Snyder's-Lance reports loss for Q2 2011

US-based snack food company Snyder's-Lance has reported $3.84m loss for the second quarter ended 2 July 2011, compared to a $12.4m profit during the same period last year.

The prior year results were reported by only Lance prior to its merger with Snyder's. The merger was completed on 6 December 2010.

Net revenue for the company increased 75% to $413m, compared to the prior year's net revenue of $235m. According to the company, the Q2 revenue growth is primarily due to the incremental net revenue, resulting from the merger.

Snyder's-Lance chief executive officer David V Singer said that although the second quarter profitability was disappointing, the company remains strong and on track to complete the integration plans laid out following the merger .

"With the exception of our private brands products, the company's sales and profitability are in line with our expectations,"Singer added.

Financial release Snyder's-Lance