##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D. C. 20549
 
 Form 10-Q
 (Mark One)
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2006
 or
 o
    
    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 0-4065-1
 
 Lancaster Colony Corporation
 (Exact name of registrant as specified in its charter)
 Ohio
    
    13-1955943(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)37 West Broad Street
    
    43215Columbus, Ohio
    
    (Zip Code)(Address of principal executive offices)
 614-224-7141  (Registrants telephone number, including area code)
 þ o
  þ o o
 o þ




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##### 



LANCASTER COLONY CORPORATION AND SUBSIDIARIES
 TABLE OF CONTENTS
 PART I  FINANCIAL INFORMATIONItem 1. Consolidated Financial Statements:Consolidated Balance Sheets  March 31, 2006 and June 30, 2005Consolidated Statements of Income  Three and Nine Months Ended March 31, 2006 and 2005Consolidated Statements of Cash Flows  Nine Months Ended March 31, 2006 and 2005Notes to Consolidated Financial StatementsItem 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsItem 4. Controls and ProceduresPART II  OTHER INFORMATIONItem 2. Unregistered Sales of Equity Securities and Use of ProceedsItem 6. ExhibitsSIGNATURESINDEX TO EXHIBITSEX-31.1EX-31.2EX-32
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##### Table of Contents



PART I  FINANCIAL INFORMATION
 
 Item 1. Consolidated Financial Statements
 LANCASTER COLONY CORPORATION AND SUBSIDIARIES
 
 CONSOLIDATED BALANCE SHEETS
 March 31
    
    
    June 30(Amounts in thousands, except share data)
    
    2006
    
    
    2005(Unaudited)ASSETSCurrent Assets:Cash and equivalents
    
    $
    11,435
    
    
    $
    113,265Short-term investments
    
    
    41,090
    
    
    
    71,315Receivables (less allowance for doubtful accounts,
March  $1,741 and June  $1,830)
    
    
    107,023
    
    
    
    100,351Inventories:Raw materials and supplies
    
    
    44,799
    
    
    
    47,097Finished goods and work in process
    
    
    111,574
    
    
    
    117,268Total inventories
    
    
    156,373
    
    
    
    164,365Deferred income taxes and other current assets
    
    
    35,481
    
    
    
    25,109Total current assets
    
    
    351,402
    
    
    
    474,405Property, Plant and Equipment:Land, buildings and improvements
    
    
    136,533
    
    
    
    121,290Machinery and equipment
    
    
    394,036
    
    
    
    365,005Total cost
    
    
    530,569
    
    
    
    486,295Less accumulated depreciation
    
    
    346,798
    
    
    
    332,148Property, plant and equipment  net
    
    
    183,771
    
    
    
    154,147Other Assets:Goodwill
    
    
    79,219
    
    
    
    79,219Other intangible assets  net
    
    
    4,546
    
    
    
    4,937Other noncurrent assets
    
    
    18,819
    
    
    
    18,570Total
    
    $
    637,757
    
    
    $
    731,278LIABILITIES AND SHAREHOLDERS EQUITYCurrent Liabilities:Accounts payable
    
    $
    48,134
    
    
    $
    51,014Accrued liabilities
    
    
    53,141
    
    
    
    52,832Total current liabilities
    
    
    101,275
    
    
    
    103,846Other Noncurrent Liabilities
    
    
    30,856
    
    
    
    30,492Deferred Income Taxes
    
    
    6,982
    
    
    
    9,214Shareholders Equity:Preferred stock  authorized 3,050,000 shares;
outstanding  noneCommon stock  authorized 75,000,000 shares; outstanding 
March 31, 2006  32,861,474 shares;
June 30, 2005  34,235,905 shares
    
    
    77,962
    
    
    
    73,801Retained earnings
    
    
    910,928
    
    
    
    944,194Accumulated other comprehensive loss
    
    
    (10,900
    )
    
    
    (10,905
    )Total
    
    
    977,990
    
    
    
    1,007,090Common stock in treasury, at cost
    
    
    (479,346
    )
    
    
    (419,364
    )Total shareholders equity
    
    
    498,644
    
    
    
    587,726Total
    
    $
    637,757
    
    
    $
    731,278
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LANCASTER COLONY CORPORATION AND SUBSIDIARIES
 
 CONSOLIDATED STATEMENTS OF INCOME
 UNAUDITED
 Three Months Ended
    
    
    Nine Months EndedMarch 31
    
    
    March 31(Amounts in thousands, except per share data)
    
    2006
    
    
    2005
    
    
    2006
    
    
    2005Net Sales
    
    $
    282,453
    
    
    $
    276,822
    
    
    $
    880,945
    
    
    $
    855,655Cost of Sales
    
    
    240,406
    
    
    
    225,522
    
    
    
    725,703
    
    
    
    690,979Gross Margin
    
    
    42,047
    
    
    
    51,300
    
    
    
    155,242
    
    
    
    164,676Selling, General and
Administrative Expenses
    
    
    23,932
    
    
    
    25,080
    
    
    
    75,808
    
    
    
    75,387Restructuring and Impairment Charge
    
    
    575
    
    
    
    1,621
    
    
    
    618
    
    
    
    2,108Operating Income
    
    
    17,540
    
    
    
    24,599
    
    
    
    78,816
    
    
    
    87,181Other Income (Expense):Other Income
 Continued Dumping and
Subsidy Offset Act
    
    
    
    
    
    
    
    
    
    
    11,376
    
    
    
    26,226Interest Income and Other  Net
    
    
    779
    
    
    
    1,105
    
    
    
    3,428
    
    
    
    2,565Income Before Income Taxes
    
    
    18,319
    
    
    
    25,704
    
    
    
    93,620
    
    
    
    115,972Taxes Based on Income
    
    
    6,545
    
    
    
    9,592
    
    
    
    33,570
    
    
    
    43,363Net Income
    
    $
    11,774
    
    
    $
    16,112
    
    
    $
    60,050
    
    
    $
    72,609Net Income Per Common Share:Basic and Diluted
    
    $
    .35
    
    
    $
    .46
    
    
    $
    1.78
    
    
    $
    2.07Cash Dividends Per Common Share
    
    $
    .26
    
    
    $
    .25
    
    
    $
    2.77
    
    
    $
    .73Weighted Average Common
Shares Outstanding:Basic
    
    
    33,214
    
    
    
    34,742
    
    
    
    33,757
    
    
    
    35,060Diluted
    
    
    33,236
    
    
    
    34,799
    
    
    
    33,795
    
    
    
    35,117
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LANCASTER COLONY CORPORATION AND SUBSIDIARIES
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (UNAUDITED)
 Nine Months EndedMarch 31(Amounts in thousands)
    
    2006
    
    
    2005Cash Flows From Operating Activities:Net income
    
    $
    60,050
    
    
    $
    72,609Adjustments to reconcile net income to net
cash provided by operating activities:Depreciation and amortization
    
    
    24,445
    
    
    
    25,093Deferred income taxes and other noncash items
    
    
    (450
    )
    
    
    (95
    )Restructuring and impairment charge
    
    
    542
    
    
    
    1,597Gain on sale of property
    
    
    (1,112
    )
    
    
    (82
    )Loss on sale of business
    
    
    185
    
    
    
    Payments to pension plans
    
    
    (2,800
    )
    
    
    (946
    )Changes in operating assets and liabilities:Receivables
    
    
    (7,065
    )
    
    
    (13,091
    )Inventories
    
    
    7,682
    
    
    
    7,848Other current assets
    
    
    (11,455
    )
    
    
    (2,068
    )Accounts payable and accrued liabilities
    
    
    (3,740
    )
    
    
    (1,350
    )Net cash provided by operating activities
    
    
    66,282
    
    
    
    89,515Cash Flows From Investing Activities:Payments on property additions
    
    
    (50,588
    )
    
    
    (13,271
    )Proceeds from sale of property
    
    
    1,493
    
    
    
    610Cash paid for acquisitions
    
    
    
    
    
    
    (492
    )Proceeds from sale of business
    
    
    459
    
    
    
    Purchases of short-term investments
    
    
    (26,350
    )
    
    
    (44,185
    )Proceeds from short-term investment sales, calls, and maturities
    
    
    56,575
    
    
    
    46,350Other
net
    
    
    (863
    )
    
    
    (5,045
    )Net cash used in investing activities
    
    
    (19,274
    )
    
    
    (16,033
    )Cash Flows From Financing Activities:Payment of dividends
    
    
    (93,316
    )
    
    
    (25,495
    )Purchase of treasury stock
    
    
    (59,982
    )
    
    
    (47,848
    )Proceeds from the exercise of stock options,
including related tax benefits
    
    
    3,797
    
    
    
    2,983Increase in cash overdraft balance
    
    
    658
    
    
    
    2,627Net cash used in financing activities
    
    
    (148,843
    )
    
    
    (67,733
    )Effect of exchange rate changes on cash
    
    
    5
    
    
    
    (6
    )Net change in cash and equivalents
    
    
    (101,830
    )
    
    
    5,743Cash and equivalents at beginning of year
    
    
    113,265
    
    
    
    113,233Cash and equivalents at end of period
    
    $
    11,435
    
    
    $
    118,976Supplemental Disclosure Of Operating Cash Flows:Cash paid during the period for income taxes
    
    $
    43,483
    
    
    $
    44,405
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LANCASTER COLONY CORPORATION AND SUBSIDIARIES
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (Tabular dollars in thousands, except per share amounts)
 Note 1  Summary of Significant Accounting Policies
 Basis of Presentation
  Reclassifications
  Liquidation of LIFO Inventory Layers
  Property, Plant and Equipment
  Stock-Based Employee Compensation Plans
   6




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LANCASTER COLONY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
(Tabular dollars in thousands, except per share amounts)
  Three Months
    
    
    Nine MonthsEnded
    
    
    EndedMarch 31
    
    
    March 312005
    
    
    2005Net income as reported
    
    $
    16,112
    
    
    $
    72,609Less: Total stock-based employee compensation
expense determined under fair-value-based method
for all awards, net of related tax effects
    
    
    (2,008
    )
    
    
    (2,072
    )Pro forma net income
    
    $
    14,104
    
    
    $
    70,537Net income
per common share basic and diluted as reported
    
    $
    .46
    
    
    $
    2.07Net income
per common share basic and diluted pro forma
    
    $
    .41
    
    
    $
    2.01
 Significant Accounting Policies
  Note 2
 Short-Term Investments
   March 31
    
    
    June 302006
    
    
    2005Due within one year
    
    $
    380
    
    
    $
    3,300Due between one and five years
    
    
    200
    
    
    
    1,580Due after ten years
    
    
    40,510
    
    
    
    66,435Total short-term investments
    
    $
    41,090
    
    
    $
    71,315
  Note 3  Impact of Recently Issued Accounting Standards
   7




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LANCASTER COLONY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
(Tabular dollars in thousands, except per share amounts)
  Note 4  Goodwill and Other Intangible Assets
   March 31
    
    
    June 302006
    
    
    2005Specialty FoodsTrademarks (40-year life)Gross carrying value
    
    $
    370
    
    
    $
    370Accumulated amortization
    
    
    (137
    )
    
    
    (131
    )Net Carrying Value
    
    $
    233
    
    
    $
    239Customer Lists (12-year life)Gross carrying value
    
    $
    4,100
    
    
    $
    4,100Accumulated amortization
    
    
    (769
    )
    
    
    (513
    )Net Carrying Value
    
    $
    3,331
    
    
    $
    3,587Non-compete Agreements (8-year life)Gross carrying value
    
    $
    1,200
    
    
    $
    1,200Accumulated amortization
    
    
    (338
    )
    
    
    (225
    )Net Carrying Value
    
    $
    862
    
    
    $
    975Glassware and Candles  Customer Lists (12-year life)Gross carrying value
    
    $
    250
    
    
    $
    250Accumulated amortization
    
    
    (130
    )
    
    
    (114
    )Net Carrying Value
    
    $
    120
    
    
    $
    136Total Net Carrying Value
    
    $
    4,546
    
    
    $
    4,937
  Note 5  Pension Benefits
  8




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LANCASTER COLONY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
(Tabular dollars in thousands, except per share amounts)
  Three Months
    
    
    Nine MonthsEnded
    
    
    EndedMarch 31
    
    
    March 312006
    
    
    2005
    
    
    2006
    
    
    2005Components of net periodic benefit costService cost
    
    $
    188
    
    
    $
    138
    
    
    $
    564
    
    
    $
    415Interest cost
    
    
    636
    
    
    
    633
    
    
    
    1,906
    
    
    
    1,898Expected return on plan assets
    
    
    (724
    )
    
    
    (693
    )
    
    
    (2,170
    )
    
    
    (2,081
    )Amortization of unrecognized net loss
    
    
    178
    
    
    
    103
    
    
    
    532
    
    
    
    308Amortization of prior service cost
    
    
    59
    
    
    
    58
    
    
    
    176
    
    
    
    175Amortization of unrecognized net
obligation existing at transition
    
    
    8
    
    
    
    8
    
    
    
    26
    
    
    
    26Net periodic benefit cost
    
    $
    345
    
    
    $
    247
    
    
    $
    1,034
    
    
    $
    741
  Note 6  Postretirement Benefits
   Three Months
    
    
    Nine MonthsEnded
    
    
    EndedMarch 31
    
    
    March 312006
    
    
    2005
    
    
    2006
    
    
    2005Components of net periodic benefit costService cost
    
    $
    44
    
    
    $
    33
    
    
    $
    131
    
    
    $
    101Interest cost
    
    
    87
    
    
    
    81
    
    
    
    260
    
    
    
    243Amortization of unrecognized net loss
    
    
    36
    
    
    
    19
    
    
    
    108
    
    
    
    56Amortization of prior service asset
    
    
    (2
    )
    
    
    (1
    )
    
    
    (5
    )
    
    
    (5
    )Net periodic benefit cost
    
    $
    165
    
    
    $
    132
    
    
    $
    494
    
    
    $
    395
  Note 7  Stock Options
   9




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LANCASTER COLONY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
(Tabular dollars in thousands, except per share amounts)
        WeightedWeighted
    
    
    AverageNumber
    
    
    Average
    
    
    Remaining
    
    
    Aggregateof
    
    
    Exercise
    
    
    Contractual
    
    
    IntrinsicShares
    
    
    Price
    
    
    Life
    
    
    ValueOutstanding at beginning of period
    
    
    590,104
    
    
    $
    38.77Exercised
    
    
    (102,272
    )
    
    
    33.81Granted
    
    
    
    
    
    
    Forfeited
    
    
    (13,100
    )
    
    
    35.68Outstanding at end of period
    
    
    474,732
    
    
    $
    39.93
    
    
    
    3.23
    
    
    $
    984Exercisable at end of period
    
    
    458,417
    
    
    $
    39.90
    
    
    
    3.21
    
    
    $
    965
  WeightedNumber
    
    
    Averageof
    
    
    Grant DateShares
    
    
    Fair ValueUnvested at beginning of period
    
    
    58,849
    
    
    $
    7.52Granted
    
    
    
    
    
    
    Vested
    
    
    (42,534
    )
    
    
    7.21Forfeited
    
    
    
    
    
    
    Unvested at end of period
    
    
    16,315
    
    
    $
    7.82
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LANCASTER COLONY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
(Tabular dollars in thousands, except per share amounts)
  Note 8  Restructuring and Impairment Charge
    Note 9  Business Segment Information
  Three Months Ended
    
    
    Nine Months EndedMarch 31
    
    
    March 312006
    
    
    2005
    
    
    2006
    
    
    2005Net SalesSpecialty Foods
    
    $
    168,233
    
    
    $
    163,709
    
    
    $
    527,272
    
    
    $
    501,393Glassware and Candles
    
    
    48,457
    
    
    
    55,774
    
    
    
    174,001
    
    
    
    187,348Automotive
    
    
    65,763
    
    
    
    57,339
    
    
    
    179,672
    
    
    
    166,914Total
    
    $
    282,453
    
    
    $
    276,822
    
    
    $
    880,945
    
    
    $
    855,655Operating IncomeSpecialty Foods
    
    $
    22,102
    
    
    $
    24,371
    
    
    $
    79,520
    
    
    $
    82,786Glassware and Candles
    
    
    (2,586
    )
    
    
    1,555
    
    
    
    3,034
    
    
    
    6,318Automotive
    
    
    (89
    )
    
    
    232
    
    
    
    1,744
    
    
    
    3,586Corporate Expenses
    
    
    (1,887
    )
    
    
    (1,559
    )
    
    
    (5,482
    )
    
    
    (5,509
    )Total
    
    $
    17,540
    
    
    $
    24,599
    
    
    $
    78,816
    
    
    $
    87,181
 11




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LANCASTER COLONY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
(Tabular dollars in thousands, except per share amounts)
 Note 10  Commitments and Contingencies
    Note 11  Comprehensive Income
  12




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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
 LANCASTER COLONY CORPORATION AND SUBSIDIARIES
MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(Tabular dollars in thousands)
 OVERVIEW
         13




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Forward-Looking Statements
  Summary of Results
    14




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RESULTS OF CONSOLIDATED OPERATIONS
 Net Sales and Gross Margin
 Three Months Ended
    
    
    
    
    
    
    
    
    
    
    Nine Months EndedMarch 31
    
    
    
    
    
    
    
    
    
    
    March 312006
    
    
    2005
    
    
    Change
    
    
    2006
    
    
    2005
    
    
    ChangeNet SalesSpecialty Foods
    
    $
    168,233
    
    
    $
    163,709
    
    
    $
    4,524
    
    
    
    3
    %
    
    $
    527,272
    
    
    $
    501,393
    
    
    $
    25,879
    
    
    
    5
    %Glassware and Candles
    
    
    48,457
    
    
    
    55,774
    
    
    
    (7,317
    )
    
    
    (13
    )%
    
    
    174,001
    
    
    
    187,348
    
    
    
    (13,347
    )
    
    
    (7
    )%Automotive
    
    
    65,763
    
    
    
    57,339
    
    
    
    8,424
    
    
    
    15
    %
    
    
    179,672
    
    
    
    166,914
    
    
    
    12,758
    
    
    
    8
    %Total
    
    $
    282,453
    
    
    $
    276,822
    
    
    $
    5,631
    
    
    
    2
    %
    
    $
    880,945
    
    
    $
    855,655
    
    
    $
    25,290
    
    
    
    3
    %Gross Margin
    
    $
    42,047
    
    
    $
    51,300
    
    
    $
    (9,253
    )
    
    
    (18
    )%
    
    $
    155,242
    
    
    $
    164,676
    
    
    $
    (9,434
    )
    
    
    (6
    )%Gross Margin
as a Percent of Sales
    
    
    14.9
    %
    
    
    18.5
    %
    
    
    
    
    
    
    
    
    
    
    17.6
    %
    
    
    19.2
    %
       15




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Selling, General and Administrative Expenses
 Three Months Ended
    
    
    
    
    
    
    
    
    
    
    Nine Months EndedMarch 31
    
    
    
    
    
    
    
    
    
    
    March 312006
    
    
    2005
    
    
    Change
    
    
    2006
    
    
    2005
    
    
    ChangeSelling, General and
Administrative Expenses
    
    $
    23,932
    
    
    $
    25,080
    
    
    $
    (1,148
    )
    
    
    (5
    )%
    
    $
    75,808
    
    
    $
    75,387
    
    
    $
    421
    
    
    
    1
    %SG&A Expenses as a
Percent of Sales
    
    
    8.5
    %
    
    
    9.1
    %
    
    
    
    
    
    
    
    
    
    
    8.6
    %
    
    
    8.8
    %
  Restructuring and Impairment Charge
    16




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Operating Income
  Three Months Ended
    
    
    
    
    
    
    
    
    
    
    Nine Months EndedMarch 31
    
    
    
    
    
    
    
    
    
    
    March 312006
    
    
    2005
    
    
    Change
    
    
    2006
    
    
    2005
    
    
    ChangeOperating IncomeSpecialty Foods
    
    $
    22,102
    
    
    $
    24,371
    
    
    $
    (2,269
    )
    
    
    (9
    )%
    
    $
    79,520
    
    
    $
    82,786
    
    
    $
    (3,266
    )
    
    
    (4
    )%Glassware and Candles
    
    
    (2,586
    )
    
    
    1,555
    
    
    
    (4,141
    )
    
    
    (266
    )%
    
    
    3,034
    
    
    
    6,318
    
    
    
    (3,284
    )
    
    
    (52
    )%Automotive
    
    
    (89
    )
    
    
    232
    
    
    
    (321
    )
    
    
    (138
    )%
    
    
    1,744
    
    
    
    3,586
    
    
    
    (1,842
    )
    
    
    (51
    )%Corporate Expenses
    
    
    (1,887
    )
    
    
    (1,559
    )
    
    
    (328
    )
    
    
    (21
    )%
    
    
    (5,482
    )
    
    
    (5,509
    )
    
    
    27
    
    
    
    
    %Total
    
    $
    17,540
    
    
    $
    24,599
    
    
    $
    (7,059
    )
    
    
    (29
    )%
    
    $
    78,816
    
    
    $
    87,181
    
    
    $
    (8,365
    )
    
    
    (10
    )%Operating Income
as a Percent of SalesSpecialty Foods
    
    
    13.1
    %
    
    
    14.9
    %
    
    
    
    
    
    
    
    
    
    
    15.1
    %
    
    
    16.5
    %Glassware and Candles
    
    
    (5.3
    )%
    
    
    2.8
    %
    
    
    
    
    
    
    
    
    
    
    1.7
    %
    
    
    3.4
    %Automotive
    
    
    (0.1
    )%
    
    
    0.4
    %
    
    
    
    
    
    
    
    
    
    
    1.0
    %
    
    
    2.1
    %Consolidated
    
    
    6.2
    %
    
    
    8.9
    %
    
    
    
    
    
    
    
    
    
    
    8.9
    %
    
    
    10.2
    %
 Other Income  Continued Dumping and Subsidy Offset Act
  Interest Income and Other  Net
  Income Before Income Taxes
  17




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##### Table of Contents



Net Income
  FINANCIAL CONDITION
     CONTRACTUAL OBLIGATIONS
  CRITICAL ACCOUNTING POLICIES
  RECENTLY ISSUED ACCOUNTING STANDARDS
  18




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##### Table of Contents



RECENTLY ADOPTED ACCOUNTING STANDARDS
       
 Item 4. Controls and Procedures
 Evaluation of Disclosure Controls and Procedures.
 Changes in Internal Control Over Financial Reporting.
 19




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##### Table of Contents



PART II OTHER INFORMATION
 
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  Total Number
    
    Maximum NumberTotal
    
    Average
    
    of Shares
    
    of Shares That MayNumber
    
    Price
    
    Purchased as
    
    Yet be Purchasedof Shares
    
    Paid Per
    
    Part of Publicly
    
    Under the Plans orPeriod
    
    Purchased
    
    Share
    
    Announced Plans
    
    ProgramsJanuary 1-31, 2006
    
    
    150,194
    
    
    $
    38.340
    
    
    
    150,194
    
    
    
    2,112,252February 1-28, 2006
    
    
    286,265
    
    
    $
    41.425
    
    
    
    286,265
    
    
    
    1,825,987March 1-31, 2006
    
    
    276,376
    
    
    $
    40.968
    
    
    
    276,376
    
    
    
    1,549,611
 
 These share repurchase authorizations do not have a stated expiration date. 
 Item 6. Exhibits .
 20




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##### Table of Contents



SIGNATURES
  Lancaster Colony Corporation(Registrant)Date: May 9, 2006
    
    By:
    
    /s/John B. Gerlach, Jr.John B. Gerlach, Jr.Chairman, Chief Executive Officer,President and DirectorDate: May 9, 2006
    
    By:
    
    /s/John L. BoylanJohn L. BoylanTreasurer, Vice President,Assistant Secretary,Chief Financial Officer(Principal Financialand Accounting Officer)and Director
 21




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##### Table of Contents



LANCASTER COLONY CORPORATION AND SUBSIDIARIES
FORM 10-Q
MARCH 31, 2006
 
 INDEX TO EXHIBITS
 ExhibitNumber
    
    Description
    
    Located at31.1
    
    Certification of CEO under Section 302 of the Sarbanes-Oxley Act of 2002
    
    Filed herewith31.2
    
    Certification of CFO under Section 302 of the Sarbanes-Oxley Act of 2002
    
    Filed herewith32
    
    Certification of CEO and CFO under Section 906 of the Sarbanes-Oxley
Act of 2002
    
    Filed herewith
 22