Smart Balance Inc., Paramus, N.J., reported net sales of $59.9 million in the third quarter of 2010 (ended Sept. 30) compared to net sales of $59.8 million in the third quarter of 2009. Earnings per share increased to $0.03 in the third quarter of 2010, compared to earnings per share of $0.02 in the year-ago period.
"We maintained our market share in spreads through the implementation of our three-tier strategy and we improved our market share in enhanced milk, despite the ongoing effects of the economic climate on consumers and the pressure on premium-priced products,” said chairman and chief executive officer Stephen Hughes.
Sales of enhanced milk grew because of the national expansion of distribution in 2010 as well as continued growth in the original markets of Florida and the Northeast. The company said sales performance of its spreads products reflected declines in Smart Balance spreads partially offset by growth of Bestlife and Earth Balance brands, driven by distribution gains and increased case shipments, respectively.
Read the entire release at the company’s website, www.smartbalance.com.