Back to GetFilings.com
1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-K
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
- --- EXCHANGE ACT OF 1934 [FEE REQUIRED]
FOR THE FISCAL YEAR ENDED JUNE 30, 1996
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
- --- EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
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)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Title of each class
-------------------
COMMON STOCK--NO PAR VALUE PER SHARE
(INCLUDING SERIES A PARTICIPATING PREFERRED STOCK PURCHASE RIGHTS)
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. X
-----
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 (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
--- ---
The aggregate market value of Common Stock held by non-affiliates on
August 30, 1996 was approximately $824,957,000.
As of August 30, 1996, there were approximately 29,468,000 shares of
Common Stock, no par value per share, outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the following documents are incorporated by reference to
this annual report: Registrant's 1996 Annual Report to Shareholders - Parts I,
II and IV. Proxy Statement for the Annual Meeting of Shareholders to be held
November 18, 1996; to be filed - Part III. The 1996 Annual Report to
Shareholders and 1996 Proxy Statement shall be deemed to have been "filed" only
to the extent portions thereof are expressly incorporated by reference.
EXHIBIT INDEX ON PAGE 12.
1
2
PART I
Item 1. Business
--------
General Development of Business
- -------------------------------
Lancaster Colony Corporation was reincorporated in Ohio effective
January 2, 1992. Prior to this date Lancaster Colony Corporation had been a
Delaware Corporation organized in 1961. As used herein the term "registrant,"
unless the context otherwise requires, refers to Lancaster Colony Corporation
and its subsidiaries.
Description of and Financial Information About Business Segments
- ----------------------------------------------------------------
The registrant operates in three business segments - specialty foods,
glassware and candles, and automotive - which accounted for approximately 38%,
35% and 27%, respectively, of consolidated net sales for the fiscal year ended
June 30, 1996. The financial information relating to business segments for the
three years ended June 30, 1996, appearing in Exhibit 13 in this Form 10-K
Annual Report, is incorporated herein by reference. Further description of each
business segment the registrant operates within is provided below.
Specialty Foods
---------------
The food products manufactured and sold by the registrant include salad
dressings and sauces marketed under the brand names "Marzetti," "Cardini,"
"Pfeiffer" and "Girard's"; frozen unbaked pies marketed under the brand names
"Mountain Top" and "Reames"; hearth-baked frozen breads marketed under the brand
name "New York Frozen Foods"; refrigerated chip and produce dips, dairy snacks
and desserts marketed under the brand names "Oak Lake Farms," "Allen" and/or
"Marzetti"; premium dry egg noodles marketed under the brand names "Inn Maid"
and "Amish Kitchen"; frozen specialty noodles, pastas, and breaded specialty
items marketed under the brand name "Reames" and caviar marketed under the brand
name "Romanoff" and "Poriloff."
The salad dressings and sauces are manufactured in Columbus, Ohio;
Wilson, New York; Atlanta, Georgia and Milpitas, California. The dressings are
sold in various metropolitan areas with sales being made both to retail and
foodservice markets.
The frozen unbaked pies are marketed principally in the midwestern
United States through salesmen and food brokers to institutional distributors
and retail outlets. A significant portion of the frozen bread sales is directed
to the foodservice market.
The refrigerated chip and produce dips, dairy snacks and desserts are
sold through food brokers and distributors in most major markets in the United
States.
The dry egg noodles are marketed by brokers principally in Ohio,
Michigan, Indiana and Kentucky.
The "Reames" line is sold through brokers and distributors in various
metropolitan areas principally in the central and midwestern United States.
This segment is not dependent upon a single customer or a few
customers, the loss of any one or more of which would have a significant adverse
effect on operating results. Although the Company is a leading producer of salad
dressings, all of the markets in which the registrant sells food products are
highly competitive in the areas of price, quality and customer service.
During fiscal year 1996, the registrant obtained adequate supplies of raw
materials for this segment.
2
3
The registrant's firm order backlog at June 30, 1996, in this business
segment, was approximately $3,706,000 as compared to a backlog of approximately
$4,238,000 as of the end of the preceding fiscal year. It is expected that all
of these orders will be filled during the current fiscal year. The operations of
this segment are not affected to any material extent by seasonal fluctuations.
The registrant does not utilize any franchises or concessions in this business
segment. The trade names under which it operates are significant to the overall
success of this segment. However, the patents and licenses under which it
operates are not essential to the overall success of this segment.
Glassware and Candles
---------------------
Glass products include a broad range of machine pressed and machine
blown consumer glassware and technical glass products such as cathode ray tubes,
lighting components, lenses and silvered reflectors.
Consumer glassware includes a diverse line of decorative and ornamental
products such as tumblers, bowls, pitchers, jars and barware. These products are
marketed under a variety of trademarks, the most important of which are "Indiana
Glass," "Tiara," "Colony" and "Fostoria." The registrant also purchases domestic
and imported blown glassware which is sold through Colony, a marketing division,
and some domestic handcrafted ware sold through its Tiara home party marketing
plan.
Glass vases and containers are sold both in the retail and wholesale
florist markets under the trade name "Brody" as well as under private label.
Candles of all sizes, forms and fragrance are primarily sold in the
mass merchandise markets as well as to supermarkets, drug stores and specialty
shops under the name "Candle-lite." A portion of the registrant's candle
business is marketed under private label.
The registrant's glass products are sold to discount, department,
variety and drug stores, as well as to jobbers and directly to retail customers.
Commercial markets such as foodservice, hotels, hospitals and schools are also
served by this segment's products. All the markets in which the registrant sells
houseware products are highly competitive in the areas of design, price, quality
and customer service. Sales of glassware and candles to two customers accounted
for approximately 32% and 26% of this segment's total net sales during 1996 and
1995, respectively. No other customer accounted for more than 10% of this
segment's total net sales.
During fiscal year 1996, the registrant obtained adequate supplies of
raw materials for this business segment.
The registrant's firm order backlog at June 30, 1996, in this business
segment, was approximately $32,527,000 as compared to approximately $33,896,000
as of the end of the preceding fiscal year. It is expected that all of these
orders will be filled during the current fiscal year. Seasonal retail stocking
patterns cause certain of this segment's products to experience increased sales
in the first half of the fiscal year. The registrant does not use any franchises
or concessions in this segment. The patents and licenses under which it operates
are not essential to the overall success of this segment. However, certain
trademarks are important to this segment's marketing efforts.
Automotive
----------
The registrant manufactures and sells a complete line of rubber, vinyl
and carpeted car mats both in the aftermarket and to original equipment
manufacturers. Other products are pickup truck bed mats, running boards, bed
liners and other accessories for pickup trucks, vans and sport utility vehicles,
truck and trailer splash guards and quarter fenders, accessories such as cup
holders, litter caddies and oil drain pans and funnels. The automotive
aftermarket products are marketed primarily through mass
3
4
merchandisers and automotive outlets under the name "Rubber Queen" and the
registrant sells bed liners under the "Protecta" trademark, running boards under
the "Dee Zee" name, as well as under private labels. Although minor, rubber
matting sales are also included in this segment. The aggregate sales of two
customers accounted for approximately 29% and 32% of this segment's total net
sales during 1996 and 1995, respectively. No other customer accounted for more
than 10% of this segment's total net sales. Although the Company is a market
leader in many of its product lines, all the markets in which the registrant
sells automotive products are highly competitive in the areas of design, price,
quality and customer service.
During fiscal year 1996, the registrant obtained adequate supplies of
raw materials for this segment.
The registrant's firm order backlog at June 30, 1996, in this business
segment, was approximately $6,865,000 as compared to a backlog of approximately
$6,594,000 as of the end of the preceding fiscal year. Such backlogs do not
reflect certain orders by original equipment manufacturers as, due to its
nature, such information is not readily available. It is expected that all of
these orders will be filled during the current fiscal year. The operations of
this segment are not affected to any material extent by seasonal fluctuations.
The registrant does not utilize any significant franchises or concessions in
this segment. The patents, trademarks and licenses under which it operates are
generally not essential to the overall success of this segment.
Net Sales by Class of Products
- ------------------------------
The following table sets forth business segment information with
respect to the percentage of net sales contributed by each class of similar
products which accounted for at least 10% of the Company's consolidated net
sales in any fiscal year from 1994 through 1996.
1996 1995 1994
- -------------------------------------------------------------------------------
Specialty Foods:
Retail 21% 22% 25%
Foodservice 17% 17% 15%
Glassware and Candles:
Consumer Table and Giftware 30% 25% 22%
Automotive 27% 31% 33%
General Business
- ----------------
Research and Development
------------------------
The estimated amount spent during each of the last three fiscal years
on research and development activities determined in accordance with generally
accepted accounting principles is not considered material.
Environmental Matters
---------------------
Certain of the registrant's operations are subject to compliance with
various air emission standards promulgated under Title V of the Federal Clean
Air Act. During fiscal 1996, the registrant submitted a compliance strategy for
one manufacturing facility to the applicable state agency for approval. It is
anticipated the approval process will take approximately one year to complete.
In fiscal 1997 and 1998 the registrant will be required to submit compliance
strategies on two additional manufacturing facilities to the applicable state
agencies. Based upon available information, compliance with the Federal Clean
Air Act provisions, as well as other various Federal, state and local
environmental protection laws and regulations, is not expected to have a
material adverse effect upon the level of capital expenditures, earnings or the
competitive position of the registrant for the remainder of the current and
succeeding fiscal year.
4
5
Employees
---------
The registrant has approximately 6,300 employees.
Foreign Operations and Export Sales
-----------------------------------
Financial information relating to foreign operations and export sales
have not been significant in the past and are not expected to be significant in
the future based on existing operations.
Item 2. Properties
----------
The registrant uses approximately 5,800,000 square feet of space for
its operations. Of this space, approximately 1,524,000 square feet are leased.
The following table summarizes facilities exceeding 75,000 square feet
of space and which are considered the principal manufacturing and warehousing
operations of the registrant:
Approximate
Location Business Segment(s) Square Feet
- -------- ------------------- -----------
Blue Ash, OH (1) Glassware and Candles 198,000
Columbus, OH(2) Specialty Foods 258,000
Coshocton, OH Automotive 591,000
Des Moines, IA (3) Automotive 344,000
Dunkirk, IN Glassware and Candles 934,000
Elkhart, IN Automotive 96,000
Jackson, OH Automotive and Glassware and Candles 223,000
LaGrange, GA Automotive 211,000
Lancaster, OH Glassware and Candles 465,000
Leesburg, OH (4) Glassware and Candles 600,000
Milpitas, CA (5) Specialty Foods 130,000
Muncie, IN Glassware and Candles 153,000
Sapulpa, OK (6) Glassware and Candles 669,000
Wapakoneta, OH (7) Automotive 178,000
Waycross, GA (5) Automotive 142,000
Wilson, NY Specialty Foods 80,000
(1) Leased for term expiring 1998.
(2) Part leased for term expiring 1998.
(3) Part subject to capital lease expiring 1996. Part leased for
terms expiring 1996 and 1998.
(4) Part leased on a monthly basis.
(5) Part leased for term expiring 1997.
(6) Part leased for term expiring in 1999.
(7) Part leased for term expiring 2003 with ownership passing to
registrant at lease expiration. Part leased on monthly basis.
5
6
Item 3. Legal Proceedings
-----------------
None
Item 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
None
EXECUTIVE OFFICERS OF THE REGISTRANT
Pursuant to General Instruction G(3) of Form 10-K, the following list is
included as an unnumbered item in Part I of this Report in lieu of being
included in the Proxy Statement for the Annual Meeting of Shareholders to be
held November 18, 1996.
The following is a list of names and ages of all of the executive
officers of the registrant indicating all positions and offices with the
registrant held by such person and each person's principal occupation or
employment during the past five years. No person other than those listed below
has been chosen to become an executive officer of the registrant.
First
Elected
Age as of an
August 30 Offices and Executive
Name 1996 Positions Held Officer
---- ----------- -------------- --------
John B. Gerlach 69 Chairman and
Chief Executive
Officer 1961
John L. Boylan 41 Treasurer and
Assistant Secretary 1990
John B. Gerlach, Jr. 42 President, Chief
Operating Officer and
Secretary 1982
Larry G. Noble 60 Vice President 1985
The above named officers were re-elected to their present position at
the annual meeting of the Board of Directors on November 20, 1995. All such
persons have been elected to serve until the next annual election of officers,
which shall occur on November 18, 1996 and their successors are elected or until
their earlier resignation or removal.
John B. Gerlach, Jr. is the son of John B. Gerlach.
6
7
PART II
Item 5. Market for the Registrant's Common Stock and Related Stockholder
----------------------------------------------------------------
Matters
-------
Reference is made to the "Selected Quarterly Financial Data", appearing in
Exhibit 13 of this Form 10-K Annual Report, for information concerning market
prices and related security holder matters on the registrant's common shares
during 1996 and 1995. Such information is incorporated herein by reference.
Item 6. Selected Financial Data
-----------------------
The presentation of selected financial data as of and for the five years
ended June 30, 1996 is included in the "Operations" and "Financial Position"
sections of the "Five Year Financial Summary" appearing in Exhibit 13 of this
Form 10-K Annual Report and is incorporated herein by reference.
Item 7. Management's Discussion and Analysis of Results of Operations and
-----------------------------------------------------------------
Financial Condition
-------------------
Reference is made to the "Management's Discussion and Analysis of Results
of Operations and Financial Condition" appearing in Exhibit 13 of this Form 10-K
Annual Report. Such information is incorporated herein by reference.
Item 8. Financial Statements and Supplementary Data
-------------------------------------------
The financial statements and supplementary financial information are set
forth in Exhibit 13 of this Form 10-K Annual Report and are incorporated herein
by reference.
Item 9. Disagreements on Accounting and Financial Disclosure
----------------------------------------------------
None
PART III
Item 10. Directors and Executive Officers of the Registrant
--------------------------------------------------
For information with respect to the executive officers of the registrant,
see "Executive Officers of the Registrant" at the end of Part I of this report.
For information with respect to the Directors of the registrant, see "Nomination
and Election of Directors" in the Proxy Statement for the Annual Meeting of
Shareholders to be held November 18, 1996, which is incorporated herein by
reference.
Item 11. Executive Compensation
----------------------
Information set forth under the caption "Executive Compensation" in the
Proxy Statement for the Annual Meeting of Shareholders to be held November 18,
1996 is incorporated herein by reference.
Item 12. Security Ownership of Certain Beneficial Owners and Management
--------------------------------------------------------------
Information set forth under the captions "Nomination and Election of
Directors" and "Security Ownership of Certain Beneficial Owners" in the Proxy
Statement for the Annual Meeting of Shareholders to be held November 18, 1996 is
incorporated herein by reference.
Item 13. Certain Relationships and Related Transactions
----------------------------------------------
For information with respect to certain transactions with Directors of the
registrant, see "Other Transactions" in the Proxy Statement for the Annual
Meeting of Shareholders to be held November 18, 1996, which is incorporated
herein by reference.
7
8
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
----------------------------------------------------------------
(a) 1. Financial Statements
--------------------
The consolidated financial statements as of June 30, 1996 and
1995 and for each of the three years in the period ended June
30, 1996, together with the report thereon of Deloitte & Touche
LLP dated August 28, 1996, appearing in Exhibit 13 of this Form
10-K Annual Report are incorporated herein by reference.
Index to Financial Statements
-----------------------------
Independent Auditors' Report
Consolidated Statements of Income for the years ended June 30,
1996, 1995 and 1994
Consolidated Balance Sheets at June 30, 1996 and 1995
Consolidated Statements of Cash Flows for the years ended June 30,
1996, 1995 and 1994
Consolidated Statements of Shareholders' Equity for the years
ended June 30, 1996, 1995 and 1994
Notes to Consolidated Financial Statements
(a) 2. Financial Statement Schedules Required by Items 8 and 14(d)
-----------------------------------------------------------
Included in Part IV of this report is the following additional
financial data which should be read in conjunction with the
consolidated financial statements in the 1996 Annual Report to
Shareholders:
Independent Auditors' Report
Schedule II - Valuation and Qualifying Accounts for each of the
three years ended June 30, 1996
Supplemental schedules not included with the
additional financial data have been omitted because
they are not applicable or the required information
is shown in the financial statements or notes
thereto.
(a) 3. Exhibits Required by Item 601 of Regulation S-K and Item 14(c)
--------------------------------------------------------------
See Index to Exhibits attached.
(b) Reports on Form 8-K
-------------------
No reports on Form 8-K were filed during the fourth quarter of
the year ended June 30, 1996.
8
9
SIGNATURES
Pursuant to the requirements of Section 13 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 on this 23rd day of
September, 1996.
LANCASTER COLONY CORPORATION
(Registrant)
By /S/ John B. Gerlach
----------------------------
John B. Gerlach
Chairman, Chief Executive
Officer and Principal
Financial Officer
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
Signatures Title Date
---------- ----- ----
/S/ John B. Gerlach Chairman, Chief September 20, 1996
- --------------------------- Executive Officer and ------------------
John B. Gerlach Principal Financial
Officer
/S/ John B. Gerlach, Jr. President, Chief September 20, 1996
- --------------------------- Operating Officer ------------------
John B. Gerlach, Jr. and Secretary
/S/ John L. Boylan Treasurer, Assistant September 20, 1996
- --------------------------- Secretary and Principal ------------------
John L. Boylan Accounting Officer
Director
- --------------------------- ------------------
Frank W. Batsch
/S/ Robert L. Fox Director September 16, 1996
- --------------------------- ------------------
Robert L. Fox
Director
- --------------------------- ------------------
Morris S. Halpern
/S/ Robert S. Hamilton Director September 16, 1996
- --------------------------- ------------------
Robert S. Hamilton
/S/ Edward H. Jennings Director September 16, 1996
- --------------------------- ------------------
Edward H. Jennings
/S/ Richard R. Murphey, Jr. Director September 16, 1996
- --------------------------- ------------------
Richard R. Murphey, Jr.
/S/ Henry M. O'Neill, Jr. Director September 19, 1996
- --------------------------- ------------------
Henry M. O'Neill, Jr.
/S/ David J. Zuver Director September 20, 1996
- --------------------------- ------------------
David J. Zuver
9
10
INDEPENDENT AUDITORS' REPORT
To the Directors and Shareholders of
Lancaster Colony Corporation:
We have audited the consolidated financial statements of Lancaster Colony
Corporation and its subsidiaries as of June 30, 1996 and 1995, and for each of
the three years in the period ended June 30, 1996, and have issued our report
thereon dated August 28, 1996; such financial statements and report are included
in your 1996 Annual Report to Shareholders and are incorporated herein by
reference. Our audits also included the consolidated financial statement
schedule of Lancaster Colony Corporation and its subsidiaries, listed in Item
14. This financial statement schedule is the responsibility of the Company's
management. Our responsibility is to express an opinion based on our audits. In
our opinion, such consolidated financial statement schedule, when considered in
relation to the basic consolidated financial statements taken as a whole,
presents fairly in all material respects the information set forth therein.
/S/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Columbus, Ohio
August 28, 1996
10
11
SCHEDULE II
LANCASTER COLONY CORPORATION
AND SUBSIDIARIES
============================
VALUATION AND QUALIFYING ACCOUNTS
FOR THE THREE YEARS ENDED JUNE 30, 1996
- -----------------------------------------------------------------------------------------------
COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E
-------- -------- -------- -------- --------
ADDITIONS
BALANCE AT CHARGED TO BALANCE
BEGINNING COSTS AND AT END
DESCRIPTION OF YEAR EXPENSES DEDUCTIONS OF YEAR
- -----------------------------------------------------------------------------------------------
RESERVES DEDUCTED FROM ASSET TO WHICH
THEY APPLY - Allowance for doubtful
accounts:
Year ended June 30, 1994 ......... $ 2,870,000 $ 1,029,000 $ 1,560,000(A) $2,339,000
=======================================================
Year ended June 30, 1995 ......... $ 2,339,000 $ 614,000 $ 1,006,000(A) $1,947,000
=======================================================
Year ended June 30, 1996 ......... $ 1,947,000 $ 2,089,000 $ 1,905,000(A) $2,131,000
=======================================================
(A) Represents uncollectible accounts written off net of recoveries.
11
12
LANCASTER COLONY CORPORATION
----------------------------
FORM 10-K
JUNE 30, 1996
INDEX TO EXHIBITS
Exhibit
Number Description Located at
------ ----------- ----------
3.1 Certificate of Incorporation of the registrant
approved by the shareholders November 18, 1991. (a)
.2 By-laws of the registrant as amended
through November 18, 1991. (a)
.3 Certificate of Designation, Rights and
Preferences of the Series A Participating
Preferred Stock of Lancaster Colony Corporation. (b)
4.1 Specimen Certificate of Common Stock. 1996 Form 10-K
.2 Rights Agreement dated as of April 20, 1990
between Lancaster Colony Corporation and The
Huntington Trust Company, N.A. (c)
10.1 1981 Incentive Stock Option Plan. (d)
.2 Resolution by the Board of Directors to amend
registrant's 1981 Incentive Stock Option Plan,
approved by the shareholders November 21, 1983. (e)
.3 Resolution by the Board of Directors to amend
registrant's 1981 Incentive Stock Option Plan
approved by the shareholders November 18, 1985. (f)
.4 Resolution by the Board of Directors to amend
registrant's 1981 Incentive Stock Option Plan
approved by the shareholders November 19, 1990. (g)
.5 Key Employee Severance Agreement between Lancaster
Colony Corporation and John L. Boylan. (g)
.6 Consulting Agreement by and between Lancaster
Colony Corporation and Morris S. Halpern. (h)
.7 1995 Key Employee Stock Option Plan. (i)
13. Annual Report to Shareholders. 1996 Form 10-K
21. Significant Subsidiaries of Registrant. 1996 Form 10-K
23. The consent of Deloitte & Touche LLP to the incorporation by
reference in Registration Statements No. 33-39102 and 333-01275
on Form S-8 of their reports dated August 28, 1996, appearing in
this Annual Report on Form 10-K of Lancaster Colony Corporation
for the year ended June 30, 1996. 1996 Form 10-K
27. Financial Data Schedule 1996 Form 10-K
12
13
(a) Indicates the exhibit is incorporated by reference from filing as
an annex to the proxy statement of Lancaster Colony Corporation
for the annual meeting of stockholders held November 18, 1991.
(b) Indicates the exhibit is incorporated by reference from filing as
an exhibit to the Lancaster Colony Corporation report on Form
10-Q for the quarter ended March 31, 1990.
(c) Indicates the exhibit is incorporated by reference from filing as
an exhibit to the Lancaster Colony Corporation report on Form 8-K
filed April 20, 1990.
(d) Indicates the exhibit is incorporated by reference from filing as
an exhibit to the Lancaster Colony Corporation report on Form
10-K for the year ended June 30, 1982.
(e) Indicates the exhibit is incorporated by reference from filing as
an exhibit to the Lancaster Colony Corporation report on Form
10-K for the year ended June 30, 1984.
(f) Indicates the exhibit is incorporated by reference from filing as
an exhibit to the Lancaster Colony Corporation report on Form
10-K for the year ended June 30, 1985.
(g) Indicates the exhibit is incorporated by reference from filing as
an exhibit to the Lancaster Colony Corporation report on Form
10-K for the year ended June 30, 1991.
(h) Indicates the exhibit is incorporated by reference from filing as
an exhibit to the Lancaster Colony Corporation report on Form
10-K for the year ended June 30, 1993.
(i) Indicates the exhibit is incorporated by reference from the
Lancaster Colony Corporation filing on Form S-8 of its 1995 Key
Employee Stock Option Plan (Registration Statement No.
333-01275).
Note(1) The registrant and certain of its subsidiaries are parties to
various long-term debt instruments. The amount of securities
authorized under such debt instruments does not, in any case,
exceed 10% of the total assets of the registrant and its
subsidiaries on a consolidated basis. The registrant agrees to
furnish a copy of any such long-term debt instrument to the
Commission upon request.
Note(2) The registrant has included in Exhibit 13 only the specific
Financial Statements and notes thereto of its 1996 Annual Report
to Shareholders which are incorporated by reference in this Form
10-K Annual Report. The registrant agrees to furnish a complete
copy of its 1996 Annual Report to Shareholders to the Commission
upon request.
13