New York
(State or Other Jurisdiction of Incorporation)
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0-01989
(Commission File Number)
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16-0733425
(IRS Employer Identification No.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit 99.1
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Press Release dated June 8, 2012, announcing Seneca Foods Corporation's results of operations for the fourth quarter and year ended March 31, 2012
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Quarter Ended
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March 31, 2012
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March 31, 2011
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Income
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Diluted
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Income
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Diluted
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(in millions)
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EPS
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(in millions)
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EPS
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Net loss, as reported:
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$ | (2.2 | ) | $ | (0.18 | ) | $ | (1.9 | ) | $ | (0.15 | ) | ||||
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LIFO charge (credit), after tax at statutory federal rate
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11.3 | 0.92 | (0.6 | ) | (0.05 | ) | ||||||||||
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Net earnings (loss), excluding LIFO impact
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$ | 9.1 | $ | 0.74 | $ | (2.5 | ) | $ | (0.20 | ) | ||||||
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Diluted weighted average common shares outstanding (in thousands)
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11,778 | 11,808 | ||||||||||||||
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Year Ended
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March 31, 2012
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March 31, 2011
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Income
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Diluted
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Income
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Diluted
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(in millions)
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EPS
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(in millions)
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EPS
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Net earnings, as reported:
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$ | 11.3 | $ | 0.92 | $ | 17.7 | $ | 1.45 | ||||||||
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LIFO charge (credit), after tax at statutory federal rate
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30.7 | 2.52 | (5.1 | ) | (0.42 | ) | ||||||||||
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Net earnings, excluding LIFO impact
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$ | 42.0 | $ | 3.44 | $ | 12.6 | $ | 1.03 | ||||||||
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Diluted weighted average common shares outstanding (in thousands)
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11,799 | 11,636 |
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Year Ended
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EBITDA and FIFO EBITDA:
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March 31, 2012
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March 31, 2011
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(In thousands)
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Net earnings
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$ | 11,256 | $ | 17,671 | ||||
Interest expense, net of interest income
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8,102 | 8,827 | ||||||
Income taxes
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6,265 | 5,796 | ||||||
Depreciation and amortization
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22,691 | 22,581 | ||||||
Interest amortization
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(364 | ) | (486 | ) | ||||
EBITDA
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47,950 | 54,389 | ||||||
LIFO charge (credit)
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47,340 | (7,852 | ) | |||||
FIFO EBITDA
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$ | 95,290 | $ | 46,537 |
·
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general economic and business conditions;
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cost and availability of commodities and other raw materials such as vegetables, steel and packaging materials;
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transportation costs;
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climate and weather affecting growing conditions and crop yields;
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availability of financing;
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leverage and the Company’s ability to service and reduce its debt;
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foreign currency exchange and interest rate fluctuations;
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effectiveness of the Company’s marketing and trade promotion programs;
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changing consumer preferences;
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competition;
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product liability claims;
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the loss of significant customers or a substantial reduction in orders from these customers;
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changes in, or the failure or inability to comply with, United States, foreign and local governmental regulations, including environmental and health and safety regulations; and
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other risks detailed from time to time in the reports filed by the Company with the SEC.
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Seneca Foods Corporation
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Unaudited Condensed Consolidated Statements of Net Earnings
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For the Periods Ended March 31, 2012 and 2011
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(In thousands of dollars, except share data)
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Quarter
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Year-to-Date
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Fiscal 2012
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Fiscal 2011
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Fiscal 2012
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Fiscal 2011
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Net sales
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$ | 271,204 | $ | 252,972 | $ | 1,261,821 | $ | 1,194,612 | ||||||||
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Plant restructuring expense (note 3)
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$ | - | $ | 34 | $ | 39 | $ | 1,354 | ||||||||
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Other operating (loss) income, net (note 4)
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$ | (62 | ) | $ | 40 | $ | 814 | $ | 844 | |||||||
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Operating (loss) income (notes 1 and 2)
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$ | (1,752 | ) | $ | (1,109 | ) | $ | 25,623 | $ | 32,294 | ||||||
Interest expense, net
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2,272 | 2,237 | 8,102 | 8,827 | ||||||||||||
(Loss) earnings before income taxes
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$ | (4,024 | ) | $ | (3,346 | ) | $ | 17,521 | $ | 23,467 | ||||||
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Income taxes (benefit) expense (note 5)
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(1,842 | ) | (1,469 | ) | 6,265 | 5,796 | ||||||||||
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Net (loss) earnings
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$ | (2,182 | ) | $ | (1,877 | ) | $ | 11,256 | $ | 17,671 | ||||||
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(Loss) earnings attributable to common stock (note 6)
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$ | (2,114 | ) | $ | (1,819 | ) | $ | 10,851 | $ | 16,797 | ||||||
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Basic (loss) earnings per share
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$ | (0.18 | ) | $ | (0.15 | ) | $ | 0.93 | $ | 1.45 | ||||||
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Diluted (loss) earnings per share
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$ | (0.18 | ) | $ | (0.15 | ) | $ | 0.92 | $ | 1.45 | ||||||
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Weighted average shares outstanding basic
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11,706,493 | 11,735,631 | 11,726,801 | 11,563,956 | ||||||||||||
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Weighted average shares outstanding diluted
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11,778,009 | 11,807,700 | 11,799,151 | 11,636,025 |
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Note 1: The effect of the LIFO inventory valuation method on fourth quarter pre-tax results was to reduce operating earnings by $17,285,000 for the
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three month period ended March 31, 2012 and increase operating earnings $962,000 for the three month period ended March 31, 2011.
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Note 2: The effect of the LIFO inventory valuation method on year-to-date pre-tax results was to reduce operating earnings by $47,340,000 for the
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year ended March 31, 2012 and increase operating earnings by $7,852,000, for the year ended March 31, 2011.
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Note 3: The three month period ended March 31, 2011 included a restructuring charge for severance costs of $34,000.
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The years ended March 31 2012 and 2011 include a restructuring charge for severance costs of
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$39,000 and $1,354,000, respectively.
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Note 4: Other income for the current year of $814,000 represents a net gain on the sale of unused fixed assets.
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Other income for the prior year of $844,000 represents a gain of $736,000 related to the acquisition of Lebanon, a gain from the
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reversal of an environmental reserve of $250,000 and a net loss of $142,000 on the sale of unused fixed assets.
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Note 5: The year ended March 31, 2011 includes a tax benefit of $1,519,000 mostly related to the settlement of an
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audit of fiscal years 2006, 2007, and 2008 with the Internal Revenue Service.
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Note 6: The Company uses the "two-class" method for basic earnings per share by dividing the earnings attributable to common shareholders
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by the weighted average of common shares outstanding during the period. The diluted earnings per share includes the effect of
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convertible shares for each period presented. Common and participating shares totaled 12,099,649 as of March 31, 2012.
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########
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