UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 18, 2011
Lancaster Colony Corporation
(Exact name of registrant as specified in its charter)
Ohio | 000-04065 | 13-1955943 | ||
(State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
37 West Broad Street Columbus, Ohio |
43215 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrants telephone number, including area code: 614-224-7141
(Former name or former address if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On August 18, 2011, Lancaster Colony Corporation issued a press release announcing its results for the three months and fiscal year ended June 30, 2011. The press release is attached as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits:
99.1 | Press Release dated August 18, 2011 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Lancaster Colony Corporation (Registrant) |
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Date: August 18, 2011 | By: | /s/John L. Boylan | ||
John L. Boylan | ||||
Treasurer, Vice President, Assistant Secretary, Chief Financial Officer and Director (Principal Financial and Accounting Officer) |
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INDEX TO EXHIBITS
Exhibit Number |
Description | Located at | ||
99.1 | Press Release dated August 18, 2011 | Filed herewith |
FOR IMMEDIATE RELEASE
|
SYMBOL: LANC | |
Thursday, August 18, 2011
|
TRADED: Nasdaq |
| Net sales increased three percent to $1,090 million versus $1,057 million last year. |
| Net income totaled $106.4 million or $3.84 per diluted share, compared to the prior years record net income of $115.0 million, or $4.07 per diluted share. Fiscal 2011 results included pretax income of $14.4 million (approximately 34 cents per share after taxes) associated with second and fourth quarter distributions under the Continued Dumping and Subsidy Offset Act (CDSOA). In fiscal 2010, a second quarter pretax CDSOA distribution totaled $0.9 million (approximately two cents per share after taxes). |
| The cash dividend was increased for the 48th consecutive year, and shares were repurchased at a cost of approximately $43.1 million. |
| The balance sheet remained strong with no debt outstanding and over $132 million in cash and equivalents. |
| Net sales increased three percent to $256 million versus $248 million in the year ago quarter. |
| Specialty Foods net sales totaled a fourth quarter record of $230 million, an increase of six percent above the prior years fourth quarter total. Contributing to this improvement were greater foodservice volumes, this years later Easter, the success of recently introduced retail products and both retail and foodservice pricing increases. Retail sales were constrained by factors such as challenging economic conditions faced by consumers and higher levels of trade promotions. Higher material and freight costs, along with a less favorable sales mix, contributed to segment operating income declining by 10 percent to $34.2 million from $38.2 million a year ago. |
| Glassware and Candles sales of $25.7 million declined due to lower candle sales. The segments quarterly operating loss of $1.3 million compared to a loss of less than $0.1 million a year ago. Higher paraffin wax costs and lower sales and production volumes primarily accounted for the decline. |
| Fourth quarter net income totaled $29.3 million, or $1.07 per diluted share, versus the year ago net income of $22.8 million, or $.81 per diluted share. The quarters results included a pretax CDSOA distribution of $13.4 million (approximately 33 cents per share after taxes). |
FOR FURTHER INFORMATION:
|
John B. Gerlach, Jr., Chairman and CEO, or | |
John L. Boylan, Vice President, Treasurer and CFO | ||
Lancaster Colony Corporation | ||
Phone: 614/224-7141 | ||
or | ||
Investor Relations Consultants, Inc. | ||
Phone: 727/781-5577 or E-mail: lanc@mindspring.com |
Three Months Ended | Fiscal Year Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net sales |
$ | 256,034 | $ | 248,005 | $ | 1,089,946 | $ | 1,056,608 | ||||||||
Cost of sales |
202,454 | 188,080 | 847,517 | 786,276 | ||||||||||||
Gross margin |
53,580 | 59,925 | 242,429 | 270,332 | ||||||||||||
Selling, general & administrative expenses |
22,984 | 24,625 | 95,425 | 93,821 | ||||||||||||
Restructuring and impairment charges |
| 179 | | 2,312 | ||||||||||||
Operating income |
30,596 | 35,121 | 147,004 | 174,199 | ||||||||||||
Interest income and other net |
13,392 | (7 | ) | 14,502 | 939 | |||||||||||
Income before income taxes |
43,988 | 35,114 | 161,506 | 175,138 | ||||||||||||
Taxes based on income |
14,695 | 12,299 | 55,142 | 60,169 | ||||||||||||
Net income |
$ | 29,293 | $ | 22,815 | $ | 106,364 | $ | 114,969 | ||||||||
Net income per common share:(a) |
||||||||||||||||
Net income basic |
$ | 1.07 | $ | .81 | $ | 3.84 | $ | 4.08 | ||||||||
Net income diluted |
$ | 1.07 | $ | .81 | $ | 3.84 | $ | 4.07 | ||||||||
Cash dividends per common share |
$ | .33 | $ | .30 | $ | 1.29 | $ | 1.185 | ||||||||
Weighted average common shares outstanding: |
||||||||||||||||
Basic |
27,391 | 28,176 | 27,664 | 28,144 | ||||||||||||
Diluted |
27,413 | 28,205 | 27,689 | 28,174 |
(a) | Based on the weighted average number of shares outstanding during each period. |
Three Months Ended | Fiscal Year Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
NET SALES |
||||||||||||||||
Specialty Foods |
$ | 230,317 | $ | 217,345 | $ | 922,856 | $ | 893,256 | ||||||||
Glassware and Candles |
25,717 | 30,660 | 167,090 | 163,352 | ||||||||||||
$ | 256,034 | $ | 248,005 | $ | 1,089,946 | $ | 1,056,608 | |||||||||
OPERATING INCOME (LOSS) |
||||||||||||||||
Specialty Foods |
$ | 34,193 | $ | 38,194 | $ | 155,218 | $ | 176,194 | ||||||||
Glassware and Candles |
(1,280 | ) | (40 | ) | 3,764 | 9,445 | ||||||||||
Corporate expenses |
(2,317 | ) | (3,033 | ) | (11,978 | ) | (11,440 | ) | ||||||||
$ | 30,596 | $ | 35,121 | $ | 147,004 | $ | 174,199 | |||||||||
June 30, | June 30, | |||||||
2011 | 2010 | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and equivalents |
$ | 132,266 | $ | 100,890 | ||||
Receivables net of allowance for doubtful accounts |
63,762 | 67,766 | ||||||
Total inventories |
111,885 | 121,509 | ||||||
Deferred income taxes and other current assets |
25,283 | 27,234 | ||||||
Total current assets |
333,196 | 317,399 | ||||||
Net property, plant and equipment |
185,282 | 166,097 | ||||||
Other assets |
103,611 | 102,957 | ||||||
Total assets |
$ | 622,089 | $ | 586,453 | ||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 42,570 | $ | 41,904 | ||||
Accrued liabilities |
33,586 | 36,049 | ||||||
Total current liabilities |
76,156 | 77,953 | ||||||
Other noncurrent liabilities and deferred income taxes |
28,394 | 23,592 | ||||||
Shareholders equity |
517,539 | 484,908 | ||||||
Total liabilities and shareholders equity |
$ | 622,089 | $ | 586,453 | ||||
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