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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.95 | -0.51% | 187.03 | 186.66 | 187.64 | 188.86 | 186.94 | 187.28 | 149,765 | 00:17:58 |
Form 10-Q
|
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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|
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Lancaster Colony Corporation
|
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(Exact name of registrant as specified in its charter)
|
||
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Ohio
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13-1955943
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(State or other jurisdiction of
incorporation or organization)
|
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(I.R.S. Employer
Identification No.)
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|
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380 Polaris Parkway, Suite 400
Westerville, Ohio
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|
43082
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(Address of principal executive offices)
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(Zip Code)
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614-224-7141
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(Registrant’s telephone number, including area code)
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Large accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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o
(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Emerging growth company
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¨
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Item 1.
|
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||
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|
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Item 2.
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||
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Item 3.
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Item 4.
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Item 1A.
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||
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Item 2.
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||
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Item 6.
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||
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(Amounts in thousands, except share data)
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December 31,
2017 |
|
June 30,
2017 |
||||
ASSETS
|
|||||||
Current Assets:
|
|
|
|
||||
Cash and equivalents
|
$
|
178,767
|
|
|
$
|
143,104
|
|
Receivables
|
68,360
|
|
|
69,922
|
|
||
Inventories:
|
|
|
|
||||
Raw materials
|
34,679
|
|
|
28,447
|
|
||
Finished goods
|
42,980
|
|
|
47,929
|
|
||
Total inventories
|
77,659
|
|
|
76,376
|
|
||
Other current assets
|
18,311
|
|
|
11,744
|
|
||
Total current assets
|
343,097
|
|
|
301,146
|
|
||
Property, Plant and Equipment:
|
|
|
|
||||
Land, buildings and improvements
|
127,419
|
|
|
124,673
|
|
||
Machinery and equipment
|
282,294
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|
|
272,582
|
|
||
Total cost
|
409,713
|
|
|
397,255
|
|
||
Less accumulated depreciation
|
224,695
|
|
|
216,584
|
|
||
Property, plant and equipment-net
|
185,018
|
|
|
180,671
|
|
||
Other Assets:
|
|
|
|
||||
Goodwill
|
168,030
|
|
|
168,030
|
|
||
Other intangible assets-net
|
58,189
|
|
|
60,162
|
|
||
Other noncurrent assets
|
10,142
|
|
|
6,396
|
|
||
Total
|
$
|
764,476
|
|
|
$
|
716,405
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|||||||
Current Liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
52,579
|
|
|
$
|
41,353
|
|
Accrued liabilities
|
32,490
|
|
|
35,270
|
|
||
Total current liabilities
|
85,069
|
|
|
76,623
|
|
||
Other Noncurrent Liabilities
|
43,531
|
|
|
38,598
|
|
||
Deferred Income Taxes
|
14,867
|
|
|
25,207
|
|
||
Commitments and Contingencies
|
|
|
|
||||
Shareholders’ Equity:
|
|
|
|
||||
Preferred stock-authorized 3,050,000 shares; outstanding-none
|
|
|
|
||||
Common stock-authorized 75,000,000 shares; outstanding-December-27,450,957 shares; June-27,448,424 shares
|
117,203
|
|
|
115,174
|
|
||
Retained earnings
|
1,250,416
|
|
|
1,206,671
|
|
||
Accumulated other comprehensive loss
|
(8,825
|
)
|
|
(8,936
|
)
|
||
Common stock in treasury, at cost
|
(737,785
|
)
|
|
(736,932
|
)
|
||
Total shareholders’ equity
|
621,009
|
|
|
575,977
|
|
||
Total
|
$
|
764,476
|
|
|
$
|
716,405
|
|
|
Three Months Ended
December 31, |
|
Six Months Ended
December 31, |
||||||||||||
(Amounts in thousands, except per share data)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net Sales
|
$
|
319,665
|
|
|
$
|
326,773
|
|
|
$
|
618,581
|
|
|
$
|
618,134
|
|
Cost of Sales
|
235,724
|
|
|
233,034
|
|
|
459,163
|
|
|
443,761
|
|
||||
Gross Profit
|
83,941
|
|
|
93,739
|
|
|
159,418
|
|
|
174,373
|
|
||||
Selling, General and Administrative Expenses
|
36,676
|
|
|
34,381
|
|
|
67,827
|
|
|
64,261
|
|
||||
Operating Income
|
47,265
|
|
|
59,358
|
|
|
91,591
|
|
|
110,112
|
|
||||
Other, Net
|
412
|
|
|
206
|
|
|
770
|
|
|
293
|
|
||||
Income Before Income Taxes
|
47,677
|
|
|
59,564
|
|
|
92,361
|
|
|
110,405
|
|
||||
Taxes Based on Income
|
1,757
|
|
|
20,608
|
|
|
17,055
|
|
|
38,049
|
|
||||
Net Income
|
$
|
45,920
|
|
|
$
|
38,956
|
|
|
$
|
75,306
|
|
|
$
|
72,356
|
|
Net Income Per Common Share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.67
|
|
|
$
|
1.42
|
|
|
$
|
2.74
|
|
|
$
|
2.64
|
|
Diluted
|
$
|
1.67
|
|
|
$
|
1.42
|
|
|
$
|
2.74
|
|
|
$
|
2.63
|
|
|
|
|
|
|
|
|
|
||||||||
Cash Dividends Per Common Share
|
$
|
0.60
|
|
|
$
|
0.55
|
|
|
$
|
1.15
|
|
|
$
|
1.05
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Common Shares Outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
27,396
|
|
|
27,366
|
|
|
27,396
|
|
|
27,364
|
|
||||
Diluted
|
27,460
|
|
|
27,441
|
|
|
27,456
|
|
|
27,435
|
|
|
Three Months Ended
December 31, |
|
Six Months Ended
December 31, |
||||||||||||
(Amounts in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net Income
|
$
|
45,920
|
|
|
$
|
38,956
|
|
|
$
|
75,306
|
|
|
$
|
72,356
|
|
Other Comprehensive Income:
|
|
|
|
|
|
|
|
||||||||
Defined Benefit Pension and Postretirement Benefit Plans:
|
|
|
|
|
|
|
|
||||||||
Amortization of loss, before tax
|
134
|
|
|
168
|
|
|
268
|
|
|
338
|
|
||||
Amortization of prior service credit, before tax
|
(46
|
)
|
|
(45
|
)
|
|
(91
|
)
|
|
(90
|
)
|
||||
Total Other Comprehensive Income, Before Tax
|
88
|
|
|
123
|
|
|
177
|
|
|
248
|
|
||||
Tax Attributes of Items in Other Comprehensive Income:
|
|
|
|
|
|
|
|
||||||||
Amortization of loss, tax
|
(50
|
)
|
|
(62
|
)
|
|
(99
|
)
|
|
(125
|
)
|
||||
Amortization of prior service credit, tax
|
17
|
|
|
17
|
|
|
33
|
|
|
33
|
|
||||
Total Tax Expense
|
(33
|
)
|
|
(45
|
)
|
|
(66
|
)
|
|
(92
|
)
|
||||
Other Comprehensive Income, Net of Tax
|
55
|
|
|
78
|
|
|
111
|
|
|
156
|
|
||||
Comprehensive Income
|
$
|
45,975
|
|
|
$
|
39,034
|
|
|
$
|
75,417
|
|
|
$
|
72,512
|
|
|
Six Months Ended
December 31, |
||||||
(Amounts in thousands)
|
2017
|
|
2016
|
||||
Cash Flows From Operating Activities:
|
|
|
|
||||
Net income
|
$
|
75,306
|
|
|
$
|
72,356
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Impacts of noncash items:
|
|
|
|
||||
Depreciation and amortization
|
13,030
|
|
|
11,943
|
|
||
Change in acquisition-related contingent consideration
|
993
|
|
|
224
|
|
||
Deferred income taxes and other changes
|
(9,732
|
)
|
|
(153
|
)
|
||
Stock-based compensation expense
|
2,313
|
|
|
2,155
|
|
||
Pension plan activity
|
(248
|
)
|
|
(122
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Receivables
|
1,561
|
|
|
(3,931
|
)
|
||
Inventories
|
(1,283
|
)
|
|
(3,589
|
)
|
||
Other current assets
|
(6,705
|
)
|
|
918
|
|
||
Accounts payable and accrued liabilities
|
8,720
|
|
|
(3,679
|
)
|
||
Net cash provided by operating activities
|
83,955
|
|
|
76,122
|
|
||
Cash Flows From Investing Activities:
|
|
|
|
||||
Cash paid for acquisitions, net of cash acquired
|
(318
|
)
|
|
(34,997
|
)
|
||
Payments for property additions
|
(15,287
|
)
|
|
(11,838
|
)
|
||
Other-net
|
11
|
|
|
94
|
|
||
Net cash used in investing activities
|
(15,594
|
)
|
|
(46,741
|
)
|
||
Cash Flows From Financing Activities:
|
|
|
|
||||
Payment of dividends
|
(31,561
|
)
|
|
(28,794
|
)
|
||
Purchase of treasury stock
|
(853
|
)
|
|
(8
|
)
|
||
Tax withholdings for stock-based compensation
|
(284
|
)
|
|
(152
|
)
|
||
Net cash used in financing activities
|
(32,698
|
)
|
|
(28,954
|
)
|
||
Net change in cash and equivalents
|
35,663
|
|
|
427
|
|
||
Cash and equivalents at beginning of year
|
143,104
|
|
|
118,080
|
|
||
Cash and equivalents at end of period
|
$
|
178,767
|
|
|
$
|
118,507
|
|
Supplemental Disclosure of Operating Cash Flows:
|
|
|
|
||||
Net cash payments for income taxes
|
$
|
32,457
|
|
|
$
|
37,383
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Construction in progress in Accounts Payable
|
$
|
446
|
|
|
$
|
1,298
|
|
|
Three Months Ended
December 31, |
|
Six Months Ended
December 31, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
$
|
45,920
|
|
|
$
|
38,956
|
|
|
$
|
75,306
|
|
|
$
|
72,356
|
|
Net income available to participating securities
|
(73
|
)
|
|
(77
|
)
|
|
(119
|
)
|
|
(142
|
)
|
||||
Net income available to common shareholders
|
$
|
45,847
|
|
|
$
|
38,879
|
|
|
$
|
75,187
|
|
|
$
|
72,214
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding – basic
|
27,396
|
|
|
27,366
|
|
|
27,396
|
|
|
27,364
|
|
||||
Incremental share effect from:
|
|
|
|
|
|
|
|
||||||||
Nonparticipating restricted stock
|
3
|
|
|
3
|
|
|
4
|
|
|
4
|
|
||||
Stock-settled stock appreciation rights
|
61
|
|
|
72
|
|
|
56
|
|
|
67
|
|
||||
Weighted average common shares outstanding – diluted
|
27,460
|
|
|
27,441
|
|
|
27,456
|
|
|
27,435
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income per common share – basic
|
$
|
1.67
|
|
|
$
|
1.42
|
|
|
$
|
2.74
|
|
|
$
|
2.64
|
|
Net income per common share – diluted
|
$
|
1.67
|
|
|
$
|
1.42
|
|
|
$
|
2.74
|
|
|
$
|
2.63
|
|
|
Three Months Ended
December 31, |
|
Six Months Ended
December 31, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Accumulated other comprehensive loss at beginning of period
|
$
|
(8,880
|
)
|
|
$
|
(11,272
|
)
|
|
$
|
(8,936
|
)
|
|
$
|
(11,350
|
)
|
Defined Benefit Pension Plan Items:
|
|
|
|
|
|
|
|
||||||||
Amortization of unrecognized net loss
|
143
|
|
|
178
|
|
|
286
|
|
|
357
|
|
||||
Postretirement Benefit Plan Items:
|
|
|
|
|
|
|
|
||||||||
Amortization of unrecognized net gain
|
(9
|
)
|
|
(10
|
)
|
|
(18
|
)
|
|
(19
|
)
|
||||
Amortization of prior service credit
|
(46
|
)
|
|
(45
|
)
|
|
(91
|
)
|
|
(90
|
)
|
||||
Total other comprehensive income, before tax
|
88
|
|
|
123
|
|
|
177
|
|
|
248
|
|
||||
Total tax expense
|
(33
|
)
|
|
(45
|
)
|
|
(66
|
)
|
|
(92
|
)
|
||||
Other comprehensive income, net of tax
|
55
|
|
|
78
|
|
|
111
|
|
|
156
|
|
||||
Accumulated other comprehensive loss at end of period
|
$
|
(8,825
|
)
|
|
$
|
(11,194
|
)
|
|
$
|
(8,825
|
)
|
|
$
|
(11,194
|
)
|
|
|
|
Fair Value Measurements at December 31, 2017
|
|||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Acquisition-related contingent consideration
|
$
|
—
|
|
$
|
—
|
|
$
|
16,021
|
|
$
|
16,021
|
|
|
|
|
|
|
||||||||
|
Fair Value Measurements at June 30, 2017
|
|||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Acquisition-related contingent consideration
|
$
|
—
|
|
$
|
—
|
|
$
|
15,028
|
|
$
|
15,028
|
|
|
Three Months Ended
December 31, |
|
Six Months Ended
December 31, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Acquisition-related contingent consideration at beginning of period
|
$
|
15,516
|
|
|
$
|
—
|
|
|
$
|
15,028
|
|
|
$
|
—
|
|
Additions
|
—
|
|
|
13,872
|
|
|
—
|
|
|
13,872
|
|
||||
Changes in fair value included in Selling, General and Administrative Expenses
|
505
|
|
|
224
|
|
|
993
|
|
|
224
|
|
||||
Acquisition-related contingent consideration at end of period
|
$
|
16,021
|
|
|
$
|
14,096
|
|
|
$
|
16,021
|
|
|
$
|
14,096
|
|
|
|
|
December 31,
2017 |
|
June 30,
2017 |
||||
Tradenames (20 to 30-year life)
|
|
|
|
||||
Gross carrying value
|
$
|
50,321
|
|
|
$
|
50,321
|
|
Accumulated amortization
|
(4,100
|
)
|
|
(3,130
|
)
|
||
Net carrying value
|
$
|
46,221
|
|
|
$
|
47,191
|
|
Trademarks (27-year life)
|
|
|
|
||||
Gross carrying value
|
$
|
370
|
|
|
$
|
370
|
|
Accumulated amortization
|
(286
|
)
|
|
(241
|
)
|
||
Net carrying value
|
$
|
84
|
|
|
$
|
129
|
|
Customer Relationships (10 to 15-year life)
|
|
|
|
||||
Gross carrying value
|
$
|
14,207
|
|
|
$
|
14,207
|
|
Accumulated amortization
|
(7,722
|
)
|
|
(7,160
|
)
|
||
Net carrying value
|
$
|
6,485
|
|
|
$
|
7,047
|
|
Technology / Know-how (10-year life)
|
|
|
|
||||
Gross carrying value
|
$
|
6,350
|
|
|
$
|
6,350
|
|
Accumulated amortization
|
(1,364
|
)
|
|
(1,047
|
)
|
||
Net carrying value
|
$
|
4,986
|
|
|
$
|
5,303
|
|
Non-compete Agreements (5-year life)
|
|
|
|
||||
Gross carrying value
|
$
|
791
|
|
|
$
|
791
|
|
Accumulated amortization
|
(378
|
)
|
|
(299
|
)
|
||
Net carrying value
|
$
|
413
|
|
|
$
|
492
|
|
Total net carrying value
|
$
|
58,189
|
|
|
$
|
60,162
|
|
|
Three Months Ended
December 31, |
|
Six Months Ended
December 31, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Amortization expense
|
$
|
1,006
|
|
|
$
|
846
|
|
|
$
|
1,973
|
|
|
$
|
1,537
|
|
|
|
||
2019
|
$
|
3,858
|
|
2020
|
$
|
3,823
|
|
2021
|
$
|
3,738
|
|
2022
|
$
|
3,664
|
|
2023
|
$
|
3,105
|
|
|
Three Months Ended
December 31, |
|
Six Months Ended
December 31, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net Sales
|
|
|
|
|
|
|
|
||||||||
Retail
|
$
|
179,286
|
|
|
$
|
182,794
|
|
|
$
|
341,430
|
|
|
$
|
335,456
|
|
Foodservice
|
140,379
|
|
|
143,979
|
|
|
277,151
|
|
|
282,678
|
|
||||
Total
|
$
|
319,665
|
|
|
$
|
326,773
|
|
|
$
|
618,581
|
|
|
$
|
618,134
|
|
Operating Income
|
|
|
|
|
|
|
|
||||||||
Retail
|
$
|
37,316
|
|
|
$
|
42,905
|
|
|
$
|
70,183
|
|
|
$
|
77,711
|
|
Foodservice
|
13,409
|
|
|
19,147
|
|
|
28,097
|
|
|
39,166
|
|
||||
Corporate Expenses
|
(3,460
|
)
|
|
(2,694
|
)
|
|
(6,689
|
)
|
|
(6,765
|
)
|
||||
Total
|
$
|
47,265
|
|
|
$
|
59,358
|
|
|
$
|
91,591
|
|
|
$
|
110,112
|
|
•
|
leading Retail market positions in several product categories with a high-quality perception;
|
•
|
recognized innovation in Retail products;
|
•
|
a broad customer base in both Retail and Foodservice accounts;
|
•
|
well-regarded culinary expertise among Foodservice customers;
|
•
|
recognized leadership in Foodservice product development;
|
•
|
experience in integrating complementary business acquisitions; and
|
•
|
historically strong cash flow generation that supports growth opportunities.
|
•
|
leveraging the strength of our Retail brands to increase current product sales;
|
•
|
introducing new products and expanding distribution; and
|
•
|
continuing to rely upon the strength of our reputation in Foodservice product development and quality.
|
|
Three Months Ended
December 31, |
|
|
|
|
|
Six Months Ended
December 31, |
|
|
|
|
||||||||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||||||||
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Retail
|
$
|
179,286
|
|
|
$
|
182,794
|
|
|
$
|
(3,508
|
)
|
|
(2
|
)%
|
|
$
|
341,430
|
|
|
$
|
335,456
|
|
|
$
|
5,974
|
|
|
2
|
%
|
Foodservice
|
140,379
|
|
|
143,979
|
|
|
(3,600
|
)
|
|
(3
|
)%
|
|
277,151
|
|
|
282,678
|
|
|
(5,527
|
)
|
|
(2
|
)%
|
||||||
Total
|
$
|
319,665
|
|
|
$
|
326,773
|
|
|
$
|
(7,108
|
)
|
|
(2
|
)%
|
|
$
|
618,581
|
|
|
$
|
618,134
|
|
|
$
|
447
|
|
|
—
|
%
|
Gross Profit
|
$
|
83,941
|
|
|
$
|
93,739
|
|
|
$
|
(9,798
|
)
|
|
(10
|
)%
|
|
$
|
159,418
|
|
|
$
|
174,373
|
|
|
$
|
(14,955
|
)
|
|
(9
|
)%
|
Gross Margin
|
26.3
|
%
|
|
28.7
|
%
|
|
|
|
|
|
25.8
|
%
|
|
28.2
|
%
|
|
|
|
|
|
Three Months Ended
December 31, |
|
|
|
|
|
Six Months Ended
December 31, |
|
|
|
|
||||||||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||||||||
SG&A Expenses
|
$
|
36,676
|
|
|
$
|
34,381
|
|
|
$
|
2,295
|
|
|
7
|
%
|
|
$
|
67,827
|
|
|
$
|
64,261
|
|
|
$
|
3,566
|
|
|
6
|
%
|
SG&A Expenses as a Percentage of Net Sales
|
11.5
|
%
|
|
10.5
|
%
|
|
|
|
|
|
11.0
|
%
|
|
10.4
|
%
|
|
|
|
|
|
Three Months Ended
December 31, |
|
|
|
|
|
Six Months Ended
December 31, |
|
|
|
|
||||||||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||||||||
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Retail
|
$
|
37,316
|
|
|
$
|
42,905
|
|
|
$
|
(5,589
|
)
|
|
(13
|
)%
|
|
$
|
70,183
|
|
|
$
|
77,711
|
|
|
$
|
(7,528
|
)
|
|
(10
|
)%
|
Foodservice
|
13,409
|
|
|
19,147
|
|
|
(5,738
|
)
|
|
(30
|
)%
|
|
28,097
|
|
|
39,166
|
|
|
(11,069
|
)
|
|
(28
|
)%
|
||||||
Corporate Expenses
|
(3,460
|
)
|
|
(2,694
|
)
|
|
(766
|
)
|
|
28
|
%
|
|
(6,689
|
)
|
|
(6,765
|
)
|
|
76
|
|
|
(1
|
)%
|
||||||
Total
|
$
|
47,265
|
|
|
$
|
59,358
|
|
|
$
|
(12,093
|
)
|
|
(20
|
)%
|
|
$
|
91,591
|
|
|
$
|
110,112
|
|
|
$
|
(18,521
|
)
|
|
(17
|
)%
|
Operating Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Retail
|
20.8
|
%
|
|
23.5
|
%
|
|
|
|
|
|
20.6
|
%
|
|
23.2
|
%
|
|
|
|
|
||||||||||
Foodservice
|
9.6
|
%
|
|
13.3
|
%
|
|
|
|
|
|
10.1
|
%
|
|
13.9
|
%
|
|
|
|
|
||||||||||
Total
|
14.8
|
%
|
|
18.2
|
%
|
|
|
|
|
|
14.8
|
%
|
|
17.8
|
%
|
|
|
|
|
(Dollars in thousands)
|
Three Months Ended
December 31, 2017 |
|
Six Months Ended
December 31, 2017 |
||||||||||
One-time benefit on preliminary re-measurement of net deferred tax liability
|
$
|
(8,878
|
)
|
|
(18.6
|
)%
|
|
$
|
(8,878
|
)
|
|
(9.6
|
)%
|
Net windfall tax benefits - stock-based compensation
|
(101
|
)
|
|
(0.2
|
)%
|
|
(180
|
)
|
|
(0.2
|
)%
|
||
Federal, state and local provision
|
10,736
|
|
|
22.5
|
%
|
|
26,113
|
|
|
28.3
|
%
|
||
Taxes Based on Income
|
$
|
1,757
|
|
|
3.7
|
%
|
|
$
|
17,055
|
|
|
18.5
|
%
|
|
Three Months Ended
December 31, |
|
|
|
|
|
Six Months Ended
December 31, |
|
|
|
|
||||||||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||||||||
Net Sales
|
$
|
179,286
|
|
|
$
|
182,794
|
|
|
$
|
(3,508
|
)
|
|
(2
|
)%
|
|
$
|
341,430
|
|
|
$
|
335,456
|
|
|
$
|
5,974
|
|
|
2
|
%
|
Operating Income
|
$
|
37,316
|
|
|
$
|
42,905
|
|
|
$
|
(5,589
|
)
|
|
(13
|
)%
|
|
$
|
70,183
|
|
|
$
|
77,711
|
|
|
$
|
(7,528
|
)
|
|
(10
|
)%
|
Operating Margin
|
20.8
|
%
|
|
23.5
|
%
|
|
|
|
|
|
20.6
|
%
|
|
23.2
|
%
|
|
|
|
|
|
Three Months Ended
December 31, |
|
|
|
|
|
Six Months Ended
December 31, |
|
|
|
|
||||||||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||||||||
Net Sales
|
$
|
140,379
|
|
|
$
|
143,979
|
|
|
$
|
(3,600
|
)
|
|
(3
|
)%
|
|
$
|
277,151
|
|
|
$
|
282,678
|
|
|
$
|
(5,527
|
)
|
|
(2
|
)%
|
Operating Income
|
$
|
13,409
|
|
|
$
|
19,147
|
|
|
$
|
(5,738
|
)
|
|
(30
|
)%
|
|
$
|
28,097
|
|
|
$
|
39,166
|
|
|
$
|
(11,069
|
)
|
|
(28
|
)%
|
Operating Margin
|
9.6
|
%
|
|
13.3
|
%
|
|
|
|
|
|
10.1
|
%
|
|
13.9
|
%
|
|
|
|
|
•
|
the reaction of customers or consumers to price increases we may implement;
|
•
|
capacity constraints that may affect our ability to meet demand or may increase our costs;
|
•
|
dependence on contract manufacturers, distributors and freight transporters;
|
•
|
fluctuations in the cost and availability of ingredients and packaging;
|
•
|
adverse changes in freight, energy or other costs of producing, distributing or transporting our products;
|
•
|
price and product competition;
|
•
|
the impact of customer store brands on our branded retail volumes;
|
•
|
the success and cost of new product development efforts;
|
•
|
dependence on key personnel and changes in key personnel;
|
•
|
the effect of consolidation of customers within key market channels;
|
•
|
the lack of market acceptance of new products;
|
•
|
the ability to successfully grow recently acquired businesses;
|
•
|
the extent to which future business acquisitions are completed and acceptably integrated;
|
•
|
the possible occurrence of product recalls or other defective or mislabeled product costs;
|
•
|
the potential for loss of larger programs or key customer relationships;
|
•
|
changes in demand for our products, which may result from loss of brand reputation or customer goodwill;
|
•
|
maintenance of competitive position with respect to other manufacturers;
|
•
|
efficiencies in plant operations;
|
•
|
the impact of any regulatory matters affecting our food business, including any required labeling changes and their impact on consumer demand;
|
•
|
stability of labor relations;
|
•
|
the outcome of any litigation or arbitration;
|
•
|
the impact, if any, of certain contingent liabilities associated with our withdrawal from a multiemployer pension plan;
|
•
|
the impact of fluctuations in our pension plan asset values on funding levels, contributions required and benefit costs;
|
•
|
changes in estimates in critical accounting judgments; and
|
•
|
certain other factors, including the information disclosed in our discussion of risk factors under Item 1A of our
2017
Annual Report on Form 10-K.
|
Period
|
Total
Number of
Shares
Purchased
|
|
Average
Price Paid
Per Share
|
|
Total Number
of Shares
Purchased as
Part of
Publicly
Announced
Plans
|
|
Maximum
Number of
Shares that
May Yet be
Purchased
Under the
Plans
|
|||||
October 1-31, 2017
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
1,404,320
|
|
November 1-30, 2017
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
1,404,320
|
|
December 1-31, 2017
(1)
|
31
|
|
|
$
|
133.37
|
|
|
31
|
|
|
1,404,289
|
|
Total
|
31
|
|
|
$
|
133.37
|
|
|
31
|
|
|
1,404,289
|
|
(1)
|
Represents shares that were repurchased in satisfaction of tax withholding obligations arising from the vesting of restricted stock granted to employees under the Lancaster Colony Corporation 2015 Omnibus Incentive Plan.
|
|
|
|
|
|
|
|
|
|
LANCASTER COLONY CORPORATION
|
||
|
|
|
|
|
(Registrant)
|
Date:
|
January 30, 2018
|
|
By:
|
|
/s/ DAVID A. CIESINSKI
|
|
|
|
|
|
David A. Ciesinski
|
|
|
|
|
|
President, Chief Executive Officer
|
|
|
|
|
|
and Director
|
|
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
Date:
|
January 30, 2018
|
|
By:
|
|
/s/ DOUGLAS A. FELL
|
|
|
|
|
|
Douglas A. Fell
|
|
|
|
|
|
Treasurer, Vice President,
|
|
|
|
|
|
Assistant Secretary and
|
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
Located at
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
Filed herewith
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
Filed herewith
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Filed herewith
|
1 Year Lancaster Colony Chart |
1 Month Lancaster Colony Chart |
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