What’s New at Seneca Foods?
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Feb. 1, 2019 | Earnings Reports
Net sales increased 4.9% to $372.2 million for the quarter ended December 29, 2018, compared to net sales of $354.9 million for the third quarter of 2017. The gross margin percentage from continuing operations decreased from 8.1% to (0.4) % as compared to the prior third quarter. Cost increases and a $25.8 million LIFO charge all contributed to the lower gross margin percentage.
Dec. 7, 2018 | Corporate
Seneca Foods today announced the appointment of a new director, Dr. Kathryn J. Boor effective January 1, 2019. She will replace Dr. Susan A. Henry who recently advised the Company that she will resign from the Seneca Foods Corporation Board of Directors effective December 31, 2018. Dr. Henry had served as a director of the Company since 2007.
Nov. 9, 2018 | Earnings Reports
“As we anticipated, we have sold the Modesto facility subsequent to the quarter end and are in the process of completing the orderly liquidation of the Modesto operations. We are expecting a third quarter pre-tax gain on the sale of the Modesto facility of approximately $53.9 million. Continuing operations results are lagging behind the prior year primarily due to higher steel and transportation costs,” stated Kraig Kayser, President and Chief Executive Officer.
Jul. 31, 2018 | Earnings Reports
Seneca Foods reported a net loss for the fiscal first quarter of 2019 of $(8.8) million, or $(0.90) per diluted share, compared to a net loss of $(0.8) million, or $(0.09) per diluted share, in the fiscal first quarter of 2018. Net sales for the first quarter ended June 30, 2018, increased from the first quarter ended July 1, 2017, by 22.4%, to $343.4 million. The increase is attributed to a favorable sales volume variance of $56.8 million and a favorable sales mix and higher selling price variance of $5.9 million. The volume increase is primarily attributable to the Pacific Coast Producers sale of fruit which contributed $55.8 million to net sales.
Jun. 29, 2018 | Earnings Reports
Seneca Foods Reports Financial Results for the Fourth Quarter 2018 and for the Twelve Months Ended March 31, 2018
Seneca Foods reported a net loss for the fiscal year ended March 31, 2018 of $(13.8) million, or $(1.41) per diluted share, compared to net earnings of $15.9 million, or $1.60 per diluted share, in the fiscal year ended March 31, 2017. A significant portion of the net earnings decrease was attributable to non-recurring restructuring charges related to the Modesto plant closing of $10.0 million which occurred in the current year.
Feb. 16, 2018 | Corporate
Seneca announced today that it will close its plant in Modesto, California, due to challenging economic conditions. The facility is primarily used for packaging and warehousing of the Company’s peach and fruit cocktail products. The Company expects this plant closure to improve its long-term financial condition and reduce leverage.
Feb. 2, 2018 | Corporate
“Burnette maraschino business has a history of providing quality maraschino cherry products to their customers. We are very excited about this acquisition as it is a nice complementary fit with Seneca’s existing cherry business,” stated Kraig Kayser, Seneca Foods' President and CEO.