EX-99.2 3 l32995aexv99w2.htm EX-99.2 EX-99.2
Exhibit 99.2
Lancaster Colony Corporation
Consolidated Statements of Income
(Unaudited)
The following table reflects the reclassification of fiscal 2008 quarterly amounts for the discontinued operations presentation of our sold automotive operations:
                                         
    Fiscal 2008     Year Ended  
    First     Second     Third     Fourth     June 30,  
(In thousands, except per share data)   Quarter     Quarter     Quarter     Quarter     2008  
 
                                       
Net Sales
  $ 243,958     $ 269,447     $ 230,826     $ 236,684     $ 980,915  
 
                                       
Cost of Sales
    199,126       225,837       199,152       199,459       823,574  
 
                             
Gross Margin
    44,832       43,610       31,674       37,225       157,341  
 
                                       
Selling, General & Administrative Expenses
    21,042       21,217       19,397       19,095       80,751  
Restructuring and Impairment Charge
    136       46             1,071       1,253  
 
                             
Operating Income
    23,654       22,347       12,277       17,059       75,337  
 
                                       
Interest Income and Other — Net
    (803 )     1,808       (323 )     (351 )     331  
 
                             
Income From Continuing Operations Before Income Taxes
    22,851       24,155       11,954       16,708       75,668  
 
                                       
Taxes Based on Income
    8,204       8,881       3,952       6,192       27,229  
 
                             
 
                                       
Income From Continuing Operations
    14,647       15,274       8,002       10,516       48,439  
 
                                       
Discontinued Operations, Net of Tax:
                                       
Income From Discontinued Operations
    923       724       783       203       2,633  
Loss on Sale of Discontinued Operations
                (159 )     (13,293 )     (13,452 )
 
                             
Total Discontinued Operations
    923       724       624       (13,090 )     (10,819 )
 
                             
 
                                       
Net Income (Loss)
  $ 15,570     $ 15,998     $ 8,626     $ (2,574 )   $ 37,620  
 
                             
 
                                       
Income (Loss) Per Common Share: (1)
                                       
Continuing Operations — Basic and Diluted
  $ 0.48     $ 0.51     $ 0.27     $ 0.37     $ 1.64  
Discontinued Operations — Basic and Diluted
  $ 0.03     $ 0.02     $ 0.02     $ (0.46 )   $ (0.37 )
Net Income (Loss) Per Common Share — Basic and Diluted
  $ 0.51     $ 0.54     $ 0.30     $ (0.09 )   $ 1.28  
 
                                       
Dividends Per Share
  $ 0.27     $ 0.28     $ 0.28     $ 0.28     $ 1.11  
 
                                       
Weighted Average Common Shares Outstanding — Basic
    30,412       29,855       29,115       28,596       29,494  
Weighted Average Common Shares Outstanding — Diluted
    30,420       29,860       29,128       28,598       29,499  
 
(1)   Basic and diluted earnings per share are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly earnings per share amounts may not agree with the total year.

-1-


 

Lancaster Colony Corporation
Consolidated Statements of Income
(Unaudited)
The following table reflects the reclassification of fiscal 2007 quarterly amounts for the discontinued operations presentation of our sold automotive operations:
                                         
    Fiscal 2007     Year Ended  
    First     Second     Third     Fourth     June 30,  
(In thousands, except per share data)   Quarter     Quarter     Quarter     Quarter     2007  
 
                                       
Net Sales
  $ 226,793     $ 263,175     $ 228,450     $ 227,392     $ 945,810  
 
                                       
Cost of Sales
    185,390       209,520       186,134       183,026       764,070  
 
                             
Gross Margin
    41,403       53,655       42,316       44,366       181,740  
 
                                       
Selling, General & Administrative Expenses
    19,520       20,957       20,519       18,708       79,704  
Restructuring and Impairment Charge
                1,004       1,122       2,126  
 
                             
Operating Income
    21,883       32,698       20,793       24,536       99,910  
 
                                       
Interest Income and Other — Net
    287       828       259       (24 )     1,350  
 
                             
Income From Continuing Operations Before Income Taxes
    22,170       33,526       21,052       24,512       101,260  
 
                                       
Taxes Based on Income
    8,064       12,278       7,746       8,893       36,981  
 
                             
 
                                       
Income From Continuing Operations
    14,106       21,248       13,306       15,619       64,279  
 
                                       
Discontinued Operations, Net of Tax:
                                       
(Loss) Income From Discontinued Operations
    (325 )     (3,419 )     (546 )     815       (3,475 )
Gain (Loss) on Sale of Discontinued Operations
                739       (15,859 )     (15,120 )
 
                             
Total Discontinued Operations
    (325 )     (3,419 )     193       (15,044 )     (18,595 )
 
                             
 
                                       
Net Income
  $ 13,781     $ 17,829     $ 13,499     $ 575     $ 45,684  
 
                             
 
                                       
Income (Loss) Per Common Share: (1)
                                       
Continuing Operations — Basic
  $ 0.44     $ 0.67     $ 0.42     $ 0.50     $ 2.04  
Continuing Operations — Diluted
  $ 0.44     $ 0.67     $ 0.42     $ 0.50     $ 2.03  
Discontinued Operations — Basic and Diluted
  $ (0.01 )   $ (0.11 )   $ 0.01     $ (0.48 )   $ (0.59 )
Net Income Per Common Share — Basic and Diluted
  $ 0.43     $ 0.56     $ 0.43     $ 0.02     $ 1.45  
 
                                       
Dividends Per Share
  $ 0.26     $ 0.27     $ 0.27     $ 0.27     $ 1.07  
 
                                       
Weighted Average Common Shares Outstanding — Basic
    31,919       31,735       31,531       31,120       31,576  
Weighted Average Common Shares Outstanding — Diluted
    31,936       31,770       31,560       31,147       31,603  
 
(1)   Basic and diluted earnings per share are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly earnings per share amounts may not agree with the total year.

-2-


 

Lancaster Colony Corporation
Business Segment Information
(Unaudited)
The following reflects the reclassification of quarterly amounts for the discontinued operations presentation of our sold automotive operations:
                                         
    Fiscal 2008     Year Ended  
    First     Second     Third     Fourth     June 30,  
(In thousands of dollars)   Quarter     Quarter     Quarter     Quarter     2008  
 
                                       
Net Sales:
                                       
Specialty Foods
  $ 184,789     $ 215,150     $ 197,249     $ 211,319     $ 808,507  
Glassware and Candles
    59,169       54,297       33,577       25,365       172,408  
 
                             
 
  $ 243,958     $ 269,447     $ 230,826     $ 236,684     $ 980,915  
 
                             
 
                                       
Operating Income:
                                       
Specialty Foods
  $ 23,774     $ 28,309     $ 14,361     $ 22,531     $ 88,975  
Glassware and Candles
    2,413       (780 )     (38 )     (3,482 )     (1,887 )
Corporate Expenses
    (2,533 )     (5,182 )     (2,046 )     (1,990 )     (11,751 )
 
                             
 
  $ 23,654     $ 22,347     $ 12,277     $ 17,059     $ 75,337  
 
                             
                                         
    Fiscal 2007     Year Ended  
    First     Second     Third     Fourth     June 30,  
(In thousands of dollars)   Quarter     Quarter     Quarter     Quarter     2007  
 
                                       
Net Sales:
                                       
Specialty Foods
  $ 172,287     $ 192,594     $ 178,212     $ 185,564     $ 728,657  
Glassware and Candles
    54,506       70,581       50,238       41,828       217,153  
 
                             
 
  $ 226,793     $ 263,175     $ 228,450     $ 227,392     $ 945,810  
 
                             
 
                                       
Operating Income:
                                       
Specialty Foods
  $ 24,182     $ 30,769     $ 22,046     $ 24,521     $ 101,518  
Glassware and Candles
    (801 )     3,923       987       1,603       5,712  
Corporate Expenses
    (1,498 )     (1,994 )     (2,240 )     (1,588 )     (7,320 )
 
                             
 
  $ 21,883     $ 32,698     $ 20,793     $ 24,536     $ 99,910  
 
                             

-3-