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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Snyders-Lance, Inc. (delisted) | NASDAQ:LNCE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 49.98 | 49.40 | 51.00 | 0 | 01:00:00 |
North Carolina
(State or other jurisdiction of
incorporation or organization)
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56-0292920
(I.R.S. Employer Identification No.)
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13515 Ballantyne Corporate Place
Charlotte, North Carolina
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28277
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
þ
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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Emerging growth company
o
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Page
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Quarter Ended
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Nine Months Ended
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||||||||||||
(in thousands, except per share data)
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September 30,
2017 |
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October 1,
2016 |
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September 30,
2017 |
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October 1,
2016 |
||||||||
Net revenue
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$
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564,184
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$
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543,903
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$
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1,675,280
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$
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1,553,064
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Cost of sales
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357,993
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344,807
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1,074,036
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999,322
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||||
Gross profit
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206,191
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199,096
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601,244
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553,742
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||||||||
Selling, general and administrative expenses
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154,811
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152,980
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493,513
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434,656
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Transaction and integration related expenses
|
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276
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3,656
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1,861
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62,579
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Impairment charges
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105,230
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507
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113,150
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1,370
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||||
Other operating (income)/expense, net
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(279
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)
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(3,776
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)
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196
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(5,195
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)
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||||
Operating (loss)/income
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(53,847
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)
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45,729
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(7,476
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)
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60,332
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||||
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||||||||
Other (income)/expense, net
|
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(227
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)
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305
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(1,461
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)
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(250
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)
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||||
(Loss)/income before interest and income taxes
|
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(53,620
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)
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45,424
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(6,015
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)
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60,582
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||||||||
Loss on early extinguishment of debt
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—
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—
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—
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4,749
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||||
Interest expense, net
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10,141
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9,215
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28,587
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23,305
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(Loss)/income before income taxes
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(63,761
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)
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36,209
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(34,602
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)
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32,528
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Income tax (benefit)/expense
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(6,043
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)
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10,663
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6,889
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9,430
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(Loss)/income from continuing operations
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(57,718
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)
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25,546
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(41,491
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)
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23,098
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Income from discontinued operations, net of income taxes
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1,473
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3,655
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1,132
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326
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Net (loss)/income
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(56,245
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)
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29,201
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(40,359
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)
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23,424
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|
||||
Net income/(loss) attributable to non-controlling interests
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18
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(114
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)
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772
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(141
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)
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Net (loss)/income attributable to Snyder’s-Lance, Inc.
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$
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(56,263
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)
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$
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29,315
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$
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(41,131
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)
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$
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23,565
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||||||||
Amounts attributable to Snyder's-Lance, Inc.:
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Continuing operations
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$
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(57,736
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)
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$
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25,660
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$
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(42,263
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)
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$
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23,239
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Discontinued operations
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1,473
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3,655
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1,132
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326
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|
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Net (loss)/income attributable to Snyder's-Lance, Inc.
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$
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(56,263
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)
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$
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29,315
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$
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(41,131
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)
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$
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23,565
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Basic (loss)/earnings per share:
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Continuing operations
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$
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(0.60
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)
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$
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0.26
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$
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(0.44
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)
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$
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0.26
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Discontinued operations
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0.02
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|
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0.04
|
|
|
0.01
|
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—
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Total basic (loss)/earnings per share
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$
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(0.58
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)
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$
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0.30
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$
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(0.43
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)
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$
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0.26
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Weighted average shares outstanding - basic
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96,642
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95,881
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96,428
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90,504
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Diluted (loss)/earnings per share:
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Continuing operations
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$
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(0.60
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)
|
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$
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0.26
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|
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$
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(0.44
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)
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$
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0.26
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Discontinued operations
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0.02
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0.04
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0.01
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—
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Total diluted (loss)/earnings per share
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$
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(0.58
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)
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$
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0.30
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$
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(0.43
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)
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$
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0.26
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Weighted average shares outstanding - diluted
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96,642
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97,012
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96,428
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91,493
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Dividends declared per common share
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$
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0.16
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$
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0.16
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$
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0.48
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$
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0.48
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Quarter Ended
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Nine Months Ended
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||||||||||||
(in thousands)
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September 30,
2017 |
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October 1,
2016 |
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September 30,
2017 |
|
October 1,
2016 |
||||||||
Net (loss)/income
|
|
$
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(56,245
|
)
|
|
$
|
29,201
|
|
|
$
|
(40,359
|
)
|
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$
|
23,424
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net unrealized gain/(loss) on derivative instruments, net of income tax
|
|
131
|
|
|
378
|
|
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(1,763
|
)
|
|
(1,249
|
)
|
||||
Foreign currency translation adjustment
|
|
6,276
|
|
|
(6,811
|
)
|
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16,739
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|
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(24,226
|
)
|
||||
Total other comprehensive income/(loss)
|
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6,407
|
|
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(6,433
|
)
|
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14,976
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(25,475
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)
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||||
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Total comprehensive (loss)/income
|
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(49,838
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)
|
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22,768
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(25,383
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)
|
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(2,051
|
)
|
||||
Comprehensive income/(loss) attributable to non-controlling interests
|
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18
|
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(114
|
)
|
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772
|
|
|
(141
|
)
|
||||
Total comprehensive (loss)/income attributable to Snyder’s-Lance, Inc.
|
|
$
|
(49,856
|
)
|
|
$
|
22,882
|
|
|
$
|
(26,155
|
)
|
|
$
|
(1,910
|
)
|
(in thousands, except share and per share data)
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
ASSETS
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
22,690
|
|
|
$
|
35,409
|
|
Restricted cash
|
|
446
|
|
|
714
|
|
||
Accounts receivable, net of allowances of $1,400 and $1,290, respectively
|
|
220,856
|
|
|
210,723
|
|
||
Receivable from the sale of Diamond of California
|
|
—
|
|
|
118,577
|
|
||
Inventories, net
|
|
194,769
|
|
|
173,456
|
|
||
Prepaid income taxes and income taxes receivable
|
|
7,526
|
|
|
5,744
|
|
||
Assets held for sale
|
|
20,790
|
|
|
19,568
|
|
||
Prepaid expenses and other current assets
|
|
32,558
|
|
|
27,666
|
|
||
Total current assets
|
|
499,635
|
|
|
591,857
|
|
||
|
|
|
|
|
||||
Noncurrent assets:
|
|
|
|
|
||||
Fixed assets, net
|
|
495,798
|
|
|
501,884
|
|
||
Goodwill
|
|
1,280,934
|
|
|
1,318,362
|
|
||
Other intangible assets, net
|
|
1,306,955
|
|
|
1,373,800
|
|
||
Other noncurrent assets
|
|
53,031
|
|
|
48,173
|
|
||
Total assets
|
|
$
|
3,636,353
|
|
|
$
|
3,834,076
|
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Current portion of long-term debt
|
|
$
|
49,000
|
|
|
$
|
49,000
|
|
Accounts payable
|
|
123,629
|
|
|
99,249
|
|
||
Accrued compensation
|
|
30,806
|
|
|
44,901
|
|
||
Accrued casualty insurance claims
|
|
3,302
|
|
|
4,266
|
|
||
Accrued marketing, selling and promotional costs
|
|
56,868
|
|
|
50,179
|
|
||
Other payables and accrued liabilities
|
|
42,980
|
|
|
47,958
|
|
||
Total current liabilities
|
|
306,585
|
|
|
295,553
|
|
||
|
|
|
|
|
||||
Noncurrent liabilities:
|
|
|
|
|
||||
Long-term debt, net
|
|
1,070,153
|
|
|
1,245,959
|
|
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Deferred income taxes, net
|
|
392,105
|
|
|
378,236
|
|
||
Accrued casualty insurance claims
|
|
14,845
|
|
|
13,049
|
|
||
Other noncurrent liabilities
|
|
22,508
|
|
|
25,609
|
|
||
Total liabilities
|
|
1,806,196
|
|
|
1,958,406
|
|
||
|
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
|
||||
Common stock, $0.83 1/3 par value. 110,000,000 shares authorized; 96,967,937 and 96,242,784 shares outstanding, respectively
|
|
80,802
|
|
|
80,199
|
|
||
Preferred stock, $1.00 par value. 5,000,000 shares authorized; no shares outstanding
|
|
—
|
|
|
—
|
|
||
Additional paid-in capital
|
|
1,624,318
|
|
|
1,598,678
|
|
||
Retained earnings
|
|
108,229
|
|
|
195,733
|
|
||
Accumulated other comprehensive loss
|
|
(3,001
|
)
|
|
(17,977
|
)
|
||
Total Snyder’s-Lance, Inc. stockholders’ equity
|
|
1,810,348
|
|
|
1,856,633
|
|
||
Non-controlling interests
|
|
19,809
|
|
|
19,037
|
|
||
Total stockholders’ equity
|
|
1,830,157
|
|
|
1,875,670
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
3,636,353
|
|
|
$
|
3,834,076
|
|
|
|
Nine Months Ended
|
||||||
(in thousands)
|
|
September 30,
2017 |
|
October 1,
2016 |
||||
Operating activities:
|
|
|
|
|
||||
Net (loss)/income
|
|
$
|
(40,359
|
)
|
|
$
|
23,424
|
|
Adjustments to reconcile net (loss)/income to cash from operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
73,250
|
|
|
72,687
|
|
||
Stock-based compensation expense
|
|
11,456
|
|
|
22,542
|
|
||
Loss/(gain) on sale of fixed assets, net
|
|
1,047
|
|
|
(25
|
)
|
||
Gain on sale of Diamond of California
|
|
(1,795
|
)
|
|
—
|
|
||
Gain on sale of route businesses, net
|
|
(1,744
|
)
|
|
(650
|
)
|
||
Changes in fair value of investments
|
|
—
|
|
|
179
|
|
||
Loss on early extinguishment of debt
|
|
—
|
|
|
4,749
|
|
||
Impairment charges
|
|
113,150
|
|
|
1,370
|
|
||
Deferred income taxes
|
|
7,260
|
|
|
7,139
|
|
||
Provision for doubtful accounts
|
|
639
|
|
|
218
|
|
||
Changes in operating assets and liabilities, excluding business acquisitions, divestitures and foreign currency translation adjustments
|
|
(28,631
|
)
|
|
35,165
|
|
||
Net cash provided by operating activities
|
|
134,273
|
|
|
166,798
|
|
||
|
|
|
|
|
||||
Investing activities:
|
|
|
|
|
||||
Purchases of fixed assets
|
|
(54,828
|
)
|
|
(55,823
|
)
|
||
Purchases of route businesses
|
|
(43,977
|
)
|
|
(16,467
|
)
|
||
Purchase of equity method investment
|
|
(1,500
|
)
|
|
—
|
|
||
Proceeds from sale of fixed assets and insurance recoveries
|
|
290
|
|
|
1,094
|
|
||
Proceeds from sale of route businesses
|
|
45,070
|
|
|
14,894
|
|
||
Proceeds from sale of investments
|
|
321
|
|
|
—
|
|
||
Proceeds from sale of discontinued operations
|
|
120,480
|
|
|
—
|
|
||
Business acquisitions, net of cash acquired
|
|
(2,561
|
)
|
|
(1,043,042
|
)
|
||
Net cash provided by/(used in) investing activities
|
|
63,295
|
|
|
(1,099,344
|
)
|
||
|
|
|
|
|
||||
Financing activities:
|
|
|
|
|
||||
Dividends paid to stockholders
|
|
(46,373
|
)
|
|
(42,078
|
)
|
||
Debt issuance costs
|
|
(2,441
|
)
|
|
(6,047
|
)
|
||
Issuances of common stock
|
|
16,669
|
|
|
9,001
|
|
||
Excess tax benefits from stock-based compensation
|
|
—
|
|
|
577
|
|
||
Share repurchases, including shares surrendered for tax withholding
|
|
(1,882
|
)
|
|
(8,485
|
)
|
||
Payments on capital leases
|
|
(1,642
|
)
|
|
(1,745
|
)
|
||
Repayments of long-term debt
|
|
(36,750
|
)
|
|
(232,560
|
)
|
||
Proceeds from issuance of long-term debt
|
|
—
|
|
|
1,130,000
|
|
||
Repayments of revolving credit facility
|
|
(283,500
|
)
|
|
(75,000
|
)
|
||
Proceeds from revolving credit facility
|
|
144,500
|
|
|
147,000
|
|
||
Net cash (used in)/provided by financing activities
|
|
(211,419
|
)
|
|
920,663
|
|
||
|
|
|
|
|
||||
Effect of exchange rate changes on cash
|
|
864
|
|
|
(660
|
)
|
||
|
|
|
|
|
||||
Net decrease
|
|
(12,987
|
)
|
|
(12,543
|
)
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
|
36,123
|
|
|
40,071
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
|
$
|
23,136
|
|
|
$
|
27,528
|
|
|
|
|
|
|
||||
Supplemental information:
|
|
|
|
|
||||
Cash paid for income taxes, net of refunds of $330 and $1,522, respectively
|
|
$
|
4,972
|
|
|
$
|
5,060
|
|
Cash paid for interest
|
|
$
|
27,233
|
|
|
$
|
22,414
|
|
|
|
|
|
|
||||
Non-cash investing activities:
|
|
|
|
|
||||
Decrease/(increase) in fixed asset expenditures included in accounts payable
|
|
$
|
1,239
|
|
|
$
|
(1,649
|
)
|
|
|
|
|
|
||||
Non-cash financing activities:
|
|
|
|
|
||||
Common stock and stock-based compensation issued for business acquisitions
|
|
$
|
—
|
|
|
$
|
800,987
|
|
•
|
The results of operations for the 13 and
39
weeks ended
September 30, 2017
("
third quarter
of
2017
" and "
first nine months
of
2017
", respectively), and the 13 and
39
weeks ended
October 1, 2016
("
third quarter
of
2016
" and "
first nine months
of
2016
", respectively).
|
•
|
Comprehensive income for the
third quarter
of
2017
and
first nine months
of
2017
and the
third quarter
of
2016
and
first nine months
of
2016
.
|
•
|
The financial position as of
September 30, 2017
and
December 31, 2016
.
|
•
|
The cash flows for the
first nine months
of
2017
and the
first nine months
of
2016
.
|
(in thousands)
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Cash and cash equivalents
|
|
$
|
22,690
|
|
|
$
|
35,409
|
|
Restricted cash
|
|
446
|
|
|
714
|
|
||
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statement of Cash Flows
|
|
$
|
23,136
|
|
|
$
|
36,123
|
|
(in thousands)
|
|
Previous Classification
(1)
|
|
Impact
|
|
Current Classification
|
||||||
Operating activities:
|
|
|
|
|
|
|
||||||
Gain on write-off of debt premium
|
|
$
|
(1,341
|
)
|
|
$
|
1,341
|
|
|
$
|
—
|
|
Loss on early extinguishment of debt
|
|
—
|
|
|
4,749
|
|
|
4,749
|
|
|||
Changes in operating assets and liabilities, excluding business acquisitions, divestitures and foreign currency translation adjustments
|
|
35,085
|
|
|
80
|
|
|
35,165
|
|
|||
Net cash provided by operating activities
|
|
160,628
|
|
|
6,170
|
|
|
166,798
|
|
|||
|
|
|
|
|
|
|
||||||
Financing activities:
|
|
|
|
|
|
|
||||||
Repayments of long-term debt
|
|
(226,390
|
)
|
|
(6,170
|
)
|
|
(232,560
|
)
|
|||
Net cash provided by financing activities
|
|
$
|
926,833
|
|
|
$
|
(6,170
|
)
|
|
$
|
920,663
|
|
•
|
Excess tax benefits for share-based payments were previously recognized through income tax receivable and equity, and presented as a financing cash flow. As a result of adopting this accounting standard, excess tax benefits for share-based payments are recognized as an adjustment to income tax expense and reflected in operating cash flows. We elected to adopt this provision of the accounting standard prospectively which resulted in income tax benefit of
$0.9 million
and
$2.5 million
for the
third quarter
and
first nine months
of
2017
, respectively.
|
•
|
The guidance allows the employer to withhold up to the maximum statutory tax rates in the applicable jurisdictions without triggering liability accounting. Our accounting treatment of outstanding equity awards was not impacted by our adoption of this provision of the accounting standard.
|
•
|
The guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. We did not make this election, and continue to account for forfeitures on an estimated basis.
|
•
|
Slotting fees, which are currently amortized over the lesser of their arrangement term or 12 months, but under the new standard these slotting fees will be recognized as a reduction in the transaction price as the product is sold. This could lead to a difference in the timing of recognizing revenue.
|
•
|
Coupon liabilities will commence when control of the goods are transferred to the customer rather than when the coupon is distributed, which will accelerate the recognition of coupon expense under the new standard.
|
•
|
Contract manufacturing arrangements are recognized as revenue when product is delivered to the customer. If any of our contracts create an asset without an alternative use and an enforceable right to payment, then we would recognize revenue at the time of production rather than shipment under the new standard. The right to payment is enforceable under certain contracts.
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
(in thousands)
|
|
September 30,
2017 |
|
October 1,
2016 |
|
September 30,
2017 |
|
October 1,
2016 |
||||||||
Net revenue
|
|
$
|
—
|
|
|
$
|
44,898
|
|
|
$
|
—
|
|
|
$
|
108,002
|
|
Cost of sales
|
|
—
|
|
|
30,922
|
|
|
—
|
|
|
88,235
|
|
||||
Gross profit
|
|
—
|
|
|
13,976
|
|
|
—
|
|
|
19,767
|
|
||||
Selling, general and administrative expenses
|
|
—
|
|
|
8,127
|
|
|
—
|
|
|
18,158
|
|
||||
Transaction and integration related expenses
|
|
—
|
|
|
387
|
|
|
—
|
|
|
1,404
|
|
||||
Gain on sale of Diamond of California
|
|
(2,335
|
)
|
|
—
|
|
|
(1,795
|
)
|
|
—
|
|
||||
Income from discontinued operations before income taxes
|
|
2,335
|
|
|
5,462
|
|
|
1,795
|
|
|
205
|
|
||||
Income tax expense/(benefit)
|
|
862
|
|
|
1,807
|
|
|
663
|
|
|
(121
|
)
|
||||
Income from discontinued operations, net of income taxes
|
|
$
|
1,473
|
|
|
$
|
3,655
|
|
|
$
|
1,132
|
|
|
$
|
326
|
|
|
|
Nine Months Ended
|
||||||
(in thousands)
|
|
September 30,
2017 |
|
October 1,
2016 |
||||
Cash flows from discontinued operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
$
|
—
|
|
|
$
|
3,280
|
|
Stock-based compensation expense
|
|
—
|
|
|
513
|
|
||
Gain on sale of Diamond of California
|
|
(1,795
|
)
|
|
—
|
|
||
Payable to growers
(1)
|
|
—
|
|
|
1,156
|
|
||
|
|
|
|
|
||||
Cash flows from discontinued investing activities:
|
|
|
|
|
||||
Purchases of fixed assets
|
|
$
|
—
|
|
|
$
|
182
|
|
|
|
Quarter Ended
|
Nine Months Ended
|
||||
(in thousands)
|
|
October 1,
2016 |
October 1,
2016 |
||||
Net revenue
(1)
|
|
$
|
588,801
|
|
$
|
1,790,680
|
|
Net income attributable to Snyder's-Lance, Inc.
(1)
|
|
$
|
29,315
|
|
$
|
72,707
|
|
•
|
SG&A Expense Efficiency.
Reduce direct spending and accelerate zero-based budgeting to improve indirect costs.
|
•
|
Manufacturing and Supply Chain Productivity.
Reduce manufacturing and distribution network complexity and improve productivity.
|
•
|
Product and Portfolio Optimization.
Reduce business complexity through stock keeping unit ("SKU") rationalization and ongoing portfolio maintenance.
|
•
|
Price Realization.
Improve trade spend productivity and effectiveness and optimize brand assortment.
|
•
|
Marketing Investment Optimization.
Reset working/non-working ratios and increase investment in our core branded portfolio.
|
•
|
Channel Execution Excellence.
Elevate the performance of the existing independent business owner direct store delivery partnership.
|
(in thousands)
|
|
Severance and Related Costs
(1)
|
|
Asset Impairments
|
|
Professional Fees
|
|
Other
|
|
Total
|
||||||||||
Liability balance, December 31, 2016
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Charges
|
|
8,607
|
|
|
7,216
|
|
|
7,278
|
|
|
681
|
|
|
23,782
|
|
|||||
Cash spent
|
|
(5,861
|
)
|
|
—
|
|
|
(6,365
|
)
|
|
—
|
|
|
(12,226
|
)
|
|||||
Non-cash settlements/adjustments
|
|
(209
|
)
|
|
(7,216
|
)
|
|
—
|
|
|
(681
|
)
|
|
(8,106
|
)
|
|||||
Liability balance, September 30, 2017
|
|
$
|
2,537
|
|
|
$
|
—
|
|
|
$
|
913
|
|
|
$
|
—
|
|
|
$
|
3,450
|
|
(in thousands)
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||
|
September 30, 2017
|
|
September 30, 2017
|
|||||
Cost of sales
|
|
$
|
838
|
|
|
$
|
3,568
|
|
Selling, general, and administrative
|
|
6,252
|
|
|
12,998
|
|
||
Impairment charges
|
|
—
|
|
|
7,216
|
|
||
Total
|
|
$
|
7,090
|
|
|
$
|
23,782
|
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
(in thousands, except per share data)
|
|
September 30,
2017 |
|
October 1,
2016 |
|
September 30,
2017 |
|
October 1,
2016 |
||||||||
Basic EPS:
|
|
|
|
|
|
|
|
|
||||||||
Income/(loss) from continuing operations attributable to Snyder's-Lance, Inc.
|
|
$
|
(57,736
|
)
|
|
$
|
25,660
|
|
|
$
|
(42,263
|
)
|
|
$
|
23,239
|
|
Less: Income from continuing operations allocated to participating securities
|
|
—
|
|
|
41
|
|
|
—
|
|
|
—
|
|
||||
Income/(loss) from continuing operations allocated to common shares
|
|
$
|
(57,736
|
)
|
|
$
|
25,619
|
|
|
$
|
(42,263
|
)
|
|
$
|
23,239
|
|
Weighted average shares outstanding – Basic
|
|
96,642
|
|
|
95,881
|
|
|
96,428
|
|
|
90,504
|
|
||||
Earnings/(loss) per share – Basic
|
|
$
|
(0.60
|
)
|
|
$
|
0.26
|
|
|
$
|
(0.44
|
)
|
|
$
|
0.26
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted EPS:
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding – Basic
|
|
96,642
|
|
|
95,881
|
|
|
96,428
|
|
|
90,504
|
|
||||
Effect of dilutive stock options, restricted units and performance-based restricted units on shares outstanding
|
|
—
|
|
|
1,131
|
|
|
—
|
|
|
989
|
|
||||
Weighted average shares outstanding – Diluted
|
|
96,642
|
|
|
97,012
|
|
|
96,428
|
|
|
91,493
|
|
||||
Earnings/(loss) per share – Diluted
|
|
$
|
(0.60
|
)
|
|
$
|
0.26
|
|
|
$
|
(0.44
|
)
|
|
$
|
0.26
|
|
(in thousands)
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Finished goods and work in process
|
|
$
|
122,860
|
|
|
$
|
102,056
|
|
Raw materials
|
|
26,216
|
|
|
32,095
|
|
||
Maintenance parts, packaging and supplies
|
|
45,693
|
|
|
39,305
|
|
||
Total inventories, net
|
|
$
|
194,769
|
|
|
$
|
173,456
|
|
(in thousands)
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Land and land improvements
|
|
$
|
38,209
|
|
|
$
|
37,835
|
|
Buildings and building improvements
|
|
192,210
|
|
|
192,874
|
|
||
Machinery, equipment and computer systems
|
|
650,850
|
|
|
607,869
|
|
||
Trucks, trailers and automobiles
|
|
33,350
|
|
|
32,723
|
|
||
Furniture and fixtures
|
|
4,612
|
|
|
4,720
|
|
||
Construction in progress
|
|
19,968
|
|
|
22,098
|
|
||
Capital leases
(1)
|
|
2,722
|
|
|
3,303
|
|
||
|
|
941,921
|
|
|
901,422
|
|
||
Accumulated depreciation
|
|
(446,090
|
)
|
|
(399,472
|
)
|
||
|
|
495,831
|
|
|
501,950
|
|
||
Fixed assets held for sale
|
|
(33
|
)
|
|
(66
|
)
|
||
Fixed assets, net
|
|
$
|
495,798
|
|
|
$
|
501,884
|
|
(in thousands)
|
|
Carrying Amount
|
||
Balance as of December 31, 2016
|
|
$
|
1,318,362
|
|
Business acquisition and measurement period adjustments
|
|
2,876
|
|
|
Changes in foreign currency exchange rates
|
|
6,191
|
|
|
Goodwill reclassified to assets held for sale
|
|
(160
|
)
|
|
Impairments
|
|
(46,335
|
)
|
|
Balance as of September 30, 2017
|
|
$
|
1,280,934
|
|
(in thousands)
|
|
Gross
Carrying
Amount
|
|
Cumulative Impairments
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
||||||||
As of September 30, 2017:
|
|
|
|
|
|
|
|
|
||||||||
Customer and contractual relationships
(1)
– amortized
|
|
$
|
501,218
|
|
|
$
|
—
|
|
|
$
|
(78,417
|
)
|
|
$
|
422,801
|
|
Non-compete agreement – amortized
|
|
710
|
|
|
—
|
|
|
(507
|
)
|
|
203
|
|
||||
Developed technology – amortized
|
|
2,700
|
|
|
—
|
|
|
(595
|
)
|
|
2,105
|
|
||||
Reacquired rights – amortized
|
|
3,100
|
|
|
—
|
|
|
(2,392
|
)
|
|
708
|
|
||||
Patents – amortized
|
|
8,600
|
|
|
—
|
|
|
(3,894
|
)
|
|
4,706
|
|
||||
Routes – unamortized
|
|
10,425
|
|
|
(45
|
)
|
|
—
|
|
|
10,380
|
|
||||
Trademarks
(2)
– unamortized
|
|
931,137
|
|
|
(65,085
|
)
|
|
—
|
|
|
866,052
|
|
||||
Balance as of September 30, 2017
|
|
$
|
1,457,890
|
|
|
$
|
(65,130
|
)
|
|
$
|
(85,805
|
)
|
|
$
|
1,306,955
|
|
|
|
|
|
|
|
|
|
|
||||||||
As of December 31, 2016:
|
|
|
|
|
|
|
|
|
||||||||
Customer and contractual relationships – amortized
|
|
$
|
493,026
|
|
|
$
|
—
|
|
|
$
|
(58,314
|
)
|
|
$
|
434,712
|
|
Non-compete agreement – amortized
|
|
710
|
|
|
—
|
|
|
(417
|
)
|
|
293
|
|
||||
Developed technology – amortized
|
|
2,700
|
|
|
—
|
|
|
(460
|
)
|
|
2,240
|
|
||||
Reacquired rights – amortized
|
|
3,100
|
|
|
—
|
|
|
(2,101
|
)
|
|
999
|
|
||||
Patents – amortized
|
|
8,600
|
|
|
—
|
|
|
(3,308
|
)
|
|
5,292
|
|
||||
Routes – unamortized
|
|
10,869
|
|
|
(45
|
)
|
|
—
|
|
|
10,824
|
|
||||
Trademarks – unamortized
|
|
926,140
|
|
|
(6,700
|
)
|
|
—
|
|
|
919,440
|
|
||||
Balance as of December 31, 2016
|
|
$
|
1,445,145
|
|
|
$
|
(6,745
|
)
|
|
$
|
(64,600
|
)
|
|
$
|
1,373,800
|
|
(in thousands)
|
|
Carrying Amount
|
||
Balance as of December 31, 2016
|
|
$
|
10,824
|
|
Routes reclassified to assets held for sale
|
|
(444
|
)
|
|
Balance as of September 30, 2017
|
|
$
|
10,380
|
|
(in thousands)
|
|
Carrying Amount
|
||
Balance as of December 31, 2016
|
|
$
|
19,502
|
|
Purchases of route businesses held for sale
|
|
43,977
|
|
|
Sales of route businesses held for sale
|
|
(43,327
|
)
|
|
Reclassifications from route intangibles and goodwill
|
|
604
|
|
|
Balance as of September 30, 2017
|
|
$
|
20,756
|
|
(in thousands)
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Revolving credit facility
|
|
$
|
88,000
|
|
|
$
|
227,000
|
|
Other long-term debt
|
|
1,041,500
|
|
|
1,078,250
|
|
||
Debt issuance costs, net
|
|
(10,347
|
)
|
|
(10,291
|
)
|
||
Total debt, net
|
|
1,119,153
|
|
|
1,294,959
|
|
||
Current portion of long-term debt
|
|
(49,000
|
)
|
|
(49,000
|
)
|
||
Total long-term debt, net
|
|
$
|
1,070,153
|
|
|
$
|
1,245,959
|
|
(in thousands)
|
|
Amount
|
||
Repayment of private placement senior notes
|
|
$
|
100,000
|
|
Penalty on early extinguishment
|
|
6,170
|
|
|
Book value of private placement debt, including unamortized fair value adjustment
|
|
(101,421
|
)
|
|
Loss on early extinguishment of debt
|
|
$
|
4,749
|
|
Level 1
|
–
|
quoted prices in active markets for identical assets and liabilities.
|
Level 2
|
–
|
observable inputs other than quoted prices for identical assets and liabilities.
|
Level 3
|
–
|
unobservable inputs for which there is little or no market data available, which required us to develop our own assumptions.
|
(in thousands)
|
|
Book Value
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||
Balance as of September 30, 2017
|
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
|
$
|
22,690
|
|
|
$
|
22,690
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restricted cash
|
|
446
|
|
|
446
|
|
|
—
|
|
|
—
|
|
||||
Interest rate swaps
|
|
8,570
|
|
|
—
|
|
|
8,570
|
|
|
—
|
|
||||
Total assets
|
|
$
|
31,706
|
|
|
$
|
23,136
|
|
|
$
|
8,570
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
|
1,093
|
|
|
$
|
—
|
|
|
$
|
1,093
|
|
|
$
|
—
|
|
|
Total liabilities
|
|
$
|
1,093
|
|
|
$
|
—
|
|
|
$
|
1,093
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance as of December 31, 2016
|
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
|
$
|
35,409
|
|
|
$
|
35,409
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restricted cash
|
|
714
|
|
|
714
|
|
|
—
|
|
|
—
|
|
||||
Interest rate swaps
|
|
10,748
|
|
|
—
|
|
|
10,748
|
|
|
—
|
|
||||
Total assets
|
|
$
|
46,871
|
|
|
$
|
36,123
|
|
|
$
|
10,748
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
|
$
|
392
|
|
|
$
|
—
|
|
|
$
|
392
|
|
|
$
|
—
|
|
Total liabilities
|
|
$
|
392
|
|
|
$
|
—
|
|
|
$
|
392
|
|
|
$
|
—
|
|
(in thousands)
|
|
Balance Sheet Location
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Derivatives designated as hedges:
|
|
|
|
|
|
|
||||
Interest rate swaps
|
|
Other noncurrent assets
|
|
$
|
8,570
|
|
|
$
|
10,748
|
|
Interest rate swaps
|
|
Other noncurrent liabilities
|
|
(1,093
|
)
|
|
(392
|
)
|
||
Total fair value of derivative instruments
|
|
|
|
$
|
7,477
|
|
|
$
|
10,356
|
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
(in thousands)
|
|
September 30,
2017 |
|
October 1,
2016 |
|
September 30,
2017 |
|
October 1,
2016 |
||||||||
Gains/(losses) on interest rate swaps, net of income tax (expense)/benefit of $(84), $(234), $1,116 and $794, respectively
|
|
$
|
131
|
|
|
$
|
378
|
|
|
$
|
(1,763
|
)
|
|
$
|
(1,249
|
)
|
|
|
Income Statement Location
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
(in thousands)
|
|
|
September 30,
2017 |
|
October 1,
2016 |
|
September 30,
2017 |
|
October 1,
2016 |
|||||||||
Losses on cash flow hedges reclassified out of accumulated other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps, net of tax benefit of $189, $98, $337 and $299, respectively
|
|
Interest expense, net
|
|
$
|
(282
|
)
|
|
$
|
(158
|
)
|
|
$
|
(503
|
)
|
|
$
|
(477
|
)
|
Total amounts reclassified from accumulated other comprehensive loss
|
|
|
|
$
|
(282
|
)
|
|
$
|
(158
|
)
|
|
$
|
(503
|
)
|
|
$
|
(477
|
)
|
(in thousands)
|
|
Gains/(Losses) on Cash Flow Hedges
|
|
Foreign Currency Translation Adjustments
|
|
Total
|
||||||
Balance as of December 31, 2016
|
|
$
|
6,323
|
|
|
$
|
(24,300
|
)
|
|
$
|
(17,977
|
)
|
|
|
|
|
|
|
|
||||||
Other comprehensive (loss)/income before reclassifications
|
|
(2,266
|
)
|
|
16,739
|
|
|
14,473
|
|
|||
Losses reclassified from accumulated other comprehensive loss
|
|
503
|
|
|
—
|
|
|
503
|
|
|||
Total other comprehensive (loss)/income
|
|
(1,763
|
)
|
|
16,739
|
|
|
14,976
|
|
|||
|
|
|
|
|
|
|
||||||
Balance as of September 30, 2017
|
|
$
|
4,560
|
|
|
$
|
(7,561
|
)
|
|
$
|
(3,001
|
)
|
(in thousands)
|
|
Gains/(Losses) on Cash Flow Hedges
|
|
Foreign Currency Translation Adjustments
|
|
Total
|
||||||
Balance as of January 2, 2016
|
|
$
|
(630
|
)
|
|
$
|
—
|
|
|
$
|
(630
|
)
|
|
|
|
|
|
|
|
||||||
Other comprehensive loss before reclassifications
|
|
(1,726
|
)
|
|
(24,226
|
)
|
|
(25,952
|
)
|
|||
Losses reclassified from accumulated other comprehensive loss
|
|
477
|
|
|
—
|
|
|
477
|
|
|||
Total other comprehensive loss
|
|
(1,249
|
)
|
|
(24,226
|
)
|
|
(25,475
|
)
|
|||
|
|
|
|
|
|
|
||||||
Balance as of October 1, 2016
|
|
$
|
(1,879
|
)
|
|
$
|
(24,226
|
)
|
|
$
|
(26,105
|
)
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
(in thousands)
|
|
September 30,
2017 |
|
October 1,
2016 |
|
September 30,
2017 |
|
October 1,
2016 |
||||||||
Branded
|
|
|
|
|
|
|
|
|
||||||||
Core brand
|
|
$
|
407,785
|
|
|
$
|
388,570
|
|
|
$
|
1,208,994
|
|
|
$
|
1,078,280
|
|
Allied brand
|
|
39,604
|
|
|
38,261
|
|
|
122,296
|
|
|
117,009
|
|
||||
Total Branded
|
|
447,389
|
|
|
426,831
|
|
|
1,331,290
|
|
|
1,195,289
|
|
||||
Partner brand
|
|
73,978
|
|
|
73,821
|
|
|
222,325
|
|
|
229,607
|
|
||||
Other
|
|
42,817
|
|
|
43,251
|
|
|
121,665
|
|
|
128,168
|
|
||||
Net revenue
|
|
$
|
564,184
|
|
|
$
|
543,903
|
|
|
$
|
1,675,280
|
|
|
$
|
1,553,064
|
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
(in thousands)
|
|
September 30,
2017 |
|
October 1,
2016 |
|
September 30,
2017 |
|
October 1,
2016 |
||||||||
Location:
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
536,278
|
|
|
$
|
517,927
|
|
|
$
|
1,593,913
|
|
|
$
|
1,485,487
|
|
International
|
|
27,906
|
|
|
25,976
|
|
|
81,367
|
|
|
67,577
|
|
||||
Net revenue
|
|
$
|
564,184
|
|
|
$
|
543,903
|
|
|
$
|
1,675,280
|
|
|
$
|
1,553,064
|
|
(in thousands)
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Location:
|
|
|
|
|
||||
United States
|
|
$
|
469,832
|
|
|
$
|
477,450
|
|
International
|
|
25,966
|
|
|
24,434
|
|
||
Total
|
|
$
|
495,798
|
|
|
$
|
501,884
|
|
•
|
We recognized
$104.7 million
in non-cash impairment charges to our goodwill and other intangible assets;
|
•
|
We incurred
$7.1 million
in charges related to the Transformation Plan; and
|
•
|
We incurred
$2.5 million
in costs related to relocating production from Stockton, California, and associated professional fees due to our divestiture of the Diamond of California business.
|
|
|
Quarter Ended
|
|
Favorable/
(Unfavorable) Variance |
|||||||||||||||||
(in thousands)
|
|
September 30, 2017
|
|
October 1, 2016
|
|
||||||||||||||||
Net revenue
|
|
$
|
564,184
|
|
|
100.0
|
%
|
|
$
|
543,903
|
|
|
100.0
|
%
|
|
$
|
20,281
|
|
|
3.7
|
%
|
Cost of sales
|
|
357,993
|
|
|
63.5
|
%
|
|
344,807
|
|
|
63.4
|
%
|
|
(13,186
|
)
|
|
(3.8
|
)%
|
|||
Gross profit
|
|
206,191
|
|
|
36.5
|
%
|
|
199,096
|
|
|
36.6
|
%
|
|
7,095
|
|
|
3.6
|
%
|
|||
Selling, general and administrative expenses
|
|
154,811
|
|
|
27.3
|
%
|
|
152,980
|
|
|
28.1
|
%
|
|
(1,831
|
)
|
|
(1.2
|
)%
|
|||
Transaction and integration related expenses
|
|
276
|
|
|
—
|
%
|
|
3,656
|
|
|
0.7
|
%
|
|
3,380
|
|
|
92.5
|
%
|
|||
Impairment charges
|
|
105,230
|
|
|
18.7
|
%
|
|
507
|
|
|
0.1
|
%
|
|
(104,723
|
)
|
|
nm
|
|
|||
Other operating (income)/expense, net
|
|
(279
|
)
|
|
—
|
%
|
|
(3,776
|
)
|
|
(0.7
|
)%
|
|
3,497
|
|
|
(92.6
|
)%
|
|||
Operating (loss)/income
|
|
(53,847
|
)
|
|
(9.5
|
)%
|
|
45,729
|
|
|
8.4
|
%
|
|
(99,576
|
)
|
|
nm
|
|
|||
Other (income)/expense, net
|
|
(227
|
)
|
|
—
|
%
|
|
305
|
|
|
—
|
%
|
|
532
|
|
|
nm
|
|
|||
(Loss)/income before interest and income taxes
|
|
(53,620
|
)
|
|
(9.5
|
)%
|
|
45,424
|
|
|
8.4
|
%
|
|
(99,044
|
)
|
|
nm
|
|
|||
Interest expense, net
|
|
10,141
|
|
|
1.8
|
%
|
|
9,215
|
|
|
1.7
|
%
|
|
(926
|
)
|
|
(10.0
|
)%
|
|||
(Loss)/income before income taxes
|
|
(63,761
|
)
|
|
(11.3
|
)%
|
|
36,209
|
|
|
6.7
|
%
|
|
(99,970
|
)
|
|
nm
|
|
|||
Income tax (benefit)/expense
|
|
(6,043
|
)
|
|
(1.1
|
)%
|
|
10,663
|
|
|
2.0
|
%
|
|
16,706
|
|
|
nm
|
|
|||
(Loss)/income from continuing operations
|
|
(57,718
|
)
|
|
(10.2
|
)%
|
|
25,546
|
|
|
4.7
|
%
|
|
(83,264
|
)
|
|
nm
|
|
|||
Income from discontinued operations, net of income taxes
|
|
1,473
|
|
|
0.2
|
%
|
|
3,655
|
|
|
0.7
|
%
|
|
(2,182
|
)
|
|
(59.7
|
)%
|
|||
Net (loss)/income
|
|
$
|
(56,245
|
)
|
|
(10.0
|
)%
|
|
$
|
29,201
|
|
|
5.4
|
%
|
|
$
|
(85,446
|
)
|
|
nm
|
|
|
|
Quarter Ended
|
|
Favorable/
(Unfavorable) Variance |
|||||||||||||||||
(in thousands)
|
|
September 30, 2017
|
|
October 1, 2016
|
|
||||||||||||||||
Branded
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Core brand
|
|
$
|
407,785
|
|
|
72.3
|
%
|
|
$
|
388,570
|
|
|
71.4
|
%
|
|
$
|
19,215
|
|
|
4.9
|
%
|
Allied brand
|
|
39,604
|
|
|
7.0
|
%
|
|
38,261
|
|
|
7.1
|
%
|
|
1,343
|
|
|
3.5
|
%
|
|||
Total Branded
|
|
447,389
|
|
|
79.3
|
%
|
|
426,831
|
|
|
78.5
|
%
|
|
20,558
|
|
|
4.8
|
%
|
|||
Partner brand
|
|
73,978
|
|
|
13.1
|
%
|
|
73,821
|
|
|
13.6
|
%
|
|
157
|
|
|
0.2
|
%
|
|||
Other
|
|
42,817
|
|
|
7.6
|
%
|
|
43,251
|
|
|
7.9
|
%
|
|
(434
|
)
|
|
(1.0
|
)%
|
|||
Net revenue
|
|
$
|
564,184
|
|
|
100.0
|
%
|
|
$
|
543,903
|
|
|
100.0
|
%
|
|
$
|
20,281
|
|
|
3.7
|
%
|
•
|
Lance
®
branded products had double-digit revenue growth for the quarter, which outpaced the category growth and strengthened its category leadership position. This growth came from increased distribution compared to the prior year and increased sales volume driven by effective promotional programs.
|
•
|
Late July
®
branded products continued its trend of double digit growth through higher sales volume across all channels and increased distribution, gaining market share in the quarter.
|
•
|
Snack Factory
®
Pretzel Crisps
®
branded products continued to experience growth as the category leader of the deli snack category. Net revenue from these products increased due to increased volumes.
|
•
|
Snyder's of Hanover
®
branded products experienced growth for the quarter, due to new product offerings and increased sales volumes.
|
•
|
Pop Secret
®
branded products had decreased volumes that outpaced the category decline in volume.
|
•
|
Emerald
®
branded products had decreased volumes due to our inability to meet customer demand as we transition production of these products to our Charlotte, NC facility.
|
|
|
Nine Months Ended
|
|
Favorable/
(Unfavorable) Variance |
|||||||||||||||||
(in thousands)
|
|
September 30, 2017
|
|
October 1, 2016
|
|
||||||||||||||||
Net revenue
|
|
$
|
1,675,280
|
|
|
100.0
|
%
|
|
$
|
1,553,064
|
|
|
100.0
|
%
|
|
$
|
122,216
|
|
|
7.9
|
%
|
Cost of sales
|
|
1,074,036
|
|
|
64.1
|
%
|
|
999,322
|
|
|
64.3
|
%
|
|
(74,714
|
)
|
|
(7.5
|
)%
|
|||
Gross profit
|
|
601,244
|
|
|
35.9
|
%
|
|
553,742
|
|
|
35.7
|
%
|
|
47,502
|
|
|
8.6
|
%
|
|||
Selling, general and administrative expenses
|
|
493,513
|
|
|
29.4
|
%
|
|
434,656
|
|
|
28.0
|
%
|
|
(58,857
|
)
|
|
(13.5
|
)%
|
|||
Transaction and integration related expenses
|
|
1,861
|
|
|
0.1
|
%
|
|
62,579
|
|
|
4.0
|
%
|
|
60,718
|
|
|
97.0
|
%
|
|||
Impairment charges
|
|
113,150
|
|
|
6.8
|
%
|
|
1,370
|
|
|
0.1
|
%
|
|
(111,780
|
)
|
|
nm
|
|
|||
Other operating (income)/expense, net
|
|
196
|
|
|
—
|
%
|
|
(5,195
|
)
|
|
(0.3
|
)%
|
|
(5,391
|
)
|
|
nm
|
|
|||
Operating (loss)/income
|
|
(7,476
|
)
|
|
(0.4
|
)%
|
|
60,332
|
|
|
3.9
|
%
|
|
(67,808
|
)
|
|
nm
|
|
|||
Other (income)/expense, net
|
|
(1,461
|
)
|
|
—
|
%
|
|
(250
|
)
|
|
—
|
%
|
|
1,211
|
|
|
(484.4
|
)%
|
|||
(Loss)/income before interest and income taxes
|
|
(6,015
|
)
|
|
(0.4
|
)%
|
|
60,582
|
|
|
3.9
|
%
|
|
(66,597
|
)
|
|
nm
|
|
|||
Loss on early extinguishment of debt
|
|
—
|
|
|
—
|
%
|
|
4,749
|
|
|
0.3
|
%
|
|
4,749
|
|
|
nm
|
|
|||
Interest expense, net
|
|
28,587
|
|
|
1.7
|
%
|
|
23,305
|
|
|
1.5
|
%
|
|
5,282
|
|
|
22.7
|
%
|
|||
(Loss)/income before income taxes
|
|
(34,602
|
)
|
|
(2.1
|
)%
|
|
32,528
|
|
|
2.1
|
%
|
|
(67,130
|
)
|
|
nm
|
|
|||
Income tax (benefit)/expense
|
|
6,889
|
|
|
0.4
|
%
|
|
9,430
|
|
|
0.6
|
%
|
|
(2,541
|
)
|
|
(26.9
|
)%
|
|||
(Loss)/income from continuing operations
|
|
(41,491
|
)
|
|
(2.5
|
)%
|
|
23,098
|
|
|
1.5
|
%
|
|
(64,589
|
)
|
|
nm
|
|
|||
Income from discontinued operations, net of income taxes
|
|
1,132
|
|
|
0.1
|
%
|
|
326
|
|
|
—
|
%
|
|
806
|
|
|
nm
|
|
|||
Net (loss)/income
|
|
$
|
(40,359
|
)
|
|
(2.4
|
)%
|
|
$
|
23,424
|
|
|
1.5
|
%
|
|
$
|
(63,783
|
)
|
|
nm
|
|
|
|
Nine Months Ended
|
|
Favorable/
(Unfavorable) Variance |
|||||||||||||||||
(in thousands)
|
|
September 30, 2017
|
|
October 1, 2016
|
|
||||||||||||||||
Branded
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Core brand
|
|
$
|
1,208,994
|
|
|
72.2
|
%
|
|
$
|
1,078,280
|
|
|
69.4
|
%
|
|
$
|
130,714
|
|
|
12.1
|
%
|
Allied brand
|
|
122,296
|
|
|
7.3
|
%
|
|
117,009
|
|
|
7.6
|
%
|
|
5,287
|
|
|
4.5
|
%
|
|||
Total Branded
|
|
1,331,290
|
|
|
79.5
|
%
|
|
1,195,289
|
|
|
77.0
|
%
|
|
136,001
|
|
|
11.4
|
%
|
|||
Partner brand
|
|
222,325
|
|
|
13.3
|
%
|
|
229,607
|
|
|
14.8
|
%
|
|
(7,282
|
)
|
|
(3.2
|
)%
|
|||
Other
|
|
121,665
|
|
|
7.2
|
%
|
|
128,168
|
|
|
8.2
|
%
|
|
(6,503
|
)
|
|
(5.1
|
)%
|
|||
Net revenue
|
|
$
|
1,675,280
|
|
|
100.0
|
%
|
|
$
|
1,553,064
|
|
|
100.0
|
%
|
|
$
|
122,216
|
|
|
7.9
|
%
|
•
|
Snack Factory
®
and Late July
®
brands have experienced double-digit growth and strong market share gains in the current year due to expanded distribution and volumes across our channels.
|
•
|
Snyder's of Hanover
®
is up mid-single digits, driven by new product introductions in the current year and increased volumes.
|
•
|
Cape Cod
®
branded products are up mid-single digits due to increased distribution and new product introductions in the current year.
|
•
|
Lance
®
branded products are up mid-single digits with volume increases more than offsetting slight distribution losses in the first nine months of the year.
|
(in thousands)
|
|
September 30,
2017 |
|
October 1,
2016 |
||||
Net cash provided by/(used in):
|
|
|
|
|
||||
Operating activities
|
|
$
|
134,273
|
|
|
$
|
166,798
|
|
Investing activities
|
|
63,295
|
|
|
(1,099,344
|
)
|
||
Financing activities
|
|
(211,419
|
)
|
|
920,663
|
|
||
Effect of exchange rate changes on cash
|
|
864
|
|
|
(660
|
)
|
||
Net decrease in cash, cash equivalents and restricted cash
|
|
$
|
(12,987
|
)
|
|
$
|
(12,543
|
)
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||
|
|
Emerald
®
|
|
Pop Secret
®
|
|
KETTLE
®
Chips (U.K.)
|
|
Emerald
®
|
|
Pop Secret
®
|
|
KETTLE
®
Chips (U.K.)
|
Annual revenue growth during valuation period
|
|
1.1%
|
|
(2.0%)
|
|
1.2%
|
|
1.9%
|
|
0.7%
|
|
2.8%
|
Terminal growth rate
|
|
1.0%
|
|
1.0%
|
|
1.5%
|
|
2.0%
|
|
1.0%
|
|
2.0%
|
WACC
|
|
7.0%
|
|
7.0%
|
|
7.5%
|
|
7.0%
|
|
7.0%
|
|
7.5%
|
Royalty rate
|
|
1.5%
|
|
7.0%
|
|
6.0%
|
|
1.0%
|
|
8.0%
|
|
6.0%
|
Period
|
|
Total Number of Shares Purchased
(1)
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
(2)
|
|||||
July 2, 2017 - July 31, 2017
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
August 1, 2017 - August 31, 2017
|
|
1,300
|
|
|
36.70
|
|
|
—
|
|
|
—
|
|
|
September 1, 2017 - September 30, 2017
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
1,300
|
|
|
$
|
36.70
|
|
|
—
|
|
|
—
|
|
|
No.
|
Description
|
|
|
|
|
10.1*
|
|
|
|
|
|
10.2*
|
|
|
|
|
|
10.3*
|
|
|
|
|
|
10.4*
|
|
|
|
|
|
10.5*
|
|
|
|
|
|
10.6*
|
|
|
|
|
|
10.7*
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32
|
|
|
|
|
|
101
|
The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Income/(Loss), (ii) the Condensed Consolidated Statements of Comprehensive Income/(Loss), (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows and (v) the Notes to the Condensed Consolidated Financial Statements.
|
|
SNYDER’S-LANCE, INC.
|
||
|
|
|
|
|
|
|
|
Date: November 9, 2017
|
By:
|
|
/s/ Alexander W. Pease
|
|
|
|
Alexander W. Pease
|
|
|
|
Executive Vice President, Chief Financial Officer
|
1 Year Snyders-Lance, Inc. (delisted) Chart |
1 Month Snyders-Lance, Inc. (delisted) Chart |
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