Snyder's-Lance Inc. (LNCE) reported fourth-quarter net income including special items of $7.8 million compared to $22.4 million last year. Profit per share was $0.11 compared to $0.33 last year. Excluding special items, net income was $20.4 million or $0.29 per share compared to $14.1 million or $0.20 per share prior year. Net revenues were $420 million including sales of Pretzel Crisps, an increase of 1.9% from $412 million prior year.
Although revenue increased from prior year levels, the company recorded lower gross margin for the fourth-quarter.
On average, ten analysts polled by Thomson Reuters expected the company to report profit of $0.26 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $424.33 million for the quarter.
The company also announced a quarterly cash dividend of $0.16 per share. The dividend is payable on March 6, 2013 to stockholders of record at the close of business on February 27, 2013.
The company estimates that its net revenue for the full year 2013 will be up 10% to 12% from 2012. Estimates for earnings per share show an increase between 22% and 32% compared to 2012 earnings per share, excluding special items. Analysts expect the company to report 2013 profit per share of $1.26.
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