Aug. 7, 2008 | Earnings Reports
Seneca Foods Corporation repmted net sales for the first quarter ended June 28, 2008 of $216,713,000 versus $189,442,000 for the prior year. Increased sales volume accounted for $15,290,000 of this increase, while increased selling prices/improved sales mix represented $11,981,000 of the increase. The increase in sales is primarily due to a $19,260,000 increase in Canned Vegetable sales and a $6,928,000 increase in Fruit sales.
The current year's net loss was $2,077,000 or $(0.17) per diluted share, compared with net earnings of $1,730,000 or $0.14 per diluted share, last year. The change in the LIFO Reserve for the first quarter ended June 28, 2008 was $10,276,000 ($6,124,000 after tax) as compared to $5,637,000 ($3,664,000 after tax) for the first quarter ended June 30, 2007 and reflects the impact on the quarter of significant inflationary cost increases expected throughout fiscal 2009.