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Snyder's-Lance, under new CEO Carl Lee, reports improved earnings to start 2013

By - Last modified: May 7, 2013 at 11:46 AM

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Snack food company Snyder's-Lance Inc. reported today a net income improvement for the first quarter and increased advertising and marketing investments starting in the current quarter.

The North Carolina-based firm reported net income attributable to the company of about $19.8 million, or 28 cents per diluted share, compared with about $14.2 million, or 21 cents per diluted share, in the year-ago period.

The company's advertising efforts will focus on core brands while marketing will support the broad company portfolio, with the majority of the activity happening in the second and third quarters, a news release stated.

Snyder's-Lance also has declared a quarterly cash dividend of 16 cents per share of company common stock.

The dividend is payable May 30to stockholders of record May 22, according to the release.

The earnings release comes on the heels of Carl E. Lee Jr. taking over the CEO post. He also has the title of president, according to the news release.

Lee was CEO of York County-based Snyder's of Hanover. It merged with North Carolina-based Lance Inc. to form the new company in 2010.

Snyder's-Lance makes and markets snack foods in the United States and internationally under brands such as Snyder's of Hanover, Lance and Cape Cod.

Shares of Snyder's-Lance are traded on the Nasdaq under the ticker symbol LNCE.

Brent Burkey

Brent Burkey

Brent Burkey covers York County, agribusiness, energy and environment, and workforce issues. Have a tip or question for him? Email him at brentb@cpbj.com. Follow him on Twitter, @brentburkey.

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