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Lancaster Colony Corp. (LANC) filed Quarterly Report for the period ended 2011-12-31.
Lancaster Colony Corp. has a market cap of $1.88 billion; its shares were traded at around $68.98 with a P/E ratio of 20.6 and P/S ratio of 1.7. The dividend yield of Lancaster Colony Corp. stocks is 2.1%. Lancaster Colony Corp. had an annual average earning growth of 4.3% over the past 10 years.
This is the annual revenues and earnings per share of LANC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of LANC.
Highlight of Business Operations:
Net sales for the second quarter ended December 31, 2011 decreased 1% to approximately $311.8 million from the prior-year total of $316.2 million. This sales decline reflects lower sales in the Glassware and Candles segment as partially offset by an increase in sales of the Specialty Foods segment. The Specialty Foods segment’s increase reflects higher foodservice and retail sales. The decrease in sales of the Glassware and Candles segment primarily reflects lower unit volume. Gross margin decreased 11% to approximately $69.9 million from the prior-year second quarter total of $78.2 million. Substantially higher material costs contributed to the lower gross margin. Other income for the current-year second quarter totaled approximately $2.7 million compared to $1.0 million in the prior-year comparative period. These figures included Continued Dumping and Subsidy Offset Act of 2000 (“CDSOA”) receipts totaling approximately $2.7 million in the second quarter of 2012 and approximately $1.0 million in the corresponding period of 2011. Net income for the three months ended December 31, 2011 totaled approximately $30.4 million, or $1.11 per diluted share. Net income totaled approximately $34.9 million in the second quarter of the prior year, or $1.25 per diluted share.Year-to-date net sales for the period ended December 31, 2011 increased 1% to approximately $586.3 million from the prior year-to-date total of $581.3 million. Gross margin decreased to approximately $125.3 million from the prior year-to-date total of $136.3 million. Net income for the six months ended December 31, 2011 totaled approximately $51.6 million, or $1.89 per diluted share. Net income totaled approximately $57.6 million in the six months ended December 31, 2010, or $2.06 per diluted share.
For the three and six months ended December 31, 2011, net sales of the Specialty Foods segment increased by 5% and 6%, respectively. Net sales of both retail and foodservice products improved during each comparative period. Higher product pricing totaled approximately five percent of segment net sales for both the three and six month periods. In addition to higher pricing, retail sales also reflected the incremental benefit from some recently introduced food products. The segment’s foodservice sales also increased on expanded volumes associated with programs among existing customers.
As a percentage of sales, our consolidated gross margin for the three and six months ended December 31, 2011 was 22.4% and 21.4%, respectively, as compared to 24.7% and 23.5% achieved in the prior-year comparative periods.
For the six months ended December 31, 2011, net cash provided by operating activities totaled approximately $66.6 million as compared to $75.5 million in the prior-year period. The decrease results from the relative changes in working capital, particularly inventory. The increase in receivables since June 2011 primarily relates to seasonal influences on sales within the Glassware and Candles segment but is also impacted by higher sales in the Specialty Foods segment.
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