May. 26, 2010 | Earnings Reports
Seneca Foods Corporation (the “Company”) (NASDAQ: SENEA, SENEB) is pleased to report that net earnings for the fiscal fourth quarter ended March 31, 2010 increased to $6.3 million, or $0.51 per diluted share, compared to $2.6 million or $0.22 per diluted share in the prior year. Excluding a non-cash after-tax LIFO credit of $1.4 million and a charge of $10.7 million, net earnings per diluted share were $0.40 and $1.09 during the quarters ended March 31, 2010 and 2009, respectively. Net sales for the quarter ended March 31, 2010 decreased from last year by $5.9 million, or 2.1%, to $279.4 million. The decrease in sales is attributable to decreased selling prices and a less favorable sales mix of $13.1 million partially offset by an increase in sales volume of $7.2 million.