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

er, due to the aforementioned acquisition of GFA Brands, Inc.

Nine Months of 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 period 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 first nine months of 2007 advanced approximately 28% to $124.8 million, compared with net sales of $97.3 million in the first nine months of 2006, reflecting the 31% gain in net sales in the third quarter, the 32% gain in net sales in the second quarter, and 22% growth in net sales in the first quarter.

Reflecting the impact of non-cash expenses (123R stock-based compensation, depreciation, and amortization) which totaled $6.3 million in the current period and $0.3 million last year, operating income in the first nine months of 2007 grew 11% to $19.8 million, compared with operating income of $17.8 million in the first nine months of 2006. Excluding the effect of the non- cash expenses in both periods, operating income grew 44% to $26.1 million, compared to $18.1 million last year. Operating income growth was driven by the strong sales performance, coupled with the impact of the March and August 2007 price increases and lower promotional spending due to a planned shift in spending to the fourth quarter
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SOURCE Smart Balance, Inc.
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