For the first fiscal quarter, which ended on 30 September 2000, Lancaster Colony Corporation announced record high total sales but a decline in net sales by its glassware and candles operations.
“Con…
For the first fiscal quarter, which ended on 30 September 2000, Lancaster Colony Corporation announced record high total sales but a decline in net sales by its glassware and candles operations. “Consistent with the first half of calendar 2000, this segment“s results were largely attributable to a generally softer candle market,” said John B. Gerlach, Jr., chairman and CEO of Lancaster Colony, commenting on the results of the Glassware and Candles Group. He added that glassware results were adversely affected by operational inefficiencies, including those incurred in developing a new product line, and by higher energy-related costs. Net sales for all the US group“s operations, however, totalled US$ 264 million compared to US$ 260 million in the first quarter the previous year. Net income amounted to US$ 21.4 million, down slightly from the US$ 22.6 million in the corresponding quarter in 1999.