Lancaster Colony Increases Regular Cash Dividend; Reelects Three Incumbent Directors And Elects One New Director
WESTERVILLE, Ohio, Nov. 13, 2019 /PRNewswire/ -- Lancaster Colony Corporation (Nasdaq: LANC) announced today that its Board of Directors has declared a quarterly cash dividend of 70 cents per common share, marking 57 consecutive years of increasing regular cash dividends. The company is one of only 13 U.S. companies with 57 straight years of regular cash dividend increases. The dividend will be payable December 31, 2019 to shareholders of record on December 6, 2019. As of the record date for today’s annual shareholder meeting, there were 27,492,982 common shares outstanding.
Voting at the annual meeting, shareholders reelected three incumbent directors. They are David A. Ciesinski, President and Chief Executive Officer of Lancaster Colony, Kenneth L. Cooke, former President and Chief Operating Officer of Intermedix Corporation, and Alan F. Harris, retired Executive Vice President and Chief Marketing and Customer Officer of Kellogg Company. The shareholders also elected to the board Barbara L. Brasier, retired Chief Financial Officer and Senior Vice President of Herc Rentals, Inc., replacing Zuheir Sofia, who is retiring from the board after serving as a director for the past 21 years.
CEO David A. Ciesinski said, “The increased regular cash dividend reflects the company’s continued strong financial position and will be the 226th 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, 2020 is $2.75 per share, up from the $2.55 per share paid in fiscal 2019.
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, 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:
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.
SOURCE Lancaster Colony Corporation