Charlotte, NC, - May 10, 2016 – Snyder’s-Lance, Inc. reported financial results for the first quarter of fiscal 2016 ended April 2, 2016. The first quarter financial results include one month of the consolidation of Diamond Foods Inc., following the acquisition which closed on February 29, 2016.
- Net revenue increased 15% to $463 million
- Net revenue declined 0.7% excluding Diamond Foods acquisition
- Diluted earnings per share, excluding special items*, increased 47% to $0.25
- Net loss per share of $0.32 including special items
- Adjusted EBITDA* increased 45% to $55.7 million
- Updates 2016 full year outlook to reflect the acquisition of Diamond Foods
“This morning we announced solid first quarter results to begin the year,” said Carl E. Lee, Jr., President and Chief Executive Officer. “While our top-line remains pressured by the same challenges facing the food industry, our team diligently managed costs and drove operational efficiencies to deliver strong earnings growth for our legacy business. Our performance in the quarter was led by Lance®, Cape Cod®, and Late July® which all experienced revenue growth and market share gains. Lance® sandwich crackers continues to benefit from our brand renovation process completed last year to drive brand and category growth. Lance’s improved product formulation, packaging design, and innovative new products like our Gluten Free sandwich crackers drove base business growth. After successfully renovating Cape Cod® and Lance® sandwich crackers to fuel top-line and bottom-line growth, we are leveraging our marketing, manufacturing and sales expertise to renovate and energize the pretzel category and our Snyder’s of Hanover® brand. In addition to growing retail distribution and display support for Snyder’s of Hanover®, we recently launched our Pretzels Baby® integrated marketing and advertising campaign. The early results are encouraging as we are generating positive social media response from both new and loyal consumers. We are confident that we will continue to build momentum as we move throughout the year, and I’m very proud of the team for their commitment and execution.”
Mr. Lee continued, “During the first quarter, we closed the Diamond Foods acquisition. We quickly began to execute our integration plan, and we are already benefitting from the combination of these two great companies. The powerful combination gives Snyder’s-Lance an enhanced portfolio of brands across key snack food categories with a deeper, stronger combined team ready to unlock new distribution opportunities. We are now better positioned in the growing snack food industry, and we expect to realize significant cost and revenue synergies that will deliver earnings accretion and support further investment behind our brands. I’m very excited about the opportunities that lie ahead, and our ability to create even greater value for our shareholders as we execute our strategic plan.”
