Aug. 3, 2012 | Earnings Reports
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) reported net earnings for the fiscal first quarter of 2013 of $8.2 million, or $0.67 per diluted share, compared to a loss of $8.0 million, or $(0.66) per diluted share, in the fiscal first quarter of 2012. Net sales for the first quarter ended June 30, 2012 decreased from the first quarter ended July 2, 2011 by 10.4%, or $26.8 million to $231.0 million. The decrease is attributable to a sales volume decrease of $57.3 million partially offset by higher selling prices and a more favorable sales mix of $30.5 million. Part of the sales volume decrease can be attributed to the fact that last year we were selling off excess inventories while the current year inventories are more in balance.
Excluding a non-cash after-tax LIFO charge of $0.8 million, net earnings per diluted share were $0.74 during the quarter ended June 30, 2012 versus a net loss of $0.31 during the quarter ended July 2, 2011, which included a non-cash LIFO charge of $4.3 million.