FAIRPORT, N.Y., June 13,2024 (GLOBE NEWSWIRE) — Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the fourth quarter and twelve months ended March 31,2024. Executive Summary (vs. year-ago, year-to-date results): “Fiscal year 2024 represented another strong year, coming in as our historically third best on an operating basis,” stated Paul Palmby, President and Chief Executive Officer. “Sales and earnings trended lower in our seasonally weak fourth quarter, but this was primarily attributable to timing of certain contract manufacturing sales, without which our business in the fourth quarter was up 11% in units year-over-year. We remain pleased with our results in a very competitive environment.” Executive Summary (vs. year-ago, fourth quarter results): About Seneca Foods Corporation Seneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from more than 1,200 American farms and are distributed to approximately 55 countries. Seneca holds a large share of the market for retail private label, food service, restaurant chains, international, contracting packaging, industrial, chips and cherry products. Products are also sold under the highly regarded brands of Libby’s®, Green Giant®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips. Seneca’s common stock is traded on the Nasdaq Global Select Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices. Non-GAAP Financial Measures Adjusted net earnings is calculated on a FIFO basis. The Company believes this non-GAAP financial measure provides for a better comparison of year over year operating performance. The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP. Set forth below is a reconciliation of reported earnings before income taxes to adjusted net earnings (in thousands). Set forth below is a reconciliation of reported net earnings to EBITDA and FIFO EBITDA (earnings before interest, income taxes, depreciation, amortization and non-cash charges related to the LIFO inventory valuation method). The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP (in thousands). Forward-Looking Information This release contains “forward-looking statements” as that term is used in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they address future events, developments, and results and do not relate strictly to historical facts. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and may contain the words "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "seeks," "should," "likely," "targets," "may", "can" and variations thereof and similar expressions. Forward-looking statements are subject to known and unknown risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed. We believe important factors that could cause actual results to differ materially from our expectations include, but are not limited to, the following: Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements to reflect events or circ*mstances after the date of the filing of this report or to reflect the occurrence of unanticipated events. Contact: Michael Wolcott, Chief Financial Officer 585-495-4100Twelve Months Ended March 31,2024 March 31,2023 Earnings before income taxes, as reported $ 82,999 $ 13,793 LIFO charge 22,342 131,611 Adjusted earnings before income taxes 105,341 145,404 Income taxes at staturory rates 25,177 37,596 Adjusted net earnings $ 80,164 $ 107,808 Twelve Months Ended EBITDA and FIFO EBITDA: March 31,2024 March 31,2023 Net earnings $ 63,318 $ 9,231 Income tax expense 19,681 4,562 Interest expense, net of interest income 34,020 14,325 Depreciation and amortization 50,729 52,577 Interest amortization (447 ) (271 ) EBITDA 167,301 80,424 LIFO charge 22,342 131,611 FIFO EBITDA $ 189,643 $ 212,035 Seneca Foods Corporation Unaudited Selected Financial Data For the Periods Ended March 31,2024 and March 31,2023 (In thousands of dollars, except share data) Three Months Ended Twelve Months Ended March 31, March 31, March 31, March 31, 2024 2023 2024 2023 Net sales $ 307,983 $ 331,063 $ 1,458,603 $ 1,509,352 Plant restructuring (note 2) $ 318 $ 1,613 $ 425 $ 3,550 Other operating expense (income), net (note 3) $ 504 $ 749 $ (647 ) $ (1,662 ) Operating income (loss) (note 1) 2,548 (36,890 ) 107,231 21,359 Other non-operating income (5,288 ) (1,689 ) (9,788 ) (6,759 ) Interest expense, net 10,874 6,288 34,020 14,325 (Loss) earnings before income taxes $ (3,038 ) $ (41,489 ) $ 82,999 $ 13,793 Income tax (benefit) expense (791 ) (8,432 ) 19,681 4,562 Net (loss) earnings $ (2,247 ) $ (33,057 ) $ 63,318 $ 9,231 Basic (loss) earnings per common share $ (0.32 ) $ (4.34 ) $ 8.64 $ 1.19 Diluted (loss) earnings per common share $ (0.32 ) $ (4.34 ) $ 8.56 $ 1.16 Note 1: The effect of the LIFO inventory valuation method on the fourth quarter pre-tax results decreased operating earnings by $2.7 million and $52.3 million for the three months ended March 31,2024 and March 31,2023, respectively. The effect of the LIFO inventory valuation method on YTD twelve months pre-tax results decreased operating earnings by $22.3 million and $131.6 million for the twelve months ended March 31,2024 and March 31,2023, respectively. Note 2: During fiscal year 2024, the Company incurred minimal restructuring charges which were partly driven by the Company’s decision to cease its Northeast trucking fleet operations, in addition to charges associated with plants that were closed in previous periods. During fiscal year 2023, the Company incurred restructuring charges primarily due to ceasing production of green beans at a plant in the Northeast. The charges mainly consisted of severance and write-downs of production equipment that was to be scrapped or sold Note 3: The Company had net other operating income of $0.6 million in fiscal year 2024, which was driven primarily by gains on the sale of non-operational assets in the Pacific Northwest, partially offset by transition service fees incurred in connection with an asset acquisition. The Company had net other operating income of $1.7 million in fiscal year 2023, which was driven primarily by gains on the sale of the Company’s western trucking fleet and an aircraft. This other operating income was partially offset by a write down of idle equipment to estimated selling price, less commission, as the assets met the criteria to be classified as held for sale. Note 4: The Company used the “two-class” method for basic earnings per share by dividing the net earnings attributable to common shareholders by the weighted average of common shares outstanding during the period.
Seneca Foods Reports Sales and Earnings for the Quarter and Twelve Months Ended March 31, 2024 (2024)
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