CHARLOTTE, N.C., Feb. 12, 2015 /PRNewswire/ -- Snyder's-Lance, Inc. (Nasdaq-GS: LNCE) today reported full year earnings of $1.09, excluding special items and revenue growth of 7.4% over last year, 5.5% excluding the impact of the 53rd week. The Company also reported fourth quarter earnings of $0.30 excluding special items, and growth of 6.9% over last year excluding the 53rd week, reflecting a strong finish to the year.
Full Year Financial Summary
The following comments regarding net revenue and net income information for the full year and fourth quarter of both 2014 and 2013 includes continuing and discontinued operations for the first six months of the year but excludes discontinued operations for the last six months of the year.
- Net revenue for the full year 2014 was $1.75 billion; an increase of 7.4% compared to full year 2013 net revenue of $1.63 billion and an increase of 5.5%, excluding the impact of additional 53rd week in 2014.
- Net income excluding special items for the full year 2014 was $77.0 million, or $1.09 per diluted share, as compared to net income excluding special items of $68.8 million for full year 2013, or $0.98 per diluted share when adjusted to exclude discontinued operations for the last six months of 2013.
- Net income reported for the year ended January 3, 2015 was $192.6 million, or $2.72 per diluted share, as compared to net income including special items and discontinued operations of $78.7 million for the full year 2013, or $1.12 per diluted share.
- Net income from discontinued operations for the full year 2014 included the recognition of an after-tax gain on the sale of Private Brands of $121.5 million, or $1.71 per diluted share.
- Beginning in the first quarter of 2015, our comparisons to 2014 financial information will only include our continuing operations. Net revenue from continuing operations for full year 2014 was $1.62 billion. This represents a 7.7% increase over 2013 for continuing operations. Net income from continuing operations, excluding special items, was $65.2 million for full year 2014, or $0.92 per diluted share. Net income from continuing operations, including special items, was $59.3 million for full year 2014, or $0.84 per diluted share.
- Special items associated with continuing operations for full year 2014 included an after-tax gain on the revaluation of our prior equity investment in Late July of $9.8 million which was more than offset by after-tax expenses of $15.7 million primarily associated with impairment charges, restructuring charges and professional fees. Special items associated with continuing operations for full year 2013 included after-tax expenses of$4.4 million.
Fourth Quarter Financial Summary
- Net revenue for the fourth quarter ended January 3, 2015 was $439 million, an increase of 14.8% compared to prior year net revenue of $382 million from continuing operations and an increase of 6.9%, excluding the impact of the additional 53rd week in 2014.
- Net income from continuing operations excluding special items in the fourth quarter of 2014 was $21.1 million, or $0.30 per diluted share, as compared to net income from continuing operations excluding special items of $15.4 million for the fourth quarter of 2013, or $0.22 per diluted share.
- Net income from continuing operations including special items was $27.0 million for the fourth quarter of 2014, or $0.38 per diluted share, as compared to net income from continuing operations including special items of $15.2 million for the fourth quarter of 2013, or $0.22 per diluted share.
- Special items associated with continuing operations for the fourth quarter of 2014 included an after-tax gain on the revaluation of our prior equity investment in Late July of $9.8 million offset by after-tax expenses of $4.0 million primarily associated with impairment charges.
- A reconciliation of full year and quarter net revenue and net income to full year and quarter non-GAAP net revenue and net income can be found in attached schedules. View full report here.
