Snyders-Lance Inc Reports Results For Full Year 2014

PRESS RELEASE

CHARLOTTE, NC -- Feb. 12 --Snyder's-Lance Inc. 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.

"We are pleased with our performance for the fourth quarter and the past year, delivering solid financial growth as we executed a strategic shift in our business and operations. This past year was transformative for our company and we consider it a new day for Snyder's-Lance," said Carl E. Lee, Jr., president and chief executive. "These changes included the sale of Private Brands, acquiring Baptista's Bakery, increasing our ownership interest to 80% of Late July Organic Snacks and the forming of Clearview Foods, a new division dedicated to emerging trends. These moves have positioned Snyder's-Lance as a branded company with exceptional innovation capabilities and a meaningful presence in "better for you, "organic and non-GMO snacking. Our industry is going through an exciting time, as it responds to a shift in consumers' expectations across snacking categories. These consumer changes favor a decisive, nimble and aggressive mid-sized company like ours with the scale to compete."

Lee went on to say, "For the fourth quarter of 2014, we gained significant market share in salty snacks as investments in advertising and retail execution drove category and brand growth. We saw improvements in our Lance brand during the fourth quarter as our renovation of our product offerings, positioning and packaging began to roll out to our retailers. These efforts, along with the continued solid performance of our new product innovation and partner brands helped drive a top line increase of 6.9% excluding the extra week, giving us good momentum heading into 2015. A growing portion of our revenue comes from "better for you" snacks and that will expand further with the launch of new products in 2015."

Lee continued, "We are moving into 2015, well positioned in growing categories with differentiated brands. I look forward to all we will accomplish as our business continues to evolve and grow in this coming year. We are proud of our associates for their leadership, service and passion as we go the extra mile to serve our consumers and retailers".

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.

Click here to Snyder-Lance's full news release.