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Lancaster Colony reports record fourth-quarter sales and earnings

US-based Lancaster Colony Corporation reported record high sales and earnings for the fourth fiscal quarter. Net sales and earnings per share also reached record highs for the fiscal year ended 30 Jun…

US-based Lancaster Colony Corporation reported record high sales and earnings for the fourth fiscal quarter. Net sales and earnings per share also reached record highs for the fiscal year ended 30 June 1999. For the fiscal year, net earnings reached US$ 95.13 million or US$ 2.28 per basic and diluted share compared with US$ 96.13 million or US$ 2.22 per basic and diluted share earned a year ago. Net sales reached a record US$ 1.05 billion, up 4% from net sales of US$ 1.01 billion last year. For the fourth quarter, net earnings increased to US$ 24.74 million or 61 cents per basic and diluted share compared with net earnings in the corresponding three months a year ago of US$ 23.51 million or 55 cents per basic and diluted share. Net sales were US$ 254 million versus US$ 233 million in the fourth quarter last year. “Our record fourth quarter performance was due to consistently strong results from our specialty foods group and the best automotive quarter of the year,” said John B. Gerlach, Jr., chairman and CEO of Lancaster Colony. “Our candle and glassware and automotive businesses did not contribute improved earnings for the year, primarily due to inefficient glass and automotive production operations, as well as the General Motors strike early in the fiscal year,” he added. Looking ahead, he commented, “We expect improvements in all segments of our business in fiscal 2000.” Meanwhile, the Board of Directors of Lancaster Colony Corporation declared a regular quarterly cash dividend of 15 cents per share payable 30 September 1999, to shareholders of record on 10 September 1999. The board also adopted a new shareholder rights plan similar to the existing plan which expires in April 2000. The new plan will be effective with the expiration of the existing plan. “This dividend continues the higher payout level set nine months ago and marks the 37th consecutive year that Lancaster Colony has increased cash dividends each year,” said Gerlach. The September payment will be the 145th consecutive quarterly cash dividend paid by the company since September 1963. He pointed out that the indicated annual payout for the new fiscal year ending June 30, 2000, is 60 cents per share, up from 59 cents per share paid in the fiscal year ended 30 June 1999.

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