0000088948-14-000025.txt : 20140806 0000088948-14-000025.hdr.sgml : 20140806 20140806164753 ACCESSION NUMBER: 0000088948-14-000025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20140806 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140806 DATE AS OF CHANGE: 20140806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Seneca Foods Corp CENTRAL INDEX KEY: 0000088948 STANDARD INDUSTRIAL CLASSIFICATION: CANNED, FRUITS, VEG & PRESERVES, JAMS & JELLIES [2033] IRS NUMBER: 160733425 STATE OF INCORPORATION: NY FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-01989 FILM NUMBER: 141020561 BUSINESS ADDRESS: STREET 1: 3736 SOUTH MAIN STREET CITY: MARION STATE: NY ZIP: 14505 BUSINESS PHONE: 315 926 8100 MAIL ADDRESS: STREET 1: 3736 SOUTH MAIN STREET CITY: MARION STATE: NY ZIP: 14505 FORMER COMPANY: FORMER CONFORMED NAME: SENECA FOODS CORP /NY/ DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PIERCE S S COMPANY INC DATE OF NAME CHANGE: 19861210 FORMER COMPANY: FORMER CONFORMED NAME: SENECA FOODS CORP DATE OF NAME CHANGE: 19780425 8-K 1 a8k08062014.htm FIRST QUARTER EARNINGS 8-K FY 2015
UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

__________________________

FORM 8-K

Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (date of earliest event reported): August  6, 2014


SENECA FOODS CORPORATION
(Exact Name of Registrant as Specified in its Charter)


New York
(State or Other Jurisdiction of Incorporation)
0-01989
(Commission File Number)
16-0733425
(IRS Employer Identification No.)

3736 South Main Street, Marion, New York 14505-9751
(Address of Principal Executive Offices, including zip code)

(315) 926-8100
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Item 2.02                      Results of Operations and Financial Condition

On August 6, 2014, Seneca Foods Corporation (the "Corporation") issued a press release on its financial results for the first quarter ended June 28, 2014 furnished as Exhibit 99.1, attached hereto.
 
Item 9.01       Financial Statements and Exhibits.

(d)           Exhibits

Exhibit 99.1
Press Release dated August 6, 2014 announcing Seneca Foods Corporation's results of operations for first quarter ended June 28, 2014.
 
 

 




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amended report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:                    August 6, 2014

SENECA FOODS CORPORATION


By: /s/Jeffrey L. Van Riper
Jeffrey L. Van Riper
Controller and Secretary

EX-99 2 ex9908062014.htm EXHIBIT 99 Q1 FY 2015 EARNINGS
 

Seneca Foods Reports Net Sales Increase of $7.9 Million for the Quarter Ended June 28, 2014

MARION, N.Y. August 6, 2014 -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) reported for the first quarter of 2015, a net loss of $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.

Excluding a non-cash after-tax LIFO credit of $0.2 million, net loss per diluted share was $(0.03) during the quarter ended June 28, 2014 versus $0.46 net earnings per diluted share during the quarter ended June 29, 2013, which included a non-cash LIFO charge of $3.7 million.

About Seneca Foods Corporation
Seneca Foods is North America's leading provider of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from over 2,000 American farms.  Seneca holds the largest share of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries.   Products are also sold under the highly regarded brands of Libby's®, Aunt Nellie's®, READ®, Seneca Farms® and Seneca labels, including Seneca snack chips.  In addition, Seneca provides vegetable products under an alliance with General Mills Operations, LLC, a subsidiary of General Mills, Inc., under the Green Giant label.   Seneca's common stock is traded on the Nasdaq Global Stock Market under the symbols "SENEA" and "SENEB". SENEA is included the S&P SmallCap 600, Russell 2000 and Russell 3000 indices.

Non-GAAP Financial Measures—Net Earnings Excluding LIFO Impact, EBITDA and FIFO EBITDA

Net Earnings excluding LIFO, EBITDA and FIFO EBITDA are non-GAAP financial measures. The Company believes these non-GAAP financial measures provide a basis for comparison to companies that do not use LIFO and enhance the understanding of the Company's historical 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 net earnings and reported diluted earnings per share to net earnings excluding LIFO and diluted earnings per share excluding LIFO.


 
 
Quarter Ended
 
 
 
June 28, 2014
   
June 29, 2013
 
 
 
Income
   
Diluted
   
Income
   
Diluted
 
 
 
(in millions)
   
EPS
   
(in millions)
   
EPS
 
 
 
   
   
   
 
Net (loss) earnings, as reported:
 
$
(0.1
)
 
$
(0.01
)
 
$
1.4
   
$
0.12
 
 
                               
LIFO (credit) charge, after tax at statutory federal rate
 
$
(0.2
)
 
$
(0.02
)
 
$
3.7
   
$
0.34
 
 
                               
Net (loss) earnings, excluding LIFO impact
 
$
(0.3
)
 
$
(0.03
)
 
$
5.1
   
$
0.46
 
 
                               
  Diluted weighted average common shares outstanding
                               
    (in thousands)
           
10,873
             
10,825
 
 
                               
 
                               

Set forth below is a reconciliation of reported net earnings to EBITDA and FIFO EBITDA (earnings before interest, income taxes, depreciation, amortization, non-cash charges and credits 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.

 
 
Three Months Ended
EBITDA and FIFO EBITDA:
 
June 28, 2014
 
June 29, 2013
 
 
(In thousands)
 
Net (loss) earnings
$
(107)
$
1,347 
Income taxes expense
 
402 
 
614 
Interest expense, net of interest income
 
1,069 
 
1,827 
Depreciation and amortization
 
5,655 
 
5,861 
Interest amortization
 
(75)
 
(75)
EBITDA
 
6,944 
 
9,574 
LIFO charge (credit)
 
(349)
 
5,798 
FIFO EBITDA
$
6,595 
$
15,372 


Forward-Looking Information

The information contained in this release contains, or may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements appear in a number of places in this release and include statements regarding the intent, belief or current expectations of the Company or its officers (including statements preceded by, followed by or that include the words "believes," "expects," "anticipates" or similar expressions) with respect to various matters.

Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.  Investors are cautioned not to place undue reliance on such statements, which speak only as of the date the statements were made.  Among the factors that could cause actual results to differ materially are:

·
general economic and business conditions;
·
cost and availability of commodities and other raw materials such as vegetables, steel and packaging materials;
·
transportation costs;
·
climate and weather affecting growing conditions and crop yields;
·
availability of financing;
·
leverage and the Company's ability to service and reduce its debt;
·
foreign currency exchange and interest rate fluctuations;
·
effectiveness of the Company's marketing and trade promotion programs;
·
changing consumer preferences;
·
competition;
·
product liability claims;
·
the loss of significant customers or a substantial reduction in orders from these customers;
·
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
·
other risks detailed from time to time in the reports filed by the Company with the SEC.

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 circumstances after the date of the filing of this report or to reflect the occurrence of unanticipated events.


Contact:
Timothy J. Benjamin, Chief Financial Officer
315-926-8100


Seneca Foods Corporation
 
Unaudited Condensed Consolidated Statements of Net Earnings
 
For the Periods Ended June 28, 2014 and June 29, 2013
 
(In thousands of dollars, except share data)
 
 
   
 
 
Quarter
 
 
Fiscal 2015
   
Fiscal 2014
 
 
   
 
Net sales
 
$
240,043
   
$
232,127
 
 
               
Plant restructuring expense (note 2)
 
$
-
   
$
154
 
 
               
Other operating loss (income) net (note 3)
 
$
279
   
$
(181
)
 
               
Operating income (note 1)
 
$
998
   
$
3,788
 
Earnings from equity investment
   
(366
)
   
-
 
Interest expense, net
   
1,069
     
1,827
 
Earnings before income taxes
 
$
295
   
$
1,961
 
 
               
Income taxes expense
   
402
     
614
 
 
               
Net (loss) earnings
 
$
(107
)
 
$
1,347
 
 
               
(Loss) earnings attributable to common stock (note 4)
 
$
(110
)
 
$
1,298
 
 
               
Basic (loss) earnings per share
 
$
(0.01
)
 
$
0.12
 
 
               
Diluted (loss) earnings per share
 
$
(0.01
)
 
$
0.12
 
 
               
Weighted average shares outstanding basic
   
10,800,611
     
10,752,503
 
 
               
Weighted average shares outstanding diluted
   
10,872,946
     
10,825,508
 
 
               
Note 1: The effect of the LIFO inventory valuation method on first quarter pre-tax results was to increase operating earnings by $349,000 for
 
the three month period ended June 28, 2014 and reduces operating earnings by $5,798,000 for the three month period ended June 29, 2013.
 
Note 2: The three month period ended June 29, 2013 included a restructuring charge for product rationalization costs of $154,000.
 
Note 3: Other loss for the current year of $279,000 represents a $250,000 charge related to environmental accrual and net loss on the sale of
 
unused fixed assets of $29,000.
 
Other income for the prior year of $181,000 represents a net gain on the sale of unused fixed assets of $752,000 partially offset
 
by a loss of $571,000 to adjust the bargain purchase gain on the Sunnyside acquisition.
 
Note 4: The Company uses the "two-class" method for basic earnings per share by dividing the earnings attributable to common shareholders
 
by the weighted average of common shares outstanding during the period. The diluted earnings per share includes the effect of
 
convertible shares for each period presented. Common and participating shares totaled 11,014,974 as of June 28, 2014.
 
 
 ########
       
 
               
 

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