Lancaster Colony slight rise in first-quarter

The US glass and specialty foods company Lancaster Colony Corporation said its fiscal first-quarter net income inched up from a year earlier, when a charge weighed down results, as sales of its specia…

The US glass and specialty foods company Lancaster Colony Corporation said its fiscal first-quarter net income inched up from a year earlier, when a charge weighed down results, as sales of its specialty foods increased. The company, which also makes automotive accessories, glassware and candles, reported net income of US$ 20.34 million, or 55 cents a share, compared with US$ 20.25 million, or 53 cents, a year earlier. The prior-year quarter included a charge of US$ 998,000, or 3 cents a share, for the cumulative effect of an accounting change. Net sales increased 2% to US$266.5 million from US$ 262.0 million a year earlier. Specialty food sales rose 13%. Lancaster Colony said it is “cautiously optimistic” that its 2002 results will show year-over-year improvement in both sales and earnings per share.