UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-04065 Lancaster Colony Corporation (Exact name of registrant as specified in its charter) Ohio 13-1955943 (State or other juri ...

Lancaster Colony Corporation (NASDAQ:LANC) Q1 2022 Earnings Conference Call November 3, 2021 10:00 AM ET Company Participants Dale Ganobsik - VP of Investor Relations Dave Ciesinski - President and Chief Executive Officer Tom Pigott - Chief Financial Officer Conference Call Participants Ryan Bell - Consumer Edge Research Dale Ganobsik Hi, good morning, and sorry for the delay. Thank you, everyone, for joining us today for Lancaster Colony's Fiscal Year 2022 First Quarter Conference Call. Our discussion this ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-04065 Lancaster Colony Corporation (Exact name of registrant as specified in its charter) Ohio 13-1955943 (State or other jur ...

Lancaster Colony Corporation (NASDAQ:LANC) Q4 2021 Earnings Conference Call August 26, 2021 10:00 AM ET Company Participants Dale Ganobsik - VP of IR Dave Ciesinski - President and CEO Tom Pigott - CFO Conference Call Participants Todd Brooks - CL King & Associates Greg Pendy - Sidoti Ryan Bell - Consumer Edge Research Operator Good morning. My name is Andrea, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Lancaster Colony Corporation Fiscal Year 2021 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-04065 Lancaster Colony Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-04065 Lancaster Colony Corporation (Exact name of registrant as specified in its charter) Ohio 13-1955943 (State or other jurisdi ...

[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section covers the company's unaudited financial statements and management's discussion and analysis [Item 1. Condensed Consolidated Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) This section presents the unaudited condensed consolidated financial statements, including balance sheets, income statements, comprehensive income statements, cash flow statements, and statements of shareholders' equity, along with detailed notes on accounting policies, fair value measurements, debt, commitments, intangible assets, income taxes, business segments, and stock-based compensation [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents the company's unaudited condensed consolidated balance sheets for the specified periods **Condensed Consolidated Balance Sheet Highlights (Amounts in thousands):** | Item | December 31, 2020 | June 30, 2020 | | :-------------------------- | :------------------ | :------------ | | Cash and equivalents | $216,381 | $198,273 | | Total inventories | $109,047 | $85,048 | | Total current assets | $426,264 | $385,612 | | Property, plant and equipment-net | $314,630 | $293,288 | | Goodwill | $208,371 | $208,371 | | Total Assets | $1,054,310 | $993,353 | | Total current liabilities | $140,628 | $126,259 | | Total shareholders' equity | $826,360 | $783,300 | | Total Liabilities and Shareholders' Equity | $1,054,310 | $993,353 | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) This section presents the company's unaudited condensed consolidated statements of income for the specified periods **Condensed Consolidated Statements of Income Highlights (Amounts in thousands, except per share data):** | Item | Three Months Ended Dec 31, 2020 | Three Months Ended Dec 31, 2019 | Six Months Ended Dec 31, 2020 | Six Months Ended Dec 31, 2019 | | :---------------------------------- | :------------------------------ | :------------------------------ | :---------------------------- | :---------------------------- | | Net Sales | $375,015 | $355,117 | $724,252 | $692,171 | | Gross Profit | $106,845 | $99,889 | $199,499 | $191,997 | | Operating Income | $58,598 | $54,078 | $107,546 | $105,782 | | Net Income | $44,630 | $43,424 | $81,709 | $84,169 | | Basic Net Income Per Common Share | $1.62 | $1.58 | $2.97 | $3.06 | | Diluted Net Income Per Common Share | $1.62 | $1.58 | $2.96 | $3.06 | [Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) This section presents the company's unaudited condensed consolidated statements of comprehensive income for the specified periods **Condensed Consolidated Statements of Comprehensive Income Highlights (Amounts in thousands):** | Item | Three Months Ended Dec 31, 2020 | Three Months Ended Dec 31, 2019 | Six Months Ended Dec 31, 2020 | Six Months Ended Dec 31, 2019 | | :----------------------- | :------------------------------ | :------------------------------ | :---------------------------- | :---------------------------- | | Net Income | $44,630 | $43,424 | $81,709 | $84,169 | | Other Comprehensive Income, Net of Tax | $94 | $69 | $188 | $139 | | Comprehensive Income | $44,724 | $43,493 | $81,897 | $84,308 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section presents the company's unaudited condensed consolidated statements of cash flows for the specified periods **Condensed Consolidated Statements of Cash Flows Highlights (Amounts in thousands):** | Item | Six Months Ended Dec 31, 2020 | Six Months Ended Dec 31, 2019 | | :---------------------------------- | :---------------------------- | :---------------------------- | | Net cash provided by operating activities | $90,856 | $105,379 | | Net cash used in investing activities | $(29,918) | $(57,922) | | Net cash used in financing activities | $(42,830) | $(41,519) | | Net change in cash and equivalents | $18,108 | $5,938 | | Cash and equivalents at end of period | $216,381 | $202,226 | [Condensed Consolidated Statements of Shareholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Equity) This section presents the company's unaudited condensed consolidated statements of shareholders' equity for the specified periods **Condensed Consolidated Statements of Shareholders' Equity Highlights (Amounts in thousands):** | Item | December 31, 2020 | December 31, 2019 | | :-------------------------- | :------------------ | :------------------ | | Balance, June 30 | $783,300 | $726,873 | | Net income (6 months) | $81,709 | $84,169 | | Cash dividends - common stock (6 months) | $(39,925) | $(37,114) | | Purchase of treasury stock (6 months) | $(19) | $(1,472) | | Balance, December 31 | $826,360 | $772,758 | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes on accounting policies and specific financial statement line items [Note 1 – Summary of Significant Accounting Policies](index=10&type=section&id=Note%201%20%E2%80%93%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the key accounting principles and policies applied in preparing financial statements - The unaudited condensed consolidated financial statements are prepared in accordance with **U.S. GAAP** for interim financial information and **SEC Article 10 of Regulation S-X**[24](index=24&type=chunk) - The company capitalized **$2.8 million** of deferred software costs related to cloud computing arrangements for the six months ended December 31, 2020[25](index=25&type=chunk) - Earnings per share (EPS) is computed using the **two-class method**, including unvested restricted stock as participating securities[29](index=29&type=chunk) - There were no changes to significant accounting policies from those disclosed in the **2020 Annual Report on Form 10-K**[32](index=32&type=chunk) - The company adopted new guidance on fair value measurement disclosures on July 1, 2020, with **no impact** on financial position or results of operations[34](index=34&type=chunk) [Note 2 – Fair Value](index=12&type=section&id=Note%202%20%E2%80%93%20Fair%20Value) This note details the company's fair value measurements and related hierarchy for financial instruments - Fair value measurements are categorized into a **three-level hierarchy**: Level 1 (quoted market prices), Level 2 (observable inputs), and Level 3 (unobservable inputs)[36](index=36&type=chunk)[37](index=37&type=chunk) **Contingent Consideration Fair Value (Amounts in thousands):** | Item | December 31, 2020 | June 30, 2020 | | :-------------------------- | :------------------ | :------------ | | Contingent consideration - Bantam | $3,470 | $9,157 | | Contingent consideration - Angelic | $0 | $0 | | Total contingent consideration | $3,470 | $9,157 | - A **$5.7 million reduction** in the fair value of Bantam's contingent consideration was recorded for the six months ended December 31, 2020, due to changes in forecasted adjusted EBITDA reflecting a SKU rationalization by a Foodservice customer[40](index=40&type=chunk)[41](index=41&type=chunk) - No liability was recorded for Angelic's contingent consideration at December 31, 2020, or June 30, 2020, based on current projections[42](index=42&type=chunk) [Note 3 – Long-Term Debt](index=13&type=section&id=Note%203%20%E2%80%93%20Long-Term%20Debt) This note describes the company's long-term debt arrangements, including credit facilities and covenants - The company has an unsecured credit facility of up to **$150 million**, with potential to expand to **$225 million**, expiring on March 19, 2025[43](index=43&type=chunk) - There were **no borrowings outstanding** under the facility at December 31, 2020, or June 30, 2020[45](index=45&type=chunk) - Standby letters of credit outstanding totaled **$2.8 million** at December 31,

PART I – FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the three months ended September 30, 2020, and 2019, detailing financial position, performance, and cash flows [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$1.024 billion** from **$993.4 million** as of September 30, 2020, driven by higher inventories and property, plant, and equipment | (Amounts in thousands) | September 30, 2020 | June 30, 2020 | | :--- | :--- | :--- | | **Total current assets** | $408,407 | $385,612 | | **Property, plant and equipment-net** | $299,477 | $293,288 | | **Total Assets** | **$1,024,368** | **$993,353** | | **Total current liabilities** | $139,819 | $126,259 | | **Total shareholders' equity** | $801,106 | $783,300 | | **Total Liabilities and Shareholders' Equity** | **$1,024,368** | **$993,353** | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Net sales increased to **$349.2 million** for the three months ended September 30, 2020, but operating income and net income declined, resulting in lower diluted EPS | (Amounts in thousands, except per share data) | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | **Net Sales** | $349,237 | $337,054 | | **Gross Profit** | $92,654 | $92,108 | | **Operating Income** | $48,948 | $51,704 | | **Net Income** | $37,079 | $40,745 | | **Basic and diluted EPS** | $1.35 | $1.48 | [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income for the quarter ended September 30, 2020, decreased to **$37.2 million** from **$40.8 million** in the prior year, primarily due to lower net income | (Amounts in thousands) | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | **Net Income** | $37,079 | $40,745 | | **Other Comprehensive Income, Net of Tax** | $94 | $70 | | **Comprehensive Income** | **$37,173** | **$40,815** | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations decreased to **$23.6 million** for the three months ended September 30, 2020, primarily due to increased inventories, with shifts in investing and financing activities | (Amounts in thousands) | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $23,643 | $40,095 | | **Net cash used in investing activities** | ($14,548) | ($43,345) | | **Net cash used in financing activities** | ($21,280) | ($19,577) | | **Net change in cash and equivalents** | ($12,185) | ($22,827) | [Condensed Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Equity) Total shareholders' equity increased to **$801.1 million** as of September 30, 2020, driven by **$37.1 million** in net income, partially offset by **$19.3 million** in cash dividends - For the three months ended September 30, 2020, shareholders' equity increased by **$17.8 million**, reflecting **$37.1 million** in net income less **$19.3 million** in cash dividends (**$0.70 per share**)[19](index=19&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, fair value measurements, and segment performance, highlighting a **$5.7 million** reduction in contingent consideration and a **$1.2 million** impairment charge, alongside COVID-19 impacts on Retail and Foodservice - A **$5.7 million** reduction in the fair value of Bantam's contingent consideration was recorded, reflecting the impact of a SKU rationalization by a Foodservice customer[37](index=37&type=chunk) - Impairment charges of **$1.2 million** were recorded related to certain tradename and technology/know-how intangible assets for Bantam due to the loss of future sales to a Foodservice customer[47](index=47&type=chunk) | (Amounts in thousands) | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | **Retail Net Sales** | $193,725 | $166,077 | | **Foodservice Net Sales** | $155,512 | $170,977 | | **Total Net Sales** | **$349,237** | **$337,054** | | **Retail Operating Income** | $42,658 | $39,016 | | **Foodservice Operating Income** | $27,421 | $26,975 | | **Total Operating Income** | **$48,948** | **$51,704** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Consolidated net sales grew **4%** to **$349.2 million**, driven by Retail segment growth offset by Foodservice decline, while operating income decreased **5%** to **$48.9 million** due to higher SG&A and manufacturing costs - Retail segment net sales increased **17%** to **$193.7 million**, driven by higher demand for at-home food consumption due to the COVID-19 outbreak[86](index=86&type=chunk) - Foodservice segment net sales decreased **9%** to **$155.5 million** as demand remained constrained by the impacts of COVID-19 on the restaurant industry[87](index=87&type=chunk) - SG&A expenses increased **22%** to **$48.2 million**, primarily due to a **$5.6 million** increase in expenditures for the Project Ascent ERP implementation, totaling **$8.3 million** for the quarter[75](index=75&type=chunk) - A favorable adjustment of **$5.7 million** related to Bantam's contingent consideration increased Foodservice operating income and diluted EPS by **$0.16** for the quarter[78](index=78&type=chunk)[85](index=85&type=chunk)[88](index=88&type=chunk) - The company expects capital expenditures for fiscal 2021 to be between **$70 million** and **$90 million**[97](index=97&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=22&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes to its market risks since the 2020 Annual Report on Form 10-K - There have been no material changes to market risks since the 2020 Annual Report on Form 10-K[103](index=103&type=chunk) [Item 4. Controls and Procedures](index=22&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2020, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of September 30, 2020, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective[104](index=104&type=chunk) - No material changes were made to the company's internal control over financial reporting during the most recent fiscal quarter[105](index=105&type=chunk) PART II – OTHER INFORMATION [Item 1A. Risk Factors](index=23&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to the risk factors previously disclosed in its 2020 Annual Report on Form 10-K - There have been no material changes to the risk factors disclosed in the company's 2020 Annual Report on Form 10-K[107](index=107&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=23&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **86** shares at an average price of **$171.22** per share, primarily for tax withholding, with **1,315,825** shares remaining authorized for future repurchase as of September 30, 2020 | Period | Total Number of Shares Purchased | Average Price Paid Per Share ($) | | :--- | :--- | :--- | | July 1-31, 2020 | — | $ — | | August 1-31, 2020 | 42 | $168.66 | | September 1-30, 2020 | 44 | $173.66 | | **Total** | **86** | **$171.22** | - As of September 30, 2020, **1,315,825** common shares remained authorized for future repurchases under the company's share repurchase authorization[108](index=108&type=chunk) [Item 6. Exhibits](index=23&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications under the Sarbanes-Oxley Act and XBRL data files - The exhibits filed with this report include certifications from the CEO and CFO as required by the Sarbanes-Oxley Act of 2002, along with Inline XBRL documents[116](index=116&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-04065 Lancaster Colony Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorp ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-04065 Lancaster Colony Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of incor ...