Attached files
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| 8-K - FORM 8-K - LANCASTER COLONY CORP | c08595e8vk.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE Monday, November 15, 2010 |
SYMBOL: LANC TRADED: Nasdaq |
LANCASTER COLONY INCREASES CASH DIVIDEND; AUTHORIZES SHARE REPURCHASES;
REELECTS TWO DIRECTORS AND ELECTS ONE NEW DIRECTOR
REELECTS TWO DIRECTORS AND ELECTS ONE NEW DIRECTOR
COLUMBUS, Ohio, Nov. 15 — Lancaster Colony Corporation (Nasdaq: LANC) announced today that
its Board of Directors has declared a quarterly cash dividend of 33 cents per share on the
company’s common stock, marking 48 consecutive years of increasing regular cash dividends.
Lancaster Colony is one of only 17 U.S. companies to have increased cash dividends each year for 48
years. The dividend will be payable December 31, 2010 to shareholders of record on December 10,
2010. As of the record date for today’s annual shareholder meeting, there were 27,992,229 common
shares outstanding.
The board also authorized the repurchase of an additional two million shares of the company’s
common stock as part of an ongoing stock repurchase program. Currently, the company has
approximately 104,000 shares remaining under a previous repurchase authorization.
Voting at the annual meeting, shareholders reelected two incumbent directors. They are Alan F.
Harris, retired executive vice president and chief marketing and customer officer of Kellogg
Company, and Zuheir Sofia, chairman, president and CEO of Business Bank of Florida and chairman of
Sofia & Company, Inc. Shareholders also elected to the board of directors Kenneth L. Cooke,
director, executive vice president and chief operating officer of Intermedix Corporation, replacing
Henry M. O’Neill, Jr., who is retiring after serving as a director for the past 34 years. The
company’s Amended and Restated 2005 Stock Plan was also approved by shareholders.
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
190th 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, 2011 is $1.29
per share, up from the $1.181/2 per share paid in fiscal 2010.
MORE...
PAGE 2 — LANCASTER COLONY INCREASES CASH DIVIDEND
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 that could cause our actual results to differ materially from those
expressed in the forward-looking statements. Actual results may differ as a result of factors over
which we have no, or limited, control. 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. Forward-looking statements speak only as of the date they are made, and we
undertake no obligation to update such forward-looking statements. More detailed statements
regarding significant events that could affect our financial results are included in our Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange
Commission and are available on our website at www.lancastercolony.com.
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FOR FURTHER INFORMATION:
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John B. Gerlach, Jr., Chairman and CEO Lancaster Colony Corporation Phone: 614/224-7141 -or- Investor Relations Consultants, Inc. Phone: 727/781-5577 or E-mail: lanc@mindspring.com |