6 May 1999: US-based Lancaster Colony Corporation has reported record high sales for the third fiscal quarter ended 31 March 1999 and earnings per share on par with the record high results posted for …
6 May 1999: US-based Lancaster Colony Corporation has reported record high sales for the third fiscal quarter ended 31 March 1999 and earnings per share on par with the record high results posted for the corresponding three months a year ago. Net income amounted to US$ 21.83 million or US$ 0.53 per basic and diluted share. This compares with US$ 22.8 million or US$ 0.53 per basic and diluted share earned in the third quarter a year ago. Net sales were US$ 247 million compared to US$ 238 million in the third quarter last year. For the nine months to the end of March 1999, net income reached US$ 70.39 million compared with US$ 72.62 million earned in the corresponding period a year ago. Basic and diluted earnings per share were US$ 1.67 versus US$ 1.68 basic and US$ 1.67 diluted a year ago. Net sales were US$ 792 million compared with US$ 776 million in the same nine months last year. “Our specialty foods business continues to deliver very good results,” said John B. Gerlach, Jr., chairman and CEO of Lancaster Colony. “While our glassware and candles business saw better than expected candle performance, this was offset by poor operating efficiency at one of our major glass operations.” Gerlach added, “We are encouraged by improved performance in our automotive business versus the first half of the year, and we look for further progress in the fourth quarter.”