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Seneca Foods posts loss in Q4 despite higher sales

Rochester Business Journal
May 23, 2014

Seneca Foods Corp. reported a fourth-quarter net loss, but an increase in sales.

The Marion, Wayne County-based food processor reported Thursday a net loss of $1 million, or 9 cents a diluted share, compared with net earnings of $3.9 million, or 35 cents a diluted share, a year ago.
 
Sales increased 6.9 percent to $293.8 million, from $274.9 million. The increase was due to greater sales of $33.1 million, partially offset by lower selling prices/less favorable sales mix of $14.3 million.

The company also reported annual net earnings of $13.8 million, or $1.23 a diluted share, compared with $41.4 million, or $3.57 a diluted share, the prior year.

Net sales increased 5 percent to $1.33 billion, from $1.28 billion. The increase is attributable to increased sales volume of $79.1 million, partially offset by lower selling prices/less favorable sales mix of $15.2 million, the company said.

 (c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 






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