Snyder's-Lance, Inc. Full Year 2013 Revenue Up 8.8 Percent

Snyder's-Lance, Inc. reported results for its fiscal year 2013. Net revenue for the year ended Dec. 28, 2013, was $1.76 billion, an increase of 8.8 percent from prior year net revenue of $1.62 billion, primarily driven by sales of core brands. Consistent with the company's long term guidance of 3 percent to 5 percent, organic net revenue growth for the full year was 4 percent. The company realized full year net income of $81.3 million, excluding special items, or $1.16 per diluted share, as compared to full year 2012 net income of $66.1 million, excluding special items, or $0.95 per diluted share, an increase of 22 percent.  Net income, including special items, was $78.7 million, or $1.12 per diluted share, for the full year 2013 compared to $59.1 million or $0.85 per diluted share for 2012, an increase of 33 percent. Full year 2013 net income was negatively impacted by an increased effective tax rate of 36.8 percent compared to 34.7 percent for full year 2012. This higher than normal effective tax rate reduced 2013 earnings per share by approximately $0.04 when compared to last year's effective tax rate.

Fourth quarter 2013 net revenue was $451 million, an increase of 7.4 percent compared to prior year fourth quarter net revenue of $420 million, primarily led by sales of  core brands which grew organically by 6.8 percent. Fourth quarter 2013 net income was $22.2 million, excluding special items, which was 8.8 percent above the $20.4 million of net income, excluding special items, for the prior year. Net income including special items was $23.0 million for the fourth quarter 2013 compared to fourth quarter 2012 net income including special items of $7.8 million. Fourth quarter 2013 net income was negatively impacted by the higher than normal effective tax rate mentioned above. Full report.

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