Lance Sees Second Quarter Net Revenues Rise 16 Percent
Snack maker Lance Inc. reported net revenue for the second quarter ended July 1, 2006 of $192.8 million, an increase of 16 percent over the prior year.
Branded product sales were up 19 percent, reflecting growth from incremental Tom's business and continued strength in sales of sandwich crackers and kettle-cooked potato chips. Non-branded product sales were up 10 percent, reflecting incremental business provided by the Tom's acquisition as well as continued momentum in other core private label products.
The company reported second quarter net income of $6.2 million, up 9 percent from the prior year's second quarter
"We are pleased with our results for the quarter, reflecting the continued momentum of our key initiatives and the efforts of a well-focused team," said David V. Singer, president and CEO. "The integration of the Tom's acquisition is going according to plan and, although there are some remaining integration items to complete, we are confident that much of the work is behind us.
"We also continue to achieve growth in our core product categories, with strong results reported in salty snacks and sandwich crackers. Focused on laying the groundwork for long-term growth, our strategic supply chain restructuring is underway and is expected to help us develop and enhance operating efficiencies. As we move into the second half of 2006, we are concerned about the negative impact of rising fuel costs and other commodities. We remain focused on executing on our initiatives as well as finding ways to mitigate rising costs."
Branded product sales were up 19 percent, reflecting growth from incremental Tom's business and continued strength in sales of sandwich crackers and kettle-cooked potato chips. Non-branded product sales were up 10 percent, reflecting incremental business provided by the Tom's acquisition as well as continued momentum in other core private label products.
The company reported second quarter net income of $6.2 million, up 9 percent from the prior year's second quarter
"We are pleased with our results for the quarter, reflecting the continued momentum of our key initiatives and the efforts of a well-focused team," said David V. Singer, president and CEO. "The integration of the Tom's acquisition is going according to plan and, although there are some remaining integration items to complete, we are confident that much of the work is behind us.
"We also continue to achieve growth in our core product categories, with strong results reported in salty snacks and sandwich crackers. Focused on laying the groundwork for long-term growth, our strategic supply chain restructuring is underway and is expected to help us develop and enhance operating efficiencies. As we move into the second half of 2006, we are concerned about the negative impact of rising fuel costs and other commodities. We remain focused on executing on our initiatives as well as finding ways to mitigate rising costs."