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Seneca Foods shares dip after firm reports Q4 results

Rochester Business Journal
May 24, 2013

Seneca Foods Corp. reported a fourth-quarter profit and slight increase in sales because of increased sales prices and volume.

The Marion, Wayne County, food processor reported net income of $3.9 million, or 35 cents a diluted share, compared with a net loss of $2.2 million, or 18 cents a diluted share, a year ago.

Excluding a non-cash after-tax inventory credit of $2 million, the company posted net income of $1.9 million, or 17 cents, a diluted share. That compares with $9.1 million, or 75 cents a share, a year ago, when the company’s results included a non-cash inventory charge of $11.3 million.

Sales were $274.9 million, up nearly 2 percent from net income of $270.4 million a year ago.

For the year, the company reported net income of $41.4 million, or $3.57 a diluted share, compared with net income of $11.3 million, or 92 cents a diluted share, last year.

Excluding a credit in 2013 and a charge in 2012, the company reported earnings of $38.7 million, or $3.33 a share, this year and $42 million, or $3.44 a share, in 2012.

Sales increased by 1.5 percent to nearly $1.28 billion, up from $1.26 billion the previous year.

Shares of Seneca Foods (Nasdaq: SENEA) were trading midday at $33.09, down some 1 percent from Thursday’s close of $33.57. The company reported its results after the market closed Thursday.

Seneca Foods employs nearly 400 local workers.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 


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