Snyder's-lance (LNCE) 8-K Results of Operations and Financial Condition

Exhibit 99.1

CONTACTS:
Russell Allen, Director of Planning & IR (704) 557-8219
Joe Calabrese, Financial Relations Board (212) 827-3772

FOR IMMEDIATE RELEASE

Lance, Inc. 2007 Third Quarter Net Revenue Increases 5% to $198 million;
Reports $0.24 Diluted EPS from Continuing Operations;
Lowers Full Year Earnings Estimate on
Expectation of Higher Commodity Costs

CHARLOTTE, NC, November 1, 2007— Lance, Inc. (Nasdaq-GS: LNCE) today reported net revenue from continuing operations for the third quarter ended September 29, 2007 of $198.1 million, an increase of 5% compared with prior year third quarter net revenue from continuing operations of $188.6 million. The Company reported third quarter 2007 net income from continuing operations of $7.6 million, or $0.24 per diluted share, compared to third quarter 2006 net income from continuing operations, excluding special items, of $7.7 million, or $0.25 per diluted share. Special items in the third quarter of 2006 were related to the integration of the Tom’s acquisition. Including these special items, third quarter 2006 net income from continuing operations was $7.4 million, or $0.24 per diluted share.

Net revenue from continuing operations for the nine months ended September 29, 2007 was $577.5 million, an increase of 4% compared with the same period in the prior year. For the first nine months of 2007, net income from continuing operations was $22.7 million, or $0.72 per diluted share, compared to net income from continuing operations, excluding special items, of $14.2 million, or $0.46 per diluted share, in the first nine months of the prior year. Special items in the first nine months of 2006 were related to the integration of the Tom’s acquisition. Including these special items, net income from continuing operations for the first nine months of 2006 was $12.4 million, or $0.40 per diluted share.

During the third quarter of 2007, Lance successfully completed the previously announced exit of its Company-owned vending business, which has been reported as a discontinued operation. The Company reported a net loss of $0.1 million from its discontinued vending business in the third quarter of 2007, and net income of less than $0.1 million for the first nine months of 2007.

Comments from Management
Dave Singer, President and Chief Executive Officer, commented, “Overall third quarter sales increased 5%, with 4% growth in branded sales and 6% growth in non-branded sales. In addition to our solid top-line growth, we realized meaningful progress on our key operating initiatives resulting in lower delivery costs and higher manufacturing efficiencies. Unfortunately, the benefits of higher sales and operational improvements were offset by a sharp escalation in commodity costs, particularly flour, driven by the unprecedented trend in the price of wheat. Commodity costs in the third quarter of 2007 were higher than in the second quarter of this year, resulting in lower operating margins.”

Mr. Singer added, “In response to the increase in commodity costs, we have developed pricing actions that will be implemented and take effect later in the fourth quarter of 2007 and in the first half of 2008. However, our gross margin will be impacted considerably during the fourth quarter of 2007, reflecting the lag between increases in commodity prices and the effective date of price increases to our customers, and resulting in our revised earnings estimate for the year.”

Mr. Singer said, “Although the unprecedented commodity pressure is masking the solid profit margin improvements that we posted through the first half of 2007, our underlying performance has remained very solid relative to cost efficiencies in the supply chain and DSD areas of our business. The infrastructure improvements continue to generate benefits and have offset some of the rapid increases in commodities to date. We are confident that our operating margins will rebound once all required pricing actions are taken, and we remain focused on growing our revenues and delivering against our efficiency initiatives that will drive sustainable margin enhancement for the long-term.”

Revised 2007 Estimates
Based upon the changing outlook for commodity costs in the fourth quarter, the Company revised its full year 2007 estimates for earnings per diluted share from continuing operations to a range of $0.76 to $0.80. Previously, the Company had provided a full year earnings per diluted share estimate of $0.86 to $0.92. The Company also narrowed its net sales estimate to a range of $760 to $770 million. Previously, the Company had provided a full year net sales estimate of $750 to $775 million.

Dividend Declared
The Company also announced the declaration of a regular quarterly cash dividend of $0.16 per share on the Company’s common stock. The dividend is payable on November 20, 2007 to stockholders of record at the close of business on November 12, 2007.

Conference Call
Lance, Inc. has scheduled a conference call discussion with investors at 5:00 pm eastern time on Thursday, November 1, 2007 to discuss third quarter financial results. To participate in the call, the dial-in numbers are (800) 789-3681 for U.S. callers and (706) 634-1425 for international callers. The access code is “LANCE.” A continuous replay of the call will be available beginning at 8:00 pm on November 1 and running through midnight November 9, 2007. The replay telephone number is (800) 642-1687. The international number is (706) 645-9291. The replay access code is 19248543. A web-based replay of the conference call will also be available in the investor relations section of Lance’s web site,www.lance.com.

About Lance, Inc.
Lance, Inc., headquartered in Charlotte, NC, manufactures and markets snack foods throughout much of the United States and other parts of North America. The Company’s products include sandwich crackers and cookies, restaurant style crackers, potato chips, tortilla chips, cookies, sugar wafers, nuts, candy and other snacks. Lance has manufacturing facilities in North Carolina, Georgia, Florida, Texas, Iowa, Massachusetts and Ontario, Canada. Products are sold under the Lance, Cape Cod and Tom’s brand names along with a number of private label and third party brands. The Company’s products are distributed through a direct-store-delivery system of approximately 1,500 sales routes, a network of independent distributors and direct shipments to customer locations. Products are distributed widely through grocery stores, convenience stores, mass merchants, food service outlets and other channels.

This news release contains statements which may be forward looking within the meaning of applicable securities laws. The statements may include projections regarding future earnings and results which are based upon the Company’s current expectations and assumptions, which are subject to a number of risks and uncertainties. Factors that could cause actual results to differ, including price competition, industry consolidation, changes in consumer preferences, product recalls, safety concerns, natural disasters, catastrophic events, raw material costs, food industry and regulatory factors, risks from large customers, interest rate, foreign exchange rate, and credit

risks, acquisition integration and divestitures are discussed in the Company’s most recent Form 10-K filed with the Securities and Exchange Commission.

This press release presents measures not derived in accordance with generally accepted accounting principles (“GAAP”). Such measures should not be considered substitutes for any measures derived in accordance with GAAP and may also be inconsistent with similar measures presented by other companies. Reconciliation of these non-GAAP measures to the most nearly comparable GAAP measures, if applicable, is presented in the attached pages.

LANCE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per-share amounts)
(unaudited)

	Quarter Ended
	September 29, 2007			September 30, 2006
Revenue	$	198,052		$	188,628
Cost of sales		115,692			106,768
Gross margin		82,360			81,860
Selling, marketing and delivery		58,985			60,571
General and administrative		11,268			9,296
Other expense/(income), net		522			(243	)
Income from continuing operations before interest and taxes		11,585			12,236
Interest expense, net		550			901
Income tax expense		3,448			3,940
Net income from continuing operations	$	7,587		$	7,395
(Loss)/income from discontinued operations		(146	)		129
Income tax (benefit)/expense		(54	)		45
Net (loss)/income from discontinued operations		(92	)		84
Net Income	$	7,495		$	7,479
Basic earnings per share:
From continuing operations	$	0.24		$	0.24
From discontinued operations		0.00			0.00
Basic earnings per share	$	0.24		$	0.24
Weighted average shares outstanding — basic		31,034,000			30,716,000
Diluted earnings per share:
From continuing operations	$	0.24		$	0.24
From discontinued operations		0.00			0.00
Diluted earnings per share	$	0.24		$	0.24
Weighted average shares outstanding — diluted		31,693,000			31,154,000

LANCE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per-share amounts)
(unaudited)

	Nine Months Ended
	September 29, 2007		September 30, 2006
Revenue	$	577,515	$	557,714
Cost of sales		328,104		317,294
Gross margin		249,411		240,420
Selling, marketing and delivery		175,328		185,901
General and administrative		36,008		32,525
Other expense, net		1,405		436
Income from continuing operations before interest and taxes		36,670		21,558
Interest expense, net		1,768		2,398
Income tax expense		12,174		6,795
Net income from continuing operations	$	22,728	$	12,365
Income from discontinued operations		45		797
Income tax expense		16		289
Net income from discontinued operations		29		508
Net Income	$	22,757	$	12,873
Basic earnings per share:
From continuing operations	$	0.74	$	0.41
From discontinued operations		0.00		0.01
Basic earnings per share	$	0.74	$	0.42
Weighted average shares outstanding — basic		30,921,000		30,370,000
Diluted earnings per share:
From continuing operations	$	0.72	$	0.40
From discontinued operations		0.00		0.02
Diluted earnings per share	$	0.72	$	0.42
Weighted average shares outstanding — diluted		31,506,000		30,803,000

LANCE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)

	September 29, 2007		December 30, 2006
Assets:
Cash and cash equivalents	$	14,313	$	5,504
Accounts receivable, net		68,845		61,690
Inventories		38,729		36,838
Deferred income tax asset		9,697		8,811
Assets held for sale		505		6,552
Prepaid expenses and other current assets		9,739		6,298
Total Current Assets		141,828		125,693
Property plant and equipment, net		202,152		193,009
Goodwill and other intangibles, net		68,432		62,300
Other assets		6,752		4,450
Total Assets	$	419,164	$	385,452
Liabilities and Equity:
Accounts payable	$	22,057		18,194
Other current liabilities		54,492		53,426
Total Current Liabilities		76,549		71,620
Long-term debt		50,000		50,000
Other liabilities		43,364		41,432
Stockholders’ equity		249,251		222,400
Total Liabilities and Stockholders’ Equity	$	419,164	$	385,452

LANCE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(in thousands)
(unaudited)

	Nine Months Ended
	September 29, 2007			September 30, 2006
Operating Activities:
Net income	$	22,757		$	12,873
Depreciation and amortization		21,839			20,096
Equity-based compensation expense		2,680			1,762
Gain/(loss) on disposition of property, net		(839	)		69
Changes in operating assets and liabilities		(3,991	)		(15,751	)
Net cash flow from operating activities		42,446			19,049
Investing Activities:
Purchases of property and equipment		(28,299	)		(34,678	)
Proceeds from sale of property		6,895			3,382
Purchase of investment		(2,090	)		—
Net cash used in investing activities		(23,494	)		(31,296	)
Financing Activities:
Dividends paid		(14,878	)		(14,617	)
Issuances of common stock		4,600			17,862
Net proceeds from revolving credit facilities		—			8,396
Net cash (used in)/from financing activities		(10,278	)		11,641
Effect of exchange rate changes on cash		135			253
Increase/(decrease) in cash and cash equivalents		8,809			(353	)
Cash and cash equivalents at beginning of period		5,504			3,543
Cash and cash equivalents at end of period	$	14,313		$	3,190

LANCE, INC.
RECONCILIATION OF NON-GAAP MEASURES
(in thousands, except per-share amounts)
(unaudited)

Third Quarter Ended September 30, 2006
	Net of		Per diluted
	Tax		share
Net Income from continuing operations	$	7,395	$	0.24
Tom’s integration related charges		333		0.01
Income from continuing operations, excluding special charges	$	7,728	$	0.25
Nine Months Ended September 30, 2006
	Net of		Per diluted
	Tax		share
Net Income from continuing operations	$	12,365	$	0.40
Tom’s integration related charges		1,794		0.06
Income from continuing operations, excluding special charges	$	14,159	$	0.46