Nov. 19, 2012
/PRNewswire/ -- The Board of Directors of Lancaster Colony Corporation (Nasdaq: LANC) today voted to raise the regular quarterly cash dividend for the 50
consecutive year. The company believes it is one of only 16 U.S. companies to have currently reached this 50-year milestone.
The board also approved a special cash dividend of
per common share. The special dividend and the quarterly dividend of
per share will be paid
December 28, 2012
to shareholders of record on
December 10, 2012
. As of the record date for today's annual shareholder meeting, there were 27,297,556 common shares outstanding.
Voting at the annual meeting, shareholders reelected three incumbent directors. They are
James B. Bachmann
, retired managing partner of the
office of Ernst & Young LLP;
, dean and professor, School of Business,
University of Kansas
John L. Boylan
, chief financial officer, vice president and treasurer of the company.
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 198
consecutive quarterly cash dividend paid by the company since
. He noted that the indicated annual payout, excluding the special dividend, for the current fiscal year ending
June 30, 2013
per share, up from the
per share paid in fiscal 2012.
Mr. Gerlach said, "After careful consideration of the company's capital structure and likely cash needs, the board felt that the payment of a special dividend provides an appropriate return of value to shareholders while the company retains financial resources adequate to support additional Specialty Foods acquisitions and other future growth opportunities."