Lancaster Colony Corp reported record net sales of $281 million for the first fiscal quarter ended Sept 30, 2004, a 6% increase over first quarter sales of $267 million a year ago. Net income was $18,378,000 versus $19,700,000 in the corresponding quarter a year earlier.
Specialty Foods sales totaled $161 million, up 4% from the year-ago level. Segment operating income totaled $27.4 million, up 4% over the year-earlier level.
John B Gerlach Jr, chairman and chief executive officer, said, “Both retail and foodservice sales showed modest growth and Warren Frozen Foods, acquired last December, contributed over $4 million to the higher first-quarter sales.
“We were encouraged to achieve net sales growth in each segment,” said Gerlach. “Operating earnings, however, were again adversely affected by higher raw material costs and a business environment that allows little pricing flexibility.”
