Snyder’s-Lance – LNCE – Quarterly cash dividend of $0.16 per share

Snyder’s-Lance, Inc. (Nasdaq: LNCE) reported results for its third quarter of 2012.  Net revenues for the third quarter ended September 29, 2012 were $407 million, a decrease of 3.6% compared to prior year net revenues of $422 million.  Net revenue, when adjusted for the impact of the independent business owner (“IBO”) route system conversion, was flat year over year.  Revenues from the company’s branded products grew by 5.0% excluding the impact of IBO conversion.

Net income was $17.8 million for the third quarter of 2012, or $0.26 per diluted share, compared to a net income of $8.8 million for the third quarter of 2011 or $0.13 per diluted share.  Net income excluding special items in the third quarter of 2012 was $19.2 million, or $0.28 per diluted share, as compared to third quarter 2011 net income excluding special items of $10.7 million, or $0.16 per diluted share.  Special items for the third quarter of 2012 were $1.4 million in expense, after tax which included expenses associated with the acquisition of Snack Factory, LLC and certain affiliates, in addition to other merger related costs. Special items for the third quarter of 2011 included after-tax expenses of $1.9 million primarily for merger and integration related expenses.

• Reports net revenues of $407 million
• Reports overall branded growth of 5.0%, excluding the impact of IBO conversion
• Reports 2012 third quarter earnings per diluted share of $0.26 and reports $0.28 excluding special items
• Declares quarterly dividend of $0.16 per share of common stock

“We are pleased with our financial results in the third quarter, and are especially excited with our branded growth of 5.0% excluding the impact of the IBO conversion,” commented David V. Singer, Chief Executive Officer. “Our growth continues to be driven by our core brands (Snyder’s of Hanover^® pretzels, Lance^® sandwich crackers and Cape Cod^® kettle chips), which together were up over 7% for the quarter excluding the impact of the IBO conversion.  Branded sales growth has been a priority this year and I’m very excited with our progress. Our non-branded sales were down a little over 7% in the third quarter reflecting decisions to discontinue sales to certain customers who did not accept price increases. These decisions reduced revenue, but led to widening profit margins compared to past quarters and freed production capacity to support profitable growth consistent with our plan to grow profits and shareholder value.”

LNCE – Dividend Declared

The Company also announced the declaration of a quarterly cash dividend of $0.16 per share on the Company’s common stock.  The dividend is payable on November 30, 2012 to stockholders of record at the close of business on November 20, 2012.

About Snyder’s-Lance, Inc. – LNCE

Snyder’s-Lance, Inc. (LNCE), headquartered in Charlotte, NC, manufactures and markets snack foods throughout the United States and internationally. LNCE’s products include pretzels, sandwich crackers, potato chips, cookies, tortilla chips, restaurant style crackers, nuts and other snacks. Snyder’s-Lance has manufacturing facilities in North Carolina, Pennsylvania, Iowa, Indiana, Georgia, Arizona, Massachusetts, Florida, Ohio and Ontario, Canada. Products are sold under the Snyder’s of Hanover^®, Lance^®, Cape Cod^®, Pretzel Crisps^®, Krunchers!^®, Tom’s^®, Archway^®, Jays^®, Stella D’oro^®, O-Ke-Doke^® and Grande^® brand names along with a number of private label and third party brands. Products are distributed nationally through grocery and mass merchandisers, convenience stores, club stores, food service outlets and other channels.

More Posts by this author

• Market Update After Hours November 9
• Stocks End at Session Lows on Fiscal Cliff Worries
• Gold Prices Edge Higher; Silver Prices also Gain
• Stocks Headed for a Second Straight Lower Finish on Fiscal Cliff Worries
• Stocks Turn Lower in Mid-Day Trading
• NxStage® Medical – NXTM – Continue to deliver double digit growth
• Aeroflex – ARX – Announces First Quarter Fiscal 2013 Results

Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.