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

riod presented. The operating basis results should not be viewed in isolation or as a substitute for GAAP results. A reconciliation of operating basis results to GAAP results is provided in the accompanying tables.

Net sales in the third quarter of 2007 advanced approximately 31% to $41.6 million, compared with net sales of $31.7 million in the third quarter of 2006. This growth was driven by increases in volume, which were achieved in all channels, as well as the impact of two price increases taken in March and August 2007. Encouragingly, the growth in volume continues to reflect strong consumer takeaway.

Reflecting the impact of non-cash expenses (123R stock-based compensation, depreciation, and amortization) which totaled $4.7 million in the current period and $0.1 million last year, operating income in the third quarter of 2007 declined 15% to $5.3 million, compared with operating income of $6.3 million in the third quarter of 2006. Excluding the effect of the non-cash expenses in both periods, operating income grew 58% to $10.1 million, compared to $6.4 million last year. This increase was driven by the increase in volume and selling price coupled with lower promotional spending versus last year due to a planned shift in spending to the fourth quarter this year. Partially offsetting these benefits were significantly higher commodities costs primarily related to the Company's spreads and oils businesses and higher legal fees associated with the lawsuit brought by HP Hood which was eventually settled.

Nine Months of 2007 GAAP Results

Net sales for the first nine months of 2007 totaled $60.4 million. Operating income for the first nine months of 2007 was $5.9 million, and net loss for the period was $49.1 million which primarily reflects non-cash derivatives losses of $50.5 million. On a per share basis, net loss for the first nine months of 2007 was $2.49. Prior period results for the third quarter are not comparable with the current quart
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SOURCE Smart Balance, Inc.
Copyright©2007 PR Newswire.
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