Lance Inc.: Reports Results for First Quarter 2009

Charlotte / NC. (prn) Lance Inc. reported record net revenues for the first quarter ended March 28, 2009 of 215,8 million USD, an increase of nine percent over the prior year first quarter net revenues of 198,0 million USD.

The Company´s branded product sales, which represented about 60 percent of total sales in the 2009 first quarter, increased approximately five percent from the prior year period. Growth was driven largely by higher selling prices and incremental revenue associated with the acquisition of certain assets of Archway Cookies LLC completed in December 2008.

Lance´s results for Q1/2009 – summary:

  • Achieves record first quarter net revenues of 216 million USD, a nine percent increase over the 2008 first quarter.
  • Reports 2009 first quarter earnings per diluted share of 0,20 USD, compared with earnings per diluted share of 0,02 USD in the prior year first quarter.
  • Declares quarterly dividend of 0,16 USD per share on common stock.
  • Raises 2009 full year earnings per diluted share estimate to range of 1,10 USD to 1,20 USD, and 2009 full year revenue estimate to range of 910 to 930 million USD.

Lance realized first quarter 2009 net income of 6,5 million USD, or 0,20 USD per diluted share. First quarter 2009 earnings per diluted share was negatively impacted by approximately 0,05 USD per diluted share due to the impact of the (U.S.) nationwide peanut butter recall, and by an additional 0,02 USD per diluted share related to the integration of the Archway acquisition.

The first quarter of 2008 was adversely impacted by a significant increase in the costs of ingredients, primarily flour and vegetable oils, which was not immediately offset by increased prices to customers – Lance said in a news release.