Having cut its salaried workforce by 15%, Boulder Brands announced on July 8 that the company’s organization has been restructured to “better align functional teams, improve operational effectiveness and deliver improved and consistent results.”
The Boulder, Colorado-headquartered food manufacturer and marketer of “health and wellness” platform consists of EVOL brand frozen burritos, entrees, snacks and breakfast items; Glutino and Udi’s Gluten Free brands; Smart Balance heart-healthy, dairy-free spreads; the Earth Balance range of plant-based products; and the Level Life label for diabetes-friendly products.
“This strategic alignment is an important first step toward implementing meaningful change across Boulder Brands,” said Jim Leighton, interim chief executive officer.
Leighton assumed his current position after former CEO Steve Hughes resigned in June following a 20% drop in the company’s stock value and an announcement that second quarter sales results would decline by 5% to 7%.
“Through this right-sizing of our organization, we are creating a more streamlined and integrated platform that will reduce administrative costs and allow us to focus our spending priorities towards innovative consumer marketing programs,” stated Leighton. “Our objective is to more effectively introduce our brands to a broader base of consumers and better support these brands as distribution gains continue.”
The company’s combined sales, marketing and innovation function will be led by Phil Anson, who has been named chief commercial officer. Anson, who previously served as the company’s chief innovation officer, is the founder of EVOL.
Second Quarter Outlook
For the second quarter of 2015, which ended on June 30, Boulder Brands expects net sales to be in the range of approximately $122 million to $124 million. The company’s natural segment performance is estimated to be flat to +2%, and the balance segment is estimated to decline 16% to 18%. Adjusted EBITDA for the period is expected to be in the range of $12 million to $14 million.
