February 20, 2017 5:44 PM ET

Food Products

Company Overview of Seneca Foods Corporation

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 Corporation

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 Corporation Key Developments

Seneca Foods Corporation Reports Unaudited Earning Results for the Third Quarter and Nine Months Ended December 31, 2016

Seneca Foods Corporation reported unaudited earnings results for the third quarter and nine months ended December 31, 2016. For the quarter, the company reported net sales of $369,705,000 against $432,198,000 a year ago. Net sales for the third quarter ended December 31, 2016 decreased from the third quarter ended December 26, 2015 by 14.5%, or $62.5 million to $369.7 million. The decrease is attributable to a sales volume decrease of $48.5 million and an unfavorable sales mix and lower selling prices of $14.0 million. The sales decrease is mostly a timing difference attributable to a change in contract terms for Green Giant. Operating income was $13,890,000 against $48,450,000 a year ago. Earnings before income tax was $11,809,000 against $46,213,000 a year ago. Net earnings were $8,181,000 against $31,123,000 a year ago. Earnings attributable to common stock were $8,100,000 or $0.82 per diluted share against $30,832,000 or $3.10 per diluted share a year ago. For the nine months, the company reported net sales of $979,566,000 against $971,658,000 a year ago. Operating income was $26,689,000 against $66,441,000 a year ago. Earnings before income tax was $20,480,000 against $60,537,000 a year ago. Net earnings were $14,263,000 against $40,613,000 a year ago. Earnings attributable to common stock were $14,115,000 or $1.43 per diluted share against $40,180,000 or $4.04 per diluted share a year ago. EBITDA was $45,128,000 against $81,967,000 a year ago. FIFO EBITDA was $44,694,000 against $68,718,000 a year ago.

Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, Green Valley Foods Enters into Loan and Guaranty Agreement with Farm Credit East, ACA

On December 9, 2016, Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, Green Valley Foods, as Borrowers, and certain subsidiaries of Borrowers as Guarantors entered into a Loan and Guaranty Agreement with Farm Credit East, ACA. The Loan Agreement provides for a $100 million unsecured term loan with a maturity date of December 9, 2021. Borrowings under the Loan Agreement may be used for working capital and general corporate purposes of the Company. The Company may prepay any part of the term loan at any time however Borrowers may not re-borrow any repaid principal of the term loan. Borrowings under the Loan Agreement will bear interest, at the company's option, at Variable Rate LIBOR plus a margin of 2.60% or one month, two month, three month or six month LIBOR plus a margin of 2.60%. The company's obligations under the Loan Agreement are jointly and severally guaranteed by all existing and future domestic subsidiaries of the company, subject to certain exceptions. The Loan Agreement contains restrictive covenants usual and customary for loans of its type, which include, with specified exceptions, limitations on the ability of the Company and its subsidiaries to engage in certain business activities, incur debt, have liens, pay dividends or make other distributions, enter into affiliate transactions, consolidate, merge or acquire or dispose of assets, and make certain investments, acquisitions and loans. The Loan Agreement also requires the Company to satisfy certain financial covenants. Obligations under the Loan Agreement may be declared due and payable upon the occurrence of certain events of default, as defined in the Loan Agreement, including failure to pay any obligations when due and payable, failure to comply with any covenant or representation of any loan document, any change of control, cross-defaults and certain other events as in the Loan Agreement, with grace periods in some cases.

Seneca Foods Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended October 1, 2016

Seneca Foods Corporation announced unaudited consolidated earnings results for the second quarter and six months ended October 1, 2016. For the quarter, the company reported net sales of $357,247,000 compared to $313,202,000 a year ago. Operating income was $11,202,000 compared to $11,731,000 a year ago. Earnings before income taxes were $8,781,000 compared to $9,756,000 a year ago. Net earnings were $6,144,000 compared to $6,522,000 a year ago. Earnings attributable to common stock were $6,082,000 or $0.62 per basic and diluted share compared to $6,456,000 or $0.65 per basic and diluted share a year ago. For the six months, the company reported net sales of $609,861,000 compared to $539,460,000 a year ago. Operating income was $12,799,000 compared to $17,991,000 a year ago. Earnings before income taxes were $8,671,000 compared to $14,324,000 a year ago. Net earnings were $6,082,000 compared to $9,490,000 a year ago. Earnings attributable to common stock were $6,014,000 or $0.62 per basic and diluted share compared to $9,376,000 or $0.94 per diluted share a year ago. EBITDA was $24,778,000 compared to $28,244,000 a year ago.

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