|Nicole Dawes, c.e.o. of Late July Organic Snacks|
CHARLOTTE, N.C. – Snyder’s-Lance has entered into a partnership with Late July Organic Snacks, Boston, a manufacturer of organic snacks, to create a better-for-you product line.
“We see our company growing and evolving to become the trusted leader in snacking, including better for you snacking options,” said Carl E. Lee, Jr., president and chief executive officer of Snyder's-Lance. “To support this direction, we needed the right partner, which we found in Nicole Dawes and Late July.”
Late July manufactures organic multigrain tortilla chips.
“I wasn't looking to sell out, so the opportunity to create a better for you platform with a focus on organic and non-G.M.O. foods from the ground up was just what I was looking for," said Ms. Dawes, c.e.o. “What excites me most about our relationship with this new division is the ability to continue being an alternative to the big food conglomerates and the guarantee that Late July will always be synonymous with leadership and advocacy for organic and non-G.M.O. foods. This partnership also makes Late July the only organic, non-G.M.O. food brand with access to its own national direct store distribution (DSD) system which is a game-changer for sustainable food.”
Snyder’s-Lance did not elaborate on the types of products that may be included in the new better-for-you snack platform.
Healthy snacking also helped propel Snyder’s-Lance earnings during the third quarter of fiscal 2014, ended Sept. 27. Net income rose sharply during the quarter to $137,766,000, equal to $1.96 per share on the common stock. The results were a significant increase compared to the previous year when net income during the quarter equaled $22,899,000, equal to 33c per share.
Sales for the quarter were $409,308,000 compared with $385,242,000 the previous year.
“We continue to successfully complete our transition to become a premium and differentiated branded snack food company,” Mr. Lee said. “Our team successfully executed the carve-out of Private Brands and made good progress with the Baptista’s integration. As a result, Baptista’s has added substantial new ‘better for you’ product capabilities for 2015.
“Revenue growth is pacing ahead of expectations on new products innovation and 'better for you' offerings, while we deal with the same headwinds all food companies are experiencing on base business. We continue to accelerate our efforts on three product and revenue fronts, innovation, 'better for you' snacks, and base business renovation to drive excitement. We expect to finish 2014 strong and to have a fast start in 2015, having launched a number of Q4 consumer programs.”