US-based Lancaster Colony Corporation reported record high sales and net income for the company“s first fiscal quarter ended 30 September 1999. Net income reached US$ 22.57 million or 56 cents per ba…
US-based Lancaster Colony Corporation reported record high sales and net income for the company“s first fiscal quarter ended 30 September 1999. Net income reached US$ 22.57 million or 56 cents per basic and diluted share, up 11% from the US$ 20.34 million or 48 cents per basic and diluted share earned in the corresponding quarter a year ago. Net sales increased 7% to US$ 260 million compared to sales of US$ 244 million in the first quarter last year. “We are pleased with the strong first-quarter start on fiscal 2000,” said John B. Gerlach, Jr., chairman and CEO of Lancaster Colony. “These results were propelled by excellent performance in our specialty food and candle operations.” Gerlach added that strong sales growth in the automotive business was offset by the high premium freight and overtime costs Lancaster incurred with the jump in demand. “Looking ahead, we remain optimistic regarding our opportunities for the balance of fiscal 2000.”