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Snyder's Lance Nets Over $400 Million in Its First Quarter

Snyder's Lance Nets Over $400 Million in Its First Quarter

by  Jessica Donnel

CHARLOTTE, N.C.

Snyder's-Lance, Inc. reported a successful first quarter for the fiscal 2015 year.

The company saw an eight percent increase in net revenue from the same time last year, declaring a quarterly dividend of $0.16 per share of common stock and a positive adjustment to the financial estimates for 2015.

"We are pleased with our good start to the year with healthy top line growth and earnings that met our expectations. Our 'better for you' and premium products are working well, delivering solid sales and financial results," Carl E. Lee, Jr., President and CEO, said in the financial release. "With a balanced portfolio of great snacks, we have momentum that helped us to outpace our categories with an 8% overall top line growth compared to last year.”

Highlights for the quarter included:

  • Net revenue for the first quarter of 2015 was $402 million, an increase of 7.9% compared to first quarter of 2014 net revenue of $373 million.
  • Net income excluding special items for the first quarter of 2015 was $12.0 million, or $0.17 per diluted share, as compared to net income excluding special items of $11.9 million for first quarter of 2014, or $0.17 per diluted share.
  • Including special items, net income for the first quarter of 2015 was $10.6 million, or $0.15 per diluted share, as compared to net income including special items of $10.5 million for the first quarter of 2014, or $0.15 per diluted share.
  • Special items for the first quarter of 2015 included after-tax expenses of $1.3 million primarily associated severance charges and professional fees. Special items for the first quarter of 2014 included after-tax expenses of $1.4 million primarily associated with impairment charges and certain acquisition related costs.

Lee added that the year is off to a great start and that the company will continue to invest in advertising and retail execution to reach a wider consumer base.

New products he attributed to the increase included Snyder’s Cape Cod® Dipping Shells, Snyder's of Hanover® Poppers and Lance® Quick Starts, Lance® Gluten Free Sandwich Crackers, Cape Cod® Kettle Chips and a few others that he commented continue to gain popularity and report strong numbers.

Snyder's-Lance, Inc.

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