Lancaster Colony reports record income for fiscal year

COLUMBUS, Ohio (Aug. 21)—Lancaster Colony Corp., the conglomerate parent of mat maker Pretty Products Inc., reported record net income of $112.5 million for its fiscal year ended June 30, a 22-percent increase over fiscal 2002. Sales, however, decreased 2 percent during the year to $1.1 billion. For the fourth quarter, Lancaster's net income dropped 13 percent to about $22 million, while sales declined 6 percent to $264 million. Automotive sales increased 4 percent for the year but declined 7 percent during the fourth quarter compared to year-earlier levels. The segment won several new original equipment contracts during the final quarter, but demand in the aftermarket remained weak, Chairman and CEO John B. Gerlach Jr. said in a release.