5 November 1998: US-based Lancaster Colony Corporation reported net sales of US$ 244 million, which set a new record for the company“s first fiscal quarter compared to US$ 237 million in the first qu…
5 November 1998: US-based Lancaster Colony Corporation reported net sales of US$ 244 million, which set a new record for the company“s first fiscal quarter compared to US$ 237 million in the first quarter last year. Net income for the first fiscal quarter ended 30 September 1998 amounted to US$ 20,338,000 or US$ 0.48 per basic and diluted share, compared with US$ 20,861,000 or US$ 0.48 per basic and diluted share earned in the corresponding quarter a year ago after reflecting the 3-for-2 stock split paid on 27 January 1998. John B. Gerlach, Jr., chairman and CEO of Lancaster Colony, said, “We are pleased with the good sales growth in our specialty foods business, while our glassware and candles and automotive segments performed below expectations.” He added, “Operating margins were impacted by higher ingredient costs in the food business and by the effects of the General Motors strike on our automotive accessory business.” Mr. Gerlach said, “Looking ahead, we see modest growth in light of the unsettled state of the national economy. The impact of the GM strike is now behind us and we believe raw material and ingredient costs may trend favourably in the second half. We expect improved performance in all of our business segments during the balance of the year.”