Lance achieved third quarter 2009 net income of $8.8 million, or $0.27 per diluted share, compared with third quarter 2008 net income of $6.8 million, or $0.21 per diluted share. During the quarter advertising and merchandising spending increased approximately $3.3 million, as compared to the same quarter 2008. The Company also experienced incremental pre-tax costs of approximately $1.3 million in the third quarter related to several planned items. These items related to the closure and relocation of production from Little Rock, AR to Charlotte and a significant ERP implementation during the quarter.

"Sales results for the third quarter were mixed," said David V. Singer, President and Chief Executive Officer. "While we saw continued growth in some of our key product categories, rapid acceleration in the sale of Archway products and solid growth from new product introductions, we faced declines in our sales to convenience store, food service and small up-and-down-the-street customers, which together make up over one-quarter of our branded sales."

Lance tightened its 2009 full year diluted earnings per share estimate to a range of $1.15 to $1.20, its full year sales estimate to a range of $915 to $925 million, and its full year capital expenditures estimate to a range of $43 to $45 million. Prior estimates included a full year diluted earnings per share estimate range of $1.15 to $1.25, a full year sales estimate range of $910 to $930 million and a full year capital expenditure range of $41 to $46 million.

"Our earnings estimates for the year reflect an increase in margins for the fourth quarter compared to the third quarter," said Singer.