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Consolidated Statements Of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 29, 2012
Sep. 29, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2011
Oct. 01, 2011
Jul. 02, 2011
Apr. 02, 2011
Dec. 29, 2012
Dec. 31, 2011
Jan. 01, 2011
Income Statement [Abstract]                      
Net revenue $ 419,826 $ 406,565 $ 399,400 $ 392,843 $ 412,127 $ 421,897 $ 412,541 $ 388,471 $ 1,618,634 $ 1,635,036 $ 979,835
Cost of sales 277,209 [1] 269,626 [1] 267,482 [1] 265,460 [1] 268,012 [2] 280,892 [2] 268,904 [2] 247,299 [2] 1,079,777 1,065,107 601,015
Gross margin 142,617 136,939 131,918 127,383 144,115 141,005 143,637 141,172 538,857 569,929 378,820
Selling, general and administrative 115,733 [3] 106,512 [3] 107,649 [3] 110,703 [3] 110,412 [4] 126,816 [4] 137,134 [4] 120,905 [4] 440,597 495,267 359,629
Other Asset Impairment Charges 11,655 80 127 0 2,585 0 10,119 0 11,862 12,704 584
Gain on sale of route businesses, net (739) (1,427) (10,882) (9,287) (5,652) (3,462) (237) (89) (22,335) (9,440) 0
Other (income)/expense, net (283) 537 (572) (89) 1,381 (779) 263 128 (407) 993 6,524
Income before interest and income taxes 16,251 31,237 35,596 26,056 35,389 18,430 (3,642) 20,228 109,140 70,405 12,083
Interest expense, net 3,229 1,692 2,303 2,263 2,496 3,037 2,367 2,660 9,487 10,560 3,921
Income before income taxes 13,022 29,545 33,293 23,793 32,893 15,393 (6,009) 17,568 99,653 59,845 8,162
Income tax expense 5,212 11,634 13,828 9,469 10,274 6,608 (2,303) 6,525 40,143 21,104 5,631
Net income 7,810 17,911 19,465 14,324 22,619 8,785 (3,706) 11,043 59,510 38,741 2,531
Net income attributable to noncontrolling interests, net of income tax of $263, $322 and $4, respectively 28 146 140 111 192 (45) 142 194 425 483 19
Net income attributable to Snyder’s-Lance, Inc. $ 7,782 $ 17,765 $ 19,325 $ 14,213 $ 22,427 $ 8,830 $ (3,848) $ 10,849 $ 59,085 $ 38,258 $ 2,512
Basic earnings per share (in dollars per share) $ 0.11 $ 0.26 $ 0.28 $ 0.21 $ 0.33 $ 0.13 $ (0.06) $ 0.16 $ 0.86 $ 0.57 $ 0.07
Weighted average shares outstanding – basic (in shares) 68,725 68,598 68,294 67,912 67,798 67,706 67,365 66,732 68,382 67,400 34,128
Diluted earnings per share (in dollars per share) $ 0.11 $ 0.26 $ 0.28 $ 0.21 $ 0.33 $ 0.13 $ (0.06) $ 0.16 $ 0.85 $ 0.56 $ 0.07
Weighted average shares outstanding – diluted (in shares) 69,586 69,526 69,319 69,053 68,882 68,787 67,365 68,060 69,215 68,478 34,348
Cash dividends declared per share (in dollars per share) $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.64 $ 0.64 $ 4.39
[1] During the fourth quarter, we incurred severance costs and professional fees related to Merger and integration activities of $0.3 million. The fourth quarter also includes $2.3 million of severance expense related to the closing of our Cambridge, Ontario manufacturing facility. We also incurred expenses related to the closing of our Corsicana, Texas manufacturing facility of $1.4 million and $0.6 million in the first and second quarters, respectively.
[2] We incurred severance costs and professional fees related to Merger and integration activities of $1.1 million in the fourth quarter. Additionally, during the fourth quarter, we recorded a $4.9 million reduction in expense related to our transition to a standard vacation plan for the merged company.
[3] We incurred severance costs and professional fees related to Merger and integration activities of $1.5 million, $0.2 million, $0.2 million and $1.6 million in the first, second, third and fourth quarters, respectively. The third quarter also includes $0.6 million in severance related to the closing of our Greenville, TX distribution facility. We also incurred expenses associated with the acquisition of Snack Factory of $0.5 million and $1.3 million in the third and fourth quarters, respectively.
[4] We incurred severance costs and professional fees related to Merger and integration activities of $1.6 million, $13.2 million, $3.4 million and $0.3 million in the first, second, third and fourth quarters, respectively. During the fourth quarter, we also recorded a $5.0 million reduction in expense related to our transition to a standard vacation plan for the merged company.