COLUMBUS, Ohio, Nov. 21, 2016 /PRNewswire/ -- Lancaster Colony
Corporation (Nasdaq: LANC) announced today that its Board of
Directors voted to raise the regular quarterly cash dividend to
55 cents per common share, marking 54
consecutive years of increasing regular cash dividends. The
company is one of only 14 U.S. companies to have increased regular
cash dividends each year for 54 consecutive years. The
dividend will be payable December 30,
2016 to shareholders of record on December 9, 2016. As of the record date for
today's annual shareholder meeting, there were 27,423,875 common
shares outstanding.
Voting at the annual meeting, shareholders reelected three
incumbent directors: Kenneth L.
Cooke, Director, President and Chief Operating Officer of
Intermedix Corporation; 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, Director
of Florida Business Bank and Chairman of Sofia & Company,
Inc.
John B. Gerlach, Jr., Chairman
and Chief Executive Officer of Lancaster Colony, said, "The
increased regular cash dividend reflects the company's continued
strong financial position and will be the 214th
consecutive regular 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, 2017 is $2.15 per share, up from the $1.96 per share paid in fiscal 2016, excluding
the special dividend of $5.00 per
share paid in December 2015.
Forward-Looking Statements
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, many of which are beyond our
control, which could cause our actual results to differ materially
from those expressed in the forward-looking statements.
Some of the key factors that could cause actual results to
differ materially from those expressed in the forward-looking
statements include:
- changes in our cash flow or use of cash in various business
activities; and
- risks related to other factors described under "Risk
Factors" in other reports and statements filed by us with the
Securities and Exchange Commission, including without limitation
our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q
(available at www.sec.gov).
Forward-looking statements speak only as of the date they are
made, and we undertake no obligation to update such forward-looking
statements, except as required by law. 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.
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SOURCE Lancaster Colony Corporation