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May 27, 2015 11:14 AM ET

Food Products

Company Overview of Seneca Foods Corp.

Company Overview

Seneca Foods Corporation produces and distributes packaged fruits and vegetables in the United States and internationally. It offers canned, frozen, and bottled produce and snack chips, including canned fruits and vegetables, frozen vegetables, and other food products under private label, as well as national and regional brands that the it owns or licenses, including Seneca, Libby’s, Aunt Nellie’s, READ, and Seneca Farms. The company also packs Green Giant, Le Sueur, and other brands of canned vegetables, as well as select Green Giant frozen vegetables for General Mills Operations, LLC under a long-term alliance agreement. It is also involved in the sale of cans and ends, as well as trucking...

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: 53
Total Annual Compensation: $562.7K
Founder and Chairman
Age: 88
Total Annual Compensation: $562.6K
Chief Financial Officer, Senior Vice President and Treasurer
Age: 55
Total Annual Compensation: $210.9K
Chief Operating Officer and Executive Vice President
Age: 51
Total Annual Compensation: $336.5K
Senior Vice President of Sales and Marketing
Age: 51
Total Annual Compensation: $228.5K
Compensation as of Fiscal Year 2014.

Seneca Foods Corp. Key Developments

Seneca Foods Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 27, 2014

Seneca Foods Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended December 27, 2014. For the quarter, the company reported net sales of $456,207,000 against $477,694,000 for the same period in the last year. The decrease is attributable to a sales volume decrease of $32.3 million partially offset by favorable sales mix and higher selling prices of $10.8 million. A major portion of the lower sales was due to a $12.4 million reduction in Canned Fruit sales as a result of the second short pack in a row. During the quarter ended December 27, 2014, the company recorded a gain of $5.0 million related to a contractual payment received in connection with the closing of a Midwest plant which is included in other operating income. Operating income was $11,469,000 against $10,542,000 for the same period in the last year. Earnings before income taxes were $9,983,000 against $9,118,000 for the same period in the last year. Earnings attributable to common stock was $7,711,000 or $0.71 per diluted share against $6,622,000 or $0.61 per diluted share for the same period in the last year. Excluding a non-cash after-tax LIFO charge of $3.5 million, net earnings per diluted share were $1.03 during the quarter ended December 27, 2014 versus $1.06 during the quarter ended December 28, 2013, which included a non-cash LIFO charge of $5.0 million. For the nine months, the company reported net sales of $1,008,411,000 against $1,046,449,000 for the same period in the last year. The decrease is attributable to a sales volume decrease of $70.5 million partially offset by favorable sales mix and higher selling prices of $32.5 million. Operating income was $13,153,000 against $21,113,000 for the same period in the last year. Earnings before income taxes were $9,467,000 against $16,314,000 for the same period in the last year. Earnings attributable to common stock was $6,995,000 or $0.65 per diluted share against $14,307,000 or $1.32 per diluted share for the same period in the last year. Excluding a non-cash after-tax LIFO charge of $7.1 million, net earnings per diluted share were $1.29 during the nine months ended December 27, 2014, compared to $2.61 during the nine months ended December 28, 2013 which included a non-cash LIFO charge of $14.4 million. EBITDA was $29,655,000 against $38,430,000 for the same period in the last year. FIFO EBITDA was $40,540,000 against $60,541,000 for the same period in the last year.

Seneca Foods Corp. Announces Unaudited Consolidated Financial Results for the Second Quarter and Year-To-Date Ended September 27, 2014

Seneca Foods Corp. announced unaudited consolidated financial results for the second quarter and year-to-date ended September 27, 2014. For the quarter, the company reported net sales of $312,161,000 against $336,628,000 a year ago. Operating income was $686,000 against $6,783,000 a year ago. Loss before income taxes were $811,000 against earnings before income taxes of $5,235,000 a year ago. Net loss was $578,000 compared to net earnings of $6,603,000 a year ago. Loss attributable to common stock was $576,000 or $0.05 per diluted share against earnings attributable to common stock of $6,387,000 or $0.59 million a year ago. The decrease is attributable to a sales volume decrease of $36.0 million partially offset by favorable sales mix and higher selling prices of $11.5 million. Net earnings, excluding LIFO impact was $3.3 million or $0.30 per diluted share against $12.2 million or $1.09 per diluted share a year ago. For the year-to-date, the company reported net sales of $552,204,000 against $568,755,000 a year ago. Operating income was $1,684,000 against $10,571,000 a year ago. Loss before income taxes were $516,000 against earnings before income taxes of $7,196,000 a year ago. Net loss was $685,000 compared to net earnings of $7,950,000 a year ago. Loss attributable to common stock was $684,000 or $0.06 per diluted share against earnings attributable to common stock of $7,685,000 or $0.71 million a year ago. EBITDA was $12,963,000 compared to $22,100,000 a year ago. FIFO EBITDA was $18,533,000 compared to $36,535,000 a year ago. Net earnings, excluding LIFO impact was $2.9 million or $0.27 per diluted share against $17.3 million or $1.55 per diluted share a year ago.

Seneca Foods Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended June 28, 2014

Seneca Foods Corp. reported unaudited consolidated earnings results for the first quarter ended June 28, 2014. For the quarter, the net loss was $0.1 million, or $0.01 per diluted share, compared to net earnings of $1.3 million, or $0.12 per diluted share, in the fiscal first quarter of 2014. Net sales for the first quarter ended June 28, 2014 increased from the first quarter ended June 29, 2013 by 3.4%, or $7.9 million to $240.0 million. The increase is attributable to favorable sales mix and higher selling prices of $10.0 million partially offset by a sales volume decrease of $2.1 million. Earnings before income tax were $0.295 million against $1.96 million a year ago. EBITDA was $6.94 million against $9.57 million a year ago. FIFO EBITDA was $6.59 million against $15.37 million a year ago.

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