June 7, 2010 (FinancialWire) — Snack food maker Lance, Inc. (NASDAQ: LNCE) said that it is undertaking a series of cost reductions, including a reorganization that will result in a reduction in its workforce of about two percent.

The company said that the actions are being taken to restore profit margins and align the company's operating costs with its revenue, which has been below the company's expectations.

Lance said that the reduction in its workforce was completed this week, with no further cutbacks planned. Lance said it is providing impacted employees with severance packages and job placement services.

The company expects to record a pre-tax charge of for severance and related expenses of around $3 million in the second quarter of fiscal 2010 in connection these actions.

Lance said it should see annualized benefits from these cost reductions of roughly $6 million. Company management said it is not changing full year financial estimates as a result of these actions.

North Carolina-based Lance manufactures and markets snack foods throughout much of the United States and other parts of North America. The company's products are sold under the Lance, Cape Cod, Tom's, Archway, and Stella D'oro brand names along with a number of private label and third party brands.

Real-time, streaming research for companies and funds mentioned in FinancialWire(tm) news is available via the Investrend Research Syndicate, courtesy of Stock Smart (at http://investrend.stocksmart.com/ss/html/hpcompany.html).

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (at http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website at http://www.financialwire.net/disclosures.php and http://www.financialwire.net/2010/04/23/safe-harbor/). Additional resources for investors are also accessible via the FinancialWire(tm) website (at http://www.financialwire.net/2010/04/23/investor-resources/). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

[hlmsmlh] [bsnnssb] [restrctrng] [ffddbvrg] [btnwswntb] [ecnmysmpct]

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.