US branded and private label snack foods maker Lance has reported second quarter net income of $5.6m, on net sales and other operating revenue of $166.8m for the 13 weeks ended 25 June 2005.
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These results reflect previously announced after-tax charges of $1.6m related to severance agreements with the company’s former chief executive officer. In the same period last year, net income was $6.7m on net sales and other operating revenue of $152.1m.
“Lance’s momentum continued to build during the quarter,” said David Singer, president and CEO. “Underlying sales and operational performance were encouraging. We continued investing in our brands and saw a strong rebound in private label sales growth. The combined strengths of our brands, products, customer base and people are driving this solid performance. Our focus is on further unlocking the potential of these assets as we move the company forward.”
