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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

Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.  Investors are cautioned not to place undue reliance on such statements, which speak only as of the date the statements were made.  Among the factors that could cause actual results to differ materially are:

  • general economic and business conditions;
  • cost and availability of commodities and other raw materials such as vegetables, steel and packaging materials;
  • transportation costs;
  • climate and weather affecting growing conditions and crop yields;
  • leverage and the Company's ability to service and reduce its debt;
  • foreign currency exchange and interest rate fluctuations;
  • effectiveness of the Company's marketing and trade promotion programs;
  • changing consumer preferences;
  • competition;
  • product liability claims;
  • the loss of significant customers or a substantial reduction in orders from these customers;
  • changes in, or the failure or inability to comply with, U.S., foreign and local governmental regulations, including environmental and health and safety regulations; and
  • other risks detailed from time to time in the reports filed by the Company with the SEC.

Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of the filing of this report or to reflect the occurrence of unanticipated events.

    
    
    
                                  Seneca Foods Corporation
                Unaudited Condensed Consolidated Statements of Net Earnings
    
                For the Periods Ended December 26, 2009 and December 27, 2008
                        (In thousands of dollars, except share data)
    
                               Quarter                      Year-to-Date
                               -------                      ------------
                          2009          2008            2009             2008
                          ----          ----            ----             ----
    
    Net sales         $447,027      $463,322      $1,000,760         $995,453
                      ========      ========      ==========         ========
    
    Plant restructuring
     expense (note 3)       $-          $901              $-             $901
                           ===          ====             ===             ====
    
    Other operating
     income (expense),
     net (note 4)          $26          $(49)            $57             $234
                           ===          ====             ===             ====
    
    Operating income
     (note 1 and 2)     $32,422      $27,571         $74,037          $38,913
    Interest expense,
     net                 2,006         3,695           7,189           11,058
                         -----         -----           -----           ------
    Earnings before
     income taxes      $30,416       $23,876         $66,848          $27,855
    
    Income taxes
     expense            11,810        10,040          24,731           11,731
                        ------        ------          ------           ------
    
    Net earnings       $18,606       $13,836         $42,117          $16,124
                       =======       =======         =======          =======
    
    Earnings applicable
     to common stock
     (note 5)          $16,306        $8,636         $33,361          $10,059
                       =======        ======         =======          =======
    
    Basic earnings
     per share           $1.53         $1.14           $3.47            $1.33
                         =====         =====           =====            =====
    
    Diluted earnings
     per share           $1.52         $1.13           $3.44            $1.32
                         =====         =====           =====            =====
    
    Weighted average
     shares 
     outstanding
     basic          10,648,014     7,587,224       9,623,902        7,589,968
    
    Weighted average
     shares
     outstanding
     diluted        10,717,635     7,654,954       9,693,523        7,657,698
    
    Note 1: The effect of  the LIFO inventory valuation method on third
    quarter pre-tax results was to reduce operating earnings by $3,967,000
    and $17,320,000, for the three month periods ended December 26, 2009
    and December 27, 2008, respectively.
    
    Note 2: The effect of  the LIFO inventory valuation method on
    year-to-date pre-tax results was to reduce operating earnings by
    $13,396,000 and $41,892,000, for the nine month periods ended 
    December 26, 2009 and December 27, 2008, respectively.
    
    Note 3: Plant restructuring expense in the prior year quarter and 
    year-to-date periods of $901,000 is a charge primarily related to a 
    Voluntary Workforce Reduction Program at our plant in Modesto, California.
    
    Note 4: Other operating income principally represents net gains (losses) 
    on the sale of unused fixed assets.
    
    Note 5: The Company uses the "two-class" method for basic earnings per 
    share by dividing the earnings allocated to common shareholders by the 
    weighted average of common shares outstanding during the period. The 
    diluted earnings per share includes the effect of convertible shares 
    for the each period presented. Average common and participating shares 
    totaled 12,145,068 as of December 26, 2009.
    

SOURCE Seneca Foods Corporation

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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