For the Quarter Ended September 27, 2014
|
Commission File Number 0-01989
|
New York
|
160733425
|
(State or other jurisdiction of
|
(I. R. S. Employer
|
incorporation or organization)
|
Identification No.)
|
3736 South Main Street, Marion, New York
|
14505
|
(Address of principal executive offices)
|
(Zip Code)
|
Class
|
Shares Outstanding at October 17, 2014
|
Common Stock Class A, $.25 Par
|
8,717,440
|
Common Stock Class B, $.25 Par
|
2,015,673
|
Seneca Foods Corporation
|
|||||
Quarterly Report on Form 10-Q
|
|||||
Table of Contents
|
|||||
Page
|
|||||
PART 1
|
FINANCIAL INFORMATION
|
||||
Item 1
|
Financial Statements:
|
||||
1
|
|||||
March 31, 2014
|
|||||
September 27, 2014 and September 28, 2013
|
2
|
||||
September 27, 2014 and September 28, 2013
|
2
|
||||
September 27, 2014 and September 28, 2013
|
3
|
||||
September 27, 2014
|
4
|
||||
5
|
|||||
Item 2
|
|||||
and Results of Operations
|
11
|
||||
Item 3
|
17
|
||||
Item 4
|
18
|
||||
PART II
|
|||||
Item 1
|
19
|
||||
Item 1A
|
19
|
||||
Item 2
|
19
|
||||
Item 3
|
19
|
||||
Item 4
|
19
|
||||
Item 5
|
19
|
||||
Item 6
|
19
|
||||
21
|
SENECA FOODS CORPORATION AND SUBSIDIARIES
|
||||||||||||
(In Thousands, Except Per Share Data)
|
||||||||||||
Unaudited
|
Unaudited
|
|||||||||||
September 27,
|
September 28,
|
March 31,
|
||||||||||
2014
|
2013
|
2014
|
||||||||||
ASSETS
|
||||||||||||
Current Assets:
|
||||||||||||
Cash and Cash Equivalents
|
$
|
14,037
|
$
|
17,139
|
$
|
13,839
|
||||||
Accounts Receivable, Net
|
80,981
|
96,089
|
76,964
|
|||||||||
Inventories
|
||||||||||||
Finished Goods
|
591,841
|
655,058
|
304,955
|
|||||||||
Work in Process
|
18,358
|
8,450
|
12,353
|
|||||||||
Raw Materials and Supplies
|
121,328
|
95,146
|
133,942
|
|||||||||
Total Inventories
|
731,527
|
758,654
|
451,250
|
|||||||||
Deferred Income Taxes, Net
|
8,314
|
10,946
|
8,412
|
|||||||||
Refundable Income Taxes
|
1,439
|
-
|
-
|
|||||||||
Other Current Assets
|
21,614
|
36,398
|
33,594
|
|||||||||
Total Current Assets
|
857,912
|
919,226
|
584,059
|
|||||||||
Property, Plant and Equipment, Net
|
189,397
|
184,882
|
183,917
|
|||||||||
Deferred Income Tax Asset, Net
|
-
|
5,205
|
-
|
|||||||||
Other Assets
|
17,380
|
1,010
|
877
|
|||||||||
Total Assets
|
$
|
1,064,689
|
$
|
1,110,323
|
$
|
768,853
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||
Current Liabilities:
|
||||||||||||
Notes Payable
|
$
|
4,880
|
$
|
4,392
|
$
|
12,255
|
||||||
Accounts Payable
|
243,624
|
298,517
|
71,219
|
|||||||||
Accrued Vacation
|
11,206
|
11,057
|
10,997
|
|||||||||
Accrued Payroll
|
10,917
|
13,481
|
7,516
|
|||||||||
Other Accrued Expenses
|
35,086
|
37,861
|
26,111
|
|||||||||
Income Taxes Payable
|
-
|
468
|
913
|
|||||||||
Current Portion of Long-Term Debt
|
2,449
|
2,101
|
2,277
|
|||||||||
Total Current Liabilities
|
308,162
|
367,877
|
131,288
|
|||||||||
Long-Term Debt, Less Current Portion
|
342,154
|
322,959
|
216,239
|
|||||||||
Deferred Income Taxes, Net
|
1,126
|
-
|
339
|
|||||||||
Other Long-Term Liabilities
|
29,406
|
44,889
|
27,355
|
|||||||||
Total Liabilities
|
680,848
|
735,725
|
375,221
|
|||||||||
Commitments and Contingencies
|
||||||||||||
Stockholders' Equity:
|
||||||||||||
Preferred Stock
|
2,119
|
5,410
|
5,332
|
|||||||||
Common Stock, $.25 Par Value Per Share
|
3,010
|
2,955
|
2,958
|
|||||||||
Additional Paid-in Capital
|
96,528
|
93,135
|
93,260
|
|||||||||
Treasury Stock, at Cost
|
(39,095
|
)
|
(31,764
|
)
|
(29,894
|
)
|
||||||
Accumulated Other Comprehensive Loss
|
(11,252
|
)
|
(22,548
|
)
|
(11,252
|
)
|
||||||
Retained Earnings
|
332,531
|
327,410
|
333,228
|
|||||||||
Total Stockholders' Equity
|
383,841
|
374,598
|
393,632
|
|||||||||
Total Liabilities and Stockholders' Equity
|
$
|
1,064,689
|
$
|
1,110,323
|
$
|
768,853
|
||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
|
SENECA FOODS CORPORATION AND SUBSIDIARIES
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
(In Thousands, Except Per Share Data)
|
||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
September 27,
|
September 28,
|
September 27,
|
September 28,
|
|||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Net Sales
|
$
|
312,161
|
$
|
336,628
|
$
|
552,204
|
$
|
568,755
|
||||||||
Costs and Expenses:
|
||||||||||||||||
Cost of Product Sold
|
295,357
|
314,249
|
518,404
|
526,696
|
||||||||||||
Selling and Administrative
|
16,203
|
15,856
|
31,922
|
31,775
|
||||||||||||
Plant Restructuring
|
-
|
347
|
-
|
501
|
||||||||||||
Other Operating (Income) Loss
|
(85
|
)
|
(607
|
)
|
194
|
(788
|
)
|
|||||||||
Total Costs and Expenses
|
311,475
|
329,845
|
550,520
|
558,184
|
||||||||||||
Operating Income
|
686
|
6,783
|
1,684
|
10,571
|
||||||||||||
Loss (Earnings) From Equity Investment
|
80
|
-
|
(286
|
)
|
-
|
|||||||||||
Interest Expense, Net
|
1,417
|
1,548
|
2,486
|
3,375
|
||||||||||||
(Loss) Earnings Before Income Taxes
|
(811
|
)
|
5,235
|
(516
|
)
|
7,196
|
||||||||||
Income Taxes (Benefit) Expense
|
(233
|
)
|
(1,368
|
)
|
169
|
(754
|
)
|
|||||||||
Net (Loss) Earnings
|
$
|
(578
|
)
|
$
|
6,603
|
$
|
(685
|
)
|
$
|
7,950
|
||||||
(Loss) Earnings Applicable to Common Stock
|
$
|
(576
|
)
|
$
|
6,387
|
$
|
(684
|
)
|
$
|
7,685
|
||||||
Basic (Loss) Earnings per Common Share
|
$
|
(0.05
|
)
|
$
|
0.59
|
$
|
(0.06
|
)
|
$
|
0.71
|
||||||
Diluted (Loss) Earnings per Common Share
|
$
|
(0.05
|
)
|
$
|
0.59
|
$
|
(0.06
|
)
|
$
|
0.71
|
||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
|
SENECA FOODS CORPORATION AND SUBSIDIARIES
|
|||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||
(In Thousands)
|
|||||||||||||||||||||
Three Months Ended
|
Six Months Ended
|
||||||||||||||||||||
September 27,
|
September 28,
|
September 27,
|
September 28,
|
||||||||||||||||||
2014
|
2013
|
2014
|
2013
|
||||||||||||||||||
Comprehensive (loss) income:
|
|||||||||||||||||||||
Net (loss) earnings
|
|
$
|
(578
|
)
|
$
|
6,603
|
$
|
(685
|
)
|
|
$
|
7,950
|
|||||||||
Change in pension and post retirement benefits (net of tax)
|
-
|
-
|
-
|
-
|
|||||||||||||||||
Total
|
|
$
|
(578
|
)
|
$
|
6,603
|
$
|
(685
|
)
|
|
$
|
7,950
|
|||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
|
SENECA FOODS CORPORATION AND SUBSIDIARIES
|
(Unaudited)
|
||||||||
(In Thousands)
|
||||||||
Six Months Ended
|
||||||||
September 27, 2014
|
September 28, 2013
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net (Loss) Earnings
|
$
|
(685
|
)
|
$
|
7,950
|
|||
Adjustments to Reconcile Net (Loss) Earnings to
|
||||||||
Net Cash Used in Operations:
|
||||||||
Depreciation & Amortization
|
11,142
|
11,679
|
||||||
Gain on the Sale of Assets
|
(56
|
)
|
(869
|
)
|
||||
Impairment Provision
|
-
|
501
|
||||||
Deferred Income Tax Expense (Benefit)
|
885
|
(4,654
|
)
|
|||||
Changes in Operating Assets and Liabilities:
|
||||||||
Accounts Receivable
|
(4,017
|
)
|
(13,156
|
)
|
||||
Inventories
|
(280,277
|
)
|
(279,084
|
)
|
||||
Other Current Assets
|
11,980
|
(11,099
|
)
|
|||||
Income Taxes
|
(2,352
|
)
|
(3,632
|
)
|
||||
Accounts Payable, Accrued Expenses
|
||||||||
and Other Liabilities
|
186,713
|
244,010
|
||||||
Net Cash Used in Operations
|
(76,667
|
)
|
(48,354
|
)
|
||||
Cash Flows from Investing Activities:
|
||||||||
Additions to Property, Plant and Equipment
|
(16,665
|
)
|
(8,412
|
)
|
||||
Proceeds from the Sale of Assets
|
270
|
970
|
||||||
Purchase Equity Method Investment
|
(16,308
|
)
|
-
|
|||||
Net Cash Used in Investing Activities
|
(32,703
|
)
|
(7,442
|
)
|
||||
Cash Flow from Financing Activities:
|
||||||||
Long-Term Borrowing
|
199,232
|
261,823
|
||||||
Payments on Long-Term Debt
|
(73,145
|
)
|
(206,949
|
)
|
||||
(Payment) Borrowings on Notes Payable
|
(7,375
|
)
|
4,392
|
|||||
Other
|
69
|
137
|
||||||
Purchase of Treasury Stock
|
(9,201
|
)
|
(560
|
)
|
||||
Dividends
|
(12
|
)
|
(12
|
)
|
||||
Net Cash Provided by Financing Activities
|
109,568
|
58,831
|
||||||
Net Increase in Cash and Cash Equivalents
|
198
|
3,035
|
||||||
Cash and Cash Equivalents, Beginning of the Period
|
13,839
|
14,104
|
||||||
Cash and Cash Equivalents, End of the Period
|
$
|
14,037
|
$
|
17,139
|
||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
|
SENECA FOODS CORPORATION AND SUBSIDIARIES
|
(Unaudited)
|
(In Thousands)
|
Additional
|
Accumulated Other
|
|||||||||||||||||||||||
Preferred
|
Common
|
Paid-In
|
Treasury
|
Comprehensive
|
Retained
|
|||||||||||||||||||
Stock
|
Stock
|
Capital
|
Stock
|
Loss
|
Earnings
|
|||||||||||||||||||
Balance March 31, 2014
|
$
|
5,332
|
$
|
2,958
|
$
|
93,260
|
$
|
(29,894
|
)
|
$
|
(11,252
|
)
|
$
|
333,228
|
||||||||||
Net loss
|
-
|
-
|
-
|
-
|
-
|
(685
|
)
|
|||||||||||||||||
Cash dividends paid
|
||||||||||||||||||||||||
on preferred stock
|
-
|
-
|
-
|
-
|
-
|
(12
|
)
|
|||||||||||||||||
Equity incentive program
|
-
|
-
|
50
|
-
|
-
|
-
|
||||||||||||||||||
Stock issued for profit sharing plan
|
-
|
1
|
56
|
-
|
-
|
-
|
||||||||||||||||||
Preferred stock conversion
|
(3,213
|
)
|
51
|
3,162
|
-
|
-
|
-
|
|||||||||||||||||
Purchase treasury stock
|
-
|
-
|
-
|
(9,201
|
)
|
-
|
-
|
|||||||||||||||||
Balance September 27, 2014
|
$
|
2,119
|
$
|
3,010
|
$
|
96,528
|
$
|
(39,095
|
)
|
$
|
(11,252
|
)
|
$
|
332,531
|
||||||||||
Second Quarter
|
Year-to-Date
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(In thousands)
|
(In thousands)
|
|||||||||||||||
Reported end of period:
|
||||||||||||||||
Outstanding borrowings
|
$
|
302,220
|
$
|
282,000
|
$
|
302,220
|
$
|
282,000
|
||||||||
Weighted average interest rate
|
1.45
|
%
|
1.68
|
%
|
1.45
|
%
|
1.68
|
%
|
||||||||
Reported during the period:
|
||||||||||||||||
Maximum amount of borrowings
|
$
|
302,220
|
$
|
292,578
|
$
|
302,220
|
$
|
292,578
|
||||||||
Average outstanding borrowings
|
239,585
|
227,234
|
205,880
|
192,360
|
||||||||||||
Weighted average interest rate
|
1.42
|
%
|
1.70
|
%
|
1.49
|
%
|
1.71
|
%
|
6. | The net periodic benefit cost for the Company's pension plan consisted of: |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
September 27,
|
September 28,
|
September 27,
|
September 28,
|
|||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Service Cost
|
$
|
1,868
|
$
|
1,863
|
$
|
3,736
|
$
|
3,726
|
||||||||
Interest Cost
|
2,032
|
1,890
|
4,064
|
3,780
|
||||||||||||
Expected Return on Plan Assets
|
(2,740
|
)
|
(2,373
|
)
|
(5,480
|
)
|
(4,745
|
)
|
||||||||
Amortization of Actuarial Loss
|
31
|
584
|
61
|
1,167
|
||||||||||||
Net Periodic Benefit Cost
|
$
|
1,191
|
$
|
1,964
|
$
|
2,381
|
$
|
3,928
|
9. | Earnings (loss) per share for the Quarters Ended September 27, 2014 and September 28, 2013 are as follows: |
Q U A R T E R
|
YEAR TO DATE
|
|||||||||||||||
Fiscal
|
Fiscal
|
Fiscal
|
Fiscal
|
|||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(In thousands, except per share amounts)
|
||||||||||||||||
Basic
|
||||||||||||||||
Net (loss) earnings
|
$
|
(578
|
)
|
$
|
6,603
|
$
|
(685
|
)
|
$
|
7,950
|
||||||
Deduct preferred stock dividends paid
|
6
|
6
|
12
|
12
|
||||||||||||
Undistributed (loss) earnings
|
(584
|
)
|
6,597
|
(697
|
)
|
7,938
|
||||||||||
(Loss) earnings attributable to participating preferred
|
(8
|
)
|
210
|
(13
|
)
|
253
|
||||||||||
(Loss) earnings attributable to common shareholders
|
$
|
(576
|
)
|
$
|
6,387
|
$
|
(684
|
)
|
$
|
7,685
|
||||||
Weighted average common shares outstanding
|
10,774
|
10,748
|
10,787
|
10,750
|
||||||||||||
Basic (loss) earnings per common share
|
$
|
(0.05
|
)
|
$
|
0.59
|
$
|
(0.06
|
)
|
$
|
0.71
|
||||||
Diluted
|
||||||||||||||||
(Loss) earnings attributable to common shareholders
|
$
|
(576
|
)
|
$
|
6,387
|
$
|
(684
|
)
|
$
|
7,685
|
||||||
Add dividends on convertible preferred stock
|
5
|
5
|
10
|
10
|
||||||||||||
(Loss) Earnings attributable to common stock on a diluted basis
|
$
|
(571
|
)
|
$
|
6,392
|
$
|
(674
|
)
|
$
|
7,695
|
||||||
Weighted average common shares outstanding-basic
|
10,774
|
10,748
|
10,787
|
10,750
|
||||||||||||
Additional shares issuable related to the
|
||||||||||||||||
equity compensation plan
|
4
|
4
|
4
|
4
|
||||||||||||
Additional shares to be issued under full
|
||||||||||||||||
conversion of preferred stock
|
67
|
67
|
67
|
67
|
||||||||||||
Total shares for diluted
|
10,845
|
10,819
|
10,858
|
10,821
|
||||||||||||
Diluted (loss) earnings per common share
|
$
|
(0.05
|
)
|
$
|
0.59
|
$
|
(0.06
|
)
|
$
|
0.71
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
September 27,
|
September 28,
|
September 27,
|
September 28,
|
|||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Canned Vegetables
|
$
|
176.6
|
$
|
175.7
|
$
|
330.7
|
$
|
318.3
|
||||||||
GMOL*
|
49.6
|
65.2
|
54.7
|
74.4
|
||||||||||||
Frozen
|
23.0
|
24.7
|
47.3
|
49.3
|
||||||||||||
Fruit Products
|
53.5
|
62.5
|
100.6
|
111.4
|
||||||||||||
Snack
|
3.5
|
3.3
|
6.3
|
5.8
|
||||||||||||
Other
|
6.0
|
5.2
|
12.6
|
9.6
|
||||||||||||
$
|
312.2
|
$
|
336.6
|
$
|
552.2
|
$
|
568.8
|
|||||||||
*GMOL includes frozen vegetable sales exclusively for GMOL.
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
September 27,
|
September 28,
|
September 27,
|
September 28,
|
|||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Gross Margin
|
5.4
|
%
|
6.6
|
%
|
6.1
|
%
|
7.4
|
%
|
||||||||
Selling
|
2.7
|
%
|
2.6
|
%
|
3.0
|
%
|
3.0
|
%
|
||||||||
Administrative
|
2.5
|
%
|
2.1
|
%
|
2.8
|
%
|
2.6
|
%
|
||||||||
Plant Restructuring
|
-
|
%
|
0.1
|
%
|
-
|
%
|
0.1
|
%
|
||||||||
Other Operating Income
|
-
|
%
|
(0.2
|
)%
|
-
|
%
|
(0.1
|
)%
|
||||||||
Operating Income
|
0.2
|
%
|
2.0
|
%
|
0.3
|
%
|
1.8
|
%
|
||||||||
Interest Expense, Net
|
0.5
|
%
|
0.5
|
%
|
0.5
|
%
|
0.6
|
%
|
||||||||
September 27,
|
September 28,
|
March 31,
|
March 31,
|
|||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Working capital:
|
||||||||||||||||
Balance
|
$
|
549,750
|
$
|
551,349
|
$
|
452,771
|
$
|
446,899
|
||||||||
Change during quarter
|
119,275
|
138,202
|
||||||||||||||
Long-term debt, less current portion
|
342,154
|
322,959
|
216,239
|
230,016
|
||||||||||||
Total stockholders' equity per equivalent
|
||||||||||||||||
common share (see Note)
|
35.08
|
33.55
|
35.25
|
32.83
|
||||||||||||
Stockholders' equity per common share
|
35.56
|
34.36
|
36.12
|
33.62
|
||||||||||||
Current ratio
|
2.78
|
2.50
|
4.45
|
3.80
|
|
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;
|
|
the 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, U.S., 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.
|
Total Number of
|
Average Price Paid
|
Total Number
|
Maximum Number
|
||||||||||||||||||
Shares Purchased
|
per Share
|
of Shares
|
(or Approximate
|
||||||||||||||||||
Purchased as
|
Dollar Value) or
|
||||||||||||||||||||
Part of Publicly
|
Shares that May
|
||||||||||||||||||||
Announced
|
Yet Be Purchased
|
||||||||||||||||||||
Class A
|
Class B
|
Class A
|
Class B
|
Plans or
|
Under the Plans or
|
||||||||||||||||
Period
|
Common
|
Common
|
Common
|
Common
|
Programs
|
Programs
|
|||||||||||||||
7/01/2014 –
|
|||||||||||||||||||||
7/31/2014
|
-
|
-
|
$
|
-
|
$
|
-
|
-
|
||||||||||||||
8/01/2014 –
|
|||||||||||||||||||||
8/31/2014
|
20,800
|
(1)
|
-
|
$
|
29.83
|
$
|
-
|
6,000
|
|||||||||||||
9/01/2014 –
|
-
|
$
|
-
|
||||||||||||||||||
9/30/2014
|
47,400
|
$
|
30.05
|
47,400
|
|||||||||||||||||
Total
|
68,200
|
-
|
$
|
29.98
|
$
|
-
|
53,400
|
584,814
|
31.1 | Certification of Kraig H. Kayser pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith) |
31.2 | Certification of Timothy J. Benjamin pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith) |
32 | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith) |
101 | The following materials from Seneca Foods Corporation's Quarterly Report on Form 10-Q for the quarter and six months ended September 27, 2014, formatted in XBRL (eXtensible Business Reporting Language): (i) consolidated balance sheets, (ii) consolidated statements of net earnings, (iii) condensed consolidated statements of comprehensive income, (iv) consolidated statements of cash flows, (v) consolidated statement of stockholders' equity and (vi) the notes to the consolidated financial statements.** |
1.
|
I have reviewed this quarterly report on Form 10-Q of Seneca Foods Corporation;
|
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and |
5. | The Registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. |
1.
|
I have reviewed this quarterly report on Form 10-Q of Seneca Foods Corporation;
|
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and |
5. | The Registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. |
|
|
|
|
CERTIFICATION PURSUANT TO
|
18. U.S.C. SECTION 1350,
|
AS ADOPTED PURSUANT TO
|
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
|
|
|
In connection with the Quarterly Report of Seneca Foods Corporation (the "Registrant") on Form 10-Q for the period ended September 27, 2014 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), we, Kraig H. Kayser, Chief Executive Officer and Timothy J. Benjamin, Chief Financial Officer of the Registrant, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to 906 of the Sarbanes-Oxley Act of 2002, that, to our knowledge:
|
|
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
(2) The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
|
/s/Kraig H. Kayser
|
Kraig H. Kayser
Chief Executive Officer |
October 23, 2014
|
|
/s/ Timothy J. Benjamin
|
Timothy J. Benjamin
Chief Financial Officer |
October 23, 2014
|
26
|
Interim Lease Funding (detail) (USD $)
|
Sep. 27, 2014
|
Mar. 31, 2014
|
Sep. 28, 2013
|
---|---|---|---|
Operating Leases Income Statement [Abstract] | |||
Notes Payable | $ 4,880,000 | $ 12,255,000 | $ 4,392,000 |
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