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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lancaster Colony Corporation | NASDAQ:LANC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.50 | -0.26% | 191.50 | 185.77 | 197.23 | 195.98 | 190.67 | 195.70 | 149,123 | 22:58:20 |
WESTERVILLE, Ohio, Oct. 26, 2017 /PRNewswire/ -- Lancaster Colony Corporation (Nasdaq: LANC) today reported results for the company's fiscal first quarter ended September 30, 2017. Effective July 1, 2017, David A. Ciesinski succeeded John B. Gerlach, Jr. as Lancaster Colony's Chief Executive Officer. This change resulted in modifications to the company's approach to managing its business, assessing performance and allocating resources. Consequently, the company's segment reporting structure has been amended to align with these changes, and our financial results will now be presented as two reportable segments: Retail and Foodservice. Additional details regarding this change are provided in the company's Form 8-K that was filed this morning.
Highlights of the company's results for the fiscal first quarter ended September 30, 2017 are as follows:
CEO David A. Ciesinski commented, "We were pleased with the sales growth in our Retail segment that led to a record level of consolidated net sales in the fiscal first quarter. We will continue to rely upon our strengths in innovation and product development to drive top line growth. A recent example of this is our new Marzetti® Simply 60™ line of refrigerated dressings for the retail market with 60 calories per serving made with simple ingredients such as real buttermilk and extra virgin olive oil.
Looking ahead to our fiscal second quarter, historically our biggest sales quarter of the year, we expect higher freight costs to persist due to higher freight premiums resulting from constrained capacity in the aftermath of the recent hurricanes in the southern U.S. We also anticipate commodity costs to remain a headwind with eggs, soybean oil, dairy ingredients and garlic showing notable cost increases over the prior year. Savings gained from our lean six sigma projects, some inflationary pricing in the foodservice channel and net price realization initiatives now underway in retail will help to offset increased costs."
Conference Call on the Web
The company's first quarter conference call is scheduled for this morning, October 26, at 10:00 a.m. ET. You may access a live webcast of the call through a link on the company's Internet home page at www.lancastercolony.com. A replay of the webcast will also be made available on the company website.
About the Company
Lancaster Colony Corporation is a manufacturer and marketer of specialty food products for the retail and foodservice channels.
Forward-Looking Statements
We desire to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (the "PSLRA"). This news release contains various "forward-looking statements" within the meaning of the PSLRA and other applicable securities laws. Such statements can be identified by the use of the forward-looking words "anticipate," "estimate," "project," "believe," "intend," "plan," "expect," "hope" or similar words. These statements discuss future expectations; contain projections regarding future developments, operations or financial conditions; or state other forward-looking information. Such statements are based upon assumptions and assessments made by us in light of our experience and perception of historical trends, current conditions, expected future developments; and other factors we believe to be appropriate. These forward-looking statements involve various important risks, uncertainties and other factors, many of which are beyond our control, which could cause our actual results to differ materially from those expressed in the forward-looking statements. Some of the key factors that could cause actual results to differ materially from those expressed in the forward-looking statements include:
Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update such forward-looking statements, except as required by law. Management believes these forward-looking statements to be reasonable; however, you should not place undue reliance on statements that are based on current expectations.
LANCASTER COLONY CORPORATION | |||||||
Three Months Ended | |||||||
2017 |
2016 | ||||||
Net sales |
$ |
298,916 |
$ |
291,361 |
|||
Cost of sales |
223,439 |
210,727 |
|||||
Gross profit |
75,477 |
80,634 |
|||||
Selling, general & administrative expenses |
31,151 |
29,880 |
|||||
Operating income |
44,326 |
50,754 |
|||||
Other, net |
358 |
87 |
|||||
Income before income taxes |
44,684 |
50,841 |
|||||
Taxes based on income |
15,298 |
17,441 |
|||||
Net income |
$ |
29,386 |
$ |
33,400 |
|||
Net income per common share: (a) |
|||||||
Basic and diluted |
$ |
1.07 |
$ |
1.22 |
|||
Cash dividends per common share |
$ |
0.55 |
$ |
0.50 |
|||
Weighted average common shares outstanding: |
|||||||
Basic |
27,396 |
27,363 |
|||||
Diluted |
27,451 |
27,430 |
|||||
(a) Based on the weighted average number of shares outstanding during each period. |
LANCASTER COLONY CORPORATION | |||||||
Three Months Ended | |||||||
2017 |
2016 | ||||||
NET SALES |
|||||||
Retail |
$ |
162,144 |
$ |
152,662 |
|||
Foodservice |
136,772 |
138,699 |
|||||
Total Net Sales |
$ |
298,916 |
$ |
291,361 |
|||
OPERATING INCOME |
|||||||
Retail |
$ |
32,867 |
$ |
34,806 |
|||
Foodservice |
14,688 |
20,019 |
|||||
Corporate expenses |
(3,229) |
(4,071) |
|||||
Total Operating Income |
$ |
44,326 |
$ |
50,754 |
LANCASTER COLONY CORPORATION | |||||||
September 30, |
June 30, | ||||||
ASSETS |
|||||||
Current assets: |
|||||||
Cash and equivalents |
$ |
157,178 |
$ |
143,104 |
|||
Receivables |
82,944 |
69,922 |
|||||
Inventories |
85,266 |
76,376 |
|||||
Other current assets |
5,704 |
11,744 |
|||||
Total current assets |
331,092 |
301,146 |
|||||
Net property, plant and equipment |
183,797 |
180,671 |
|||||
Other assets |
234,274 |
234,588 |
|||||
Total assets |
$ |
749,163 |
$ |
716,405 |
|||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||
Current liabilities: |
|||||||
Accounts payable |
$ |
47,796 |
$ |
41,353 |
|||
Accrued liabilities |
47,820 |
35,270 |
|||||
Total current liabilities |
95,616 |
76,623 |
|||||
Other noncurrent liabilities and deferred income taxes |
63,001 |
63,805 |
|||||
Shareholders' equity |
590,546 |
575,977 |
|||||
Total liabilities and shareholders' equity |
$ |
749,163 |
$ |
716,405 |
View original content:http://www.prnewswire.com/news-releases/lancaster-colony-reports-first-quarter-sales-and-earnings-300543868.html
SOURCE Lancaster Colony Corporation
Copyright 2017 PR Newswire
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