Lancaster Colony Increases Regular Cash Dividend; Reelects Three Incumbent Directors

Rhea-AI Summary

Lancaster Colony Corporation (Nasdaq: LANC) announced a quarterly cash dividend increase to 80 cents per common share, marking 59 consecutive years of dividend increases. The dividend will be payable on December 31, 2021, to shareholders of record on December 6, 2021. The company maintains a strong financial position with an indicated annual payout of $3.15 per share for fiscal year ending June 30, 2022, an increase from $2.95 in fiscal 2021. Additionally, shareholders reelected three incumbent directors.

Positive

• Increased quarterly cash dividend to 80 cents per share.
• 59 consecutive years of regular cash dividend increases.
• Indicated annual payout increased to $3.15 for fiscal 2022.

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• None.

WESTERVILLE, Ohio, Nov. 10, 2021 /PRNewswire/ -- Lancaster Colony Corporation (Nasdaq: LANC) announced today that its Board of Directors has declared a quarterly cash dividend of 80 cents per common share, marking 59 consecutive years of increasing regular cash dividends.  The company is one of only 13 U.S. companies with 59 straight years of regular cash dividend increases.  The dividend will be payable December 31, 2021 to shareholders of record on December 6, 2021.  As of the record date for today's annual shareholder meeting, there were 27,529,767 common shares outstanding.

Voting at the annual meeting, shareholders reelected three incumbent directors.  They are Neeli Bendapudi, President of the University of Louisville; William H. Carter, retired Executive Vice President and Chief Financial Officer of Hexion Inc.; and Michael H. Keown, Chief Executive Officer of Honey Stinger.

CEO David A. Ciesinski said, "The increased regular cash dividend reflects the company's continued strong financial position and will be the 234^th 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, 2022 is $3.15 per share, up from the $2.95 per share paid in fiscal 2021.

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," "indicated" 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 and could be amplified by the COVID-19 pandemic, 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

FAQ

What is the current dividend amount for Lancaster Colony Corporation (LANC)?

The current dividend amount is 80 cents per common share.

When is the dividend payable for Lancaster Colony Corporation (LANC)?

The dividend is payable on December 31, 2021.

What is the total indicated annual payout for Lancaster Colony Corporation (LANC) in fiscal 2022?

The total indicated annual payout is $3.15 per share for fiscal 2022.

How long has Lancaster Colony Corporation (LANC) been increasing its dividends?

Lancaster Colony Corporation has been increasing its dividends for 59 consecutive years.