Enlarged snack food manufacturer Snyder’s-Lance said its first full first-quarter post-merger sales were up on the inclusion of Snyder’s sales.
The US group today (5 May) reported a 75% increase in net revenue to reach US$388m during the quarter ended 2 April, against Lance’s same period of the previous year.
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It attributed the growth to an increase in incremental revenue, resulting from the merger, but that it was supported by “solid growth” across its core products.
The company reported $10.8m in net income against a $685,000 loss in the previous year. Excluding special items, net income reached $11.8m against $1.2m in the previous year.
CEO David Singer said the company continues to be “very excited about the merger which has created Snyder’s-Lance”.
“Our first quarter results were strong, and I am extremely proud of everyone at Snyder’s-Lance for delivering these great results while making real progress toward integration. Our branded products showed solid growth for the first quarter, and we anticipate good performance for the balance of 2011,” he said.
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By GlobalDataSinger said that most major operational decisions following the merger have been announced and that it is “focused on serving our customers, continuing to plan, and execute our integration plans, and working to realise the synergies and cost savings anticipated from the merger”.
The company anticipates that it will deliver a portion of its cost and revenue synergies in the latter half of 2011, with most of the integration plan set to be completed by mid-2012.
