UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2002
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to _________
Commission file number 0-4065-1
LANCASTER COLONY CORPORATION
(Exact name of registrant as specified in its charter)
OHIO 13-1955943
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
37 WEST BROAD STREET, COLUMBUS, OHIO 43215
(Address of principal executive offices)
(Zip Code)
614-224-7141
(Registrant's telephone number, including area code)
NONE
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months, and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
--- ---
As of March 31, 2002, there were approximately 36,611,000 shares of common
stock, no par value per share, outstanding.
LANCASTER COLONY CORPORATION AND SUBSIDIARIES
INDEX
Page No.
--------
Part I. Financial Information
Condensed Consolidated Balance Sheets -
March 31, 2002 and June 30, 2001 3
Condensed Consolidated Statements of Income -
Three Months and Nine Months
Ended March 31, 2002 and 2001 4
Condensed Consolidated Statements of Cash Flows -
Nine Months Ended March 31, 2002 and 2001 5
Notes to Condensed Consolidated Financial Statements 6
Management's Discussion and Analysis of the Results
of Operations and Financial Condition 7-10
Part II. Other Information
Item 6 - Exhibits and Reports on Form 8-K 10
Signatures 10
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LANCASTER COLONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31 June 30
2002 2001
----------- -----------
(Unaudited)
ASSETS
Current Assets:
Cash and equivalents $ 54,130,000 $ 4,873,000
Receivables - (less allowance for doubtful accounts,
March 31, 2002 - $19,146,000; June 30, 2001 - $3,167,000) 115,712,000 107,895,000
Inventories:
Raw materials and supplies 48,501,000 48,435,000
Finished goods and work in process 106,005,000 135,952,000
------------- -------------
Total inventories 154,506,000 184,387,000
Prepaid expenses and other current assets 28,780,000 20,450,000
------------- -------------
Total current assets 353,128,000 317,605,000
Property, Plant and Equipment - at cost 448,701,000 437,138,000
Less Accumulated Depreciation 283,286,000 263,969,000
------------- -------------
Property, plant and equipment - net 165,415,000 173,169,000
Goodwill - net of accumulated amortization 73,357,000 73,397,000
Other Assets 6,647,000 7,766,000
------------- -------------
Total Assets $ 598,547,000 $ 571,937,000
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Short-term bank loans $ 4,500,000
Current portion of long-term debt 1,945,000
Accounts payable $ 43,055,000 41,565,000
Accrued liabilities 49,757,000 44,284,000
------------- -------------
Total current liabilities 92,812,000 92,294,000
Long-Term Debt - less current portion 1,095,000
Other Noncurrent Liabilities 8,703,000 7,346,000
Deferred Income Taxes 10,905,000 11,301,000
Shareholders' Equity:
Preferred stock - authorized 3,050,000 shares issuable in series;
Class A - $1.00 par value, authorized 750,000 shares;
Class B and C - no par value, authorized 1,150,000 shares each;
outstanding - none
Common stock - authorized 75,000,000 shares; issued
March 31, 2002 - no par value - 47,411,025 shares;
June 30, 2001 - no par value - 47,270,030 shares 59,547,000 55,229,000
Retained earnings 733,758,000 686,722,000
Accumulated other comprehensive income 99,000 99,000
------------- -------------
Total 793,404,000 742,050,000
Less:
Common stock in treasury, at cost March 31, 2002 -
10,800,414 shares; June 30, 2001 - 10,016,814 shares 307,277,000 282,149,000
------------- -------------
Total shareholders' equity 486,127,000 459,901,000
------------- -------------
Total Liabilities and Shareholders' Equity $ 598,547,000 $ 571,937,000
============= =============
See Notes to Condensed Consolidated Financial Statements
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LANCASTER COLONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three Months Ended Nine Months Ended
March 31 March 31
2002 2001 2002 2001
------------------ ----------------- ----------------- --------------
Net Sales $ 270,912,000 $ 266,721,000 $ 847,714,000 $ 838,498,000
Cost of Sales 213,388,000 207,338,000 660,520,000 641,344,000
--------------- -------------- -------------- --------------
Gross Margin 57,524,000 59,383,000 187,194,000 197,154,000
Selling, General and
Administrative Expenses 26,030,000 28,050,000 94,053,000 81,907,000
--------------- -------------- -------------- --------------
Operating Income 31,494,000 31,333,000 93,141,000 115,247,000
Other Income (Expense):
Interest Expense (116,000) (54,000) (1,029,000)
Interest Income and Other - Net 15,383,000 (324,000) 15,261,000 (396,000)
--------------- -------------- -------------- --------------
Income Before Income Taxes 46,877,000 30,893,000 108,348,000 113,822,000
Taxes Based on Income 18,070,000 11,823,000 41,777,000 43,652,000
--------------- -------------- -------------- --------------
Income Before Cumulative Effect
of Accounting Change 28,807,000 19,070,000 66,571,000 70,170,000
Cumulative Effect of Accounting Change,
Net of Tax Benefit of $619,000 (998,000)
--------------- -------------- -------------- --------------
Net Income $ 28,807,000 $ 19,070,000 $ 66,571,000 $ 69,172,000
=============== ============== ============== ==============
Net Income Per Common Share:
Before Cumulative Effect of
Accounting Change:
Basic and Diluted $ .78 $ .51 $ 1.80 $ 1.86
Cumulative Effect of
Accounting Change:
Basic and Diluted (.03)
After Cumulative Effect of
Accounting Change:
Basic and Diluted $ .78 $ .51 $ 1.80 $ 1.83
Cash Dividends Per Common Share $ .18 $ .17 $ .53 $ .50
Weighted Average Common Shares
Outstanding:
Basic 36,712,000 37,603,000 36,924,000 37,735,000
Diluted 36,777,000 37,620,000 36,980,000 37,746,000
See Notes to Condensed Consolidated Financial Statements
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LANCASTER COLONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended
March 31
2002 2001
--------------- ----------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 66,571,000 $ 69,172,000
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 26,352,000 26,511,000
Provision for losses on accounts receivable 16,418,000 1,487,000
Deferred income taxes and other noncash charges (6,039,000) (400,000)
Loss (gain) on sale of property 129,000 (411,000)
Changes in operating assets and liabilities:
Receivables (24,235,000) (8,000,000)
Inventories 29,881,000 (2,946,000)
Prepaid expenses and other current assets (1,330,000) (552,000)
Accounts payable 1,490,000 4,363,000
Accrued liabilities 5,673,000 8,107,000
--------------- ----------------
Net cash provided by operating activities 114,910,000 97,331,000
--------------- ----------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for acquisitions, net of cash acquired (49,626,000)
Payments on property additions (14,305,000) (17,682,000)
Proceeds from sale of property 80,000 750,000
Other - net (3,343,000) (2,204,000)
--------------- ----------------
Net cash used in investing activities (17,568,000) (68,762,000)
--------------- ----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of treasury stock (25,128,000) (21,150,000)
Payment of dividends (19,535,000) (18,853,000)
Net change in short-term bank loans (4,500,000) 14,750,000
Payments on long-term debt, including acquisition
debt payoff (3,040,000) (836,000)
Common stock issued upon exercise of stock options 4,118,000 2,043,000
--------------- ----------------
Net cash used in financing activities (48,085,000) (24,046,000)
--------------- ----------------
Effect of exchange rate changes on cash (8,000)
--------------- ----------------
Net change in cash and equivalents 49,257,000 4,515,000
Cash and equivalents at beginning of year 4,873,000 2,656,000
--------------- ----------------
Cash and equivalents at end of period $ 54,130,000 $ 7,171,000
=============== ================
SUPPLEMENTAL DISCLOSURE OF OPERATING CASH FLOWS:
Cash paid during the period for:
Interest $ 111,000 $ 1,043,000
=============== ================
Income taxes $ 44,179,000 $ 44,393,000
=============== ================
See Notes to Condensed Consolidated Financial Statements
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LANCASTER COLONY CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIODS ENDED MARCH 31, 2002 AND 2001
(1) The interim condensed consolidated financial statements are unaudited but,
in the opinion of management, reflect all adjustments necessary for a fair
presentation of the results of operations and financial position for such
periods. All such adjustments reflected in the interim condensed
consolidated financial statements are considered to be of a normal
recurring nature. The results of operations for any interim period are not
necessarily indicative of results for the full year. Accordingly, these
financial statements should be read in conjunction with the financial
statements and notes thereto contained in the Company's Annual Report on
Form 10-K for the year ended June 30, 2001.
(2) Comparative third quarter and year-to-date unaudited results by segment are
as follows:
Three Months Ended Nine Months Ended
March 31 March 31
(Dollars in Thousands) 2002 2001 2002 2001
- -------------------------------------------------------------------------------------------------------
NET SALES
Specialty Foods $ 143,425 $ 125,244 $ 428,973 $ 379,633
Glassware and Candles 67,988 78,660 250,571 276,593
Automotive 59,499 62,817 168,170 182,272
- -------------------------------------------------------------------------------------------------------
Total $ 270,912 $ 266,721 $ 847,714 $ 838,498
=======================================================================================================
OPERATING INCOME
Specialty Foods $ 25,910 $ 22,511 $ 82,816 $ 77,320
Glassware and Candles 2,291 10,112 5,000 41,393
Automotive 4,720 180 9,725 1,108
Corporate Expenses (1,427) (1,470) (4,400) (4,574)
- -------------------------------------------------------------------------------------------------------
Total $ 31,494 $ 31,333 $ 93,141 $ 115,247
=======================================================================================================
(3) In April 2001, the Emerging Issues Task Force ("EITF") of the Financial
Accounting Standards Board reached a consensus on Issue No. 00-25 "Vendor
Income Statement Characterization of Consideration Paid to a Reseller of
the Vendor's Products", which was later codified by EITF Issue No. 01-9.
The EITF concluded that certain sales incentives which are currently
classified as selling expenses are to be recorded as a reduction of
revenue. The consensus on this EITF is effective for annual or interim
periods beginning after December 15, 2001, and the Company early adopted
this guidance during the quarter ended December 31, 2001. As required,
certain current year and prior year amounts have been reclassified from
selling expenses to a reduction in net sales for the three- and nine-month
periods presented.
In October 2001, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standard ("SFAS") No. 144 "Accounting for the
Impairment or Disposal of Long-Lived Assets". SFAS No. 144 provides
guidance on the accounting for long-lived assets to be held and used and
for assets to be disposed of through sale or by other means. SFAS No. 144
is effective for fiscal years beginning after December 15, 2001. Management
has not yet completed its analysis of this Statement as to its impact on
the Company's financial statements and disclosures.
(4) On January 22, 2002, Kmart Corporation, a customer of the Company, filed
for reorganization under Chapter 11 of the U.S. Bankruptcy Code. As a
result, the Company recorded a provision of approximately $14.3 million in
the quarter ended December 31, 2001 to reserve for the full amount of its
accounts receivable exposure. Sales to Kmart Corporation during fiscal 2001
comprised approximately 4% of consolidated net sales. Shipments made to
Kmart between December 31, 2001 and the time of its bankruptcy filing were
nominal. The Company's shipments to Kmart resumed in February 2002.
(5) In January 2002, the Company was notified by the U.S. Treasury Department
that it would receive payment under the Continued Dumping and Subsidy
Offset Act of 2000. In February 2002, consistent with this notice, the
Company received a payment of approximately $15.6 million, which was
treated as other income in the third fiscal quarter financial statements.
(6) In February 2002, as permitted in the original agreement, the Company
extended the maturity of its unsecured revolving credit facility by one
year to February 2005. All other terms and conditions within the facility
remained unchanged.
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LANCASTER COLONY CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
FOR THE PERIODS ENDED MARCH 31, 2002 AND 2001
RESULTS OF OPERATIONS
Three Months Ended Nine Months Ended
March 31 March 31
(Dollars in Thousands) 2002 2001 2002 2001
- -----------------------------------------------------------------------------------------------------
NET SALES
Specialty Foods $ 143,425 $ 125,244 $ 428,973 $ 379,633
Glassware and Candles 67,988 78,660 250,571 276,593
Automotive 59,499 62,817 168,170 182,272
- -----------------------------------------------------------------------------------------------------
Total $ 270,912 $ 266,721 $ 847,714 $ 838,498
=====================================================================================================
As reflected above, consolidated net sales of $270,912,000 for the fiscal third
quarter ended March 31, 2002 increased approximately 2% over the comparable
prior year total of $266,721,000. For the nine-month period ended March 31,
2002, net sales totaled $847,714,000 or 1% above the prior year total of
$838,498,000.
Net sales of the Specialty Foods segment for the three- and nine-month periods
ended March 31, 2002 achieved year-over-year sales increases of approximately
15% and 13%, respectively, reflecting growth in both the retail and foodservice
markets. The majority of this growth was internally generated. Retail growth
derived particular benefit from the sale of frozen bread products although
growth within the most recent quarter was relatively broad-based. Foodservice
volumes increased throughout the year as a result of several new programs with
large national restaurant accounts. Somewhat offsetting this sales growth was
the increase in trade promotional costs, which are netted against gross sales.
Such costs grew at a pace in excess of the segment's sales due, in part, to a
marked curtailment in promotional activities of frozen garlic bread lines in the
second and third quarters of last year, which reflected the more limited
production capacity available at that time. Other factors influencing the
increase in these costs were the product mix and additional support provided for
certain non-frozen product lines.
Sales of the Company's non-food products declined for both the three- and
nine-month periods ended March 31, 2002. Net sales of the Glassware and Candles
segment declined by nearly 14% and 9% during the respective three- and
nine-month periods ended March 31, 2002. The quarter ended March 31, 2002 was
influenced by the prior year's comparable period having larger initial stocking
shipments of newly introduced products. Additionally, both periods presented for
fiscal 2002 have been adversely affected by the presence of weaker market
conditions and a more competitive pricing environment. Net sales of the
Automotive segment have also declined during the current three- and nine-month
periods by 5% and 8%, respectively. Generally lower aftermarket volumes have
been influenced by the softened economy and increased market competition.
Increased volume associated with new aluminum accessory programs with OEM
accounts mitigated the decline otherwise present.
The Company's consolidated gross margins as a percentage of net sales of 21.2%
and 22.1% declined for both the respective three- and nine-month periods ended
March 31, 2002 relative to the 22.3% and 23.5% achieved for the comparable
periods of fiscal 2001. The decline is primarily attributable to lower gross
margin levels occurring within the Glassware and Candles segment as affected by
such factors as the increased competitive pricing pressures, less fixed cost
overhead absorption attributable to lower production levels and generally lower
production efficiencies within certain glass manufacturing operations. Also,
from October 2001 into January 2002, this segment incurred additional costs as a
result of a labor strike occurring at one of its glassware production
facilities. Looking forward, gross margins in the fourth quarter of fiscal 2002
will be affected by the planned shutdown and rebuild of a glass-melting tank.
The margins of the Specialty Foods segment were also somewhat lower in fiscal
2002 as impacted by the promotional costs mentioned above. Year-to-date
comparisons were also adversely affected by somewhat higher average
dairy-related raw material costs, present in the first six months of fiscal
2002. Gross margins within the Automotive segment increased as a result of the
benefits of higher production efficiencies and somewhat lower
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material costs. The decision to exit certain low margin floor mat business also
led to additional inventory reserves being provided in the prior year's third
quarter.
Consolidated selling, general and administrative costs of $26,030,000 and
$94,053,000 decreased 7% and increased 15%, respectively, from the corresponding
fiscal 2001 three- and nine-month totals of $28,050,000 and $81,907,000.
Contributing to the decline in the most recent quarterly total were
volume-driven decreases in non-food selling costs and a lower provision for bad
debts. The fiscal 2002 nine-month total includes a second quarter provision for
bad debts within the Glassware and Candles segment of approximately $14,300,000
related to the Company's accounts receivable exposure to Kmart Corporation,
which filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code on
January 22, 2002. Sales to Kmart Corporation during fiscal 2001 comprised
approximately 4% of consolidated net sales. Shipments made to Kmart between
December 31, 2001 and the time of its bankruptcy filing were nominal. The
Company's shipments to Kmart resumed in February 2002.
The foregoing factors contributed to consolidated operating income totaling
$31,494,000 and $93,141,000 for the respective three- and nine-month periods
ended March 31, 2002 compared to the corresponding fiscal 2001 totals of
$31,333,000 and $115,247,000. By segment, the Company's operating income can be
summarized as follows:
Three Months Ended Nine Months Ended
March 31 March 31
(Dollars in Thousands) 2002 2001 2002 2001
- ----------------------------------------------------------------------------------------------------
OPERATING INCOME
Specialty Foods $ 25,910 $ 22,511 $ 82,816 $ 77,320
Glassware and Candles 2,291 10,112 5,000 41,393
Automotive 4,720 180 9,725 1,108
Corporate Expenses (1,427) (1,470) (4,400) (4,574)
---------------------------------------------------------------------------------------------------
Total $ 31,494 $ 31,333 $ 93,141 $ 115,247
===================================================================================================
Components of other income and expense in the consolidated statements of income,
including interest, were affected in the current year by lower levels of debt
and interest rates. Additionally, in February 2002, consistent with notice
previously provided to the Company by the U.S. Treasury Department in January,
the Company received approximately $15.6 million under the Continued Dumping and
Subsidy Offset Act of 2000 ("CDSOA"). This amount was recorded as other income
in the accompanying financial statements. The CDSOA, which applies to the
Company's candle operations, is in its first year of effectiveness and is
intended to redress unfair dumping of imported products through cash payments to
eligible affected companies. Payments to be received in future years under CDSOA
are subject to many variables outside the control of the Company and,
accordingly, the related amounts, if any, are not subject to reasonable
estimation at the present time. Other income also included a gain, which was
recorded in the second quarter of fiscal 2002, for approximately $1 million
related to insurance proceeds from a casualty loss that occurred during January
2001. For the second quarter of fiscal 2001, other income included a gain of
approximately $477,000 related to the sale of idle facilities.
As influenced by the remittance under CDSOA, net income of $28,807,000 and
$66,571,000 for the three- and nine-month periods ended March 31, 2002 increased
51% and declined 4% over the respective totals of fiscal 2001. The prior year's
earnings for nine months reflected a charge for the cumulative effect of an
accounting change that totaled $998,000 after taxes. As was further affected by
the Company's share repurchases, fully diluted earnings per share of $.78 and
$1.80 for the three- and nine-month periods of fiscal 2002 increased 53% and
declined 2%, respectively, compared to the preceding year's comparable totals of
$.51 and $1.83, after the cumulative effect of the accounting change.
While net income and earnings per share were not affected, certain prior year
amounts have been reclassified from selling expenses to a reduction in net sales
in order to conform with the consensus reached by the Emerging Issues Task Force
("EITF") in EITF No. 00-25 and as further codified by EITF No. 01-9.
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FINANCIAL CONDITION
Net cash provided by operating activities for the nine months ended March 31,
2002 totaled $114,910,000, which is $17,579,000 greater than the $97,331,000
provided in the nine months ended March 31, 2001. This fluctuation in cash flows
primarily resulted from the extent of relative year-over-year changes in various
working capital components. Inventory levels of $154,506,000 at March 31, 2002
decreased by $29,881,000 since June 30, which compares to an increase of
$2,946,000 during the comparable period of fiscal 2001. The decline occurring in
fiscal 2002 was influenced by management intentionally attempting to rebalance
inventories of non-food products to more appropriate levels on lower sales.
Further initiatives in this regard are being implemented within the Glassware
and Candles segment.
Significant investment activities for the first nine months included $14,305,000
for property additions. Financing activities for the nine months ended March 31,
2002 included $25,128,000 expended for share repurchases and $19,535,000 for
dividends paid. The level of dividends paid in the current period increased by
4% over the amount paid in the comparable prior year period as the share
reduction resulting from share repurchases partially offset the impact of a $.01
per share increase in the effective dividend rate. Approximately 1,817,000
shares remained authorized for future buyback at March 31, 2002.
In February 2002, as permitted in the original agreement, the Company extended
its unsecured revolving credit facility by one year to February 2005. All other
terms and conditions within the facility remained unchanged. Management believes
that cash provided from operations and the currently available bank credit
arrangements should be adequate to meet the Company's foreseeable cash
requirements over the remainder of fiscal 2002.
In July 2001, the Financial Accounting Standards Board ("FASB") issued two
pronouncements, Statement of Financial Accounting Standard ("SFAS") No. 141,
"Business Combinations" and SFAS No. 142, "Goodwill and Other Intangible
Assets", relating to the accounting for goodwill and other intangible assets
associated with business combinations. SFAS No. 141 requires the use of the
purchase method of accounting for all business combinations initiated after June
30, 2001 and eliminates the pooling-of-interests method. SFAS No. 142 requires,
among other things, the discontinuance of goodwill amortization for goodwill or
intangibles with indefinite lives and requires at least annual assessments for
impairment. The amortization provisions apply immediately to goodwill and
intangible assets acquired after June 30, 2001 and will apply upon adoption of
SFAS No. 142 in the first quarter of fiscal 2003 for goodwill and intangible
assets recorded on the books at June 30, 2001. Within the first six months of
adoption, the Company will perform the first of the required impairment tests of
goodwill and intangible assets. Any initial adjustments relating to impairment
will be accounted for as a cumulative change in accounting in the year of
adoption. Solely for reference purposes, goodwill amortization incurred during
the first nine months of fiscal 2002 totaled approximately $2 million. In
October 2001, the FASB issued SFAS No. 144 "Accounting for the Impairment or
Disposal of Long-Lived Assets". SFAS No. 144 provides guidance on the accounting
for long-lived assets to be held and used and for assets to be disposed of
through sale or by other means. SFAS No. 144 is effective for fiscal years
beginning after December 15, 2001. Management has not yet completed its analyses
of these Statements as to their impact on the Company's financial statements and
disclosures.
SAFE HARBOR STATEMENT
UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:
This Form 10-Q contains forward-looking statements related to
future growth and earnings opportunities. Such statements are
based upon certain assumptions and assessments made by management
of the Company in light of its experience and perception of
historical trends, current conditions, expected future
developments and other factors it believes to be appropriate.
Actual results may differ as a result of factors over which the
Company has no control including the strength of the economy,
slower than anticipated sales growth, the extent of operational
efficiencies achieved, the success of new product introductions,
price and product competition, and increases in raw materials
costs. Management believes these forward-looking statements to be
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reasonable; however, undue reliance should not be placed on such
statements, which are based on current expectations. The Company
undertakes no obligation to publicly update such forward-looking
statements. More detailed statements regarding significant events
which could affect the Company's financial results are included
in the Company's Forms 10-K and 10-Q filed with the Securities
and Exchange Commission.
PART II. OTHER INFORMATION
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
Reports on Form 8-K - There were no reports filed on Form 8-K for the three
months ended March 31, 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
LANCASTER COLONY CORPORATION
Date: May 10, 2002 BY: /S/John B. Gerlach, Jr.
-------------------------- --------------------------
JOHN B. GERLACH, JR.
Chairman, Chief Executive
Officer and President
Date: May 10, 2002 BY: /S/John L. Boylan
-------------------------- --------------------------
JOHN L. BOYLAN
Treasurer, Vice President,
Assistant Secretary and
Chief Financial Officer
(Principal Financial and
Accounting Officer)
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