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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.62 | 0.32% | 191.43 | 178.48 | 209.53 | 193.00 | 187.335 | 190.22 | 192,278 | 01:00:00 |
COLUMBUS, Ohio, Jan. 26, 2017 /PRNewswire/ -- Lancaster Colony Corporation (Nasdaq: LANC) today reported results for the company's second fiscal quarter ended December 31, 2016. Highlights for the quarter are as follows:
For the six months ended December 31, 2016, net sales were essentially flat at $618.1 million compared to $618.9 million a year ago. Net income for the six-month period totaled $72.4 million, or $2.63 per diluted share versus the prior-year amount of $62.1 million, or $2.26 per diluted share.
Note that as detailed in the company's 8-K filing issued on January 24, 2017, the reported financial results for the upcoming fiscal third quarter will include the impact of a pre-tax charge of $17.7 million in settlement costs and related expenses resulting from the company's withdrawal from an underfunded multiemployer pension plan.
Chairman and CEO John B. Gerlach, Jr. commented, "While the top line headwinds of customer rationalization and deflationary pricing remained as expected for our foodservice channel in the second quarter, we were pleased with the uptick in retail channel sales from our frozen bread and pasta products. Looking ahead, commodity costs are expected to turn flat to modestly unfavorable in the back half of the fiscal year. We also expect continued deflationary pricing in the foodservice channel and ongoing softness in the foodservice industry, particularly the casual dining segment, to impact fiscal third quarter sales growth. In addition, this year's fiscal third quarter will reflect some shifting of retail sales volumes to our fiscal fourth quarter as a result of the later Easter holiday.
With respect to our recent acquisition of Angelic Bakehouse, a manufacturer and marketer of premium sprouted grain bakery products, the transaction closed on November 17, 2016 and the integration process is progressing well. We look forward to our pursuit of future growth opportunities for that business."
Conference Call on the Web
The company's second quarter conference call is scheduled for this morning, January 26, at 10:00 a.m. ET. You may access a live webcast of the call via the 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 | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | |||||||||||||||
(In thousands except per-share amounts) | |||||||||||||||
Three Months Ended |
Six Months Ended | ||||||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||||||
Net sales |
$ |
326,773 |
$ |
324,769 |
$ |
618,134 |
$ |
618,854 |
|||||||
Cost of sales |
233,034 |
241,175 |
443,761 |
467,293 |
|||||||||||
Gross profit |
93,739 |
83,594 |
174,373 |
151,561 |
|||||||||||
Selling, general & administrative expenses |
34,381 |
31,479 |
64,261 |
57,558 |
|||||||||||
Operating income |
59,358 |
52,115 |
110,112 |
94,003 |
|||||||||||
Other, net |
206 |
(205) |
293 |
(83) |
|||||||||||
Income before income taxes |
59,564 |
51,910 |
110,405 |
93,920 |
|||||||||||
Taxes based on income |
20,608 |
17,399 |
38,049 |
31,781 |
|||||||||||
Net income |
$ |
38,956 |
$ |
34,511 |
$ |
72,356 |
$ |
62,139 |
|||||||
Net income per common share: (a) |
|||||||||||||||
Basic |
$ |
1.42 |
$ |
1.26 |
$ |
2.64 |
$ |
2.27 |
|||||||
Diluted |
$ |
1.42 |
$ |
1.25 |
$ |
2.63 |
$ |
2.26 |
|||||||
Cash dividends per common share |
$ |
0.55 |
$ |
5.50 |
$ |
1.05 |
$ |
5.96 |
|||||||
Weighted average common shares outstanding: |
|||||||||||||||
Basic |
27,366 |
27,328 |
27,364 |
27,324 |
|||||||||||
Diluted |
27,441 |
27,374 |
27,435 |
27,359 |
|||||||||||
(a) Based on the weighted average number of shares outstanding during each period. |
LANCASTER COLONY CORPORATION |
||||||||||||||||
BUSINESS SEGMENT INFORMATION (Unaudited) |
||||||||||||||||
(In thousands) |
||||||||||||||||
Three Months Ended |
Six Months Ended | |||||||||||||||
2016 |
2015 |
2016 |
2015 | |||||||||||||
NET SALES - Specialty Foods |
$ |
326,773 |
$ |
324,769 |
$ |
618,134 |
$ |
618,854 |
||||||||
OPERATING INCOME |
||||||||||||||||
Specialty Foods |
$ |
62,052 |
$ |
55,429 |
$ |
116,877 |
$ |
100,390 |
||||||||
Corporate expenses |
(2,694) |
(3,314) |
(6,765) |
(6,387) |
||||||||||||
Total Operating Income |
$ |
59,358 |
$ |
52,115 |
$ |
110,112 |
$ |
94,003 |
LANCASTER COLONY CORPORATION |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||||
(In thousands) |
||||||||
December 31, |
June 30, | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and equivalents |
$ |
118,507 |
$ |
118,080 |
||||
Receivables – net of allowance for doubtful accounts |
71,438 |
66,006 |
||||||
Inventories |
80,115 |
76,097 |
||||||
Other current assets |
6,899 |
7,644 |
||||||
Total current assets |
276,959 |
267,827 |
||||||
Net property, plant and equipment |
176,925 |
169,595 |
||||||
Other assets |
237,574 |
197,310 |
||||||
Total assets |
$ |
691,458 |
$ |
634,732 |
||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ |
39,420 |
$ |
39,931 |
||||
Accrued liabilities |
30,425 |
33,072 |
||||||
Total current liabilities |
69,845 |
73,003 |
||||||
Other noncurrent liabilities and deferred income taxes |
62,130 |
48,131 |
||||||
Shareholders' equity |
559,483 |
513,598 |
||||||
Total liabilities and shareholders' equity |
$ |
691,458 |
$ |
634,732 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lancaster-colony-reports-second-quarter-sales-and-earnings-300397293.html
SOURCE Lancaster Colony Corporation
Copyright 2017 PR Newswire
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