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November 5, 2015

Boulder Brands losses ease despite sales dip

Losses at Boulder Brands for the first nine months of 2015 have eased, despite a sales fall when compared with last year's figures.

Losses at Boulder Brands for the first nine months of 2015 have eased, despite a fall in sales fall compared with last year's figures.

For the nine months ending 30 September, the US group's net loss fell to US$1m from a loss of $129m a year earlier.

Profits for the same period last year were hit by a goodwill and trade impairment. In October last year, Boulder booked $150.5m in impairment charges on its under-performing Smart Balance brand. As a result the business last year posted an operating loss of $124m compared to a profit this year of $3.6m.

Sales however fell to $379.6m from $388.1m for the nine months and also for the third quarter from $133.9m to $132.9m, mainly impacted by foreign exchange the company said.

During the quarter, the firm posted a net income of $809,000 versus a net loss of $132.2m.

Operating income increased to $3.3m from a loss of $138.1m.

Jim Leighton, interim CEO and COO said: "Our organisation is committed to being more efficient in our overall cost structure, more effective in managing our brands and products, and more balanced in customer and consumer marketing. Our third-quarter results demonstrate our ability to implement these changes and sequentially improve results, as we have realigned our organisation, focused on operational effectiveness and stabilised sales. As a result, our sales and overall profitability improved meaningfully in the third quarter compared to our second quarter. Our team will continue moving swiftly to address specific business challenges and opportunities, while setting the stage to deliver sustainable long-term growth." 

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