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Non-Tech : Smart Balance (SMBL) A smart and balanced investment!
SMBL 6.520-7.9%May 15 5:00 PM EST

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From: Glenn Petersen4/10/2008 6:55:12 PM
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I am looking forward to reviewing Smart Balance’s first quarter numbers. Anyone holding the stock should be encouraged by the fact that the stock moved up after the company reported its fourth quarter and year-end results, particularly because the fourth quarter margins showed some erosion.

When you back out the non-cash charges, SMBL’s numbers look like this:

Fourth quarter – 2007

Sales: $50.7 million
Gross profit percentage: 46.2%
Adjusted operating profit: $4 million
Adjusted operating profit percentage: 9.1%

Fourth quarter – 2006

Sales: $40.1 million
Gross profit percentage: 48.4%
Adjusted operating profit: $5.8 million
Adjusted operating profit percentage: 14.5%

Full year – 2007

Sales: $175.5 million
Gross profit percentage: 47.9%
Adjusted operating profit: $30.2 million
Adjusted operating profit percentage: 17.2%

Full year – 2006

Sales: $137.4 million
Gross profit percentage: 49.2%
Adjusted operating profit: $23.8 million
Adjusted operating profit percentage: 17.3%

Full year – 2005

Sales: $98.8 million
Gross profit percentage: 51.7%
Adjusted operating profit: $15.1 million
Adjusted operating profit percentage: 15.3%

The 10-K can be found here:

sec.gov
__________

The 2008 outlook from the March 14 press release:

Smart Balance's outlook for 2008 reflects continued growth in net sales on an operating basis in line with its long-term target of approximately 30% through both volume and pricing growth. Three innovations developed in 2007 will be expanding in 2008: extra virgin olive oil spreads, omega-3 enhanced spreads and 50/50 butter blend. These new products have created a catalyst for our "Plus Six" distribution initiative. Pricing will reflect the prior year increases as well as the announced price increase on most spreads in February, 2008. Gross profit as a percent of net sales will be lower in 2008 versus 2007 as pricing actions are expected to continue to trail rising input costs, notably oils used in the majority of Smart Balance's products. Marketing and infrastructure investments are expected to increase in order to support growth. In March 2008, the Company paid down an additional $30 million in debt and expects to continue to pay down debt as appropriate. The Company also expects to continue to meet all covenants related to long-term debt.

biz.yahoo.com
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