Lancaster Colony Continues Higher Cash Dividend
COLUMBUS, Ohio, Feb. 26, 2014 /PRNewswire/ -- Lancaster Colony Corporation (Nasdaq: LANC) announced today that its Board of Directors has declared a quarterly cash dividend of 44 cents per share on the company's common stock, payable March 31, 2014 to shareholders of record on March 7, 2014.
The board voted to continue the cash dividend at the higher level set three months ago. The company is one of only 16 U.S. companies to have increased regular cash dividends each year for 51 consecutive years.
John B. Gerlach, Jr., chairman and chief executive officer of Lancaster Colony, said, "The dividend reflects the company's continued strong financial position and will be the 203rd consecutive quarterly cash dividend paid by the company since September 1963." He noted that the indicated annual payout for the current fiscal year ending June 30, 2014 is $1.72 per share, up from the $1.52 per share paid in fiscal 2013, excluding the $5 per share special dividend paid in December 2012.
Common shares currently outstanding total approximately 27,294,000.
We desire to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (the "PSLRA"). This news release contains various "forward-looking statements" within the meaning of the PSLRA and other applicable securities laws. Such statements can be identified by the use of the forward-looking words "anticipate," "estimate," "project," "believe," "intend," "plan," "expect," "hope" or similar words. These statements discuss future expectations; contain projections regarding future developments, operations or financial conditions; or state other forward-looking information. Such statements are based upon assumptions and assessments made by us in light of our experience and perception of historical trends, current conditions, expected future developments; and other factors we believe to be appropriate. These forward-looking statements involve various important risks, uncertainties and other factors, many of which are beyond our control, which could cause our actual results to differ materially from those expressed in the forward-looking statements. Some of the key factors that could cause actual results to differ materially from those expressed in the forward-looking statements include:
- the potential for loss of larger programs or key customer relationships;
- the extent to which future business acquisitions are completed and acceptably integrated;
- changes in financial markets;
- the uncertainty regarding the effect of the sale of our candle manufacturing and marketing operation;
- access to any required financing;
- the effect of consolidation of customers within key market channels;
- the success and cost of new product development efforts;
- changes in demand for our products, which may result from loss of brand reputation or customer goodwill;
- the possible occurrence of product recalls or other defective or mislabeled product costs;
- price and product competition;
- fluctuations in the cost and availability of raw materials;
- adverse changes in energy costs and other factors that may affect costs of producing, distributing or transporting our products;
- stability of labor relations;
- dependence on contract copackers and limited or exclusive sources for certain goods;
- changes in estimates in critical accounting judgments;
- the outcome of any litigation or arbitration; and
- risks related to other factors described under "Risk Factors" in other reports and statements filed by us with the Securities and Exchange Commission, including without limitation our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q (available at www.sec.gov).
Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update such forward-looking statements, except as required by law. Management believes these forward-looking statements to be reasonable; however, you should not place undue reliance on such statements that are based on current expectations.
SOURCE Lancaster Colony Corporation