Lancaster Colony Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2012; Provides Tax Rate Guidance for the Fiscal Year 2013
January 31, 2013 at 07:07 am
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Lancaster Colony Corporation reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2012. For the quarter, the company reported net sales of $326.155 million compared to $311.786 million a year ago. Operating income was $52.625 million compared to $43.710 million a year ago. Income before income taxes was $52.879 million compared to $46.449 million a year ago. Net income was $35.277 million or $1.28 per diluted share compared to $30.373 million or $1.11 per diluted share a year ago. Capital expenditures for the quarter totaled $5 million with primary project being the expansion of crouton production capacity. Sales grew primarily due to pricing of about $3 million and a bit less promotional spend as volume mix was relatively flat in the quarter.
For six months, the company reported net sales of $617.131 million compared to $586.302 million a year ago. Operating income was $93.197 million compared to $76.222 million a year ago. Income before income taxes was $93.465 million compared to $78.957 million a year ago. Net income was $61.939 million or $2.26 per diluted share compared to $51.631 million or $1.11 per diluted share a year ago. Full-year capital expenditures will total about $25 million. Cash flows provided from operations for the most recent six months totaled almost $68 million, which is similar to the $67 million reported in the prior year s comparable period.
The company provided tax rate guidance for the fiscal year 2013. The company expects effective tax rate run a little bit below 34%.
Lancaster Colony Corporation is a manufacturer and marketer of specialty food products for the retail and foodservice channels. The Company operates through two segments: Retail Segment and Foodservice Segment. Its Retail Segment manufactures and sells frozen breads, refrigerated dressings and dips, and shelf-stable dressings and croutons under the brand names New York BRAND Bakery, Marzetti, Marzetti Simply, Cardiniâs, Girardâs and others. It also manufactures and sells other products pursuant to brand license agreements, including Chick-fil-A sauces and dressings, Olive Garden dressings and Buffalo Wild Wings sauces. Its Foodservice segment manufactures and sells salad dressings, sandwich and dipping sauces, frozen breads and yeast rolls. Its products are sold through sales personnel, food brokers and distributors in the United States. Its products are also sold under private label to restaurants. It also manufactures and sells various branded foodservice products to distributors.
Lancaster Colony Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2012; Provides Tax Rate Guidance for the Fiscal Year 2013