CHARLOTTE, N.C. — Higher prices and increased volume helped lead to a 30% increase in net income during the third quarter for Lance, Inc.
For the quarter ended Sept. 26, the company had income of $8,803,000, equal to 28c per share on the common stock, which compared with income of $6,809,000, or 22c per share, during the same quarter of the previous year. Revenue for the quarter was $234,902,000, up 4% from $225,587,000 during the same quarter of the previous year.
"Sales results for the third quarter were mixed," said David. V. Singer, president and chief executive officer. "While we saw continued growth in some of our key product categories, rapid acceleration in the sale of Archway products and solid growth from new product introductions, we faced declines in our sales to convenience store, food service, and small up-and-down-the-street customers, which together make up over one-quarter of our branded sales. Operationally, we remain focused on driving our strategies for growth and margin enhancement, and during the quarter we continued to invest in the long-term strength of our brands with significant incremental advertising spending."
For the nine months ended Sept. 26, the company had net income of $24,783,000, or 79c per share, up significantly from $10,163,000, or 33c per share, during the same period of the previous year. Revenue for the period was $687,065,000, up 8% from $637,169,000 during the same period of the previous year.
The company also updated its full-year 2009 earnings guidance to a range of $1.15 to $1.20 per share and its full-year sales estimate to a range of $915 million to $925 million. The previous estimates were $1.15 to $1.25 per share with sales of $910 million to $930 million.