Boulder Brands reports wider loss

BOULDER – Boulder Brands Inc.’s share price continued to languish Thursday as the company’s third-quarter net loss came in even a bit wider than a preliminary report predicted two weeks ago.

The Boulder-based healthy foods brand company posted a net loss Thursday of $132.2 million, or $2.17 per share. Revenue of $133.9 million was in line with the previous report, which came on Oct. 22 and prompted the share price of Boulder Brands (Nasdaq: BDBD) to drop 24 percent that day from $12.73 to $9.62.

The share price continued to fall in the ensuing days, closing at $8.00 on Oct. 27. On Thursday, after a dip to $7.89 in the morning and a spike to $9.22, shares leveled off at $8.44 by early afternoon.

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Boulder Brands counts Evol Foods, Glutino, Udi’s Gluten Free, Earth Balance, Level Life and Smart Balance among its offerings.

Its Smart Balance brand saw sales decrease faster than the category as a whole. The company said Thursday that it made the strategic decision to substitute Earth Balance for under-performing Smart Balance items. It has also lowered its long-term projections for Smart Balance

“We faced a number of simultaneous headwinds this quarter, including the challenging spreads environment, the mix shift impact of our lower-margin but faster-growing Natural segment, and continued commodity pressure in our gluten-free business, and we are disappointed with our recent performance,” Boulder Brands chairman and CEO Stephen Hughes said in a release.

Boulder Brands said it expects revenue of between $575 million to $585 million for 2015 and earnings per share of 25 to 29 cents.