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Lancaster Colony posts fiscal 4th-quarter loss



By AP
21 August 2008 @ 03:35 pm EST

COLUMBUS, Ohio - Lancaster Colony Corp. said Thursday that it swung to a fiscal fourth-quarter loss as costs associated with the divestiture of the food and consumer products company's automotive operation weighed down results.

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For the three months ending June 30, the company lost $2.6 million, or 9 cents per share, compared with a profit of $575,000, or 2 cents per share, during the same period last year.

Excluding a loss of 46 cents per share for discontinued operations related to the June sale of its automotive aluminum accessories operation, the Columbus, Ohio-based company earned 37 cents per share.

Revenue rose 4 percent to $236.7 million from $227.4 million.

"While mix and pricing actions allowed our specialty food operating margin to improve over the prior-quarter level, food operations remained greatly challenged by markedly higher commodity costs," Chairman and Chief Executive John B. Gerlach, Jr. said in a statement.

For the full fiscal year, Lancaster Colony earned $37.6 million, or $1.28 per share. Revenue climbed to $980.9 million from $945.8 million.

Lancaster Colony shares rose 25 cents to $36.55 in afternoon trading.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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