(A broader version of this previously ran Friday morning on Herb Greenberg's Reality Check)
SAN DIEGO (TheStreet) -- Some quick takes, post-earnings, on Reality Check Watch List companies:
It's still unclear why Boulder (BDBD - Get Report), the gluten-free play, rose after reporting earnings last week. The company missed on GAAP numbers (not that GAAP matters to BDBD investors, who have been encouraged to look at "adjusted" non-GAAP results) and guided down for 2014 for the third time since November. Even adjusted results aren't what they're cracked up to be. Adjusted EPS would have missed, but instead beat after adding back restructuring and relocation-related charges, which added 2.5 cents to earnings per share. Without it the company would have missed by $0.01.
As I wrote in a broader piece on Reality Check, the company reiterated on its call that it believes gluten-free is a trend. I say it's a fad.
Anybody with a serious interest should check out Dr. Peter Green's comments on this NPR roundtable.
He heads Columbia University's Celiac Center. He is widely considered the expert on celiac and gluten-related issues and he says there is "no evidence at all" for all of the gluten-related claims.
However, the company steers investors to look at "units sold" rather than actual numbers because it strips out currency issues. Well, units sold rose by 20%, which is less than analysts had expected.
Asked for several quarters worth of unit growth ex-Venezuela, CFO Pedro Arnt said, "I don't have that off the top of my head right now."
-- Written by Herb Greenberg in San Diego
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