Smart Balance's CEO Discusses Q2 2012 Results - Earnings Call Transcript
With that, I’ll turn the call over to Steve.
Thank you, Carol and good morning everyone. Let me provide you the agenda for our call this morning. I’ll begin with a high level highlights for our second quarter results, as well as some specifics on our retail and consumer activity in the quarter.
Chris will then review the second quarter financials, our raised outlook for 2012 and a preliminary outlook for 2013. I’ll then close the call with a review of what look forward to in this back half of 2012, and then take questions. With that, onto the quarter, second quarter results.We’re pleased with our second quarter results which were in line with our expectations and continue to reflect the impact of our key strategies. Let me review the quarter by highlighting with our key strategies accomplishments. First with our natural growth platform, Glutino and Earth Balance both at strong quarters. A quick comment on Glutino. Glutino is at a store takeaway remains strong at 31% growth on average for the last 12 weeks period, ending July 7. Our net sales were just strong at plus 31%. As we completed the transition in our promotional strategy from (inaudible) performance base, inventory to distributors have balanced and order patterns have begun to track retail sales. We’re approaching the one year anniversary since acquiring Glutino and the work our financial, operations, sales and marketing teams have done on integration, initial changes at Glutino are making good strives. Couple of highlights for the second quarter. From a sales perspective, the focus is on growing distribution in all three key customer channels, natural grocery and mass in the U.S. and Canada leveraging our strong top relationship. We’re keenly focused on increasing the number of Glutino items, we sell in the conventional channel, which consist of U.S., grocery and mass. A top to top meetings with retailers are intended to establish Glutino as the proven destination grocery brand for the Glutino free shopper. In turn, we’re presenting a merchandizing strategy that focuses on a dedicated Glutino free grocery shelf, anchored by Glutino.
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