May. 22, 2014 | Earnings Reports
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) reported that net earnings for the fiscal year ended March 31, 2014, decreased to $13.8 million, or $1.23 per diluted share, compared to $41.4 million, or $3.57 per diluted share, in the fiscal year ended March 31, 2013. Net sales for the fiscal year ended March 31, 2014, increased from the fiscal year ended March 31, 2013 by 5.0%, to $1,340.2 million. The increase is attributable to increased sales volume of $79.1 million partially offset by lower selling prices/less favorable sales mix of $15.2 million.
Net sales for the fourth quarter ended March 31, 2014, increased from the fourth quarter ended March 31, 2013, by 6.9%, to $293.8 million. The increase is attributable to increased sales volume of $33.1 million partially offset by lower selling prices/less favorable sales mix of $14.3 million. Net loss for the fiscal fourth quarter of 2014 was $1.0 million, or $(0.09) per diluted share, compared to net earnings of $3.9 million, or $0.35 per diluted share, in the fiscal fourth quarter of 2013.