Seneca Foods Corp. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 29, 2012
January 31, 2013 at 04:45 pm EST
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Seneca Foods Corp. announced unaudited consolidated earnings results for the third quarter and nine months ended December 29, 2012. For the quarter, the company reported net earnings of $14,790,000 or $1.32 per basic and diluted share compared to net earnings of $18,530,000 or $1.52 per diluted share a year ago. Net sales were $452,731,000 against $446,891,000 a year ago. Earnings before income taxes were $22,032,000 against $29,385,000 a year ago. Operating income was $23,975,000 against $31,549,000 a year ago. Net earnings, excluding LIFO impact was $15.6 million or $1.39 per diluted share compared to net earnings, excluding LIFO impact of $25.5 million or $2.09 per diluted share a year ago. The increase in net sales is attributable to a sales volume increase of $28.1 million partially offset by a less favorable sales mix and lower selling prices of $22.3 million. Part of the sales volume increase can be attributed to stronger promotional activity than in the prior year.
For the nine months, the company reported net sales of $1,001,375,000 compared to $987,416,000 a year ago. Net earnings were $37,502,000 or $3.19 per diluted share compared to net earnings of $13,438,000 or $1.10 per basic and diluted share a year ago. Earnings before income taxes were $57,917,000 against $21,545,000 a year ago. Operating income was $63,174,000 against $27,375,000 a year ago. Net earnings, excluding LIFO impact was $36.7 million or $3.13 per diluted share compared to net earnings, excluding LIFO impact of $32.9 million or $2.70 per diluted share a year ago. EBITDA was $80,131,000 and FIFO EBITDA was $78,955,000 compared to EBITDA of $43,961,000 and FIFO EBITDA of $74,016,000, respectively for the same period last year. The increase in net sales is attributable to higher selling prices and a more favorable sales mix of $32.0 million partially offset by a sales volume decrease of $18.0 million.
Seneca Foods Corporation is a provider of packaged fruits and vegetables, with facilities located throughout the United States. The Company operates its business through three segments: fruits and vegetables, prepared food products, and snack products. Its other category comprises non-food packaging sales, which relate to the sale of cans, ends, seed, and its trucking and aircraft operations. The Companyâs principal product offerings include canned, frozen, and bottled produce and snack chips. It also sells canned vegetables, frozen vegetables, jarred fruit, and other food products. Its products are sold under private label as well as under national and regional brands that the Company owns or licenses, including Seneca, Libbyâs, Aunt Nellies, Cherryman, Green Valley, and READ. The Companyâs products are sold by grocery outlets, including supermarkets, mass merchandisers, limited assortment stores, club stores, and dollar stores.
SENECA FOODS CORPORATION 
