Lancaster Colony Corp Q1 FY25 10-Q Filed

Ticker: MZTI · Form: 10-Q · Filed: Oct 31, 2024 · CIK: 57515

Sentiment: neutral

Topics: 10-Q, quarterly-report, food-specialties

TL;DR

LANC Q1 results are in. Check the 10-Q for food biz performance.

AI Summary

Lancaster Colony Corporation filed its 10-Q for the period ending September 30, 2024. The filing covers the first quarter of their fiscal year 2025. Key financial data and operational details for this period are presented, reflecting the company's performance in the canned, frozen & preserved fruit, vegetable & food specialties sector.

Why It Matters

This filing provides investors with a quarterly update on Lancaster Colony Corp's financial health and operational performance, crucial for understanding the company's trajectory in the food specialties market.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks highlighted.

Key Numbers

Key Players & Entities

FAQ

What were the total assets of Lancaster Colony Corp as of September 30, 2024?

The filing does not explicitly state the total assets figure in the provided text snippet, but it does show balances for Common Stock, Retained Earnings, Accumulated Other Comprehensive Income, and Treasury Stock as of September 30, 2024.

What is the fiscal year end for Lancaster Colony Corp?

Lancaster Colony Corp's fiscal year ends on June 30th.

What is the SIC code for Lancaster Colony Corp?

The Standard Industrial Classification (SIC) code for Lancaster Colony Corp is 2030, which corresponds to 'Canned, Frozen & Preserved Fruit, Veg & Food Specialties'.

When was this 10-Q filing submitted to the SEC?

This 10-Q filing was submitted to the SEC on October 31, 2024.

What period does this 10-Q report cover?

This 10-Q report covers the period ending September 30, 2024, which is the first quarter of their fiscal year 2025.

Filing Stats: 4,464 words · 18 min read · ~15 pages · Grade level 16.8 · Accepted 2024-10-31 07:44:02

Filing Documents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 3

Condensed Consolidated Financial Statements (unaudited)

Item 1. Condensed Consolidated Financial Statements (unaudited): Condensed Consolidated Balance Sheets – September 30 , 2024 and June 30, 202 4 3 Condensed Consolidated Statements of Income – Three Months Ended September 30 , 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income – Three Months Ended September 30 , 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows – Three Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Shareholders' Equity – Three Months Ended September 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 13

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 18

Controls and Procedures

Item 4. Controls and Procedures 18

– OTHER INFORMATION

PART II – OTHER INFORMATION 19

Legal Proceedings

Item 1. Legal Proceedings 19

Risk Factors

Item 1A. Risk Factors 19

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19

Exhibits

Item 6. Exhibits 19

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements LANCASTER COLONY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Amounts in thousands, except share data) September 30, 2024 June 30, 2024 ASSETS Current Assets: Cash and equivalents $ 135,058 $ 163,443 Receivables 101,505 95,560 Inventories: Raw materials 40,061 38,212 Finished goods 153,602 135,040 Total inventories 193,663 173,252 Other current assets 22,361 11,738 Total current assets 452,587 443,993 Property, Plant and Equipment: Property, plant and equipment-gross 893,157 877,526 Less accumulated depreciation 412,767 399,830 Property, plant and equipment-net 480,390 477,696 Other Assets: Goodwill 208,371 208,371 Operating lease right-of-use assets 52,663 55,128 Other noncurrent assets 22,199 21,743 Total $ 1,216,210 $ 1,206,931 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 109,236 $ 118,811 Accrued liabilities 63,941 65,158 Total current liabilities 173,177 183,969 Noncurrent Operating Lease Liabilities 42,258 44,557 Other Noncurrent Liabilities 14,203 15,357 Deferred Income Taxes 41,520 37,276 Commitments and Contingencies Shareholders' Equity: Preferred stock-authorized 3,050,000 shares; outstanding- none Common stock-authorized 75,000,000 shares; outstanding-September- 27,565,702 shares; June- 27,527,090 shares 154,434 153,616 Retained earnings 1,584,477 1,564,642 Accumulated other comprehensive loss ( 8,573 ) ( 8,640 ) Common stock in treasury, at cost ( 785,286 ) ( 783,846 ) Total shareholders' equity 945,052 925,772 Total $ 1,216,210 $ 1,206,931 See accompanying notes to condensed consolidated financial statements. 3 LANCASTER COLONY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three Months Ended September 30, (Amounts in thousands, except per share data) 2024 2023 Net Sales $ 466,558 $ 461,572 Cost of Sales 355,734 352,850 Gross Profit 110,82

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Our fiscal year begins on July 1 and ends on June 30. Unless otherwise noted, references to "year" pertain to our fiscal year; for example, 2025 refers to fiscal 2025, which is the period from July 1, 2024 to June 30, 2025. The following discussion should be read in conjunction with our condensed consolidated financial statements and the notes thereto, all included elsewhere in this report, and our 2024 Annual Report on Form 10-K. The forward-looking statements in this section and other parts of this report involve risks, uncertainties and other factors, including statements regarding our plans, objectives, goals, strategies, and financial performance. Our actual results could differ materially from the results anticipated in these forward-looking statements due to these factors. For more information, see the section below entitled "Forward-Looking Statements." OVERVIEW Business Overview Lancaster Colony Corporation is a manufacturer and marketer of specialty food products for the retail and foodservice channels. Our financial results are presented as two reportable segments: Retail and Foodservice. Costs that are directly attributable to either Retail or Foodservice are charged directly to the appropriate segment. Costs that are deemed to be indirect, excluding corporate expenses and other unusual significant transactions, are allocated to the two reportable segments using a reasonable methodology that is consistently applied. Over 95% of our products are sold in the United States. Foreign operations and export sales have not been significant in the past and are not expected to be significant in the future based upon existing operations. We do not have any fixed assets located outside of the United States. Our business has the potential to achieve future growth in sales and profitability due to attributes such as: leading Retail market positions in several product

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