Lancaster Colony Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2014; Provides Capital Spending Guidance for the Full Year of 2015
January 29, 2015 at 05:54 pm IST
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Lancaster Colony Corporation announced unaudited consolidated earnings results for the second quarter and six months ended December 31, 2014. For the quarter, the company reported net sales of $303,411,000 compared to $292,281,000 a year ago. Operating income was $50,216,000 compared to $56,185,000 a year ago. Income from continuing operations before income taxes was $50,169,000 compared to $56,099,000 a year ago. Income from continuing operations was $32,954,000 or $1.20 per diluted share compared to $37,133,000 or $1.36 per diluted share a year ago. Net income was $32,954,000 or $1.20 per diluted share compared to $39,234,000 or $1.44 per diluted share a year ago.
For the six months, the company reported net sales of $563,398,000 compared to $540,418,000 a year ago. Operating income was $84,820,000 compared to $92,616,000 a year ago. Income from continuing operations before income taxes was $84,781,000 compared to $92,492,000 a year ago. Income from continuing operations was $55,715,000 or $2.04 per basic and diluted share compared to $61,185,000 or $2.24 per basic and diluted share a year ago. Net income was $55,715,000 or $2.04 per diluted share compared to $64,035,000 or $2.34 per diluted share a year ago. Cash flows from operating activities totaled approximately $83 million, which is down slightly from the $84 million provided in the first half of last year. Cash outflows relating to capital expenditures increased nearly $8.7 million from that of the prior year period, which principally related to the capacity expansion project at dressing and sauce plant in Kentucky. The net balance of property, plant and equipment remained comparable to the June total, with current quarter capital expenditures totaling nearly $5 million and $13 million on a year-to-date basis.
The company estimates total capital spending for the year of 2015 to be about $20 million.
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 Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2014; Provides Capital Spending Guidance for the Full Year of 2015