Snyder's-Lance posts income in quarter
May 5, 2011
CHARLOTTE, N.C. — With the merger with Snyder’s of Hanover impacting results, Snyder’s-Lance Inc. posted a strong profit during the first quarter after Lance suffered a loss during the same quarter of the previous year prior to the merger.
For the quarter ended April 2, the company had income of $10,849,000, equal to 16c per share on the common stock, which compared with a loss of $685,000 during the same quarter of the previous year. Revenue for the quarter was $388,471,000, up 75% from $221,617,000 during the same quarter of the previous year.
“We continue to be very excited about the merger which has created Snyder's-Lance,” said David V. Singer, chief executive officer. “Our first-quarter results were strong, and I am extremely proud of everyone at Snyder’s-Lance for delivering these great results while making real progress toward integration. Our branded products showed solid growth for the first quarter, and we anticipate good performance for the balance of 2011.
“We have started to execute our integration plan, including the transition of company owned routes to independent operators as outlined in our recent press release. Most major organizational decisions have been announced, and we are now focused on serving our customers, continuing to plan and execute our integration plans, and working to realize the synergies and cost savings anticipated from the merger.
“As previously discussed, we expect to complete the vast majority of our integration by mid-2012 and are committed to delivering solid financial results while completing this work. We have a number of demanding months ahead, but I am confident in our team to drive day-to-day results while completing this important effort.”
The company anticipates that for the full-year 2011, it will have earnings per share in the range of 85c to $1 with net revenue between $1.59 billion and $1.65 billion.