LANCASTER COLONY CORP - FORM 8-K - EX-99.2 - May 1, 2014

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Exhibit 99.2
Lancaster Colony Corporation
Consolidated Statements of Income (Unaudited)
Fiscal 2014
(In thousands except per-share amounts)
 
 
 
 
 
The following table reflects the reclassification of fiscal 2014 to date quarterly amounts for the discontinued operations presentation of our sold candle manufacturing and marketing operations:
 
 
 
 
 
 
 
 
 
Year to Date
 
First
Second
Third
March 31,
 
Quarter
Quarter
Quarter
2014
 
 
 
 
 
Net Sales
$
248,137

$
292,281

$
241,849

$
782,267

Cost of Sales
190,966

210,658

189,941

591,565

Gross Margin
57,171

81,623

51,908

190,702

Selling, General & Administrative Expenses
20,740

25,438

23,073

69,251

Operating Income
36,431

56,185

28,835

121,451

Interest Income & Other - Net
(38
)
(86
)
(204
)
(328
)
Income From Continuing Operations Before Income Taxes
36,393

56,099

28,631

121,123

Taxes Based on Income
12,341

18,966

9,731

41,038

Income From Continuing Operations
24,052

37,133

18,900

80,085

 
 
 
 
 
Discontinued Operations:
 
 
 
 
Income From Discontinued Operations, Net of Tax
749

2,101

325

3,175

Loss on Sale of Discontinued Operations, Net of Tax
—

—

(29,601
)
(29,601
)
Total Discontinued Operations
749

2,101

(29,276
)
(26,426
)
 
 
 
 
 
Net Income (Loss)
$
24,801

$
39,234

$
(10,376
)
$
53,659

 
 
 
 
 
Income (Loss) Per Common Share: (1)
 
 
 
 
 
 
 
 
 
Continuing Operations - Basic
$
0.88

$
1.36

$
0.69

$
2.93

Discontinued Operations - Basic
$
0.03

$
0.08

$
(1.07
)
$
(0.97
)
Net Income (Loss) Per Common Share - Basic
$
0.91

$
1.44

$
(0.38
)
$
1.97

 
 
 
 
 
Continuing Operations - Diluted
$
0.88

$
1.36

$
0.69

$
2.93

Discontinued Operations - Diluted
$
0.03

$
0.08

$
(1.07
)
$
(0.97
)
Net Income (Loss) Per Common Share - Diluted
$
0.91

$
1.44

$
(0.38
)
$
1.96

 
 
 
 
 
Dividends Per Share
$
0.40

$
0.44

$
0.44

$
1.28

 
 
 
 
 
Weighted Average Common Shares Outstanding - Basic
27,268

27,244

27,261

27,258

Weighted Average Common Shares Outstanding - Diluted
27,312

27,299

27,297

27,303

 
 
 
 
 
(1) Basic and diluted income per share are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly income per share amounts may not agree with the year-to-date total.




Lancaster Colony Corporation
Consolidated Statements of Income (Unaudited)
Fiscal 2013
(In thousands except per-share amounts)
 
 
 
 
 
 
The following table reflects the reclassification of fiscal 2013 quarterly amounts for the discontinued operations presentation of our sold candle manufacturing and marketing operations:
 
 
 
 
 
 
 
First
Second
Third
Fourth
Fiscal Year
 
Quarter
Quarter
Quarter
Quarter
2013
 
 
 
 
 
 
Net Sales
$
248,881

$
272,634

$
247,098

$
245,190

$
1,013,803

Cost of Sales
187,760

200,588

193,265

187,483

769,096

Gross Margin
61,121

72,046

53,833

57,707

244,707

Selling, General & Administrative Expenses
21,157

25,035

23,113

21,479

90,784

Operating Income
39,964

47,011

30,720

36,228

153,923

Interest Income & Other - Net
(2
)
11

(15
)
(99
)
(105
)
Income From Continuing Operations Before Income Taxes
39,962

47,022

30,705

36,129

153,818

Taxes Based on Income
13,707

15,551

9,972

10,728

49,958

Income From Continuing Operations
26,255

31,471

20,733

25,401

103,860

 
 
 
 
 
 
Discontinued Operations:
 
 
 
 
 
Income From Discontinued Operations, Net of Tax
407

3,806

1,100

76

5,389

Total Discontinued Operations
407

3,806

1,100

76

5,389

 
 
 
 
 
 
Net Income
$
26,662

$
35,277

$
21,833

$
25,477

$
109,249

 
 
 
 
 
 
Income Per Common Share: (1)
 
 
 
 
 
 
 
 
 
 
 
Continuing Operations - Basic
$
0.96

$
1.15

$
0.76

$
0.93

$
3.80

Discontinued Operations - Basic
$
0.01

$
0.14

$
0.04

$
—

$
0.20

Net Income Per Common Share - Basic
$
0.98

$
1.29

$
0.80

$
0.93

$
4.00

 
 
 
 
 
 
Continuing Operations - Diluted
$
0.96

$
1.14

$
0.76

$
0.93

$
3.79

Discontinued Operations - Diluted
$
0.01

$
0.14

$
0.04

$
—

$
0.20

Net Income Per Common Share - Diluted
$
0.98

$
1.28

$
0.80

$
0.93

$
3.99

 
 
 
 
 
 
Dividends Per Share
$
0.36

$
5.38

$
0.38

$
0.40

$
6.52

 
 
 
 
 
 
Weighted Average Common Shares Outstanding - Basic
27,229

27,243

27,259

27,277

27,252

Weighted Average Common Shares Outstanding - Diluted
27,264

27,273

27,287

27,316

27,285

 
 
 
 
 
 
(1) Basic and diluted income per share are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly income per share amounts may not agree with the total year.












Lancaster Colony Corporation
Business Segment Information (Unaudited)
Fiscal 2014 & 2013
(In thousands)
 
 
 
 
 
 
The following reflects the reclassification of quarterly amounts for the discontinued operations presentation of our sold candle manufacturing and marketing operations:
 
 
 
 
Year to Date
 
 
First
Second
Third
March 31,
 
 
Quarter
Quarter
Quarter
2014
 
 
 
 
 
 
 
Net Sales - Specialty Foods Segment
$
248,137

$
292,281

$
241,849

$
782,267

 
 
 
 
 
 
 
Operating Income
 
 
 
 
 
Specialty Foods Segment
$
39,543

$
59,413

$
31,408

$
130,364

 
Corporate Expenses
(3,112
)
(3,228
)
(2,573
)
(8,913
)
 
Consolidated Totals
$
36,431

$
56,185

$
28,835

$
121,451

 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
 
First
Second
Third
Fourth
June 30,
 
Quarter
Quarter
Quarter
Quarter
2013
 
 
 
 
 
 
Net Sales - Specialty Foods Segment
$
248,881

$
272,634

$
247,098

$
245,190

$
1,013,803

 
 
 
 
 
 
Operating Income
 
 
 
 
 
Specialty Foods Segment
$
42,758

$
50,384

$
33,648

$
38,920

$
165,710

Corporate Expenses
(2,794
)
(3,373
)
(2,928
)
(2,692
)
(11,787
)
Consolidated Totals
$
39,964

$
47,011

$
30,720

$
36,228

$
153,923

 
 
 
 
 
 



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