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;
- 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
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