Recently-merged US snack food manufacturer Snyder’s-Lance saw net income drop during 2010 as the company recorded a series of one-off costs related to the combination.

The manufacturer, created through the merger of Snyder’s of Hanover and Lance, announced today (18 February) that net income was down to US$2.5m compared to $35.7m in 2009.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

However, excluding the $1.9m in after-tax expenses, $2m of costs related to workforce reduction, $28.2m associated with the merger, another $1.5m from an insurance settlement and $1.3m due to the negative impact of the extra week in 2010, net profit would have reached US$37.3m.

For the year, net revenue was up 7% to US$980m.

During the fourth quarter, Snyder’s-Lance saw net sales increase by 23% to $285.1m. However, the company said it was “disappointed by its fourth-quarter results, as excluding the impact of the merger, sales were down 3% against the same quarter of last year.

See Also:

For the quarter, the company recorded a $19.4m net loss compared to a $10.1m net profit in the same quarter last year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We are extremely excited about the merger which has created Snyder’s-Lance, the most important development in the history of both companies,” said CEO David Singer. “We expect to have announced all major organisation and integration decisions by the end of February, at which point we can focus all our attention on executing the integration, and serving our customers.

“Now that our organisational announcements are behind us we are seeing better execution and sales performance. We plan to complete the vast majority of our integration by mid-2012. This will be a demanding year, but I am confident in our team to execute the integration and our day to day business so that Snyder’s-Lance will deliver the benefits that result from the synergies of the combined businesses.”

Click here for the company’s full earnings statement. Check back later for further insight into the manufacturer’s results.