Friday August 24th, 2012 - 12:12PM
Lancaster Colony Corp. reported that, in the company's fiscal year ended June 30, net sales increased 4% to $1.13 billion versus $1.09 billion in the annum earlier. Net income came in at $95.8 million, or $3.51 per diluted share, compared to the prior year's net income of $106.4 million, or $3.84 per diluted share.
For fiscal 2012, results included pretax income of $2.7 million, or approximately six cents per share after taxes, associated with a second quarter distribution under the Continued Dumping and Subsidy Offset Act. Fiscal 2011 results included pretax income of $14.4 million, approximately 34 cents per share after taxes, associated with CDSOA distributions in the second and fourth quarters.
For its fourth quarter ended June 30, net sales gained 7% to $274 million versus $256 million in the year-ago quarter.
The company also reported that sales in the Glassware and Candles division were $25.6 million, essentially even with year ago levels. The segment's quarterly operating loss of $200,000 compared to a loss of $1.3 million a year ago. Results reflected a better sales mix and modestly improved wax input costs.
Lancaster's fourth quarter net income totaled $26 million, or 95 cents per diluted share, versus $29.3 million, or $1.07 per diluted share. The year ago results included a pretax CDSOA distribution of $13.4 million, or about 33 cents per share after taxes.
"We were pleased to conclude fiscal 2012 with solid fourth-quarter improvements in sales and operating income despite the year-long challenge of generally higher material costs," said chairman and CEO John Gerlach Jr. in a statement. "Throughout the year, Specialty Foods sales benefitted from our product innovation efforts across both retail and foodservice lines. New retail items helped our key product lines maintain or grow category shares. Similar to fiscal 2011, we were unable to offset the full material cost escalation through higher pricing. Glassware and Candles' reduced operating income reflected lower sales and higher wax costs, only partially mitigated by improved pricing and sales mix."