Snyder's-Lance returns to profitability in quarter
CHARLOTTE, N.C. — Snyder’s-Lance, Inc. returned to profitability during the second quarter. For the quarter ended June 30, the company had an income of $19,325,000, equal to 28c per share on the common stock, which compared with a loss of $3,848,000 during the same quarter of the previous year.
Revenue for the quarter was $399,400,000, down 3% from $412,541,000 during the same quarter of the previous year.
“We are pleased with our financial results in the second quarter,” said David V. Singer, chief executive officer. “We are particularly pleased with our branded growth of 4.3% excluding the impact of the I.B.O. conversion. This growth continues to be driven by our core brands (Snyder’s of Hanover pretzels, Lance sandwich crackers and Cape Cod kettle chips), which together were up 7.1% for the quarter excluding the impact of the I.B.O. conversion. Completing the conversion to the I.B.O. system while continuing to drive branded sales has been our key priority this year. Our non-branded sales in the second quarter were down 3.2% as the company exited business where pricing was not sufficient to cover commodity cost increases.”
For the six months ended June 30, the company had income of $35,539,000, or 49c per share, up sharply from $7,001,000, or 10c per share, during the same period of the previous year. Revenue for the six months was $792,243,000, down 1% from $801,011,000 during the same period of the previous year.