Boulder Brands Inc. (NASDAQ: BDBD) reported its second-quarter earnings Thursday before the markets opened. The company had no earnings on $117.7 million in revenue, compared to Thomson Reuters consensus estimates of $0.01 in earnings per share (EPS) on revenue of $124.38 million. In the same quarter of the previous year, the food maker posted EPS of $0.05 and $131.35 in revenue.

The company updated its outlook for the 2015 full year and now expects EPS to be in the range of $0.20 to $0.25. Consensus estimates call for EPS of $0.18 and $520.41 million in revenue.

On July 8, Boulder Brands restructured its organization to better align functional teams, which the company expects to improve effectiveness and deliver improved and consistent results in future quarters.

In terms of its segments, Boulder Brands reported (compared to the same period in the previous year):

• Natural had net sales of $78.6 million down from $80.1 million. For the quarter it had gross profit of $21.7 million.
• Balance had net sales of $40.8 million down from $51.3 million. For the quarter this segment had $18.7 million.

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Jim Leighton, interim CEO and COO, commented on earnings:

Our second quarter results demonstrate the need to invest more effectively in marketing and innovation to improve trends. Our organization is committed to being more balanced in customer and consumer marketing, more efficient in managing our brands and products, and more effective in our overall cost structure. The Boulder Brands board and management team are aligned and committed to implementing changes and have taken significant initial steps toward these efforts late in the second quarter and into the third quarter. As part of these efforts, we announced a transition in leadership, realigned our organization to enhance operational effectiveness and redirected spending toward marketing efforts to grow our company.

Cash flow from operations was $14.3 million in the second quarter. On the books, the company had cash and cash equivalents totaling $31.4 million at the end of the second quarter, compared to $31.7 million at the end of December 2014.

Shares of Boulder Brands were up 12.8% at $8.46 late Thursday morning. The stock has a consensus analyst price target of $9.03 and a 52-week trading range of $6.28 to $15.47.

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