Aug. 6, 2009 | Earnings Reports
Seneca Foods Corporation (SENEA, SENEB) is pleased to report that first quarter net sales increased from last year by $13.8 million, or 6.4%, to $230.5 million. The increase in sales is attributable to increased selling prices/improved sales mix of $17.6 million partially offset by a sales volume reduction which accounted for $3.8 million. Net earnings increased to $11 .1 million, or $0.91 per diluted share, compared to a loss of $2.1 million or $0.17 per diluted share in the prior year. Excluding a non-cash after-tax LIFO charge of $4.7 million and $10.3 million, net earnings per diluted share were $1.15 and $0.38 during the quarters ended June 27, 2009 and June 28, 2008, respectively.