Form 10-Q
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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Lancaster Colony Corporation
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(Exact name of registrant as specified in its charter)
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Ohio
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13-1955943
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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37 West Broad Street
Columbus, Ohio
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43215
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(Address of principal executive offices)
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(Zip Code)
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614-224-7141
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(Registrant’s telephone number, including area code)
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Large Accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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o
(Do not check if a smaller reporting company)
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Smaller Reporting Company
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¨
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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Item 1A.
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Item 2.
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Item 6.
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(Amounts in thousands, except share data)
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September 30,
2015 |
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June 30,
2015 |
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ASSETS
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Current Assets:
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Cash and equivalents
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$
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199,410
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$
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182,202
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Receivables (less allowance for doubtful accounts, September-$147; June-$206)
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74,141
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62,437
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Inventories:
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Raw materials
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34,158
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30,655
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Finished goods
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55,997
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47,244
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Total inventories
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90,155
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77,899
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Deferred income taxes and other current assets
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18,273
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20,460
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Total current assets
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381,979
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342,998
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Property, Plant and Equipment:
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Land, buildings and improvements
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113,938
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113,844
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Machinery and equipment
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256,789
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253,143
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Total cost
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370,727
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366,987
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Less accumulated depreciation
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199,640
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194,676
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Property, plant and equipment-net
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171,087
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172,311
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Other Assets:
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Goodwill
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143,788
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143,788
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Other intangible assets-net
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47,025
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47,771
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Other noncurrent assets
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8,148
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8,076
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Total
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$
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752,027
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$
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714,944
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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Current Liabilities:
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Accounts payable
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$
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48,798
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$
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38,823
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Accrued liabilities
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47,694
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35,821
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Total current liabilities
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96,492
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74,644
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Other Noncurrent Liabilities
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23,694
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23,654
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Deferred Income Taxes
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35,119
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35,728
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Commitments and Contingencies
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Shareholders’ Equity:
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Preferred stock-authorized 3,050,000 shares; outstanding-none
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Common stock-authorized 75,000,000 shares; outstanding – September-27,364,707 shares; June-27,360,581 shares
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108,448
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107,767
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Retained earnings
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1,234,161
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1,219,119
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Accumulated other comprehensive loss
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(9,976
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)
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(10,057
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)
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Common stock in treasury, at cost
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(735,911
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)
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(735,911
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)
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Total shareholders’ equity
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596,722
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580,918
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Total
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$
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752,027
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$
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714,944
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Three Months Ended
September 30, |
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(Amounts in thousands, except per share data)
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2015
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2014
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Net Sales
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$
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294,085
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$
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259,987
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Cost of Sales
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226,118
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202,563
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Gross Margin
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67,967
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57,424
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Selling, General and Administrative Expenses
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26,079
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22,820
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Operating Income
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41,888
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34,604
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Interest Income and Other-Net
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122
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8
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Income Before Income Taxes
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42,010
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34,612
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Taxes Based on Income
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14,382
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11,851
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Net Income
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$
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27,628
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$
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22,761
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Net Income Per Common Share:
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Basic and diluted
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$
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1.01
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$
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0.83
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Cash Dividends Per Common Share
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$
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0.46
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$
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0.44
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Weighted Average Common Shares Outstanding:
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Basic
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27,319
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27,286
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Diluted
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27,344
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27,316
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Three Months Ended
September 30, |
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(Amounts in thousands)
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2015
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2014
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Net Income
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$
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27,628
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$
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22,761
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Other Comprehensive Income:
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Defined Benefit Pension and Postretirement Benefit Plans:
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Amortization of loss, before tax
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131
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100
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Amortization of prior service asset, before tax
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(1
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)
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(1
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)
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Total Other Comprehensive Income, Before Tax
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130
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99
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Tax Attributes of Items in Other Comprehensive Income:
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Amortization of loss, tax
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(49
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(36
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Amortization of prior service asset, tax
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—
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—
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Total Tax Expense
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(49
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(36
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Other Comprehensive Income, Net of Tax
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81
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63
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Comprehensive Income
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$
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27,709
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$
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22,824
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Three Months Ended
September 30, |
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(Amounts in thousands)
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2015
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2014
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Cash Flows From Operating Activities:
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Net income
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$
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27,628
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$
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22,761
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Adjustments to reconcile net income to net cash provided by operating activities:
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Depreciation and amortization
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6,039
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4,766
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Deferred income taxes and other noncash changes
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(791
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)
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(1,218
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)
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Stock-based compensation expense
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785
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811
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Excess tax benefit from stock-based compensation
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(186
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)
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(167
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)
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Pension plan activity
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(74
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)
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(148
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)
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Changes in operating assets and liabilities:
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Receivables
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(11,633
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)
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(5,336
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)
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Inventories
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(12,256
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)
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(4,095
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)
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Other current assets
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2,587
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7,317
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Accounts payable and accrued liabilities
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21,212
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11,227
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Net cash provided by operating activities
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33,311
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35,918
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Cash Flows From Investing Activities:
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Cash paid for acquisition, net of cash acquired
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(12
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)
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—
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Payments on property additions
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(3,360
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)
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(7,940
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)
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Other-net
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(331
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)
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(93
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)
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Net cash used in investing activities
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(3,703
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)
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(8,033
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)
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Cash Flows From Financing Activities:
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Payment of dividends
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(12,586
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)
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(12,030
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)
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Excess tax benefit from stock-based compensation
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186
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167
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Net cash used in financing activities
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(12,400
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)
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(11,863
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Net change in cash and equivalents
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17,208
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16,022
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Cash and equivalents at beginning of year
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182,202
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211,539
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Cash and equivalents at end of period
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$
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199,410
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$
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227,561
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Supplemental Disclosure of Operating Cash Flows:
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Cash paid during the period for income taxes
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$
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2,237
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$
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478
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September 30,
|
||||||
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2015
|
|
2014
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Construction in progress in accounts payable
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$
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616
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$
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1,081
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Three Months Ended
September 30, |
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2015
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|
2014
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Net income
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$
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27,628
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$
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22,761
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Net income available to participating securities
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(35
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)
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(39
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)
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Net income available to common shareholders
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$
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27,593
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$
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22,722
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Weighted average common shares outstanding – basic
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27,319
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27,286
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Incremental share effect from:
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Nonparticipating restricted stock
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5
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5
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Stock-settled stock appreciation rights
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20
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25
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Weighted average common shares outstanding – diluted
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27,344
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27,316
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Net income per common share – basic and diluted
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$
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1.01
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$
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0.83
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Three Months Ended
September 30, |
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2015
|
|
2014
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Accumulated other comprehensive loss at beginning of period
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$
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(10,057
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)
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$
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(8,061
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)
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Defined Benefit Pension Plan Items:
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|
|
|
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Amortization of unrecognized net loss
(1)
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135
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107
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Postretirement Benefit Plan Items:
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Amortization of unrecognized net gain
(1)
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(4
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)
|
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(7
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)
|
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Amortization of prior service asset
(1)
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(1
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)
|
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(1
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)
|
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Total other comprehensive income, before tax
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130
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|
|
99
|
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Total tax expense
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(49
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)
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(36
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)
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Other comprehensive income, net of tax
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81
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|
|
63
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Accumulated other comprehensive loss at end of period
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$
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(9,976
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)
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|
$
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(7,998
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)
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Balance Sheet Captions
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Allocation
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Receivables
|
$
|
2,479
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Inventories
|
3,748
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Other current assets
|
212
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|
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Property, plant and equipment
|
6,937
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Goodwill (not tax deductible)
|
53,948
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Other intangible assets
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44,000
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Current liabilities
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(2,445
|
)
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Deferred tax liabilities
|
(16,651
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)
|
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Net assets acquired
|
$
|
92,228
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September 30,
2015 |
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June 30,
2015 |
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Tradename (30-year life)
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Gross carrying value
|
$
|
34,500
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$
|
34,500
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Accumulated amortization
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(623
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)
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|
(365
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)
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Net carrying value
|
$
|
33,877
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$
|
34,135
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Trademarks (40-year life)
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Gross carrying value
|
$
|
370
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|
$
|
370
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Accumulated amortization
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(225
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)
|
|
(223
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)
|
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Net carrying value
|
$
|
145
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|
$
|
147
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Customer Relationships (10 to 15-year life)
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Gross carrying value
|
$
|
18,020
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|
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$
|
18,020
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Accumulated amortization
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(9,241
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)
|
|
(8,882
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)
|
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Net carrying value
|
$
|
8,779
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|
|
$
|
9,138
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Technology / Know-how (10-year life)
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|
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Gross carrying value
|
$
|
3,900
|
|
|
$
|
3,900
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Accumulated amortization
|
(211
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)
|
|
(114
|
)
|
||
Net carrying value
|
$
|
3,689
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|
|
$
|
3,786
|
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Non-compete Agreements (5-year life)
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|
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|
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Gross carrying value
|
$
|
600
|
|
|
$
|
600
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Accumulated amortization
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(65
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)
|
|
(35
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)
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Net carrying value
|
$
|
535
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|
$
|
565
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Total net carrying value
|
$
|
47,025
|
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|
$
|
47,771
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|
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Three Months Ended
September 30, |
||||||
|
2015
|
|
2014
|
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Amortization expense
|
$
|
746
|
|
|
$
|
236
|
|
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2017
|
$
|
2,764
|
|
2018
|
$
|
2,764
|
|
2019
|
$
|
2,764
|
|
2020
|
$
|
2,729
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|
2021
|
$
|
2,644
|
|
|
Three Months Ended
September 30, |
||||||
|
2015
|
|
2014
|
||||
Net Sales
|
$
|
294,085
|
|
|
$
|
259,987
|
|
Operating Income
|
|
|
|
||||
Specialty Foods
|
$
|
44,961
|
|
|
$
|
37,499
|
|
Corporate Expenses
|
(3,073
|
)
|
|
(2,895
|
)
|
||
Total
|
$
|
41,888
|
|
|
$
|
34,604
|
|
|
|
|
|
|
Three Months Ended
September 30, |
||||||
|
2015
|
|
2014
|
||||
Compensation expense
|
$
|
347
|
|
|
$
|
354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
||||||
|
2015
|
|
2014
|
||||
Compensation expense
|
$
|
438
|
|
|
$
|
457
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
||||||
|
2015
|
|
2014
|
||||
Components of net periodic benefit income
|
|
|
|
||||
Interest cost
|
$
|
421
|
|
|
$
|
403
|
|
Expected return on plan assets
|
(630
|
)
|
|
(658
|
)
|
||
Amortization of unrecognized net loss
|
135
|
|
|
107
|
|
||
Net periodic benefit income
|
$
|
(74
|
)
|
|
$
|
(148
|
)
|
|
Three Months Ended
September 30, |
||||||
|
2015
|
|
2014
|
||||
Components of net periodic benefit cost
|
|
|
|
||||
Service cost
|
$
|
7
|
|
|
$
|
8
|
|
Interest cost
|
30
|
|
|
27
|
|
||
Amortization of unrecognized net gain
|
(4
|
)
|
|
(7
|
)
|
||
Amortization of prior service asset
|
(1
|
)
|
|
(1
|
)
|
||
Net periodic benefit cost
|
$
|
32
|
|
|
$
|
27
|
|
•
|
leading retail market positions in several branded products with a high-quality perception;
|
•
|
recognized innovation in retail products;
|
•
|
a broad customer base in both retail and foodservice accounts;
|
•
|
well-regarded culinary expertise among foodservice accounts;
|
•
|
recognized leadership in foodservice product development;
|
•
|
experience in integrating complementary business acquisitions; and
|
•
|
historically strong cash flow generation that supports growth opportunities.
|
•
|
leveraging the strength of our retail brands to increase current product sales;
|
•
|
introducing new retail products and expanding into new channels;
|
•
|
growing our foodservice sales through the strength of our reputation in product development and quality; and
|
•
|
pursuing acquisitions that meet our strategic criteria.
|
|
Three Months Ended
September 30, |
|
|
|
|
|||||||||
(Dollars in thousands)
|
2015
|
|
2014
|
|
Change
|
|||||||||
Net Sales
|
$
|
294,085
|
|
|
$
|
259,987
|
|
|
$
|
34,098
|
|
|
13
|
%
|
Gross Margin
|
$
|
67,967
|
|
|
$
|
57,424
|
|
|
$
|
10,543
|
|
|
18
|
%
|
Gross Margin as a Percentage of Net Sales
|
23.1
|
%
|
|
22.1
|
%
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
|
|
|||||||||
(Dollars in thousands)
|
2015
|
|
2014
|
|
Change
|
|||||||||
SG&A Expenses
|
$
|
26,079
|
|
|
$
|
22,820
|
|
|
$
|
3,259
|
|
|
14
|
%
|
SG&A Expenses as a Percentage of Net Sales
|
8.9
|
%
|
|
8.8
|
%
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
|
|
|||||||||
(Dollars in thousands)
|
2015
|
|
2014
|
|
Change
|
|||||||||
Operating Income
|
|
|
|
|
|
|
|
|||||||
Specialty Foods
|
$
|
44,961
|
|
|
$
|
37,499
|
|
|
$
|
7,462
|
|
|
20
|
%
|
Corporate Expenses
|
(3,073
|
)
|
|
(2,895
|
)
|
|
(178
|
)
|
|
6
|
%
|
|||
Total
|
$
|
41,888
|
|
|
$
|
34,604
|
|
|
$
|
7,284
|
|
|
21
|
%
|
Operating Income as a Percentage of Net Sales
|
|
|
|
|
|
|
|
|||||||
Specialty Foods
|
15.3
|
%
|
|
14.4
|
%
|
|
|
|
|
|||||
Total
|
14.2
|
%
|
|
13.3
|
%
|
|
|
|
|
•
|
the potential for another large outbreak of avian influenza in the U.S. and the resulting fluctuations in the cost and availability of egg-based ingredients;
|
•
|
fluctuations in the cost and availability of other raw materials and packaging;
|
•
|
the reaction of customers or consumers to the effect of price increases we may implement;
|
•
|
the potential for loss of larger programs or key customer relationships;
|
•
|
the effect of consolidation of customers within key market channels;
|
•
|
price and product competition;
|
•
|
the success and cost of new product development efforts;
|
•
|
the lack of market acceptance of new products;
|
•
|
the possible occurrence of product recalls or other defective or mislabeled product costs;
|
•
|
changes in demand for our products, which may result from loss of brand reputation or customer goodwill;
|
•
|
maintenance of competitive position with respect to other manufacturers;
|
•
|
adverse changes in freight, energy or other costs of producing, distributing or transporting our products;
|
•
|
capacity constraints that may affect our ability to meet demand or may increase our costs;
|
•
|
dependence on contract manufacturers;
|
•
|
efficiencies in plant operations;
|
•
|
stability of labor relations;
|
•
|
the outcome of any litigation or arbitration;
|
•
|
the impact of fluctuations in our pension plan asset values on funding levels, contributions required and benefit costs;
|
•
|
the ability to successfully grow the Flatout business;
|
•
|
the extent to which future business acquisitions are completed and acceptably integrated;
|
•
|
dependence on key personnel;
|
•
|
changes in financial markets;
|
•
|
access to any required financing;
|
•
|
changes in estimates in critical accounting judgments; and
|
•
|
certain other factors, including the information disclosed in our discussion of risk factors under Item 1A of our
2015
Annual Report on Form 10-K.
|
Period
|
Total
Number of
Shares
Purchased
|
|
Average
Price Paid
Per Share
|
|
Total Number
of Shares
Purchased as
Part of
Publicly
Announced
Plans
|
|
Maximum
Number of
Shares that
May Yet be
Purchased
Under the
Plans
|
|||||
July 1-31, 2015
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
1,419,682
|
|
August 1-31, 2015
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
1,419,682
|
|
September 1-30, 2015
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
1,419,682
|
|
Total
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
1,419,682
|
|
|
|
|
|
|
|
|
|
|
L
ANCASTER
C
OLONY
C
ORPORATION
|
||
|
|
|
|
|
(Registrant)
|
Date:
|
November 3, 2015
|
|
By:
|
|
/s/ J
OHN
B. G
ERLACH
, J
R
.
|
|
|
|
|
|
John B. Gerlach, Jr.
|
|
|
|
|
|
Chairman, Chief Executive Officer,
|
|
|
|
|
|
President and Director
|
|
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
Date:
|
November 3, 2015
|
|
By:
|
|
/s/ D
OUGLAS
A. F
ELL
|
|
|
|
|
|
Douglas A. Fell
|
|
|
|
|
|
Treasurer, Vice President,
|
|
|
|
|
|
Assistant Secretary and
|
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
Located at
|
|
|
|
|
|
2.1
|
|
First Amendment, dated as of September 30, 2015, to Stock Purchase Agreement, dated as of March 13, 2015, by and among T. Marzetti Company, as Buyer, Flatout Holdings, Inc., as the Company, the Shareholders of the Company, as Sellers, and NCP-Flatout Seller Rep LLC, as Sellers’ Representative
|
|
Filed herewith
|
|
|
|
|
|
31.1
|
|
Certification of CEO under Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
|
|
|
31.2
|
|
Certification of CFO under Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
|
|
|
32
|
|
Certification of CEO and CFO under Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Furnished herewith
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
Filed herewith
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
Filed herewith
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
SELLERS:
|
|
|
|
|
|
|
|
2006 Irrevocable Trust F/B/O Madison
|
||
|
Michaelina Marsh
|
||
|
|
|
|
|
By:
|
/s/
|
Stacey Marsh
|
|
|
Name:
|
Stacey Marsh
|
|
|
Title:
|
Trustee
|
|
|
|
|
|
2006 Irrevocable Trust F/B/O Megan Laurette
|
||
|
Marsh
|
||
|
|
|
|
|
By:
|
/s/
|
Stacey Marsh
|
|
|
Name:
|
Stacey Marsh
|
|
|
Title:
|
Trustee
|
|
|
|
|
|
Stacey L. Marsh Revocable Trust U/T/A Dated
|
||
|
January 23, 2008, As Amended
|
||
|
|
|
|
|
By:
|
/s/
|
Stacey L. Marsh
|
|
|
Name:
|
Stacey L. Marsh
|
|
|
Title:
|
Trustee
|
|
|
|
|
|
Bugaboo Too, LLC
|
||
|
|
|
|
|
By:
|
/s/
|
Arthur A. Weiss
|
|
|
Name:
|
Arthur A. Weiss
|
|
|
Title:
|
Manager
|
|
|
|
|
|
Michael E. Marsh Revocable Trust U/T/A Dated
|
||
|
January 23, 2008, As Amended
|
||
|
|
|
|
|
By:
|
/s/
|
Michael E. Marsh
|
|
|
Name:
|
Michael E. Marsh
|
|
|
Title:
|
Trustee
|
|
Stacey L. Marsh 2012 Spousal Access
|
||
|
Irrevocable Trust U/T/D December 17, 2012
|
||
|
|
|
|
|
By:
|
/s/
|
Arthur A. Weiss & Michael E. Marsh
|
|
|
Name:
|
Michael E. Marsh & Arthur A. Weiss
|
|
|
Title:
|
Co-Trustees
|
|
|
|
|
|
NCP-FLATOUT, L.P.
|
||
|
|
|
|
|
By: NCP-FLATOUT G.P., L.L.C., its General Partner
|
||
|
|
|
|
|
By: NORTH CASTLE PARNTERS, L.L.C., its Manager
|
||
|
|
|
|
|
By:
|
/s/
|
Louis Marinaccio
|
|
|
Name:
|
Louis Marinaccio
|
|
|
Title:
|
Member
|
|
|
|
|
|
NORTH CASTLE PARTNERS 2007, L.P.
|
||
|
|
|
|
|
By: NCP G.P. 2007, L.P., its General Partner
|
||
|
|
|
|
|
By: North Castle G.P. 2007, L.L.C., its General Partner
|
||
|
|
|
|
|
By:
|
/s/
|
Louis Marinaccio
|
|
|
Name:
|
Louis Marinaccio
|
|
|
Title:
|
Authorized Person
|
|
|
|
|
/s/
|
Janeane Ardolino
|
||
|
Janeane Ardolino
|
||
|
|
|
|
/s/
|
Ryan Coon
|
|
|
|
Ryan Coon
|
|
|
COMPANY:
|
|
|
|
|
|
|
|
FLATOUT, INC. (successor in interest to Flatout Holdings, Inc.)
|
||
|
|
|
|
|
By:
|
/s/
|
Douglas A. Fell
|
|
|
Name:
|
Douglas A. Fell
|
|
|
Title:
|
Treasurer
|
|
|
|
|
|
SELLERS' REPRESENTATIVE:
|
||
|
|
|
|
|
NCP-FLATOUT SELLER REP LLC
|
||
|
|
|
|
|
By:
|
/s/
|
Alyse Skidmore
|
|
|
Name:
|
Alyse Skidmore
|
|
|
Title:
|
Secretary
|
|
|
|
|
|
BUYER:
|
|
|
|
|
|
|
|
T. MARZETTI COMPANY
|
||
|
|
|
|
|
By:
|
/s/
|
Douglas A. Fell
|
|
|
Name:
|
Douglas A. Fell
|
|
|
Title:
|
Treasurer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Lancaster Colony Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
November 3, 2015
|
|
By:
|
|
/s/ J
OHN
B. G
ERLACH
, J
R
.
|
|
|
|
|
|
John B. Gerlach, Jr.
Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Lancaster Colony Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
|
|
|
|
|
Date:
|
November 3, 2015
|
|
By:
|
|
/s/ D
OUGLAS
A. F
ELL
|
|
|
|
|
|
Douglas A. Fell
|
|
|
|
|
|
Chief Financial Officer
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
|
|
By:
|
|
/s/ J
OHN
B. G
ERLACH
, J
R
.
|
|
|
John B. Gerlach, Jr.
|
|
|
Chief Executive Officer
|
|
||
November 3, 2015
|
||
|
|
|
By:
|
|
/s/ D
OUGLAS
A. F
ELL
|
|
|
Douglas A. Fell
|
|
|
Chief Financial Officer
|
|
||
November 3, 2015
|