Note 15 - Segment Information

12 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

15. Segment Information

The Company has historically managed its business on the basis of three reportable food packaging segments: (1) fruits and vegetables, (2) prepared food products and (3) snack products, with non-food packaging sales comprising the other category. The other category includes the sale of cans, ends, seed, and outside revenue from the Company's trucking and aircraft operations. During fiscal year 2021, the Company sold its prepared foods business, leaving just two reportable segments along with the other category. Export sales represented 6.7%, 7.2% and 7.2% of total sales in fiscal 2023, 2022 and 2021, respectively. 

The following table summarizes certain financial data for the Company’s reportable segments (in thousands):

	Fruit and		Prepared		Snack
	Vegetable		Foods		Products			Other		Total
	(Restated)									(Restated)
Fiscal Year 2023:
Net sales	$	1,465,963	$	-	$	12,661		$	30,728	$	1,509,352
Operating income		19,695		-		(1,241	)		2,905		21,359
Capital expenditures		64,192		-		131			7,482		71,805
Depreciation and amortization		40,256		-		102			583		40,941
Fiscal Year 2022:
Net sales	$	1,344,586	$	-	$	12,332		$	28,362	$	1,385,280
Operating income		60,414		-		75			3,520		64,009
Capital expenditures		47,421		-		67			4,612		52,100
Depreciation and amortization		36,126		-		121			276		36,523
Fiscal Year 2021:
Net sales	$	1,363,263	$	71,866	$	10,999		$	21,516	$	1,467,644
Operating income		175,810		1,967		705			2,585		181,067
Capital expenditures		67,963		1,451		508			1,528		71,450
Depreciation and amortization		29,533		2,299		194			349		32,376

After the sale of the prepared foods business in fiscal year 2021, over 99% of the Company’s total assets from the Consolidated Balance Sheets belong to the fruit and vegetable segment and this information is no longer necessary.