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Seneca Foods Reports Strong Earnings Of $18.6 Million Or $1.52 Per Diluted Share For The Third Quarter Of Fiscal 2010

Set forth below is a reconciliation of reported net earnings and reported diluted earnings per share to net earnings excluding LIFO and diluted earnings per share excluding LIFO.

    
    
    
                                                 Quarter Ended
                                                 -------------
                                  December 26, 2009        December 27, 2008
                                  -----------------        -----------------
                                  Income                   Income     
                                   (in      Diluted         (in       Diluted
                                 millions)    EPS         millions)     EPS
                                ----------    ---        ----------     ---
    
     Net earnings, as reported:   $18.6     $1.52          $13.8      $1.13
    
     LIFO charge, after tax at
      statutory federal rate       $2.6     $0.21          $11.3      $0.92
    
     Net earnings, excluding LIFO
      impact                      $21.2     $1.73          $25.1      $2.05
    
      Diluted weighted average 
       common shares outstanding
       (in thousands)                      10,717                     7,654
                                           ======                     =====
    
    
    
    
    
                                               Nine Months Ended
                                               -----------------
                                  December 26, 2009         December 27, 2008
                                  -----------------         -----------------
                                  Income                    Income    
                                   (in      Diluted          (in      Diluted
                                 millions)    EPS          millions)    EPS
                                ----------    ---         ----------    ---
    
     Net earnings, as reported:   $42.1      $3.44          $16.1      $1.32
    
     LIFO charge, after tax at
      statutory federal rate       $8.7      $0.72          $27.2      $2.22
    
     Net earnings, excluding LIFO
      impact                      $50.8      $4.16          $43.3      $3.54
    
      Diluted weighted average
       common shares outstanding
       (in thousands)                        9,693                     7,657
                                             =====                     =====
    
    

Set forth below is a reconciliation of reported net earnings to EBITDA and FIFO EBITDA (earnings before interest, income taxes, depreciation, amortization, non-cash charges and credits related to the LIFO inventory valuation method). The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP.
    
    
    
                                                 Nine Months Ended
                                                 -----------------
    EBITDA and FIFO EBITDA:          December 26, 2009      December 27, 2008
                                     -----------------      -----------------
                                                    (In thousands)
    
    Net earnings                             $42,117               $16,124
    Income taxes                              24,731                11,731
    Interest expense, net of interest income   7,189                11,058
    Depreciation and amortization             16,413                16,467
    Interest amortization                       (445)                 (477)
                                                ----                  ----
    EBITDA                                    90,005                54,903
    LIFO charge                               13,396                41,892
                                              ------                ------
    FIFO EBITDA                             $103,401               $96,795
                                            ========               =======
    
    
    

Forward-Looking Information

The information contained in this report contains, or may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements appear in a number of places in this report and include statements regarding the intent, belief or current expectations of the Company or its officers (including statements preceded by, followed by or that include the words "believes," "expects," "anticipates" or similar expressions) with respect to various matters, including (i) the Company's anticipated needs for, and the availability of, cash, (ii) the Company's liquidity and financing plans, (iii) the Company's ability to successfully integrate acquisitions into its operations, (iv) trends affecting the Company's financial condition or results of operations, including anticipated sales price levels and anticipated expense levels, in particular higher production, fuel and transportation costs, (v) the Company's plans for expansion of its business (including through acquisitions) and cost savings, and (vi) the impact of competition.

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