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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 | |
---|---|---|---|---|---|---|---|---|---|---|
1.66 | 0.87% | 192.47 | 192.26 | 192.79 | 192.50 | 187.335 | 190.22 | 73,073 | 19:08:04 |
WESTERVILLE, Ohio, April 26, 2018 /PRNewswire/ -- Lancaster Colony Corporation (Nasdaq: LANC) today reported results for the company's fiscal third quarter ended March 31, 2018. Highlights for the quarter are as follows:
For the nine months ended March 31, 2018, net sales increased to $914.8 million compared to $912.0 million a year ago. Net income for the nine-month period totaled $102.9 million, or $3.74 per diluted share, versus the prior-year amount of $86.8 million, or $3.16 per diluted share. As previously reported in our fiscal second quarter earnings release, in addition to the favorable impact of a lower federal income tax rate, the Tax Act also resulted in a one-time deferred tax benefit to this fiscal year's net income of $9 million or $.33 per diluted share. Conversely, last year's net income amount was unfavorably impacted by the costs resulting from the company's withdrawal from an underfunded multiemployer pension plan of approximately $11.5 million or $.42 per diluted share.
CEO David A. Ciesinski commented, "We were pleased to report record net sales in our fiscal third quarter and were particularly encouraged by the higher Foodservice segment sales as our pricing actions took hold to help offset increased commodity and freight costs while the segment's overall sales volumes held nearly flat. Our lean six sigma program also had another successful quarter in identifying and implementing cost-saving projects throughout our supply chain. In the Retail segment, we finished the quarter with the disruption in the production and supply of our frozen garlic bread products behind us and are now positioned to return to growth and resume promotional support for that product line in the coming quarters. Freight costs were a notable headwind to our fiscal third quarter results and are expected to remain so through our fiscal fourth quarter. We have initiatives in place or planned for both the short- and long-term to address higher freight and commodity costs including further Retail pricing actions, a more optimized distribution network and tactical procurement."
Conference Call on the Web
The company's third quarter conference call is scheduled for this morning, April 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 CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands except per-share amounts) | |||||||||||||||
Three Months Ended |
Nine Months Ended | ||||||||||||||
2018 |
2017 |
2018 |
2017 | ||||||||||||
Net sales |
$ |
296,174 |
$ |
293,834 |
$ |
914,755 |
$ |
911,968 | |||||||
Cost of sales |
228,261 |
221,929 |
687,424 |
665,690 | |||||||||||
Gross profit |
67,913 |
71,905 |
227,331 |
246,278 | |||||||||||
Selling, general & administrative expenses |
30,248 |
32,253 |
98,075 |
96,514 | |||||||||||
Multiemployer pension settlement and related costs |
— |
17,639 |
— |
17,639 | |||||||||||
Operating income |
37,665 |
22,013 |
129,256 |
132,125 | |||||||||||
Other, net |
375 |
144 |
1,145 |
437 | |||||||||||
Income before income taxes |
38,040 |
22,157 |
130,401 |
132,562 | |||||||||||
Taxes based on income |
10,419 |
7,686 |
27,474 |
45,735 | |||||||||||
Net income |
$ |
27,621 |
$ |
14,471 |
$ |
102,927 |
$ |
86,827 | |||||||
Net income per common share: (a) |
|||||||||||||||
Basic |
$ |
1.01 |
$ |
0.53 |
$ |
3.75 |
$ |
3.17 | |||||||
Diluted |
$ |
1.00 |
$ |
0.53 |
$ |
3.74 |
$ |
3.16 | |||||||
Cash dividends per common share |
$ |
0.60 |
$ |
0.55 |
$ |
1.75 |
$ |
1.60 | |||||||
Weighted average common shares outstanding: |
|||||||||||||||
Basic |
27,405 |
27,379 |
27,399 |
27,369 | |||||||||||
Diluted |
27,458 |
27,442 |
27,456 |
27,438 | |||||||||||
(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 |
Nine Months Ended | ||||||||||||||
2018 |
2017 |
2018 |
2017 | ||||||||||||
NET SALES |
|||||||||||||||
Retail |
$ |
152,011 |
$ |
151,782 |
$ |
493,441 |
$ |
487,238 | |||||||
Foodservice |
144,163 |
142,052 |
421,314 |
424,730 | |||||||||||
Total Net Sales |
$ |
296,174 |
$ |
293,834 |
$ |
914,755 |
$ |
911,968 | |||||||
OPERATING INCOME |
|||||||||||||||
Retail |
$ |
26,321 |
$ |
29,129 |
$ |
96,504 |
$ |
106,840 | |||||||
Foodservice |
14,296 |
13,590 |
42,393 |
52,756 | |||||||||||
Multiemployer Pension Settlement and Related Costs |
— |
(17,639) |
— |
(17,639) | |||||||||||
Corporate Expenses |
(2,952) |
(3,067) |
(9,641) |
(9,832) | |||||||||||
Total Operating Income |
$ |
37,665 |
$ |
22,013 |
$ |
129,256 |
$ |
132,125 |
LANCASTER COLONY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) | |||||||
March 31, |
June 30, | ||||||
ASSETS |
|||||||
Current assets: |
|||||||
Cash and equivalents |
$ |
187,330 |
$ |
143,104 |
|||
Receivables |
76,731 |
69,922 |
|||||
Inventories |
88,114 |
76,376 |
|||||
Other current assets |
11,840 |
11,744 |
|||||
Total current assets |
364,015 |
301,146 |
|||||
Net property, plant and equipment |
187,413 |
180,671 |
|||||
Other assets |
235,137 |
234,588 |
|||||
Total assets |
$ |
786,565 |
$ |
716,405 |
|||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||
Current liabilities: |
|||||||
Accounts payable |
$ |
58,187 |
$ |
41,353 |
|||
Accrued liabilities |
36,329 |
35,270 |
|||||
Total current liabilities |
94,516 |
76,623 |
|||||
Other noncurrent liabilities and deferred income taxes |
59,186 |
63,805 |
|||||
Shareholders' equity |
632,863 |
575,977 |
|||||
Total liabilities and shareholders' equity |
$ |
786,565 |
$ |
716,405 |
View original content:http://www.prnewswire.com/news-releases/lancaster-colony-reports-third-quarter-sales-and-earnings-300637157.html
SOURCE Lancaster Colony Corporation
Copyright 2018 PR Newswire
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