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Company Delivers 35% Net Sales Growth & 15% Organic Net Sales Growth in the Quarter;
Operating Income Increases 70% to $11.2 Million; Organic Cash Operating Income Increases 47% to $18.6 Million; Company Increases 2013 Outlook
BOULDER, Colo., Feb. 28, 2013 (GLOBE NEWSWIRE) -- Boulder Brands, Inc. (Nasdaq:BDBD) today announced its financial results for the fourth quarter ended December 31, 2012. For the fourth quarter of 2012 compared to the equivalent period of 2011, net sales increased 34.7% to $113.0 million, GAAP operating income increased 70.4% to $11.2 million, and cash operating income increased 64.6% to $18.6 million. Organic net sales increased 14.6% and organic cash operating income increased 46.9% (in each case assuming that Boulder Brands had owned Udi's during the fourth quarter of 2011). GAAP earnings per share were $0.06 in the fourth quarter of 2012, compared to $0.03 per share in the fourth quarter of 2011; earnings per share excluding certain items, were $0.06 in the fourth quarter of 2012, compared to $0.07 in the fourth quarter of 2011. Earnings per share were impacted by higher interest, depreciation, amortization and stock-based compensation expense, when compared to last year.
The Company raised its outlook for 2013. For 2013, the Company expects net sales to be in the range of $450 million to $460 million and cash operating income to be in the range of $72 million to $77 million. The company's previous outlook was for sales to be in the range of $440 million to $450 million and cash operating income to be in the range of $70 million to $75 million.