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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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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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 August 6, 2014 announcing Seneca Foods Corporation's results of operations for first quarter ended June 28, 2014.
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Quarter Ended
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June 28, 2014
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June 29, 2013
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Income
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Diluted
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Income
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Diluted
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||||||||||||
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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) earnings, as reported:
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$
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(0.1
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)
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$
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(0.01
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)
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$
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1.4
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$
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0.12
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||||||
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LIFO (credit) charge, after tax at statutory federal rate
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$
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(0.2
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)
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$
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(0.02
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)
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$
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3.7
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$
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0.34
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Net (loss) earnings, excluding LIFO impact
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$
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(0.3
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)
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$
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(0.03
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)
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$
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5.1
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$
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0.46
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Diluted weighted average common shares outstanding
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(in thousands)
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10,873
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10,825
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Three Months Ended
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EBITDA and FIFO EBITDA:
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June 28, 2014
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June 29, 2013
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(In thousands)
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||
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||||
Net (loss) earnings
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$
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(107)
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$
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1,347
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Income taxes expense
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402
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614
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Interest expense, net of interest income
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1,069
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1,827
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Depreciation and amortization
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5,655
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5,861
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Interest amortization
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(75)
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(75)
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EBITDA
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6,944
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9,574
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LIFO charge (credit)
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(349)
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5,798
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FIFO EBITDA
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$
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6,595
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$
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15,372
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·
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general economic and business conditions;
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·
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cost and availability of commodities and other raw materials such as vegetables, steel and packaging materials;
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·
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transportation costs;
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·
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climate and weather affecting growing conditions and crop yields;
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·
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availability of financing;
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·
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leverage and the Company's ability to service and reduce its debt;
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·
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foreign currency exchange and interest rate fluctuations;
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·
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effectiveness of the Company's marketing and trade promotion programs;
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·
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changing consumer preferences;
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·
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competition;
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·
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product liability claims;
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·
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the loss of significant customers or a substantial reduction in orders from these customers;
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·
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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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·
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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 June 28, 2014 and June 29, 2013
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(In thousands of dollars, except share data)
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Quarter
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Fiscal 2015
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Fiscal 2014
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Net sales
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$
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240,043
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$
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232,127
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Plant restructuring expense (note 2)
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$
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-
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$
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154
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Other operating loss (income) net (note 3)
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$
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279
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$
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(181
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)
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Operating income (note 1)
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$
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998
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$
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3,788
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||||
Earnings from equity investment
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(366
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)
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-
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|||||
Interest expense, net
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1,069
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1,827
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||||||
Earnings before income taxes
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$
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295
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$
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1,961
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||||
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Income taxes expense
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402
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614
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||||||
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Net (loss) earnings
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$
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(107
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)
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$
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1,347
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(Loss) earnings attributable to common stock (note 4)
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$
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(110
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)
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$
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1,298
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Basic (loss) earnings per share
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$
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(0.01
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)
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$
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0.12
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Diluted (loss) earnings per share
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$
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(0.01
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)
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$
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0.12
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Weighted average shares outstanding basic
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10,800,611
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10,752,503
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Weighted average shares outstanding diluted
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10,872,946
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10,825,508
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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
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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.
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Note 2: The three month period ended June 29, 2013 included a restructuring charge for product rationalization costs of $154,000.
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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
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unused fixed assets of $29,000.
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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
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by a loss of $571,000 to adjust the bargain purchase gain on the Sunnyside acquisition.
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Note 4: 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 11,014,974 as of June 28, 2014.
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########
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