12 February 1998: At the end of January, the US gift- and glassware group Lancaster Colony Corporation reported that sales and earnings continued to set new record highs through the company“s second …
12 February 1998: At the end of January, the US gift- and glassware group Lancaster Colony Corporation reported that sales and earnings continued to set new record highs through the company“s second fiscal quarter, which ended on 31 December 1997. Second quarter net income increased 14% to US$ 28,967,000 compared with net income in the corresponding three months a year earlier of US$ 25,405,000. Basic and diluted earnings per share were US$ 0.67 versus US$ 0.57 in the second quarter a year earlier after reflecting the 3-for-2 stock split paid on 27 January 1998. Net sales were up 16% to US$ 301 million against US$ 259 million in the second quarter last year. For the first six months, net income reached a record US$ 49,828,000, up 14% from the US$ 43,665,000 earned in the corresponding period a year earlier. Basic earnings were US$ 1.15, up from US$ 0.99. Diluted earnings per share on a post-split basis were US$ 1.14 compared to a previous figure of US$ 0.99. Net sales were US$ 538 million, an increase of 13% from net sales of US$ 478 million in the first half last year. John B. Gerlach, Jr., chairman and chief executive officer of Lancaster Colony, said that all three operating groups contributed to the increases in both sales and earnings. He also attributed the record performance to “a strong fall selling season for candles, the addition of the Chatham Village salad crouton business acquired at the beginning of the fiscal year, and the Automotive Group“s continuing strength in the original equipment market.”