This Week
  • GM injection: The automaker has invested $150 million here since 2011.

  • East High School teacher and blogger Kelly LaLonde speaks out about education.

  • HBT Architects took a risk and parted with some clients on its new path.

  • Placing a loved one in an elder care facility is not an easy decision for caregivers.

  • Robert W. Hurlbut heads a 1,400-employee business started by his grandparents.

  • The new edition of Explore Greater Rochester is here.

Sales fall, profit shrinks at Seneca Foods

Rochester Business Journal
May 27, 2011

A drop in selling prices coupled with higher inventory levels contributed to a decrease in fourth-quarter sales and a net loss for Seneca Foods Corp.

The Marion, Wayne County-based firm reported after markets closed Thursday a net loss of $1.9 million, or 15 cents a diluted share, compared with a profit of $6.3 million, or 51 cents a diluted share,  a year ago. Sales dropped by 9.4 percent to $253 million.

"The lower sales in the fourth quarter come from a combination of lower selling prices and a later Easter, which delayed holiday sales into April," said Kraig Kayser, president and CEO, in a statement. "The loss in the quarter was due to the continuing impact on margins of the inventory overhang in the market as the company promoted heavily to move excess product. 
“While we are making progress in getting our inventories in line with historic norms, it will take some time to get margins back to improved levels, especially in our fruit business where the oversupply situation has been particularly dramatic."

For the fiscal year, Seneca Foods reported net income of $17.7 million, or $1.45 a diluted share, down 63.5 percent from net income of $48.4 million, or $3.96 a diluted share, the previous year. Sales fell nearly 7 percent to $1.19 billion.

(c) 2011 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google