Smart Balance drops to new 52-week low on Q4 loss
Shares of Smart Balance, Inc. (Nasdaq: SMBL) have lost their poise and fallen to a new 52-week low on news before the start of trading of a wider fourth-quarter loss. The Cresskill, N.J.-based food products company widened its quarterly loss to $48.5 million, or $1.41 per share, from $11.1 million, $0.77 per share, a year earlier.
At the same time, net sales jumped 26.4% due to higher prices in some food categories and increased consumer demand for peanut butter, cooking oil and mayonnaise.
At 1:49 p.m. ET, shares were down $1.01, or 15%, to $5.64. The previous 52-week low of $6.40 was established on March 13.
At the same time, net sales jumped 26.4% due to higher prices in some food categories and increased consumer demand for peanut butter, cooking oil and mayonnaise.
At 1:49 p.m. ET, shares were down $1.01, or 15%, to $5.64. The previous 52-week low of $6.40 was established on March 13.
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