Snyder's-Lance, Inc. Reports Results For Second Quarter 2014

CHARLOTTE, N.C., Aug. 7, 2014 /PRNewswire/ -- Snyder's-Lance, Inc. (Nasdaq-GS: LNCE) today reported results for its second quarter of 2014.  Net revenue for the second quarter ended June 28, 2014 was $460 million, an increase of 4.8% compared to prior year net revenue of $439 million.  Net income excluding special items in the second quarter of 2014 was $20.6 million, or $0.29 per diluted share, as compared to net income of $16.9 million for the second quarter of 2013, or $0.24 per diluted share.  Net income including special items was $11.7 million for the second quarter of 2014, or $0.16 per diluted share, as compared to net income of$13.0 million for the second quarter of 2013, or $0.19 per diluted share.  Special items for the second quarter of 2014 included after-tax expenses of $6.1 million for restructuring and impairment charges and $2.8 million in transaction related expenses.  Special items for the second quarter of 2013 included after-tax expenses of $1.2 million for impairment charges and $2.7 million for a substantial self-funded medical expense.

Net revenue for the first six months ended June 28, 2014 was $897 million, an increase of 4.6% compared to prior year net revenue of$858 million.  Net income excluding special items for the first six months of 2014 was $38.8 million, or $0.55 per diluted share, as compared to net income of $36.7 million for the first six months of 2013, or $0.53 per diluted share.  Net income including special items was $28.5 million for the first six months of 2014, or $0.40 per diluted share, as compared to net income of $32.8 million for the first six months of 2013, or $0.47 per diluted share.  Special items for the first six months of 2014 included after-tax expenses of $6.8 millionfor restructuring and impairment charges, $0.6 million for a self-funded medical insurance claim and $3.0 million in transaction related expenses. Special items for the first six months of 2013 included after-tax expenses of $1.2 million for impairment charges and $2.7 million for a substantial self-funded medical expense. Full report.

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