Boulder Brands doubled revenue in 2013

BOULDER – Boulder Brands Inc. reported final 2013 revenue of $461.3 million and net income of $10.4 million – the latter more than double its mark for 2012.

The Boulder-based food brand company’s earnings per share were 17 cents, up 10 cents from a year earlier.

Boulder Brands’ strong results came along with a fourth quarter that had $125.5 million in revenue, up 11 percent from the same period in 2012. Profit for the quarter was $4.9 million, or 8 cents per share.

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The company’s stock price was up more than 8 percent to $15 in late morning trading Thursday.

Much of the growth was driven, Boulder Brands chief executive Stephen Hughes said in the earnings report, by the company’s Natural segment, which includes the brands Udi’s, Glutino and Earth Balance. The Natural segment generated a 34 percent increase in sales and accounted for 65 percent of Boulder Brands’ overall sales.

In December, Boulder Brands paid $48 million in cash to acquire Boulder-based EVOL Foods.

“This platform brand will allow us to further accelerate our growth rate and continue to diversify our business mix to high growth, natural brands,” Hughes said.

For 2014, Boulder Brands is projecting revenue to keep increasing rapidly, to a range of $540 million to $550 million, with earnings per share of 39 to 44 cents. Much of that growth, the company stated, will be fueled by increased distribution of the Natural segment brands, as well as the inclusion of EVOL for a full year.