LANCASTER COLONY REPORTS RECORD HIGH FIRST QUARTER EARNINGS
COLUMBUS, Ohio, Nov. 8 /PRNewswire/ Lancaster Colony Corporation (NASDAQ: LANC) today reported record high net income on slightly higher sales for the first fiscal quarter ended Sept. 30, 1991, compared with the corresponding period a year earlier.
Net income for the three months was $7,523,000 or 65 cents per share, an increase of 36 percent over net income for the prior year's first quarter of $5,545,000 or 48 cents per share as originally reported before the adoption of two accounting pronouncements that reduced earnings by $1,010,000 or nine cents per share. Restated net income for the 1991 first quarter was $4,535,000 or 39 cents per share. Net sales for the quarter were $132.4 million, up three percent over sales of $128.8 million a year ago.
John B. Gerlach, president of Lancaster Colony, attributed the strong first quarter earnings to an improved product mix, continuing cost-control measures and further sales and earnings growth in specialty foods. He noted that the Specialty Foods Group accounted for all of the company's sales increase in the quarter.
Looking ahead, Gerlach said, "We look for fiscal 1992 to continue to be a tough year but a good one."
LANCASTER COLONY CORPORATION
CONSOLIDATED SUMMARY OF SALES AND EARNINGS (Unaudited)
Three Months Ended
Net sales $132,415,000 $128,775,000
Income before income taxes $ 12,155,000 $ 8,911,000
Provision for income taxes $ 4,632,000 $ 3,366,000
Income $ 7,523,000 $ 5,545,000
Accounting changes (B) $ (1,010,000)
Net income $ 7,523,000 $ 4,535,000
per common share (A):
Income $ .65 $ .48
Accounting changes (B) $(.09)
Net income $ .65 $ .39
Cash dividends per common share $ .20 $ .19
Weighted average common shares
outstanding 11,510,494 11,586,842
(A) -- Based on the weighted average number of shares outstanding
during each period.
(B) -- Cumulative effect of two accounting changes. SUBJECT TO YEAR-END AUDIT.
/CONTACT: John B. Gerlach, president of Lancaster Colony Corporation, 614-224-7141; or Investor Relations Consultants, 813-796-1452, for Lancaster Colony Corporation/
(LANC) CO: Lancaster Colony Corporation ST: Ohio IN: SU: ERN SS-AW -- FL005 -- 0897 11/08/91 11:35 EST