Snyder's-Lance, Inc. reported results for its first quarter of 2011. Financial results include the first full quarter of operations following the merger with Snyder's of Hanover, Inc.("Merger"), which was completed on December 6, 2010.
Net revenues for the first quarter ended April 2, 2011, were $388 million, an increase of 75 percent over prior year net revenues of $222 million that were reported by Lance, Inc. prior to the merger. This growth was primarily a result of the incremental revenue resulting from the merger and was supported by solid growth across our core products.
In the first quarter of 2011, the company realized net income excluding special items of $11.8 million, or $0.17 per diluted share, as compared to first quarter 2010 net income excluding special items of $1.2 million, or $0.04 per diluted share that was reported by Lance prior to the merger.
Net income including special items was $10.8 million for the first quarter of 2011 compared to a net loss of $0.7 million for the first quarter of 2010. Special items for the first quarter of 2011 included after-tax expenses of $1.0 million related to the merger. The special items for the first quarter of 2010 included after-tax expenses of $1.9 million associated with merger and acquisition activity.
"We continue to be very excited about the merger which has created Snyder's-Lance," commented David V. Singer, chief executive officer in a prepared statement. "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."
