New York
(State or Other Jurisdiction of Incorporation)
|
0-01989
(Commission File Number)
|
16-0733425
(IRS Employer Identification No.)
|
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))
|
Exhibit 99.1
|
Press Release dated June 8, 2016 announcing Seneca Foods Corporation's results of operations for fourth quarter and year ended March 31, 2016.
|
|
|
Quarter Ended
|
||||||||||||||||
March 31, 2016
|
March 31, 2015
|
|||||||||||||||
Income
|
Diluted
|
Income
|
Diluted
|
|||||||||||||
(in millions)
|
EPS
|
(in millions)
|
EPS
|
|||||||||||||
Net earnings, as reported:
|
|
$
|
13.8
|
|
$
|
1.38
|
|
$
|
2.8
|
|
$
|
0.26
|
||||
LIFO credit, after tax at statutory federal rate
|
(7.5
|
)
|
(0.75
|
)
|
(0.1
|
)
|
(0.01
|
)
|
||||||||
Net earnings, excluding LIFO impact
|
|
$
|
6.3
|
|
$
|
0.63
|
|
$
|
2.7
|
|
$
|
0.25
|
||||
Diluted weighted average common shares outstanding (in thousands)
|
9,910
|
10,525
|
||||||||||||||
Year Ended
|
||||||||||||||||
March 31, 2016
|
March 31, 2015
|
|||||||||||||||
Income
|
Diluted
|
Income
|
Diluted
|
|||||||||||||
(in millions)
|
EPS
|
(in millions)
|
EPS
|
|||||||||||||
Net earnings, as reported:
|
|
$
|
54.5
|
|
$
|
5.42
|
|
$
|
9.9
|
|
$
|
0.90
|
||||
LIFO (credit) charge, after tax at statutory federal rate
|
(16.1
|
)
|
(1.60
|
)
|
6.9
|
0.64
|
||||||||||
Net earnings, excluding LIFO impact
|
|
$
|
38.4
|
|
$
|
3.82
|
|
$
|
16.8
|
|
$
|
1.54
|
||||
Diluted weighted average common shares outstanding (in thousands)
|
9,948
|
10,762
|
Year Ended
|
||||||||
EBITDA and FIFO EBITDA:
|
March 31, 2016
|
March 31, 2015
|
||||||
(In thousands)
|
||||||||
Net earnings
|
$
|
54,458
|
$
|
9,899
|
||||
Interest expense, net of interest income
|
8,044
|
6,862
|
||||||
Income tax expense
|
25,999
|
4,221
|
||||||
Depreciation and amortization
|
21,737
|
21,834
|
||||||
Interest amortization
|
(300
|
)
|
(299
|
)
|
||||
EBITDA
|
109,938
|
42,517
|
||||||
LIFO (credit) charge
|
(24,792
|
)
|
10,683
|
|||||
FIFO EBITDA
|
$
|
85,146
|
$
|
53,200
|
·
|
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.
|
Seneca Foods Corporation
|
||||||||||||||||
Unaudited Condensed Consolidated Statements of Net Earnings
|
||||||||||||||||
For the Years Ended March 31, 2016 and 2015
|
||||||||||||||||
(In thousands of dollars, except share data)
|
||||||||||||||||
Quarter
|
Year-to-Date
|
|||||||||||||||
Fiscal 2016
|
Fiscal 2015
|
Fiscal 2016
|
Fiscal 2015
|
|||||||||||||
Net sales
|
$
|
303,702
|
$
|
277,939
|
$
|
1,275,360
|
$
|
1,286,350
|
||||||||
Plant restructuring expense (note 2)
|
$
|
744
|
$
|
487
|
$
|
10,302
|
$
|
1,376
|
||||||||
Other operating income net (note 3)
|
$
|
371
|
$
|
(91
|
)
|
$
|
24,971
|
$
|
4,748
|
|||||||
Operating income (note 1)
|
$
|
22,108
|
$
|
6,176
|
$
|
88,549
|
$
|
20,354
|
||||||||
Loss (earnings) from equity investment
|
(84
|
)
|
(397
|
)
|
48
|
(628
|
)
|
|||||||||
Interest expense, net
|
2,272
|
1,920
|
8,044
|
6,862
|
||||||||||||
Earnings before income taxes
|
$
|
19,920
|
$
|
4,653
|
$
|
80,457
|
$
|
14,120
|
||||||||
Income taxes expense
|
6,075
|
1,888
|
25,999
|
4,221
|
||||||||||||
Net earnings
|
$
|
13,845
|
$
|
2,765
|
$
|
54,458
|
$
|
9,899
|
||||||||
Earnings attributable to common stock (note 4)
|
13,712
|
2,722
|
53,891
|
9,716
|
||||||||||||
Basic earnings per share
|
$
|
1.39
|
$
|
0.26
|
$
|
5.46
|
$
|
0.91
|
||||||||
Diluted earnings per share
|
$
|
1.38
|
$
|
0.26
|
$
|
5.42
|
$
|
0.90
|
||||||||
Weighted average shares outstanding basic
|
9,839,528
|
10,453,477
|
9,878,252
|
10,690,215
|
||||||||||||
Weighted average shares outstanding diluted
|
9,909,710
|
10,525,256
|
9,948,434
|
10,761,994
|
Note 1: The effect of the LIFO inventory valuation method on fourth quarter pre-tax results was to increase operating earnings by $11,543,000 for
|
||||||||||||||||
the three month period ended March 31, 2016 and increase operating earnings by $202,000 for the three month period ended March 31
|
||||||||||||||||
31, 2015. The effect of the LIFO inventory valuation method on year-to-date pre-tax results was to increase operating earnings by
|
||||||||||||||||
$24,792,000 for the twelve month period ended March 31, 2016 and decrease operating earnings by $10,683,000 for the twelve month
|
||||||||||||||||
period ended March 31, 2015.
|
||||||||||||||||
Note 2: The twelve month period ended March 31, 2016 included a restructuring charge for plant closure costs of $10,302,000.
|
||||||||||||||||
The twelve month period ended March 31, 2015 included a restructuring charge for plant closure costs of $1,376,000.
|
||||||||||||||||
Note 3: Other operating income for the twelve month period ended March 31, 2016 of $24,971,000 represents a $24,275,000 assignment credit related to
|
||||||||||||||||
the relationship transfer agreement among General Mills, B & G Foods and the Company, a $200,000 credit related to a contingency accrual for
|
||||||||||||||||
Prop 65, net gain on the sale of unused fixed assets of $432,000 and a credit of $64,000 related to an adjustment to an environmental accrual.
|
||||||||||||||||
Other net gain for the twelve month period ended March 31, 2015 of $4,748,000 represents a $5,000,000 gain related to a third party payment
|
||||||||||||||||
for the closing of a Midwest plant, a $250,000 charge related to environmental accrual and net loss on the sale of unused fixed assets of $2,000.
|
||||||||||||||||
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.
|
||||||||||||||||
#######
|