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Seneca Foods posts net loss in Q1, stock declines

Seneca Foods Corp. reported a first-quarter net loss despite an increase in sales.
The Marion, Wayne County, food processor reported a net loss of $100,000, or a penny a diluted share, versus net income of $300,000, or 29 cents a diluted share, for the same period the year prior.

A pair of special items affected its first-quarter fiscal 2017 bottom line. The company recorded a restructuring charge of $1.2 million related to the cost of moving equipment from a plant that was closed in the prior fiscal year. In addition, the company incurred a non-cash, after-tax last-in, first-out charge of $1.2 million, compared to a non-cash after-tax LIFO credit of $1.1 million in the first quarter of fiscal 2016.

Operating income, excluding the LIFO charge/credit and the restructuring charge/credit, was $4.7 million for the quarter ended July 2 and $4.5 million for the quarter a year ago.

Sales were up 11.6 percent to $252.6 million from $226.2 million. The increase was due to a sales volume increase of $29.9 million partially offset by an unfavorable sales mix and lowering selling prices of $3.5 million, the company said.

Shares of the company’s stock (Nasdaq: SENEA) were down more than 6 percent this afternoon at $36.73.

Seneca Foods ranked 15th on the most recent Rochester Business Journal list of public companies, ranked by market value. The company had a market value of $288 million and nearly 460 local workers.

(c) 2016 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail rbj@rbj.net.


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