Seneca Foods Reports a Sales Increase of 11.6% or $26.4 million and a Net Loss of $0.1 Million for the Quarter Ended July 2, 2016
Topic: Financial - Jul 29, 2016
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) reported for the first quarter of 2017, a net loss of $(0.1) million, or $(0.01) per diluted share, compared to net earnings of $3.0 million, or $0.29 per diluted share, in the fiscal first quarter of 2016. Net sales for the first quarter ended July 2, 2016 increased from the first quarter ended June 27, 2015 by 11.6%, or $26.4 million to $252.6 million. The increase is attributable to a sales volume increase of $29.9 million partially offset by an unfavorable sales mix and lower selling prices of $3.5 million. The Gray & Company and Diana Fruit Co., Inc. acquisitions last year represent $19.7 million of this sales volume increase.