Form | 10-Q |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Lancaster Colony Corporation | ||||||||||
(Exact name of registrant as specified in its charter) | ||||||||||
Ohio | 13-1955943 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
380 Polaris Parkway | Suite 400 | ||||||||||
Westerville | Ohio | 43082 | |||||||||
(Address of principal executive offices) | (Zip Code) |
(614) | 224-7141 | ||||
(Registrant’s telephone number, including area code) |
Large accelerated filer | ý | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Common Stock, without par value | LANC | NASDAQ Global Select Market |
Item 1. | |||||||||
Item 2. | |||||||||
Item 3. | |||||||||
Item 4. | |||||||||
Item 1A. | |||||||||
Item 2. | |||||||||
Item 6. | |||||||||
(Amounts in thousands, except share data) | December 31, 2019 | June 30, 2019 | (Amounts in thousands, except share data) | September 30, 2020 | June 30, 2020 | |||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||
Current Assets: | Current Assets: | |||||||||||||||||
Cash and equivalents | $ | 202,226 | $ | 196,288 | Cash and equivalents | $ | 186,088 | $ | 198,273 | |||||||||
Receivables | 77,061 | 75,691 | Receivables | 96,993 | 86,604 | |||||||||||||
Inventories: | Inventories: | |||||||||||||||||
Raw materials | 39,199 | 30,647 | Raw materials | 41,296 | 34,374 | |||||||||||||
Finished goods | 51,284 | 55,425 | Finished goods | 69,266 | 50,674 | |||||||||||||
Total inventories | 90,483 | 86,072 | Total inventories | 110,562 | 85,048 | |||||||||||||
Other current assets | 10,503 | 10,518 | Other current assets | 14,764 | 15,687 | |||||||||||||
Total current assets | 380,273 | 368,569 | Total current assets | 408,407 | 385,612 | |||||||||||||
Property, Plant and Equipment: | Property, Plant and Equipment: | |||||||||||||||||
Land, buildings and improvements | 187,813 | 163,094 | Land, buildings and improvements | 187,236 | 186,542 | |||||||||||||
Machinery and equipment | 370,011 | 340,232 | Machinery and equipment | 402,750 | 388,929 | |||||||||||||
Total cost | 557,824 | 503,326 | Total cost | 589,986 | 575,471 | |||||||||||||
Less accumulated depreciation | 266,853 | 256,282 | Less accumulated depreciation | 290,509 | 282,183 | |||||||||||||
Property, plant and equipment-net | 290,971 | 247,044 | Property, plant and equipment-net | 299,477 | 293,288 | |||||||||||||
Other Assets: | Other Assets: | |||||||||||||||||
Goodwill | 208,371 | 208,371 | Goodwill | 208,371 | 208,371 | |||||||||||||
Other intangible assets-net | 67,729 | 70,277 | Other intangible assets-net | 62,680 | 65,216 | |||||||||||||
Operating lease right-of-use assets | 24,617 | — | Operating lease right-of-use assets | 26,091 | 22,977 | |||||||||||||
Other noncurrent assets | 11,742 | 11,138 | Other noncurrent assets | 19,342 | 17,889 | |||||||||||||
Total | $ | 983,703 | $ | 905,399 | Total | $ | 1,024,368 | $ | 993,353 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Current Liabilities: | Current Liabilities: | |||||||||||||||||
Accounts payable | $ | 86,151 | $ | 76,670 | Accounts payable | $ | 87,231 | $ | 71,433 | |||||||||
Accrued liabilities | 47,135 | 43,036 | Accrued liabilities | 52,588 | 54,826 | |||||||||||||
Total current liabilities | 133,286 | 119,706 | Total current liabilities | 139,819 | 126,259 | |||||||||||||
Noncurrent Operating Lease Liabilities | 19,704 | — | Noncurrent Operating Lease Liabilities | 20,407 | 17,893 | |||||||||||||
Other Noncurrent Liabilities | 32,308 | 35,938 | Other Noncurrent Liabilities | 25,919 | 31,661 | |||||||||||||
Deferred Income Taxes | 25,647 | 22,882 | Deferred Income Taxes | 37,117 | 34,240 | |||||||||||||
Commitments and Contingencies | Commitments and Contingencies | |||||||||||||||||
Shareholders’ Equity: | Shareholders’ Equity: | |||||||||||||||||
Preferred stock-authorized 3,050,000 shares; outstanding-none | ||||||||||||||||||
Common stock-authorized 75,000,000 shares; outstanding-December-27,510,912 shares; June-27,491,497 shares | 123,007 | 122,844 | ||||||||||||||||
Preferred stock-authorized 3,050,000 shares; outstanding-NaN | Preferred stock-authorized 3,050,000 shares; outstanding-NaN | |||||||||||||||||
Common stock-authorized 75,000,000 shares; outstanding-September-27,539,988 shares; June-27,523,935 shares | Common stock-authorized 75,000,000 shares; outstanding-September-27,539,988 shares; June-27,523,935 shares | 125,071 | 125,153 | |||||||||||||||
Retained earnings | 1,406,837 | 1,359,782 | Retained earnings | 1,438,930 | 1,421,121 | |||||||||||||
Accumulated other comprehensive loss | (10,169 | ) | (10,308 | ) | Accumulated other comprehensive loss | (11,976) | (12,070) | |||||||||||
Common stock in treasury, at cost | (746,917 | ) | (745,445 | ) | Common stock in treasury, at cost | (750,919) | (750,904) | |||||||||||
Total shareholders’ equity | 772,758 | 726,873 | Total shareholders’ equity | 801,106 | 783,300 | |||||||||||||
Total | $ | 983,703 | $ | 905,399 | Total | $ | 1,024,368 | $ | 993,353 |
Three Months Ended December 31, | Six Months Ended December 31, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||
(Amounts in thousands, except per share data) | 2019 | 2018 | 2019 | 2018 | (Amounts in thousands, except per share data) | 2020 | 2019 | |||||||||||||||||||||||||||||||
Net Sales | $ | 355,117 | $ | 349,581 | $ | 692,171 | $ | 666,235 | Net Sales | $ | 349,237 | $ | 337,054 | |||||||||||||||||||||||||
Cost of Sales | 255,228 | 258,189 | 500,174 | 493,644 | Cost of Sales | 256,583 | 244,946 | |||||||||||||||||||||||||||||||
Gross Profit | 99,889 | 91,392 | 191,997 | 172,591 | Gross Profit | 92,654 | 92,108 | |||||||||||||||||||||||||||||||
Selling, General and Administrative Expenses | 45,747 | 39,842 | 85,202 | 71,921 | Selling, General and Administrative Expenses | 48,198 | 39,455 | |||||||||||||||||||||||||||||||
Change in Contingent Consideration | 64 | (9,605 | ) | 127 | (9,605 | ) | Change in Contingent Consideration | (5,687) | 63 | |||||||||||||||||||||||||||||
Restructuring and Impairment Charges | — | — | 886 | — | Restructuring and Impairment Charges | 1,195 | 886 | |||||||||||||||||||||||||||||||
Operating Income | 54,078 | 61,155 | 105,782 | 110,275 | Operating Income | 48,948 | 51,704 | |||||||||||||||||||||||||||||||
Other, Net | 877 | 1,039 | 2,304 | 2,353 | Other, Net | 4 | 1,427 | |||||||||||||||||||||||||||||||
Income Before Income Taxes | 54,955 | 62,194 | 108,086 | 112,628 | Income Before Income Taxes | 48,952 | 53,131 | |||||||||||||||||||||||||||||||
Taxes Based on Income | 11,531 | 14,287 | 23,917 | 25,693 | Taxes Based on Income | 11,873 | 12,386 | |||||||||||||||||||||||||||||||
Net Income | $ | 43,424 | $ | 47,907 | $ | 84,169 | $ | 86,935 | Net Income | $ | 37,079 | $ | 40,745 | |||||||||||||||||||||||||
Net Income Per Common Share: | Net Income Per Common Share: | |||||||||||||||||||||||||||||||||||||
Basic | $ | 1.58 | $ | 1.74 | $ | 3.06 | $ | 3.16 | ||||||||||||||||||||||||||||||
Diluted | $ | 1.58 | $ | 1.73 | $ | 3.06 | $ | 3.15 | ||||||||||||||||||||||||||||||
Basic and diluted | Basic and diluted | $ | 1.35 | $ | 1.48 | |||||||||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding: | Weighted Average Common Shares Outstanding: | |||||||||||||||||||||||||||||||||||||
Basic | 27,443 | 27,435 | 27,443 | 27,429 | Basic | 27,461 | 27,442 | |||||||||||||||||||||||||||||||
Diluted | 27,489 | 27,566 | 27,503 | 27,540 | Diluted | 27,495 | 27,517 |
Three Months Ended December 31, | Six Months Ended December 31, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | 2019 | 2018 | 2019 | 2018 | (Amounts in thousands) | 2020 | 2019 | |||||||||||||||||||||||||||||||
Net Income | $ | 43,424 | $ | 47,907 | $ | 84,169 | $ | 86,935 | Net Income | $ | 37,079 | $ | 40,745 | |||||||||||||||||||||||||
Other Comprehensive Income: | Other Comprehensive Income: | |||||||||||||||||||||||||||||||||||||
Defined Benefit Pension and Postretirement Benefit Plans: | Defined Benefit Pension and Postretirement Benefit Plans: | |||||||||||||||||||||||||||||||||||||
Amortization of loss, before tax | 137 | 102 | 273 | 205 | Amortization of loss, before tax | 168 | 136 | |||||||||||||||||||||||||||||||
Amortization of prior service credit, before tax | (46 | ) | (45 | ) | (91 | ) | (91 | ) | Amortization of prior service credit, before tax | (45) | (45) | |||||||||||||||||||||||||||
Total Other Comprehensive Income, Before Tax | 91 | 57 | 182 | 114 | Total Other Comprehensive Income, Before Tax | 123 | 91 | |||||||||||||||||||||||||||||||
Tax Attributes of Items in Other Comprehensive Income: | Tax Attributes of Items in Other Comprehensive Income: | |||||||||||||||||||||||||||||||||||||
Amortization of loss, tax | (33 | ) | (24 | ) | (64 | ) | (48 | ) | Amortization of loss, tax | (39) | (31) | |||||||||||||||||||||||||||
Amortization of prior service credit, tax | 11 | 10 | 21 | 21 | Amortization of prior service credit, tax | 10 | 10 | |||||||||||||||||||||||||||||||
Total Tax Expense | (22 | ) | (14 | ) | (43 | ) | (27 | ) | Total Tax Expense | (29) | (21) | |||||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | 69 | 43 | 139 | 87 | Other Comprehensive Income, Net of Tax | 94 | 70 | |||||||||||||||||||||||||||||||
Comprehensive Income | $ | 43,493 | $ | 47,950 | $ | 84,308 | $ | 87,022 | Comprehensive Income | $ | 37,173 | $ | 40,815 |
Six Months Ended December 31, | Three Months Ended September 30, | |||||||||||||||||
(Amounts in thousands) | 2019 | 2018 | (Amounts in thousands) | 2020 | 2019 | |||||||||||||
Cash Flows From Operating Activities: | Cash Flows From Operating Activities: | |||||||||||||||||
Net income | $ | 84,169 | $ | 86,935 | Net income | $ | 37,079 | $ | 40,745 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Impacts of noncash items: | Impacts of noncash items: | |||||||||||||||||
Depreciation and amortization | 17,911 | 14,458 | Depreciation and amortization | 10,409 | 8,750 | |||||||||||||
Change in contingent consideration | 127 | (9,605 | ) | Change in contingent consideration | (5,687) | 63 | ||||||||||||
Deferred income taxes and other changes | 2,834 | 2,885 | Deferred income taxes and other changes | 3,179 | 833 | |||||||||||||
Stock-based compensation expense | 2,859 | 3,362 | Stock-based compensation expense | 1,772 | 1,436 | |||||||||||||
Restructuring and impairment charges | (268 | ) | — | Restructuring and impairment charges | 1,195 | (268) | ||||||||||||
Pension plan activity | (336 | ) | (455 | ) | Pension plan activity | (57) | (215) | |||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | |||||||||||||||||
Receivables | (1,371 | ) | 2,985 | Receivables | (10,389) | (15,869) | ||||||||||||
Inventories | (4,411 | ) | 27 | Inventories | (25,514) | (8,353) | ||||||||||||
Other current assets | (1,970 | ) | 2,291 | Other current assets | (626) | 616 | ||||||||||||
Accounts payable and accrued liabilities | 5,835 | 10,332 | Accounts payable and accrued liabilities | 12,282 | 12,357 | |||||||||||||
Net cash provided by operating activities | 105,379 | 113,215 | Net cash provided by operating activities | 23,643 | 40,095 | |||||||||||||
Cash Flows From Investing Activities: | Cash Flows From Investing Activities: | |||||||||||||||||
Payments for property additions | (57,700 | ) | (27,938 | ) | Payments for property additions | (14,411) | (43,189) | |||||||||||
Cash paid for acquisitions, net of cash acquired | — | (58,191 | ) | |||||||||||||||
Other-net | (222 | ) | (324 | ) | Other-net | (137) | (156) | |||||||||||
Net cash used in investing activities | (57,922 | ) | (86,453 | ) | Net cash used in investing activities | (14,548) | (43,345) | |||||||||||
Cash Flows From Financing Activities: | Cash Flows From Financing Activities: | |||||||||||||||||
Payment of dividends | (37,114 | ) | (34,370 | ) | Payment of dividends | (19,270) | (17,869) | |||||||||||
Purchase of treasury stock | (1,472 | ) | (1,759 | ) | Purchase of treasury stock | (15) | (1,465) | |||||||||||
Tax withholdings for stock-based compensation | (2,696 | ) | (1,766 | ) | Tax withholdings for stock-based compensation | (1,854) | (125) | |||||||||||
Other-net | (237 | ) | (88 | ) | Other-net | (141) | (118) | |||||||||||
Net cash used in financing activities | (41,519 | ) | (37,983 | ) | Net cash used in financing activities | (21,280) | (19,577) | |||||||||||
Net change in cash and equivalents | 5,938 | (11,221 | ) | Net change in cash and equivalents | (12,185) | (22,827) | ||||||||||||
Cash and equivalents at beginning of year | 196,288 | 205,752 | Cash and equivalents at beginning of year | 198,273 | 196,288 | |||||||||||||
Cash and equivalents at end of period | $ | 202,226 | $ | 194,531 | Cash and equivalents at end of period | $ | 186,088 | $ | 173,461 | |||||||||
Supplemental Disclosure of Operating Cash Flows: | Supplemental Disclosure of Operating Cash Flows: | |||||||||||||||||
Net cash payments for income taxes | $ | 18,783 | $ | 19,987 | Net cash payments for income taxes | $ | 1,617 | $ | 528 |
Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
(Amounts in thousands, except per share data) | Common Stock Outstanding | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | 27,524 | $ | 125,153 | $ | 1,421,121 | $ | (12,070) | $ | (750,904) | $ | 783,300 | |||||||||||||||||||||||||||
Net income | 37,079 | 37,079 | ||||||||||||||||||||||||||||||||||||
Net pension and postretirement benefit gains, net of $29 tax effect | 94 | 94 | ||||||||||||||||||||||||||||||||||||
Cash dividends - common stock ($0.70 per share) | (19,270) | (19,270) | ||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | 0 | (15) | (15) | |||||||||||||||||||||||||||||||||||
Stock-based plans | 16 | (1,854) | (1,854) | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 1,772 | 1,772 | ||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | 27,540 | $ | 125,071 | $ | 1,438,930 | $ | (11,976) | $ | (750,919) | $ | 801,106 | |||||||||||||||||||||||||||
Six Months Ended December 31, 2019 | |||||||||||||||||||||||
(Amounts in thousands, except per share data) | Common Stock Outstanding | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Shareholders’ Equity | ||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||
Balance, June 30, 2019 | 27,491 | $ | 122,844 | $ | 1,359,782 | $ | (10,308 | ) | $ | (745,445 | ) | $ | 726,873 | ||||||||||
Net income | 40,745 | 40,745 | |||||||||||||||||||||
Net pension and postretirement benefit gains, net of $21 tax effect | 70 | 70 | |||||||||||||||||||||
Cash dividends - common stock ($0.65 per share) | (17,869 | ) | (17,869 | ) | |||||||||||||||||||
Purchase of treasury stock | (10 | ) | (1,465 | ) | (1,465 | ) | |||||||||||||||||
Stock-based plans | 4 | (125 | ) | (125 | ) | ||||||||||||||||||
Stock-based compensation expense | 1,436 | 1,436 | |||||||||||||||||||||
Balance, September 30, 2019 | 27,485 | $ | 124,155 | $ | 1,382,658 | $ | (10,238 | ) | $ | (746,910 | ) | $ | 749,665 | ||||||||||
Net income | 43,424 | 43,424 | |||||||||||||||||||||
Net pension and postretirement benefit gains, net of $22 tax effect | 69 | 69 | |||||||||||||||||||||
Cash dividends - common stock ($0.70 per share) | (19,245 | ) | (19,245 | ) | |||||||||||||||||||
Purchase of treasury stock | — | (7 | ) | (7 | ) | ||||||||||||||||||
Stock-based plans | 26 | (2,571 | ) | (2,571 | ) | ||||||||||||||||||
Stock-based compensation expense | 1,423 | 1,423 | |||||||||||||||||||||
Balance, December 31, 2019 | 27,511 | $ | 123,007 | $ | 1,406,837 | $ | (10,169 | ) | $ | (746,917 | ) | $ | 772,758 |
Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||
(Amounts in thousands, except per share data) | Common Stock Outstanding | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | 27,491 | $ | 122,844 | $ | 1,359,782 | $ | (10,308) | $ | (745,445) | $ | 726,873 | |||||||||||||||||||||||||||
Net income | 40,745 | 40,745 | ||||||||||||||||||||||||||||||||||||
Net pension and postretirement benefit gains, net of $21 tax effect | 70 | 70 | ||||||||||||||||||||||||||||||||||||
Cash dividends - common stock ($0.65 per share) | (17,869) | (17,869) | ||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | (10) | (1,465) | (1,465) | |||||||||||||||||||||||||||||||||||
Stock-based plans | 4 | (125) | (125) | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 1,436 | 1,436 | ||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | 27,485 | $ | 124,155 | $ | 1,382,658 | $ | (10,238) | $ | (746,910) | $ | 749,665 | |||||||||||||||||||||||||||
Six Months Ended December 31, 2018 | |||||||||||||||||||||||
(Amounts in thousands, except per share data) | Common Stock Outstanding | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Shareholders’ Equity | ||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||
Balance, June 30, 2018 | 27,488 | $ | 119,232 | $ | 1,279,343 | $ | (8,259 | ) | $ | (738,034 | ) | $ | 652,282 | ||||||||||
Net income | 39,028 | 39,028 | |||||||||||||||||||||
Net pension and postretirement benefit gains, net of $13 tax effect | 44 | 44 | |||||||||||||||||||||
Cash dividends - common stock ($0.60 per share) | (16,495 | ) | (16,495 | ) | |||||||||||||||||||
Purchase of treasury stock | (10 | ) | (1,593 | ) | (1,593 | ) | |||||||||||||||||
Stock-based plans | 12 | (778 | ) | (778 | ) | ||||||||||||||||||
Stock-based compensation expense | 1,531 | 1,531 | |||||||||||||||||||||
Balance, September 30, 2018 | 27,490 | $ | 119,985 | $ | 1,301,876 | $ | (8,215 | ) | $ | (739,627 | ) | $ | 674,019 | ||||||||||
Net income | 47,907 | 47,907 | |||||||||||||||||||||
Net pension and postretirement benefit gains, net of $14 tax effect | 43 | 43 | |||||||||||||||||||||
Cash dividends - common stock ($0.65 per share) | (17,875 | ) | (17,875 | ) | |||||||||||||||||||
Purchase of treasury stock | (1 | ) | (166 | ) | (166 | ) | |||||||||||||||||
Stock-based plans | 16 | (988 | ) | (988 | ) | ||||||||||||||||||
Stock-based compensation expense | 1,831 | 1,831 | |||||||||||||||||||||
Balance, December 31, 2018 | 27,505 | $ | 120,828 | $ | 1,331,908 | $ | (8,172 | ) | $ | (739,793 | ) | $ | 704,771 |
September 30, | |||||||||||
2020 | 2019 | ||||||||||
Construction in progress in Accounts Payable | $ | 3,556 | $ | 5,606 |
December 31, | |||||||
2019 | 2018 | ||||||
Construction in progress in Accounts Payable | $ | 8,810 | $ | 2,376 |
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income | $ | 43,424 | $ | 47,907 | $ | 84,169 | $ | 86,935 | |||||||
Net income available to participating securities | (68 | ) | (96 | ) | (133 | ) | (176 | ) | |||||||
Net income available to common shareholders | $ | 43,356 | $ | 47,811 | $ | 84,036 | $ | 86,759 | |||||||
Weighted average common shares outstanding – basic | 27,443 | 27,435 | 27,443 | 27,429 | |||||||||||
Incremental share effect from: | |||||||||||||||
Nonparticipating restricted stock | 2 | 2 | 2 | 4 | |||||||||||
Stock-settled stock appreciation rights | 44 | 129 | 58 | 107 | |||||||||||
Weighted average common shares outstanding – diluted | 27,489 | 27,566 | 27,503 | 27,540 | |||||||||||
Net income per common share – basic | $ | 1.58 | $ | 1.74 | $ | 3.06 | $ | 3.16 | |||||||
Net income per common share – diluted | $ | 1.58 | $ | 1.73 | $ | 3.06 | $ | 3.15 |
Three Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Net income | $ | 37,079 | $ | 40,745 | |||||||||||||||||||
Net income available to participating securities | (79) | (67) | |||||||||||||||||||||
Net income available to common shareholders | $ | 37,000 | $ | 40,678 | |||||||||||||||||||
Weighted average common shares outstanding – basic | 27,461 | 27,442 | |||||||||||||||||||||
Incremental share effect from: | |||||||||||||||||||||||
Nonparticipating restricted stock | 3 | 3 | |||||||||||||||||||||
Stock-settled stock appreciation rights | 31 | 72 | |||||||||||||||||||||
Weighted average common shares outstanding – diluted | 27,495 | 27,517 | |||||||||||||||||||||
Net income per common share – basic and diluted | $ | 1.35 | $ | 1.48 | |||||||||||||||||||
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Accumulated other comprehensive loss at beginning of period | $ | (10,238 | ) | $ | (8,215 | ) | $ | (10,308 | ) | $ | (8,259 | ) | |||
Defined Benefit Pension Plan Items: | |||||||||||||||
Amortization of unrecognized net loss | 143 | 112 | 286 | 224 | |||||||||||
Postretirement Benefit Plan Items: | |||||||||||||||
Amortization of unrecognized net gain | (6 | ) | (10 | ) | (13 | ) | (19 | ) | |||||||
Amortization of prior service credit | (46 | ) | (45 | ) | (91 | ) | (91 | ) | |||||||
Total other comprehensive income, before tax | 91 | 57 | 182 | 114 | |||||||||||
Total tax expense | (22 | ) | (14 | ) | (43 | ) | (27 | ) | |||||||
Other comprehensive income, net of tax | 69 | 43 | 139 | 87 | |||||||||||
Accumulated other comprehensive loss at end of period | $ | (10,169 | ) | $ | (8,172 | ) | $ | (10,169 | ) | $ | (8,172 | ) |
Three Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Accumulated other comprehensive loss at beginning of period | $ | (12,070) | $ | (10,308) | |||||||||||||||||||
Defined Benefit Pension Plan Items: | |||||||||||||||||||||||
Amortization of unrecognized net loss | 173 | 143 | |||||||||||||||||||||
Postretirement Benefit Plan Items: | |||||||||||||||||||||||
Amortization of unrecognized net gain | (5) | (7) | |||||||||||||||||||||
Amortization of prior service credit | (45) | (45) | |||||||||||||||||||||
Total other comprehensive income, before tax | 123 | 91 | |||||||||||||||||||||
Total tax expense | (29) | (21) | |||||||||||||||||||||
Other comprehensive income, net of tax | 94 | 70 | |||||||||||||||||||||
Accumulated other comprehensive loss at end of period | $ | (11,976) | $ | (10,238) |
Fair Value Measurements at December 31, 2019 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Contingent consideration - Bantam | $ | — | $ | — | $ | 9,027 | $ | 9,027 | |||||||
Contingent consideration - Angelic | — | — | — | — | |||||||||||
Total contingent consideration | $ | — | $ | — | $ | 9,027 | $ | 9,027 | |||||||
Fair Value Measurements at June 30, 2019 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Contingent consideration - Bantam | $ | — | $ | — | $ | 8,900 | $ | 8,900 | |||||||
Contingent consideration - Angelic | — | — | — | — | |||||||||||
Total contingent consideration | $ | — | $ | — | $ | 8,900 | $ | 8,900 |
Fair Value Measurements at September 30, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Contingent consideration - Bantam | $ | 0 | $ | 0 | $ | 3,470 | $ | 3,470 | |||||||||||||||
Contingent consideration - Angelic | — | 0 | 0 | 0 | |||||||||||||||||||
Total contingent consideration | $ | 0 | $ | 0 | $ | 3,470 | $ | 3,470 | |||||||||||||||
Fair Value Measurements at June 30, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Contingent consideration - Bantam | $ | 0 | $ | 0 | $ | 9,157 | $ | 9,157 | |||||||||||||||
Contingent consideration - Angelic | 0 | 0 | 0 | 0 | |||||||||||||||||||
Total contingent consideration | $ | 0 | $ | 0 | $ | 9,157 | $ | 9,157 |
Three Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Contingent consideration at beginning of period | $ | 9,157 | $ | 8,900 | |||||||||||||||||||
Change in contingent consideration included in operating income | (5,687) | 63 | |||||||||||||||||||||
Contingent consideration at end of period | $ | 3,470 | $ | 8,963 |
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Contingent consideration at beginning of period | $ | 8,963 | $ | — | $ | 8,900 | $ | — | |||||||
Initial fair value - additions | — | 8,900 | — | 8,900 | |||||||||||
Change in contingent consideration included in operating income | 64 | 95 | 127 | 95 | |||||||||||
Contingent consideration at end of period | $ | 9,027 | $ | 8,995 | $ | 9,027 | $ | 8,995 |
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Contingent consideration at beginning of period | $ | — | $ | 17,080 | $ | — | $ | 17,080 | |||||||
Change in contingent consideration included in operating income | — | (9,700 | ) | — | (9,700 | ) | |||||||||
Contingent consideration at end of period | $ | — | $ | 7,380 | $ | — | $ | 7,380 |
Three Months Ended December 31, 2019 | Six Months Ended December 31, 2019 | ||||||
Operating lease cost in Cost of Sales and Selling, General and Administrative Expenses | $ | 2,005 | $ | 4,141 | |||
Finance lease cost: | |||||||
Amortization of assets in Cost of Sales | $ | 84 | $ | 168 | |||
Interest on lease liabilities in Other, Net | 19 | 39 | |||||
Total finance lease cost | $ | 103 | $ | 207 | |||
Short-term lease cost in Cost of Sales and Selling, General and Administrative Expenses | 752 | 1,424 | |||||
Total net lease cost | $ | 2,860 | $ | 5,772 |
December 31, 2019 | |||
Operating Leases | |||
Operating Lease Right-Of-Use Assets | $ | 24,617 | |
Current operating lease liabilities in Accrued Liabilities | $ | 6,693 | |
Noncurrent Operating Lease Liabilities | 19,704 | ||
Total operating lease liabilities | $ | 26,397 | |
Finance Leases | |||
Finance lease right-of-use assets in Property, Plant and Equipment-Net | $ | 1,882 | |
Current finance lease liabilities in Accrued Liabilities | $ | 441 | |
Noncurrent finance lease liabilities in Other Noncurrent Liabilities | 1,297 | ||
Total finance lease liabilities | $ | 1,738 |
Six Months Ended December 31, 2019 | |||
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ | 4,282 | |
Operating cash flows from finance leases | $ | 39 | |
Financing cash flows from finance leases | $ | 213 | |
Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets | $ | 2,882 | |
Supplemental noncash information on lease liabilities removed due to purchase of leased asset | $ | 5,765 |
Operating Leases | Finance Leases | ||||||
Six months ending June 30, 2020 | $ | 4,079 | $ | 253 | |||
2021 | 6,308 | 505 | |||||
2022 | 5,451 | 505 | |||||
2023 | 4,247 | 493 | |||||
2024 | 3,761 | 121 | |||||
Thereafter | 4,694 | — | |||||
Total minimum payments | $ | 28,540 | $ | 1,877 | |||
Less amount representing interest | (2,143 | ) | (139 | ) | |||
Present value of lease obligations | $ | 26,397 | $ | 1,738 |
Operating Leases | Capital Leases | ||||||
2020 | $ | 8,261 | $ | 505 | |||
2021 | 7,136 | 505 | |||||
2022 | 6,345 | 505 | |||||
2023 | 4,992 | 493 | |||||
2024 | 4,619 | 121 | |||||
Thereafter | 6,901 | — | |||||
Total minimum payments | $ | 38,254 | $ | 2,129 | |||
Less amount representing interest | (178 | ) | |||||
Present value of capital lease obligations | $ | 1,951 |
September 30, 2020 | June 30, 2020 | ||||||||||
Tradenames (20 to 30-year life) | |||||||||||
Gross carrying value | $ | 62,531 | $ | 63,121 | |||||||
Accumulated amortization | (10,501) | (9,925) | |||||||||
Net carrying value | $ | 52,030 | $ | 53,196 | |||||||
Customer Relationships (2 to 15-year life) | |||||||||||
Gross carrying value | $ | 17,507 | $ | 17,507 | |||||||
Accumulated amortization | (11,555) | (11,094) | |||||||||
Net carrying value | $ | 5,952 | $ | 6,413 | |||||||
Technology / Know-how (10-year life) | |||||||||||
Gross carrying value | $ | 8,020 | $ | 8,950 | |||||||
Accumulated amortization | (3,365) | (3,396) | |||||||||
Net carrying value | $ | 4,655 | $ | 5,554 | |||||||
Non-compete Agreements (5-year life) | |||||||||||
Gross carrying value | $ | 191 | $ | 791 | |||||||
Accumulated amortization | (148) | (738) | |||||||||
Net carrying value | $ | 43 | $ | 53 | |||||||
Total net carrying value | $ | 62,680 | $ | 65,216 |
December 31, 2019 | June 30, 2019 | ||||||
Tradenames (20 to 30-year life) | |||||||
Gross carrying value | $ | 63,121 | $ | 63,121 | |||
Accumulated amortization | (8,630 | ) | (7,335 | ) | |||
Net carrying value | $ | 54,491 | $ | 55,786 | |||
Customer Relationships (10 to 15-year life) | |||||||
Gross carrying value | $ | 17,507 | $ | 17,507 | |||
Accumulated amortization | (10,367 | ) | (9,641 | ) | |||
Net carrying value | $ | 7,140 | $ | 7,866 | |||
Technology / Know-how (10-year life) | |||||||
Gross carrying value | $ | 8,950 | $ | 8,950 | |||
Accumulated amortization | (2,949 | ) | (2,501 | ) | |||
Net carrying value | $ | 6,001 | $ | 6,449 | |||
Non-compete Agreements (5-year life) | |||||||
Gross carrying value | $ | 791 | $ | 791 | |||
Accumulated amortization | (694 | ) | (615 | ) | |||
Net carrying value | $ | 97 | $ | 176 | |||
Total net carrying value | $ | 67,729 | $ | 70,277 |
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Amortization expense | $ | 1,274 | $ | 1,087 | $ | 2,548 | $ | 2,052 |
Three Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Amortization expense | $ | 1,341 | $ | 1,274 |
2021 | $ | 4,976 | |
2022 | $ | 4,902 | |
2023 | $ | 4,343 | |
2024 | $ | 4,343 | |
2025 | $ | 4,083 |
2022 | $ | 4,739 | |||
2023 | $ | 4,180 | |||
2024 | $ | 4,180 | |||
2025 | $ | 3,920 | |||
2026 | $ | 3,272 |
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net Sales | |||||||||||||||
Retail | $ | 186,210 | $ | 186,302 | $ | 352,287 | $ | 349,050 | |||||||
Foodservice | 168,907 | 163,279 | 339,884 | 317,185 | |||||||||||
Total | $ | 355,117 | $ | 349,581 | $ | 692,171 | $ | 666,235 | |||||||
Operating Income | |||||||||||||||
Retail | $ | 39,017 | $ | 44,785 | $ | 74,452 | $ | 78,733 | |||||||
Foodservice | 23,416 | 19,405 | 47,205 | 38,266 | |||||||||||
Restructuring and Impairment Charges | — | — | (886 | ) | — | ||||||||||
Corporate Expenses | (8,355 | ) | (3,035 | ) | (14,989 | ) | (6,724 | ) | |||||||
Total | $ | 54,078 | $ | 61,155 | $ | 105,782 | $ | 110,275 |
Three Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||
Retail | $ | 193,725 | $ | 166,077 | |||||||||||||||||||
Foodservice | 155,512 | 170,977 | |||||||||||||||||||||
Total | $ | 349,237 | $ | 337,054 | |||||||||||||||||||
Operating Income | |||||||||||||||||||||||
Retail | $ | 42,658 | $ | 39,016 | |||||||||||||||||||
Foodservice | 27,421 | 26,975 | |||||||||||||||||||||
Nonallocated Restructuring and Impairment Charges (1) | 0 | (886) | |||||||||||||||||||||
Corporate Expenses | (21,131) | (13,401) | |||||||||||||||||||||
Total | $ | 48,948 | $ | 51,704 |
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Retail | |||||||||||||||
Frozen breads | $ | 92,105 | $ | 89,902 | $ | 152,402 | $ | 147,410 | |||||||
Refrigerated dressings, dips and other | 51,405 | 55,204 | 114,042 | 117,073 | |||||||||||
Shelf-stable dressings and croutons | 42,700 | 41,196 | 85,843 | 84,567 | |||||||||||
Total Retail net sales | $ | 186,210 | $ | 186,302 | $ | 352,287 | $ | 349,050 | |||||||
Foodservice | |||||||||||||||
Dressings and sauces | $ | 114,970 | $ | 115,925 | $ | 234,733 | $ | 231,837 | |||||||
Frozen breads and other | 47,597 | 43,518 | 90,961 | 81,512 | |||||||||||
Other roll products | 6,340 | 3,836 | 14,190 | 3,836 | |||||||||||
Total Foodservice net sales | $ | 168,907 | $ | 163,279 | $ | 339,884 | $ | 317,185 | |||||||
Total net sales | $ | 355,117 | $ | 349,581 | $ | 692,171 | $ | 666,235 |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||||
Frozen breads | $ | 72,843 | $ | 60,297 | |||||||||||||||||||||||||||||||
Refrigerated dressings, dips and other | 61,938 | 62,637 | |||||||||||||||||||||||||||||||||
Shelf-stable dressings and croutons | 58,944 | 43,143 | |||||||||||||||||||||||||||||||||
Total Retail net sales | $ | 193,725 | $ | 166,077 | |||||||||||||||||||||||||||||||
Foodservice | |||||||||||||||||||||||||||||||||||
Dressings and sauces | $ | 114,951 | $ | 119,763 | |||||||||||||||||||||||||||||||
Frozen breads and other | 37,792 | 43,364 | |||||||||||||||||||||||||||||||||
Other roll products | 2,769 | 7,850 | |||||||||||||||||||||||||||||||||
Total Foodservice net sales | $ | 155,512 | $ | 170,977 | |||||||||||||||||||||||||||||||
Total net sales | $ | 349,237 | $ | 337,054 |
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Foodservice | |||||||||||||||
National accounts | $ | 122,050 | $ | 120,652 | $ | 245,808 | $ | 236,227 | |||||||
Branded and other | 40,517 | 38,791 | 79,886 | 77,122 | |||||||||||
Other roll products | 6,340 | 3,836 | 14,190 | 3,836 | |||||||||||
Total Foodservice net sales | $ | 168,907 | $ | 163,279 | $ | 339,884 | $ | 317,185 |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Foodservice | |||||||||||||||||||||||||||||||||||
National accounts | $ | 118,078 | $ | 123,758 | |||||||||||||||||||||||||||||||
Branded and other | 34,665 | 39,369 | |||||||||||||||||||||||||||||||||
Other roll products | 2,769 | 7,850 | |||||||||||||||||||||||||||||||||
Total Foodservice net sales | $ | 155,512 | $ | 170,977 |
(Dollars in thousands, except per share data) | Three Months Ended December 31, | Six Months Ended December 31, | (Dollars in thousands, except per share data) | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | Change | 2019 | 2018 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 355,117 | $ | 349,581 | $ | 5,536 | 2 | % | $ | 692,171 | $ | 666,235 | $ | 25,936 | 4 | % | Net Sales | $ | 349,237 | $ | 337,054 | $ | 12,183 | 4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of Sales | 255,228 | 258,189 | (2,961 | ) | (1 | )% | 500,174 | 493,644 | 6,530 | 1 | % | Cost of Sales | 256,583 | 244,946 | 11,637 | 5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Profit | 99,889 | 91,392 | 8,497 | 9 | % | 191,997 | 172,591 | 19,406 | 11 | % | Gross Profit | 92,654 | 92,108 | 546 | 1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Margin | 28.1 | % | 26.1 | % | 27.7 | % | 25.9 | % | Gross Margin | 26.5 | % | 27.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, General and Administrative Expenses | 45,747 | 39,842 | 5,905 | 15 | % | 85,202 | 71,921 | 13,281 | 18 | % | Selling, General and Administrative Expenses | 48,198 | 39,455 | 8,743 | 22 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Contingent Consideration | 64 | (9,605 | ) | 9,669 | (101 | )% | 127 | (9,605 | ) | 9,732 | (101 | )% | Change in Contingent Consideration | (5,687) | 63 | (5,750) | N/M | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Impairment Charges | — | — | — | N/M | 886 | — | 886 | N/M | Restructuring and Impairment Charges | 1,195 | 886 | 309 | 35 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Income | 54,078 | 61,155 | (7,077 | ) | (12 | )% | 105,782 | 110,275 | (4,493 | ) | (4 | )% | Operating Income | 48,948 | 51,704 | (2,756) | (5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Margin | 15.2 | % | 17.5 | % | 15.3 | % | 16.6 | % | Operating Margin | 14.0 | % | 15.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, Net | 877 | 1,039 | (162 | ) | (16 | )% | 2,304 | 2,353 | (49 | ) | (2 | )% | Other, Net | 4 | 1,427 | (1,423) | (100) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Before Income Taxes | 54,955 | 62,194 | (7,239 | ) | (12 | )% | 108,086 | 112,628 | (4,542 | ) | (4 | )% | Income Before Income Taxes | 48,952 | 53,131 | (4,179) | (8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes Based on Income | 11,531 | 14,287 | (2,756 | ) | (19 | )% | 23,917 | 25,693 | (1,776 | ) | (7 | )% | Taxes Based on Income | 11,873 | 12,386 | (513) | (4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Tax Rate | 21.0 | % | 23.0 | % | 22.1 | % | 22.8 | % | Effective Tax Rate | 24.3 | % | 23.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | $ | 43,424 | $ | 47,907 | $ | (4,483 | ) | (9 | )% | $ | 84,169 | $ | 86,935 | $ | (2,766 | ) | (3 | )% | Net Income | $ | 37,079 | $ | 40,745 | $ | (3,666) | (9) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Diluted Net Income Per Common Share | $ | 1.58 | $ | 1.73 | $ | (0.15 | ) | (9 | )% | $ | 3.06 | $ | 3.15 | $ | (0.09 | ) | (3 | )% | Diluted Net Income Per Common Share | $ | 1.35 | $ | 1.48 | $ | (0.13) | (9) | % |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||||||||||||||||
SG&A Expenses - Excluding Project Ascent | $ | 39,912 | $ | 36,733 | $ | 3,179 | 9 | % | |||||||||||||||||||||||||||||||||||||||
Project Ascent Expenses | 8,286 | 2,722 | 5,564 | 204 | % | ||||||||||||||||||||||||||||||||||||||||||
Total SG&A Expenses | $ | 48,198 | $ | 39,455 | $ | 8,743 | 22 | % | |||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | Change | 2019 | 2018 | Change | |||||||||||||||||||||||
SG&A Expenses - Excluding ERP | $ | 40,854 | $ | 39,842 | $ | 1,012 | 3 | % | $ | 77,587 | $ | 71,921 | $ | 5,666 | 8 | % | |||||||||||||
ERP Expenses | 4,893 | — | 4,893 | N/M | 7,615 | — | 7,615 | N/M | |||||||||||||||||||||
Total SG&A Expenses | $ | 45,747 | $ | 39,842 | $ | 5,905 | 15 | % | $ | 85,202 | $ | 71,921 | $ | 13,281 | 18 | % |
Three Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Statutory rate | 21.0 | % | 21.0 | % | |||||||
State and local income taxes | 3.0 | 3.0 | |||||||||
Net windfall tax benefits - stock-based compensation | (0.7) | (0.1) | |||||||||
Other | 1.0 | (0.6) | |||||||||
Effective rate | 24.3 | % | 23.3 | % |
Six Months Ended December 31, | |||||
2019 | 2018 | ||||
Statutory rate | 21.0 | % | 21.0 | % | |
State and local income taxes | 2.7 | 2.7 | |||
Net windfall tax benefits - stock-based compensation | (1.0 | ) | (0.9 | ) | |
Other | (0.6 | ) | — | ||
Effective rate | 22.1 | % | 22.8 | % |
Three Months Ended December 31, | Six Months Ended December 31, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | Change | 2019 | 2018 | Change | (Dollars in thousands) | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 186,210 | $ | 186,302 | $ | (92 | ) | — | % | $ | 352,287 | $ | 349,050 | $ | 3,237 | 1 | % | Net Sales | $ | 193,725 | $ | 166,077 | $ | 27,648 | 17 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Income | $ | 39,017 | $ | 44,785 | $ | (5,768 | ) | (13 | )% | $ | 74,452 | $ | 78,733 | $ | (4,281 | ) | (5 | )% | Operating Income | $ | 42,658 | $ | 39,016 | $ | 3,642 | 9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating Margin | 21.0 | % | 24.0 | % | 21.1 | % | 22.6 | % | Operating Margin | 22.0 | % | 23.5 | % |
Three Months Ended December 31, | Six Months Ended December 31, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | Change | 2019 | 2018 | Change | (Dollars in thousands) | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 168,907 | $ | 163,279 | $ | 5,628 | 3 | % | $ | 339,884 | $ | 317,185 | $ | 22,699 | 7 | % | Net Sales | $ | 155,512 | $ | 170,977 | $ | (15,465) | (9) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Income | $ | 23,416 | $ | 19,405 | $ | 4,011 | 21 | % | $ | 47,205 | $ | 38,266 | $ | 8,939 | 23 | % | Operating Income | $ | 27,421 | $ | 26,975 | $ | 446 | 2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Margin | 13.9 | % | 11.9 | % | 13.9 | % | 12.1 | % | Operating Margin | 17.6 | % | 15.8 | % |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans | Maximum Number of Shares that May Yet be Purchased Under the Plans | |||||||||||||||||||
July 1-31, 2020 | — | $ | — | — | 1,315,911 | ||||||||||||||||||
August 1-31, 2020 (1) | 42 | $ | 168.66 | 42 | 1,315,869 | ||||||||||||||||||
September 1-30, 2020 (1) | 44 | $ | 173.66 | 44 | 1,315,825 | ||||||||||||||||||
Total | 86 | $ | 171.22 | 86 | 1,315,825 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans | Maximum Number of Shares that May Yet be Purchased Under the Plans | ||||||||
October 1-31, 2019 | — | $ | — | — | 1,344,144 | |||||||
November 1-30, 2019 (1) | 45 | $ | 158.67 | 45 | 1,344,099 | |||||||
December 1-31, 2019 | — | $ | — | — | 1,344,099 | |||||||
Total | 45 | $ | 158.67 | 45 | 1,344,099 |
LANCASTER COLONY CORPORATION | |||||||||||||||||||
(Registrant) | |||||||||||||||||||
Date: | By: | /s/ DAVID A. CIESINSKI | |||||||||||||||||
David A. Ciesinski | |||||||||||||||||||
President, Chief Executive Officer | |||||||||||||||||||
and Director | |||||||||||||||||||
(Principal Executive Officer) | |||||||||||||||||||
Date: | By: | /s/ THOMAS K. PIGOTT | |||||||||||||||||
Thomas K. Pigott | |||||||||||||||||||
Vice President, Chief Financial Officer | |||||||||||||||||||
and Assistant Secretary | |||||||||||||||||||
(Principal Financial and Accounting Officer) |
Exhibit Number | Description | |||||||||
31.2 | ||||||||||
32 | ||||||||||
101.INS(a) | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||||
101.SCH(a) | Inline XBRL Taxonomy Extension Schema Document | |||||||||
101.CAL(a) | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||
101.DEF(a) | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||||
101.LAB(a) | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||||
101.PRE(a) | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||
104(a) | The cover page of Lancaster Colony Corporation’s Quarterly Report on Form 10-Q for the quarter ended | |||||||||
(a) | Filed herewith | |||||||||
(b) | Furnished herewith |