September 18, 2014 2:14 PM 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
Age: 53
Total Annual Compensation: $562.7K
Founder and Chairman
Age: 88
Total Annual Compensation: $562.6K
Chief Financial Officer
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 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.

Seneca Foods Corp., Annual General Meeting, Aug 07, 2014

Seneca Foods Corp., Annual General Meeting, Aug 07, 2014., at 13:00 Eastern Daylight. Location: 3736 South Main Street. Agenda: To elect three directors to serve until the annual meeting of shareholders in 2017 and until each of their successors is duly elected and shall qualify; to provide an advisory vote on executive compensation; to ratify the appointment of BDO USA, LLP as the company's independent registered public accounting firm for the fiscal year ending March 31, 2015; and to transact such other business as may properly come before the annual meeting or any adjournment thereof.

Seneca Foods Corporation Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended March 31, 2014

Seneca Foods Corporation announced unaudited consolidated earnings results for fourth quarter and full year ended March 31, 2014. For the quarter, the company reported net sales of $293,759,000, operating income of $2,491,000, earnings before income taxes of $1,028,000, loss attributable to common stock of $991,000, basic and diluted loss per share of $0.09 compared to net sales of $274,922,000, operating income of $7,760,000, earnings before income taxes of $5,531,000, earnings attributable to common stock of $3,780,000, basic and diluted earnings per share of $0.35 for the same quarter a year ago. The increase is attributable to increased sales volume of $33.1 million partially offset by lower selling prices/less favorable sales mix of $14.3 million. Excluding a non-cash after-tax LIFO credit of $1.1 million, net loss was $2.1 million or net loss per diluted share of $0.19 during the quarter ended March 31, 2014 against net earnings of $1.9 million or $0.17 per diluted share during the quarter ended March 31, 2013, which included a non-cash after-tax LIFO credit of $2.0 million. For the year, the company reported net sales of $1,340,208,000, operating income of $23,604,000, earnings before income taxes of $17,342,000, earnings attributable to common stock of $13,318,000, diluted earnings per share of $1.23 and EBITDA of $46,585,000 compared to net sales of $1,276,297,000, operating income of $70,934,000, earnings before income taxes of $63,448,000, earnings attributable to common stock of $39,984,000, diluted earnings per share of $3.57 and EBITDA of $93,885,000 for the previous year. The increase in net sales is attributable to increased sales volume of $79.1 million partially offset by lower selling prices/less favorable sales mix of $15.2 million. Excluding a non-cash after-tax LIFO charge of $13.2 million, net earnings were $27.0 or $2.42 per diluted share during the year ended March 31, 2014, against $38.7 million or $3.33 per diluted share during the year ended March 31, 2013, which included a non-cash after-tax LIFO credit of $2.7 million. FIFO EBITDA was $67 million against $89.7 million last year.

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