XML 61 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements Of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 12 Months Ended
Dec. 28, 2013
Sep. 28, 2013
Jun. 29, 2013
Mar. 30, 2013
Dec. 29, 2012
Sep. 29, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 28, 2013
Dec. 29, 2012
Dec. 31, 2011
Income Statement [Abstract]                      
Net revenue $ 450,403 $ 453,023 $ 439,051 $ 418,572 $ 419,826 $ 406,565 $ 399,400 $ 392,843 $ 1,761,049 $ 1,618,634 $ 1,635,036
Cost of sales 300,748 [1] 295,429 [1] 293,081 [1] 273,776 [1] 277,209 [2] 269,626 [2] 267,482 [2] 265,460 [2] 1,163,034 1,079,777 1,065,107
Gross margin 149,655 157,594 145,970 144,796 142,617 136,939 131,918 127,383 598,015 538,857 569,929
Selling, general and administrative 113,951 [3] 122,110 [3] 123,504 [3] 110,996 [3] 115,733 [4] 106,512 [4] 107,649 [4] 110,703 [4] 470,561 440,597 495,267
Other Asset Impairment Charges 0 0 1,900 0 11,655 80 127 0 1,900 11,862 12,704
Gain on sale of route businesses, net (533) (465) (1,482) (110) (739) (1,427) (10,882) (9,287) (2,590) (22,335) (9,440)
Other (income)/expense, net (2,220) [5] (5,099) [5] (2,028) [5] (1,476) [5] (283) 537 (572) (89) (10,823) (407) 993
Income before interest and income taxes 38,457 41,048 24,076 35,386 16,251 31,237 35,596 26,056 138,967 109,140 70,405
Interest expense, net 3,706 3,742 3,521 3,439 3,229 1,692 2,303 2,263 14,408 9,487 10,560
Income before income taxes 34,751 37,306 20,555 31,947 13,022 29,545 33,293 23,793 124,559 99,653 59,845
Income tax expense 11,717 14,194 7,525 12,039 5,212 11,634 13,828 9,469 45,475 40,143 21,104
Net income 23,034 23,112 13,030 19,908 7,810 17,911 19,465 14,324 79,084 59,510 38,741
Net income attributable to noncontrolling interests 35 213 51 65 28 146 140 111 364 425 483
Net income attributable to Snyder’s-Lance, Inc. $ 22,999 $ 22,899 $ 12,979 $ 19,843 $ 7,782 $ 17,765 $ 19,325 $ 14,213 $ 78,720 $ 59,085 $ 38,258
Basic earnings per share (in dollars per share) $ 0.33 $ 0.33 $ 0.19 $ 0.29 $ 0.11 $ 0.26 $ 0.28 $ 0.21 $ 1.13 $ 0.86 $ 0.57
Weighted average shares outstanding – basic (in shares) 69,801 69,459 69,279 68,992 68,725 68,598 68,294 67,912 69,383 68,382 67,400
Diluted earnings per share (in dollars per share) $ 0.33 $ 0.33 $ 0.19 $ 0.28 $ 0.11 $ 0.26 $ 0.28 $ 0.21 $ 1.12 $ 0.85 $ 0.56
Weighted average shares outstanding – diluted (in shares) 70,631 70,294 70,086 69,839 69,586 69,526 69,319 69,053 70,158 69,215 68,478
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 $ 0.64
[1] Within cost of goods sold, we incurred expenses related to certain self-funded medical claims of approximately $2.5 million and $0.2 million during the second and third quarters of 2013, respectively.
[2] During the fourth quarter of 2012, we incurred severance costs and professional fees related to Merger and integration activities of $0.3 million. The fourth quarter also included $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.
[3] Within selling, general and administrative expenses, we incurred expenses related to certain self-funded medical claims of approximately $1.8 million and $0.2 million during the second and third quarters of 2013, respectively.
[4] 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 of 2012, respectively. The third quarter also included $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.
[5] During the third quarter of 2013, we recorded other income of approximately $4.0 million related to settlement of a business interruption claim primarily for lost profits incurred earlier in the year. We also recognized $1.1 million in gains on the sale of fixed assets associated with the consolidation of our Canadian manufacturing facilities during the third quarter of 2013. We recognized additional gains of approximately $1.2 million in the fourth quarter from the sale of the remaining land and buildings related to the Canadian plant consolidation.