Lancaster Colony Corp. recently reported net income of $18,047,000 for the company's third fiscal quarter, ended March 31, 2003. Net income totaled $28,807,000 for the corresponding quarter of a year ago, when the company benefited from a pre-tax distribution of $15.6 million ($.26 per share after taxes) received under the Continued Dumping and Subsidy Offset Act (CDSOA). Basic and diluted earnings per share for the fiscal 2003 third quarter were $.50 per share compared to $.78 in the year-ago quarter. Third quarter net sales were $260 million, a 4% decline from net sales of $271 million in the third quarter last year. Net income for the latest quarter also included pre-tax income of $2.4 million ($.04 per share after taxes) related to the liquidation of LIFO inventories carried at substantially lower prior years' costs. In the third quarter last year, net income included a similar LIFO pre-tax benefit of $0.4 million ($.01 per share after taxes).

A replay of a recent conference call webcast is available at http://www.lancastercolony.com .