Lancaster Colony Corp. said fiscal 2Q 2006/7 net income fell 41% to USD 17.8 million, or USD 0.56 a share, from USD 30.2 million, or USD 0.89 a share, a year ago, largely due to a smaller CDSOA remitt…
Lancaster Colony Corp. said fiscal 2Q 2006/7 net income fell 41% to USD 17.8 million, or USD 0.56 a share, from USD 30.2 million, or USD 0.89 a share, a year ago, largely due to a smaller CDSOA remittance, higher nonfood material costs and strike-related costs at a floor-mat facility. The Columbia, Ohio, company said 2Q 2006/7 results included income of USD 0.01 a share in the current fiscal year and USD 0.22 a share in the previous year from a distribution received under the Continued Dumping and Subsidy Offset Act, or CDSOA. Sales for the fiscal 2Q ended 31 December 2006 increased 1.3% to USD 316.5 million from USD 312.6 million a year earlier. The maker of specialty foods, automotive products, glassware and candles said 3Q 2006/7 comparative results will reflect costs incurred the previous year by the extended idling of its Oklahoma glass manufacturing plant. But it added that many of its commodity costs are expected to run at or above year-ago levels. The current year“s 3Q will also see further strike-related costs in the Automotive segment, although these are expected to decline from the total for the 2Q, the company said.