What’s New at Seneca Foods?
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Aug. 7, 2019 | Earnings Reports
“During the first quarter, we began to see improved results from our extensive restructuring undertaken last year. We expect the improvements to continue as the year progresses.” stated Kraig Kayser, President and Chief Executive Officer.
Jul. 31, 2019 | Corporate
“Paradise has a long history of providing high quality candied fruit products to their customers. We are very excited about this acquisition and the extension of product offerings it brings to our company. This business segment will be a complimentary fit within our maraschino business at our wholly own subsidiary Gray & Company,” stated Kraig Kayser, Seneca Foods' President and CEO.
Jun. 13, 2019 | Earnings Reports
Seneca Foods Reports Financial Results for the Fourth Quarter of 2019 and for the Twelve Months Ended March 31, 2019
Net sales increased 3.2% to $1,199.6 million, compared to the prior year. Gross margin percentage from continuing operations decreased from 7.0% to 3.3% as compared to the prior year twelve months. Cost increases and a $40.5 million LIFO charge all contributed to the lower gross margin percentage.
Feb. 1, 2019 | Earnings Reports
Net sales increased 4.9% to $372.2 million for the quarter ended December 29, 2018, compared to net sales of $354.9 million for the third quarter of 2017. The gross margin percentage from continuing operations decreased from 8.1% to (0.4) % as compared to the prior third quarter. Cost increases and a $25.8 million LIFO charge all contributed to the lower gross margin percentage.
Dec. 7, 2018 | Corporate
Seneca Foods today announced the appointment of a new director, Dr. Kathryn J. Boor effective January 1, 2019. She will replace Dr. Susan A. Henry who recently advised the Company that she will resign from the Seneca Foods Corporation Board of Directors effective December 31, 2018. Dr. Henry had served as a director of the Company since 2007.
Nov. 9, 2018 | Earnings Reports
“As we anticipated, we have sold the Modesto facility subsequent to the quarter end and are in the process of completing the orderly liquidation of the Modesto operations. We are expecting a third quarter pre-tax gain on the sale of the Modesto facility of approximately $53.9 million. Continuing operations results are lagging behind the prior year primarily due to higher steel and transportation costs,” stated Kraig Kayser, President and Chief Executive Officer.
Jul. 31, 2018 | Earnings Reports
Seneca Foods reported a net loss for the fiscal first quarter of 2019 of $(8.8) million, or $(0.90) per diluted share, compared to a net loss of $(0.8) million, or $(0.09) per diluted share, in the fiscal first quarter of 2018. Net sales for the first quarter ended June 30, 2018, increased from the first quarter ended July 1, 2017, by 22.4%, to $343.4 million. The increase is attributed to a favorable sales volume variance of $56.8 million and a favorable sales mix and higher selling price variance of $5.9 million. The volume increase is primarily attributable to the Pacific Coast Producers sale of fruit which contributed $55.8 million to net sales.