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Seneca Foods sees Q1 profit, but drop in sales

Rochester Business Journal
August 3, 2012

Seneca Foods Corp. reported a 10 percent drop in first-quarter sales Friday. The firm also posted a quarterly profit versus a net loss last year.

The food processer based in Marion, Wayne County, reported earnings of $8.2 million, or 67 cents a diluted share, versus a net loss of $8 million, or 66 cents a diluted share, last year. Excluding a non-cash after-tax charge of $800,000, net earnings per diluted share were 74 cents during the more recent quarter, versus a net loss of 31 cents during last year’s quarter, which included a non-cash charge of $4.3 million.

Sales were $231 million, down from nearly $258 million last year. Company leaders said the drop in sales was due to a sales volume decrease partially offset by higher selling prices and a more favorable sales mix. Part of the sales volume increase was due to the fact that last year the business was selling off excess inventories, while the current year inventories are more in balance.

Seneca Foods ranked 30th on the most recent Rochester Business Journal list of manufacturers with 180 local workers.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 


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