Smart Balance, the US maker of “heart healthy” food products, has posted a rise in underlying profits for 2010, helped by accelerating sales in the fourth quarter of the year.
The company said yesterday (24 February) that its adjusted net income was $6.8m in 2010, up from $4.4m in 2009.
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However, the last year has been challenging for Smart Balance and, on a reported basis, the company reported a net loss of $128.2m for 2010 – compared to net income of $3.5m in 2009.
2010 saw a goodwill impairment charge of $130m and restructuring charges of $4.1m, the firm said.
Smart Balance’s net sales rose 1% in 2010 to $242m on the back of the national roll out of its namesake enhanced milks, the launch of Bestlife spreads and growth of Earth Balance spreads.
“In an extremely difficult economic environment, we had our best quarterly sales growth of the year,” said chairman and CEO Stephen Hughes.
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By GlobalDataIn the fourth quarter, net sales were up 6.5% to $62.8m. However, adjusted net income was lower – falling to US$0.8m compared to $1m in the fourth quarter of 2009. On a reported basis, fourth-quarter net income was up from $0.1m a year ago to $0.3m in 2010.
Shares in Smart Balance, which trades on the NASDAQ, closed down 2.2% at $4.09.
Click here for the full statement from Smart Balance.
