Boulder Brands Announces 2012 Fourth Quarter Results

Boulder Brands Announces 2012 Fourth Quarter Results

 Company Delivers 35% Net Sales Growth & 15% Organic Net Sales Growth in the
                                   Quarter;

Boulder Brands, Inc. Logo

               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.

Commenting on the results, Chairman and Chief Executive Officer Stephen Hughes
stated, "We are delivering on our core strategies for our Smart Balance and
Natural segments and are excited about the future.In the fourth quarter, we
remained focused on accelerating the growth in our Natural segment and holding
the profit line for our Smart Balance segment. In the quarter, our Natural
segment, which includes the Udi's, Glutino and Earth Balance brands,
represented 54.0% of our total net sales and reported strong organic net sales
increases of 54.6% and organic brand profit growth of 86.8%, in each case
compared to the fourth quarter of 2011.While our Smart Balance segment, which
includes spreads, milk and grocery, reported a net sales decline, we managed
to increase brand profit for this segment, excluding the expenses related to
the launch of our Smart Balance Spreadable Butter."

Commenting further about 2013, Mr. Hughes said, "We are confident about our
future growth, as we are well on our way to making gluten-free products more
broadly available on retail shelves and we are beginning to gain traction in
the food service channel.Since adding Udi's and Glutino brands to our
portfolio, retailers have accepted an incremental 660 Udi's & Glutino items
and it is clear that retailers are highly motivated to address the needs of
gluten-free consumers.As we begin 2013, our success will be driven by
executing our growth plans for our Natural segment and continuing to maintain
its current level of profitability in the Smart Balance segment."

2012 Fourth Quarter Results

Total Company net sales in the fourth quarter of 2012 increased 34.7% to
$113.0 million, compared to net sales of $83.9 million in the fourth quarter
of 2011.This performance reflected the impact from the acquisition of Udi's,
which closed on July 2, 2012, and strong growth from Glutino and Earth
Balance.Organic net sales, which assumes the Company owned Udi's for the
entire fourth quarter of 2011, increased 14.6% in the fourth quarter of 2012
compared to the fourth quarter of 2011.

The chart below reconciles net sales to organic sales for the fourth quarters
of 2012 and 2011, by segment:

Reconciliation of Net Sales to Organic Net Sales – Fourth Quarter
$ in Millions                            2012         2011
                                                    
Natural Segment                                      
Reported Net Sales                      $61.0        $24.8
Udi's Pre-Ownership                                 14.7
Organic Natural Segment Net Sales        61.0         39.5
                                                    
Smart Balance Segment                                
Reported Net Sales                      52.0         59.1
                                                    
Total Company Reported Net Sales         113.0        83.9
Total Company Organic Net Sales          $113.0       $98.6

The chart below highlights net sales, gross profit, gross margin, and brand
profit (calculated as gross profit less marketing, selling and royalty expense
(income) for the fourth quarters of 2012 and 2011, by the Company's Natural
and Smart Balance segments.In addition it reconciles organic brand profit to
reported brand profit:

                                      

Segment Results – Fourth Quarter

$ in Millions                    2012   Margin 2011  Margin
Net Sales:                                        
Natural                         $61.0        $24.8 
Smart Balance                   52.0         59.1  
                                $113.0       $83.9 
Gross Profit                                      
Natural                         $26.4  43.3%  $9.7  39.1%
Smart Balance                   23.1   44.4%  26.7  45.1%
                                $49.5  43.8%  $36.4 43.3%
Brand Profit                                      
Natural                         $17.9  29.3%  $6.3  25.6%
Smart Balance                   12.1   23.2%  14.6  24.7%
                                $30.0  26.5%  $20.9 25.0%
Udi's pre-ownership brand profit             3.1   21.1%
Organic Brand Profit             $30.0  26.5%  24.0  24.3%

Net sales for the Company's Natural segment (Udi's, Glutino and Earth Balance
brands) increased 146.0% to $61.0 million in the fourth quarter of 2012
compared to $24.8 million in the fourth quarter of 2011.Organic net sales
for the Natural segment increased 54.6% in the quarter.The Company's
gluten-free brands – Udi's and Glutino – reported organic net sales growth of
66.7% and 62.2%, respectively, in the quarter, which was driven by an
acceleration in distribution gains from both Udi's and Glutino and continued
strength in gluten-free category growth. The Company's Earth Balance
portfolio registered a net sales gain of 25.8% in the fourth quarter of 2012
compared to the fourth quarter of 2011.

Net sales for the Company's Smart Balance segment declined 12.0% to $52.0
million in the fourth quarter of 2012 compared to $59.1 million in the fourth
quarter of 2011.This segment was negatively impacted by the winding down of
Bestlife® spreads and Smart Balance® Butter Blends, as the Company
repositioned its focus on premium spreads and spreadable butter within the
spreads category. Excluding the impact of these discontinued items, sales
for the Smart Balance segment declined 7.5% in the fourth quarter of 2012
compared to the same period in 2011.

Despite the difficult environment for spreads, the Company's premium spreads
and spreadable butter products outperformed the competition and gained share
in its category.Net sales of the Company's Smart Balance® Spreads and
Spreadable Butter businesses, when combined, declined 8.6% in the quarter.The
positive impact from the introduction of Smart Balance® Spreadable Butter was
offset by lower volume in the Company's core spreads business, caused by
higher promotional activity from competitors and an unfavorable price-gap to
commodity butter. Net sales of the Company's Smart Balance grocery products
decreased 4.4% in the fourth quarter of 2012 compared to the 2011 fourth
quarter, primarily due to lower volume in the peanut butter business.

Net sales of Smart Balance® milk decreased 3.8% in the fourth quarter.This
decrease was mainly attributable to the difficult comparison to last year's
quarter, which included a strong promotional calendar and incremental
distribution gains.In addition, the decline was somewhat due to the Company's
strategy to improve profitability in milk by scaling back less profitable
accounts.

Gross profit in the fourth quarter of 2012 increased 36.1% to $49.5 million,
or 43.8% of net sales; compared to $36.4 million, or 43.3% of net sales in the
fourth quarter of 2011.The increase in gross margin was the result of
manufacturing efficiencies and synergies achieved in the Company's Natural
segment, offset by the negative mix impact from the Smart Balance segment.

Brand Profit for the Company's Natural segment increased to $17.9 million in
the fourth quarter of 2012 from $6.3 million in last year's quarter.The
significant increase is related to the Udi's acquisition, as it contributed
approximately $7.0 million to brand profit.Organic brand profit for the
Natural segment increased 86.8% from last year's quarter.

Brand Profit for the Company's Smart Balance segment decreased to $12.1
million in the fourth quarter of 2012 from $14.6 million in the previous
year's quarter primarily due to investment costs related to Spreadable Butter.
Excluding these investment costs, Smart Balance segment brand profit increased
14.8% in the quarter.

The table below provides a reconciliation of GAAP operating income to cash
operating income, a non-GAAP measure.

                                      

Reconciliation of Operating Income to Cash Operating Income – Fourth Quarter
                                                                    
$ in Millions                                                  2012   2011
                                                                    
Operating Income                                               $11.2  $6.6
Less certain non-recurring items affecting Operating Income :        
Restructuring, acquisition and integration-related costs       0.4    1.5
Non-GAAP Operating Income                                      11.6   8.1
                                                                    
Less non-cash items affecting Operating Income:                      
Depreciation and amortization                                  4.0    2.3
Stock-based compensation expense                               3.0    0.9
Total non-cash items affecting Operating Income                7.0    3.2
Cash Operating Income                                          $18.6  $11.3
Udi's pre-ownership Cash Operating Income                            $1.3
Organic Cash Operating Income                                  $18.6  $12.6

GAAP operating income increased to $11.2 million in the fourth quarter
compared to $6.6 million in the fourth quarter of 2011.Excluding
restructuring, acquisition and integration related costs, overall operating
income increased to $11.6 million in the fourth quarter compared to operating
income of $8.1 million in the fourth quarter of 2011.The charges impacting
operating income in the fourth quarter of 2012 include restructuring,
acquisition and integration-related costs of $0.4 million. The charges
impacting operating income in the fourth quarter of 2011 include severance
charges of $1.5 million. Fourth quarter 2012 operating income was impacted
by higher depreciation, amortization and stock compensation of approximately
$3.8 million when compared to last year's quarter.

Cash operating income increased 63.8% to $18.6 million in the fourth quarter
of 2012 compared to $11.3 million in the prior year's quarter. Organic cash
operating income increased 46.9% in the fourth quarter of 2012 compared to the
fourth quarter of 2011.

The table below provides a reconciliation of GAAP Net Income and GAAP EPS to
non-GAAP Net Income and non-GAAP EPS.

Reconciliation of Certain Items Affecting Net Income (Loss) and Earnings
(Loss) Per Share (EPS) – Fourth Quarter

                                    Net Income ($Mil)     EPS ($ Per Share)
                                    2012       2011       2012      2011
Reported GAAP                        $3.7       $1.6       $0.06     $0.03
Add back certain items:                                           
Restructuring, acquisition and      0.3       0.4        0.01     0.01
integration-related costs
Forfeiture of certain stock options --         0.6        --        0.01
Write-off of deferred loan costs    0.2       --         --        --
Tax rate adjustment                 ( 0.6)     1.3        (0.01)   0.02
                                    _______    _______    _______   _______
Total certain items                  (0.1)      2.4        --       0.04
                                                                 
Excluding certain items (Non-GAAP)   $3.6       $4.0       $0.06     $0.07

Excluding the items noted above, and adjusting to a normalized tax rate of
40.0%, net income in the fourth quarter of 2012 was $3.6 million, or $0.06 per
share, compared with net income of $4.0 million, or $0.07 per share, in the
year-ago quarter.In the fourth quarter of 2012, net income was impacted by
higher interest, depreciation, amortization and stock-based compensation
expense of approximately $4.7 million, or $0.08 per share, when compared to
the fourth quarter of 2011.

2013 Outlook

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 in August 2012 estimated that sales would be in the range of
$440 million to $450 million and cash operating income would be in the range
of $70 million to $75 million.In addition, going forward the Company will
report EBITDA and adjusted-EBITDA, as these metrics are more typically used by
investors and better reflect how management assesses its performance.For
2013, the Company expects EBITDA to be in the $64 million to $69 million and
adjusted EBITDA to be in the $72 million to $77 million.See below for
definitions and a discussion of EBITDA and adjusted EBITDA.

The Company provided the following updates regarding its outlook for 2013:

  oThe Company expects overall net sales growth in 2013 in the 22% to 27%
    percentage range versus 2012 and organic net sales growth to be in the 10%
    to 15% range. The Company expects growth to be driven by the inclusion of
    Udi's on a full year basis and continued growth in Glutino and Earth
    Balance.Total net sales growth in Natural is estimated to be 57% to
    62%.Organic net sales growth in Natural is estimated to be 25% to 30%.In
    addition, the Company expects net sales for the Smart Balance segment to
    decline in the mid-single-digit range.
    
  oGross profit margin for the year is expected to be in the 42% to 44% range
    as strong growth in the Natural segment will impact overall gross margin.
    
  oStock-based compensation expense is expected to be approximately $8
    million. 
    
  oCapital expenditures in 2013 are now expected to be approximately $27
    million to $29 million, compared to our previous estimate of $13 million.
    This increase primarily relates to the consolidation of five Udi's
    facilities into one gluten-free center of excellence and the Company's
    efforts to automate the production of gluten-free bread.
    
  oTotal depreciation & amortization is expected to be approximately $22
    million.
    
  oInterest expense is estimated to be $19 million, reflecting a full year of
    increased debt, related interest rates and the amortization of deferred
    loan costs.
    
  oThe Company's tax rate is expected to be approximately 40% in 2013.

Forward-looking Statements

Statements made in this press release that are not historical facts, including
statements about the Company's plans, strategies, beliefs, and expectations,
including the Company's outlook for 2013, are forward-looking and subject to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995.These statements may include use of the words "expect", "anticipate",
"plan", "intend", "project", "may", "believe" and similar
expressions.Forward-looking statements speak only as of the date they are
made, and, except for the Company's ongoing obligations under the U.S. federal
securities laws, the Company undertakes no obligation to publicly update any
forward-looking statement, whether to reflect actual results of operations,
changes in financial condition, changes in general economic or business
conditions, changes in estimates, expectations or assumptions, or
circumstances or events arising after the issuance of this press
release.Actual results may differ materially from such forward-looking
statements for a number of reasons, including the Company's ability to:
maintain and grow those revenues derived from our Smart Balance® buttery
spread products from which we generate a substantial portion of our revenues;
maintain margins during periods of commodity cost fluctuations; introduce and
expand distribution of our new products; meet marketing and infrastructure
needs; respond to changes in consumer demand; respond to adverse publicity
affecting the Company or the industry in which we operate; maintain our
performance during difficult economic conditions; comply with regulatory
requirements; maintain existing relationships with and secure new customers;
continue to rely on third party distributors, manufacturers and suppliers;
successfully integrate and operate the Glutino and Udi's businesses (and other
companies we may acquire) and realize the expected benefits of the Glutino
and Udi's acquisitions (and other acquisitions we may consummate); operate
outside of the U.S.; successfully maintain relationships with the co-packers
for our Glutino® and Gluten-Free Pantry® products; grow net sales in a
competitive environment and with increasingly price sensitive consumers; and
maintain volume in light of price increases stemming from rises in commodity
costs; respond to potential changes in future tax rates; handle unexpected
costs, charges, liabilities, or expenses resulting from the company's recent
and potential future acquisitions; and respond to; potential adverse reactions
or changes in business relationships resulting from acquisitions; as well as
other risks and uncertainties set forth in the Company's filings with the SEC.

Non-GAAP Financial Measures

The Company reports its financial results in accordance with accounting
principles generally accepted in the United States ("GAAP").

The Company uses the terms "organic net sales," "brand profit," "organic brand
profit," "cash operating income", "organic cash operating income," "net income
and earnings per share (EPS) excluding certain items" , "EBITDA" and "Adjusted
EBITDA" as non-GAAP measures.The Company believes that these measures help to
explain its profitability and performance in a manner which assists potential
investors and securities analysts who evaluate our Company.Brand profit is
defined as gross profit less marketing, selling and royalty expense
(income).Cash operating income is defined as operating income excluding
stock-based compensation expense, depreciation, amortization, purchase
accounting adjustments, restructuring, acquisition and integration-related
costs and certain other items.EBITDA is defined as net income before net
interest expense, income taxes, depreciation and amortization.Adjusted EBITDA
represents EBITDA as adjusted for stock-based compensation, purchase
accounting adjustments, restructuring, acquisition and integration-related
costs and certain other items. Measures identified as "organic" are
calculated assuming that we had owned Udi's during the fourth quarter of
2011.The Company believes that the exclusion of both non-cash and certain
items, helps to provide a reflection of the operating profitability of the
Company and complements the Company's planning and forecasting models used in
providing investors and securities analysts with important supplemental
information regarding the Company's underlying profitability and operating
performance.However, non-GAAP financial measures should be viewed in addition
to, and not as an alternative for, the Company's results prepared in
accordance with GAAP.In addition, the non-GAAP measures the Company uses may
differ from non-GAAP measures used by other companies.The GAAP measures most
directly comparable to (i) cash operating income, (ii) net income excluding
certain items, (iii) earnings per share, excluding certain items, (iv) EBITDA
and (v) Adjusted EBITDA, are (i) operating income, (ii) net income, (iii)
diluted earnings per share, (iv) operating income and (v) operating income. We
have included in this press release reconciliations of organic net sales to
net sales, cash operating income to GAAP operating income, organic brand
profit to brand profit, and net income excluding certain items to GAAP net
income and EPS excluding certain items to GAAP EPS. Because of the
forward-looking nature of the Company's forecasted cash operating income,
EBITDA and adjusted EBITDA, specific quantifications of the amounts that would
be required to reconcile these measures to our forecasted GAAP operating
income are not available. The Company believes that there is a degree of
volatility with respect to certain of the Company's GAAP measures, primarily
related its income tax reporting and certain adjustments made to arrive at the
relevant non-GAAP measures, which preclude the Company from providing accurate
forecasted GAAP to non-GAAP reconciliations. Based on the above, the Company
believes that providing estimates of the amounts that would be required to
reconcile the range of the non-GAAP cash operating income, EBITDA and adjusted
EBITDA to forecasted GAAP operating income would imply a degree of precision
that would be confusing or misleading to investors for the reasons identified
above.

About Boulder Brands, Inc.

Boulder Brands, Inc. (Nasdaq:BDBD) is committed to providing superior tasting,
solution-driven products. The company's health and wellness platform consists
of brands that target specific consumer needs: Glutino and Udi's for
gluten-free diets; Earth Balance for plant-based diets; Smart Balance for
heart healthier diets; and Bestlife for weight management. For more
information about Boulder Brands, Inc., please visit www.boulderbrands.com.

The Boulder Brands, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=16361

BOULDER BRANDS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except share and per share data)
                                                           
                                              December31, December31, 2011
                                               2012
Assets                                                      
Current assets:                                             
Cash and cash equivalents                      $11,509       $7,959
Accounts receivable, net of allowance of:     30,323        20,030
$656 (2012) and $343 (2011)
Accounts receivable–other                    3,277         1,124
Inventories                                    25,292        15,698
Prepaid taxes                                  3,206         981
Prepaid expenses and other assets              1,776         2,149
Deferred tax asset                             6,201         5,299
Total current assets                           81,584        53,240
Property and equipment, net                    31,195        13,804
Other assets:                                               
Goodwill                                       322,191       266,598
Intangible assets, net                         233,691       183,822
Deferred costs, net                            11,545        2,690
Other assets                                   1,748         1,478
Total other assets                             569,175       454,588
Total assets                                   $681,954      $521,632
Liabilities and Stockholders' Equity                        
Current liabilities:                                        
Accounts payable and accrued expenses          $60,592       $40,358
Income taxes payable                           110           217
Current portion of long-term debt              2,425         9,150
Total current liabilities                      63,127        49,725
Long-term debt                                 230,490       93,815
Deferred tax liability                         48,867        51,474
Contract payable                               2,750         4,125
Other liabilities                              1,232         877
Total liabilities                              346,466       200,016
                                                           
Commitment and contingencies                                
Stockholders' equity:                                       
Common stock, $.0001 par value, 250,000,000
shares authorized; 63,194,629 and 62,630,683
issued in 2012 and 2011, respectively and      6             6
59,503,966 and 58,940,020 outstanding in 2012
and 2011, respectively
Additional paid in capital                     548,470       539,432
Accumulated deficit                            (196,764)     (200,967)
Accumulated other comprehensive loss, net of   (629)         (1,260)
taxes
Treasury stock, at cost (3,690,663 shares)    (15,595)      (15,595)
Total stockholders' equity                     335,488       321,616
Total liabilities and stockholders' equity     $681,954      $521,632


BOULDER BRANDS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Income
(In thousands, except share and per share data)
                                                              
                           Three        Three        Twelve       Twelve
                           months       months       Months       Months
                          ended        ended        ended        ended
                           December 31, December 31, December 31, December 31,
                           2012         2011         2012         2011
                                                              
                                                              
Net sales                  $113,031    $83,934     $369,645    $274,337
Cost of goods sold         63,521      47,574      210,752     151,198
Gross profit               49,510      36,360      158,893     123,139
                                                              
Operating expenses:                                            
Marketing                 10,609      8,269       32,316      26,606
Selling                   9,179       6,999       30,689      23,208
General and               18,173      13,066      65,508      45,562
administrative
Restructuring,
acquisition                376          1,469        7,638        4,086
andintegration-related
costs
Total operating expenses  38,337      29,803      136,151     99,462
Operating income           11,173      6,557       22,742      23,677
Other income (expense):                                        
                                                              
Interest income           1           1           1           1
Interest expense          (5,327)     (1,228)     (15,046)    (3,612)
Other income (expense),   (465)       143         230         766
net
Total other (expense)     (5,791)     (1,084)     (14,815)    (2,845)
Income before income taxes 5,382       5,473       7,927       20,832
Provision for income taxes 1,641       3,828       3,724       11,172
Net income                 $3,741      $1,645      $4,203      $9,660
                                                              
Earnings per share:                                           
Basic                     $0.06       $0.03       $0.07       $0.16
Diluted                   $0.06       $0.03       $0.07       $0.16
Weighted average shares                                        
outstanding:
Basic                     59,455,662  58,940,020  59,133,992  59,256,228
Diluted                   62,138,749  59,120,714  60,765,876  59,284,978
Other comprehensive income                                     
(loss):
Foreign currency          (338)       169         631         (1,260)
translation adjustment
Other comprehensive       (338)       169         631         (1,260)
income (loss)
Comprehensive income       $3,403      $1,814      $4,834      $8,400

                                      

Boulder Brands, Inc.
Segment Results by Quarter
(in millions)

                              Three Months Ended,                  Year Ended
                              March    June 30, September December December
                               31, 2012 2012     30, 2012  31, 2012 31, 2012
Net Sales:                                                      
Natural                        $24.1    $24.3    $52.4     $61.0    $161.8
Smart Balance                  55.2     51.7     48.9      52.0     207.8
                              $79.3    $76.0    $101.3    $113.0   $369.6
                                                               
Gross Profit:                                                   
Natural                        $9.3     $9.0     $20.4     $26.4    $65.1
Smart Balance                  25.8     23.0     21.9      23.1     93.8
                              $35.1    $32.0    $42.3     $49.5    $158.9
                                                               
Brand Profit:                                                   
Natural                        $5.8     $5.5     $12.7     $17.9    $41.9
Smart Balance                  15.8     13.7     12.7      12.1     54.3
Total reportable segments      21.6     19.2     25.4      30.0     96.2
Less Adjustments:                                               
                                                               
General and administrative,
excluding royalty expense      14.0     13.2     20.2      18.5     65.9
(income), net
Restructuring, acquisition and (0.1)    1.7      5.7       0.3      7.6
integration-related costs
Interest expense               1.1      1.3      7.3       5.3      15.0
Other (income) expense         0.5      (0.3)    (0.9)     0.5      (0.2)
Income (loss) before income    $6.1     $3.3     $ (6.9)   $5.4     $7.9
taxes


                                      

Boulder Brands, Inc.
Segment Results by Quarter
(in millions)

                                                                  
                                                                  
                              Three Months Ended,                  Year Ended
                              March    June 30, September December December
                               31, 2011 2011     30, 2011  31, 2011 31, 2011
Net Sales:                                                      
Natural                        $6.8     $6.7     $17.4     $24.8    $55.7
Smart Balance                  52.9     52.3     54.3      59.1     218.6
                              $59.7    $59.0    $71.7     $83.9    $274.3
                                                               
Gross Profit:                                                   
Natural                        $3.6     $3.7     $6.1      $9.7     $23.1
Smart Balance                  24.8     24.4     24.1      26.7     100.0
                              $28.4    $28.1    $30.2     $36.4    $123.1
                                                               
Brand Profit:                                                   
Natural                        $2.4     $2.9     $4.1      $6.3     $15.7
Smart Balance                  15.3     14.4     13.3      14.6     57.6
Total reportable segments      17.7     17.3     17.4      20.9     73.3
Less Adjustments:                                               
                                                               
General and administrative,
excluding royalty expense      10.2     9.9      12.7      12.8     45.6
(income), net
Restructuring, acquisition and —        —        2.6       1.5      4.1
integration-related costs
Interest expense               0.8      0.7      0.9       1.2      3.6
Other (income) expense         (0.7)    0.2      (0.2)     (0.1)    (0.8)
Income (loss) before income    $7.4     $6.5     $1.4      $5.5     $20.8
taxes

CONTACT: Carole Buyers, CFA
         Senior Vice President Investor Relations
         & Business Development
         Boulder Brands, Inc.
         cbuyers@boulderbrands.com
        
         303-652-0521 x152
 
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