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Snyder’s-Lance reports $10.8M in 1Q earnings

Snyder’s-Lance Inc. today said it had first-quarter net income of $10.8 million, or 16 cents a share, compared with a net loss of $685,000, or 2 cents a share, in same quarter last year.

The Charlotte-based snack-food company’s’ first-quarter revenue was $388.4 million, up from $221.6 million in the year-ago quarter.

In the first quarter of 2010, the company had not yet merged with Hanover, Pa.-based Snyder’s of Hanover. The merger took place in the fourth quarter of 2010.

The combined company owns various snack food brands, including Cape Cod, Archway and Jays. Additional headquarters are in Hanover.

Also today, the company announced a quarterly cash dividend of 16 cents per share on its common stock. The dividend is payable May 24 to stockholders of record at the close of business May 16.

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