US-based snack food company Snyder's-Lance has reported a 33% decline in net earnings to $12.9m for the second quarter of 2013, compared with $19.3m a year ago that included a $4.8m gain related to the sale of some businesses.
The company stated that it experienced heavy expenses during the second quarter. For the period ended 29 June 2013, net revenues increased 9.9% to $439m, compared with $399.4m for the same period in the previous year.
Snyder's-Lance chief executive officer Carl E. Lee said that the company continues to execute on the fundamentals of its strategic plan to build a stronger, premium and differentiated snack foods company.
"Our plan of emphasizing core brands, while expanding margins for our Private Brands and other products over time, is proving to be a solid path forward for creating shareholder value," Lee added.
Snyder's-Lance noted that it increased the investment in marketing and advertising during the quarter to boost brand awareness and drive sales.
For the full-year, the company expects 10% to 12% increase in net revenues and earnings per diluted share to increase between 22% and 32%.
