Snyder’s-Lance: Announces Full Year 2015 Results

Charlotte / NC. (sli) Snyder’s-Lance Inc. announced Full Year, 2015 results. Preliminary unaudited results were previously announced in a press release and conference call on January 27, 2016. Given that the final results did not vary from this release, management will not hold a call to discuss results for full year 2015.

Full Year Financial Summary

• Net revenue for the full year 2015 was 1.66 billion USD, an increase of 2.2+ compared to full year 2014 net revenue of 1.62 billion USD and an increase of 4.1+ excluding the impact of the additional 53rd week in 2014. The additional week in 2014 was 30.4 million USD in net revenue.
• Net income excluding special items for the full year 2015 was 71.9 million USD, or 1.01 USD per diluted share, as compared to net income excluding special items of 65.2 million USD for the full year 2014, or 0.92 USD per diluted share.
• GAAP net income, which includes special items, for the full year 2015, was 50.7 million USD, or 0.71 USD per diluted share, as compared to GAAP net income of 59.3 million USD for the full year 2014, or 0.84 USD per diluted share.
• Special items for the full year 2015 included after-tax expenses of 21.3 million USD primarily associated with legal fees and accruals for expected settlements of certain litigation, impairment charges and transaction-related expenses associated with the Diamond Foods acquisition. Special items for the full year 2014 included an after-tax gain on the revaluation of our prior equity investment in Late July of 9.8 million USD which was more than offset by after-tax expenses of 15.7 million USD primarily associated with impairment charges, restructuring charges and professional fees.

Diamond Foods Acquisition and Estimates for 2016

Snyder’s-Lance also announced the completion of the acquisition of Diamond Foods Inc., an industry leading snack foods company. Given that the transaction closed now, Snyder’s-Lance cannot provide consolidated estimates for 2016 at this time. Snyder’s-Lance expects to provide full year 2016 estimates of net revenue, EPS and capital spending for the combined company during its first quarter 2016 earnings call, anticipated to be held in early May.