Jun. 8, 2012 | Earnings Reports
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) reported that net earnings for the fiscal year ended March 31, 2012 decreased 36.3% to $11.3 million, or $0.92 per diluted share, compared to $17.7 million, or $1.45 per diluted share, in the fiscal year ended March 31, 2011. Net sales for the fiscal year ended March 31, 2012 increased from the fiscal year ended March 31, 2011 by 5.6%, to $1,261.8 million. The increase is attributable to increased selling prices and improved sales mix of $133.3 million partially offset by a sales volume reduction of $66.1 million.
Net sales for the fourth quarter ended March 31, 2012 increased from the fourth quarter ended March 31, 2011 by 7.2%, to $271.2 million. The increase is attributable to increased selling prices and more favorable sales mix of $54.3 million and partially offset by less sales volume of $36.1 million. Net loss for the fiscal fourth quarter of 2012 was $2.2 million, or $0.18 per diluted share, compared to a net loss of $1.9 million, or $0.15 per diluted share, in the fiscal fourth quarter of 2011.