0001437749-19-015809.txt : 20190807 0001437749-19-015809.hdr.sgml : 20190807 20190807162412 ACCESSION NUMBER: 0001437749-19-015809 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20190807 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190807 DATE AS OF CHANGE: 20190807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Seneca Foods Corp CENTRAL INDEX KEY: 0000088948 STANDARD INDUSTRIAL CLASSIFICATION: CANNED, FRUITS, VEG & PRESERVES, JAMS & JELLIES [2033] IRS NUMBER: 160733425 STATE OF INCORPORATION: NY FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-01989 FILM NUMBER: 191005834 BUSINESS ADDRESS: STREET 1: 3736 SOUTH MAIN STREET CITY: MARION STATE: NY ZIP: 14505 BUSINESS PHONE: 315 926 8100 MAIL ADDRESS: STREET 1: 3736 SOUTH MAIN STREET CITY: MARION STATE: NY ZIP: 14505 FORMER COMPANY: FORMER CONFORMED NAME: SENECA FOODS CORP /NY/ DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PIERCE S S COMPANY INC DATE OF NAME CHANGE: 19861210 FORMER COMPANY: FORMER CONFORMED NAME: SENECA FOODS CORP DATE OF NAME CHANGE: 19780425 8-K 1 senea20190805_8k.htm FORM 8-K senea20190805_8k.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (date of earliest event reported): August 7, 2019

 

SENECA FOODS CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

New York

(State or Other Jurisdiction of Incorporation)

0-01989

(Commission File Number)

16-0733425

(IRS Employer Identification No.)

 

3736 South Main Street, Marion, New York 14505-9751

(Address of Principal Executive Offices, including zip code)

 

(315) 926-8100

(Registrant's telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

Title of Each Class

Trading Symbol

Name of Each Exchange on

Which Registered

Common Stock Class A, $.25 Par

SENEA

NASDAQ Global Market

Common Stock Class B, $.25 Par

SENEB

NASDAQ Global Market

 

 

 

 

Item 2.02          Results of Operations and Financial Condition

 

On August 7, 2019, Seneca Foods Corporation (the "Corporation") issued a press release on its financial results for the first quarter ended June 29, 2019 furnished as Exhibit 99.1, attached hereto.

 

Item 9.01          Financial Statements and Exhibits.

 

(d)           Exhibits

 

Exhibit 99.1

Press Release dated August 7, 2019 announcing Seneca Foods Corporation's results of operations for first quarter ended  June 29, 2019.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amended report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date:            August 7, 2019

 

 

SENECA FOODS CORPORATION

 

 

 

 

 

 

 

 

 

 

By:

/s/ Jeffrey L. Van Riper

 

 

 

Jeffrey L. Van Riper

Controller and Secretary

 

 

EX-99.1 2 ex_153065.htm EXHIBIT 99.1 ex_153065.htm

Exhibit 99.1

 

Seneca Foods Reports Sales and Earnings for the Quarter Ended June 29, 2019

 

MARION, N.Y. August 7, 2019 -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the first quarter ended June 29, 2019.

 

Highlights (vs. year-ago, first quarter results):

 

 

Net sales increased 8.5% to $264.9 million.

 

Gross margin percentage from continuing operations increased from 6.9% to 7.2% as compared to the prior year three months due to higher selling prices in the first quarter of 2020.

 

The Company has applied discontinued operations treatment as related to its Modesto operations.

 

Net loss from discontinued operations was $6.6 million in the prior quarter.

 

“During the first quarter, we began to see improved results from our extensive restructuring undertaken last year.  We expect the improvements to continue as the year progresses.” stated Kraig Kayser, President and Chief Executive Officer.

 

About Seneca Foods Corporation

 

Seneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from over 2,000 American farms.  Seneca holds the largest share of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries.   Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips.  In addition, Seneca provides vegetable products under a contract packing agreement with B&G Foods North America, under the Green Giant label.   Seneca’s common stock is traded on the Nasdaq Global Stock Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices.

 

Non-GAAP Financial Measures—Operating Income (Loss) From Continuing Operations Excluding LIFO and Plant Restructuring Impact, EBITDA and FIFO EBITDA

 

Operating income (loss) excluding LIFO and plant restructuring, EBITDA and FIFO EBITDA are non-GAAP financial measures. The Company believes these non-GAAP financial measures provide a basis for comparison to companies that do not use LIFO or have plant restructuring to enhance the understanding of the Company’s historical operating performance.  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.

 

 

 

 

Set forth below is a reconciliation of reported Operating Income (Loss) excluding LIFO and plant restructuring.

 

   

Quarter Ended

 
   

In millions

 
   

6/29/2019

   

6/30/2018

 
   

FY 2020

   

FY 2019

 
                 

Operating income from Continuing Operations, as reported:

  $ 2.9     $ -  
                 

LIFO charge (credit)

    3.2       (0.7 )
                 

Plant restructuring charge

    4.8       -  
                 

Operating income (loss), excluding LIFO and plant restructuring impact

  $ 10.9     $ (0.7 )

 

 

Set forth below is a reconciliation of reported net (loss) earnings from continuing operations to EBITDA and FIFO EBITDA ((loss) 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.

 

   

Three Months Ended

 

EBITDA and FIFO EBITDA:

 

June 29, 2019

   

June 30, 2018

 
   

(In thousands)

 
                 

Net earnings (loss) from continuing operations

  $ 1,103     $ (2,160 )

Income tax expense (benefit)

    285       (668 )

Interest expense, net of interest income

    3,352       3,825  

Depreciation and amortization

    7,382       7,369  

Interest amortization

    (70 )     (71 )

EBITDA

    12,052       8,295  

LIFO charge

    3,176       (710 )

FIFO EBITDA

  $ 15,228     $ 7,585  

 

 

 

 

Forward-Looking Information

 

The information contained in this release 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 release 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.

 

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;

 

availability of financing;

 

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, United States, 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.

 

Contact:

Timothy J. Benjamin, Chief Financial Officer

315-926-8100

 

 

 

 

Seneca Foods Corporation

Unaudited Selected Financial Data

 

For the Periods Ended June 29, 2019 and June 30, 2018

(In thousands of dollars, except share data)

 

 

   

First Quarter

 
   

Fiscal 2020

   

Fiscal 2019

 
                 

Net sales

  $ 264,925     $ 244,093  
                 

Plant restructuring expense (note 2)

  $ 4,806     $ 38  
                 

Other operating income, net (note 3)

  $ 4,827     $ 915  
                 

Operating income (loss) (note 1)

  $ 2,937     $ (23 )

Other income

    (1,803 )     (1,020 )

Interest expense, net

    3,352       3,825  

Earnings (loss) from continuing operations before income taxes

  $ 1,388     $ (2,828 )
                 

Income tax expense (benefit)

    285       (668 )
                 

Earnings (loss) from continuing operations

    1,103       (2,160 )
                 

Loss from discontinued operations (net of tax)

    -       (6,595 )
                 

Net earnings (loss)

  $ 1,103     $ (8,755 )
                 

Basic earnings (loss) per share:

               

Continuing operations

  $ 0.12     $ (0.22 )

Discontinued operations

  $ -     $ (0.67 )

Net basic earnings (loss) per common share

  $ 0.12     $ (0.90 )
                 

Diluted earnings (loss) per share:

               

Continuing operations

  $ 0.12     $ (0.22 )

Discontinued operations

  $ -     $ (0.67 )

Net diluted earnings (loss) per common share

  $ 0.12     $ (0.90 )

 

Note 1:

The effect of the LIFO inventory valuation method on first quarter pre-tax results decreased operating earnings by $3,176,000 for the three month period ended June 29, 2019 and increased operating earnings by $710,000 for the three month period ended June 30, 2018.

 

Note 2:

The three month period ended June 29, 2019 included a restructuring charge of $4,806,000 related to closing plants in the Midwest and Northwest of which $2,245,000 was for accelerated amortization of right-of-use operating lease assets due to the planned closure of Sunnyside this Fall, $1,975,000 was mostly related to equipment moves and $586,000 was related to severance.. The three month period ended June 30, 2018 included a restructuring charge of $38,000 primarily related to closing a plant in the Northwest.

 

Note 3:

Other operating income for the period ended June 29, 2019 is a gain on the partial sale of a plant in the Midwest of $4,075,000. Other operating income for the for the period ended June 30, 2018 of $915,000 includes a gain on the sale of unused fixed assets of $806,000.

 

Note 4:

The Company uses the "two-class" method for basic earnings (loss) per share by dividing the earnings (loss) attributable to common shareholders by the weighted average of common shares outstanding during the period.

 

 

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