actual performance and expenses of the operating entity in both the current and prior periods for the entire pe
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SOURCE Smart Balance, Inc.
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