Printer Friendly


 CHARLOTTE, N.C., Oct. 5 /PRNewswire/ -- Results of consolidated operations of LANCE, INC. (NASDAQ-NMS: LNCE), Charlotte, N.C., for the first 36 weeks of 1993 show the following as compared with the same period for 1992 (in thousands except share data):
 12 Weeks Ended 36 Weeks Ended
 (Subject to Year-End Audit)
 Sept. 4, Sept. 5, Sept. 4, Sept. 5,
 1993 1992 1993 1992
 Net Sales and Other
 Operating Revenue $ 106,140 $ 105,242 $325,747 $ 320,837
 Income Before
 Income Taxes 9,824 13,721 35,059 43,933
 Net Income Before
 Accounting Changes 5,638 8,815 21,516 28,724
 Net Income 5,638 8,815 21,138 28,724
 Net Income Per Share
 Before Accounting Changes .18 .28 .69 .92
 Net Income Per Share .18 .28 .68 .92
 Common Shares
 Outstanding at End
 of Period 31,296,035 31,306,512 31,296,035 31,306,512
 Net sales and other opeating revenue were up $900,000 (1.0 percent) for the quarter and $4.9 million (1.5 percent) year to date compared with 1992 due primarily to increased unit volume.
 Net income was down $3.2 million for the quarter ($.10 per share) as compared to the third quarter of 1992 due primarily to higher production costs at Vista Bakery, Inc., lower sales of higher margin products, an increase in selling expenses and the impact of the enactment of the new federal tax act which increased the corporate income tax rate to 35 percent.
 Net income was down $7.2 million year to date ($.24 per share) as compared to the same period in 1992 due primarily to higher production costs at Vista Bakery, Inc., an increase in selling expenses, the enactment of the new federal tax act, the cumulative effect on prior years of changes in accounting principles for income taxes and retiree health care benefits and the impact on 1992 of a refund of prior year's income taxes.
 The Board of Directors of LANCE, INC. has today declared a regular quarterly cash dividend of 24 cents per share on the outstanding shares of the $.83 1/3 par value common stock of the corporation. The dividends are payable on Nov. 15, 1993, to stockholders of record at the close of business on Nov. 1, 1993.
 -0- 10/5/93
 /CONTACT: J.W. Helms Jr., secretary and assistant treasurer, of LANCE, 704-554-1421/

CO: LANCE, INC. ST: North Carolina IN: FOD SU: ERN DIV

CM -- CH006 -- 8849 10/05/93 12:08 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 5, 1993

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters