Lancaster Colony Annual Net Income Grows 14%
Lancaster Colony Corp. recently reported results for the fiscal year ended June 30, 2013. Net sales increased 3% to $1,166 million vs. $1,131 million last year. Net income increased 14% to $109.2 million, compared to the prior-year’s net income of $95.8 million. Net sales for the fiscal fourth quarter were $269 million, a decrease of 2% compared to $274 million in the year-ago quarter.
In its seasonally weakest quarter, Glassware and Candles sales of $24.1 million declined 6% from year-ago levels. The segment’s operating income rose to $0.2 million, compared to an operating loss of $0.2 million in 2012. The quarter’s results reportedly reflected an improved sales mix, but also a loss on sale of approximately $0.4 million from exiting certain product lines, including glass drinkware, sold into commercial channels. Fourth quarter net income totaled $25.5 million, vs. $26 million in the same quarter last year.
“While our fourth quarter results reflected challenging comparisons to a strong year-ago quarter, we were pleased with the year’s solid growth in sales and net income,” said John B. Gerlach, Jr., chairman and CEO. “Both of our operating segments achieved full-year improvements in net sales, and operating income with recent product introductions helping to push Specialty Foods net sales over the $1 billion mark for the first time.”
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