September 28, 2016 10:43 PM ET

Food Products

Company Overview of Seneca Foods Corp.

Company Overview

Seneca Foods Corporation engages in the packaging and sale of fruits and vegetables in the United States and internationally. It offers canned and frozen produce, bottled produce, snack chips, and other food products under the private label, as well as under various national and regional brands that the company owns or licenses, including Seneca, Libby’s, Green Valley, Aunt Nellie’s, READ, Cherryman, and Seneca Farms. The company also packs Green Giant, Le Sueur, and other brands of canned vegetables, as well as selects Green Giant frozen vegetables for B&G Foods North America under a contract packing agreement. In addition, it is involved in the sale of cans and ends, as well as trucking an...

3736 South Main Street

Marion, NY 14505

United States

Founded in 1949

3,100 Employees

Phone:

315-926-8100

Key Executives for Seneca Foods Corp.

Chief Executive Officer, President and Director
Age: 55
Total Annual Compensation: $591.1K
Founder and Chairman
Age: 90
Total Annual Compensation: $591.2K
Chief Financial Officer, Senior Vice President and Treasurer
Age: 57
Total Annual Compensation: $220.4K
Chief Operating Officer and Executive Vice President
Age: 53
Total Annual Compensation: $351.3K
Senior Vice President of Sales and Marketing
Age: 53
Total Annual Compensation: $237.9K
Compensation as of Fiscal Year 2016.

Seneca Foods Corp. Key Developments

Seneca Foods Corporation Announces Unaudited Consolidated Earnings Results for First Quarter Ended July 2, 2016

Seneca Foods Corporation announced unaudited consolidated earnings results for first quarter ended July 2, 2016. For the quarter, the company reported net sales of $252,614,000, operating income of $1,597,000, loss before income taxes of $110,000, loss attributable to common stock of $67,000 and basic and diluted loss per share of $0.01 compared to net sales of $226,258,000, operating income of $6,260,000, earnings before income taxes of $4,568,000, earnings attributable to common stock of $2,925,000 and diluted earnings per share of $0.29 for the same quarter a year ago. EBITDA was $7,860,000 against $11,501,000 a year ago. FIFO EBITDA was $9,759,000 against $9,864,000 a year ago. The increase is attributable to a sales volume increase of $29.9 million partially offset by an unfavorable sales mix and lower selling prices of $3.5 million. The Gray & Company and Diana Fruit Co. Inc. acquisitions last year represent $19.7 million of this sales volume increase.

Seneca Announces Third Amended and Restated Loan and Security Agreement

On July 5, 2016, Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, Green Valley Foods, LLC, Marion Foods, Inc., Lebanon Valley Cold Storage, LLC, Lebanon Valley Cold Storage, LP, Portland Food Products Company, Gray & Company, and Diana Fruit Co., Inc. (collectively, the company) entered into a Third Amended and Restated Loan and Security Agreement with the financial institutions party thereto as lenders, Bank of America, N.A., as agent for Secured Parties, issuing bank, syndication agent, and lead arranger. The loan agreement provides for a senior revolving credit facility of up to $400 million that is seasonally adjusted to $500 million. Borrowings under the loan agreement may be used to satisfy existing indebtedness, to pay fees and transaction expenses associated with the closing of the credit facility, to pay obligations in accordance with the loan agreement, to make permitted acquisitions and for working capital and other lawful corporate purposes of the company, including, but not limited to, the making of capital expenditures and distributions, all in accordance with the terms of the loan agreement. The loan agreement will terminate and all amounts outstanding thereunder will be due and payable no later than July 5, 2021. The loan agreement provides that loans will bear interest, at the company's option, at the Base Rate plus a margin of 0.25% to 0.50% or LIBOR plus a margin of 1.25% to 1.50%, in each case determined based on overall company leverage as set in the Loan Agreement. The Credit Facility initially bears interest at LIBOR plus 1.25% which is the equivalent of approximately 1.70% at July 5, 2016. In addition, the Company is required to pay a commitment fee of 0.25% on the amount unused under the loan agreement.

Seneca Foods Corp., Annual General Meeting, Jul 29, 2016

Seneca Foods Corp., Annual General Meeting, Jul 29, 2016, at 12:45 Eastern Daylight. Location: company's Offices 3736 South Main Street Marion, NY 14505 United States Agenda: To elect three directors to serve until the annual meeting of shareholders in 2019 and until each of their successors is duly elected and shall qualify; to ratify the appointment of BDO USA, LLP as the company's independent registered public accounting firm for the fiscal year ending March 31, 2017; and to transact such other business as may properly come before the annual meeting or any adjournment thereof.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
November 2, 2015
Gray & Company, Inc.
 

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