PR Newswire
COLUMBUS, Ohio, Aug. 18, 2016
COLUMBUS, Ohio, Aug. 18, 2016 /PRNewswire/ -- Lancaster Colony Corporation (Nasdaq: LANC) today reported results for the fourth quarter and fiscal year ended June 30, 2016. Highlights are as follows:
Fourth Quarter Results
Fiscal Year Results
Fiscal 2016 Commentary
Chairman and CEO John B. Gerlach, Jr. said, "The fiscal year's record sales and earnings are certainly a great accomplishment and I thank all of our employees for their efforts and contributions put forth to achieve that end result. During the course of the year, we navigated through a period of historically high egg costs and persistent challenges in our frozen dinner roll business. We also completed the first full fiscal year with our Flatout® flatbread business. Midway through the year, we undertook an initiative to selectively rationalize some of our foodservice business to reduce operational complexity and improve efficiencies in our production of dressings and sauces. Additionally, our continued emphasis on product innovation and consumer trends led to the launch of several new products and line extensions, including Marzetti® Vineyard Dressings; Avocado Ranch and Sriracha Ranch flavored veggie dips and Simply Dressed® dressings; and a Bake & Break™ garlic bread loaf from New York BRAND® Bakery."
Fiscal 2017 Outlook
Mr. Gerlach added, "As we look towards fiscal 2017, we anticipate retail sales growth will draw from recent and upcoming new product introductions, further expansion of Marzetti® refrigerated dressings and Olive Garden® retail dressings, and increased sales from Flatout® flatbreads. On the foodservice side, only flat to modest sales gains are forecast as our business rationalization plan will pare top-line growth throughout the year and reduced pricing related to lower year-over-year commodity costs, particularly eggs, will be a notable headwind in the fiscal first half. Commodity costs are expected to remain favorable through the first half of fiscal 2017 while our investment in marketing and promotion for our retail brands, including support for new product introductions, is projected at higher levels in the coming quarters."
Conference Call on the Web
The company's fourth quarter and fiscal year-end conference call is scheduled for this morning, August 18, 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 | | Fiscal Year Ended | ||||||||||
| 2016 | | 2015 | | 2016 | | 2015 | ||||||
Net sales | $ | 284,490 | | $ | 277,716 | | $ | 1,191,109 | | $ | 1,104,514 | ||
Cost of sales | 209,346 | | 212,726 | | 891,480 | | 846,822 | ||||||
Gross profit | 75,144 | | 64,990 | | 299,629 | | 257,692 | ||||||
Selling, general & administrative expenses | 28,521 | | 26,157 | | 115,059 | | 102,831 | ||||||
Operating income | 46,623 | | 38,833 | | 184,570 | | 154,861 | ||||||
Other, net | 21 | | (132) | | 63 | | (309) | ||||||
Income before income taxes | 46,644 | | 38,701 | | 184,633 | | 154,552 | ||||||
Taxes based on income | 16,030 | | 13,133 | | 62,869 | | 52,866 | ||||||
Net income | $ | 30,614 | | $ | 25,568 | | $ | 121,764 | | $ | 101,686 | ||
| | | | | | | | ||||||
Net income per common share:(a) | | | | | | | | ||||||
Basic | $ | 1.12 | | $ | 0.93 | | $ | 4.45 | | $ | 3.72 | ||
Diluted | $ | 1.12 | | $ | 0.93 | | $ | 4.44 | | $ | 3.72 | ||
| | | | | | | | ||||||
Cash dividends per common share | $ | 0.50 | | $ | 0.46 | | $ | 6.96 | | $ Werbung Mehr Nachrichten zur Lancaster Colony Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News |