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SENEB

Seneca Foods Corp. Class B Common Stock Nasdaq Global Select
$71.84
Open: $48.44 High: $48.44 Low: $48.44 Close: $48.44
Range: 2021-05-06 - 2021-05-07
Volume: 561
Market: Closed
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SENEB
Seneca Foods Corp. Class B Common Stock 3736 South Main Street Marion NY, 14505 http://www.senecafoods.com
Seneca Foods Corp is produces & distributes processed fruits & vegetables. Its products include canned, frozen & bottled produce and snack chips. Its products are sold under private label as well as national & regional brands.
  • CEO: Kraig H. Kayser
  • Employees: 4,300
  • Sector: Consumer Defensive
  • Industry: Consumer Packaged Goods
SENEB News
Latest news about the SENEB
  • I'm Looking at These 2 Stocks for Potential Value

    Time to turn over more rocks to look for potential value -- not an easy task these days. To do so I've once again turned to my triple-net screen, which identifies stocks trading between 2x and 3x net current asset value, or NCAV. NCAV is calculated by subtracting total liabilities from current assets.

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  • Does Seneca Foods (NASDAQ:SENE.A) Deserve A Spot On Your Watchlist?

    It's only natural that many investors, especially those who are new to the game, prefer to buy shares in 'sexy' stocks...

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  • 5 Value Stocks To Watch In The Consumer Defensive Sector

    What is a Value Stock? A value stock traditionally has a lower price when compared to stock prices of companies in the same industry. This indicates that the company may be undervalued, as investors are not expressing as much interest in such companies. The most commonly used way to check for value is with the price-to-earnings multiple, or P/E. A low P/E multiple is a good indication that the stock is undervalued. Below is a list of notable value stocks in the consumer defensive sector: Alico (NASDAQ:ALCO) - P/E: 8.63 Seneca Foods (NASDAQ:SENEA) - P/E: 3.85 Adtalem Glb Education (NYSE:ATGE) - P/E: 7.71 Mannatech (NASDAQ:MTEX) - P/E: 5.41 SpartanNash (NASDAQ:SPTN) - P/E: 9.13 Alico saw an increase in earnings per share from -0.42 in Q4 to -0.23 now. The company's most recent dividend yield sits at 2.31%, which has ('', 'not changed') by 0.0% from 2.31% last quarter. This quarter, Seneca Foods experienced an increase in earnings per share, which was 1.97 in Q2 and is now 7.9. Seneca Foods does not have a dividend yield, which investors should be aware of when considering holding onto such a stock. Adtalem Glb Education saw a decrease in earnings per share from 0.78 in Q1 to 0.77 now. Adtalem Glb Education does not have a dividend yield, which investors should be aware of when considering holding onto such a stock. Most recently, Mannatech reported earnings per share at 0.34, whereas in Q3 earnings per share sat at 0.76. Mannatech does not have a dividend yield, which investors should be aware of when considering holding onto such a stock. Most recently, SpartanNash reported earnings per share at 0.43, whereas in Q3 earnings per share sat at 0.7. The company's most recent dividend yield sits at 4.22%, which has increased by 0.04% from 4.18% last quarter. The Significance: A value stock may need some time to rebound from its undervalued position. The risk of investing in a value stock is that this emergence may never materialize. See more from BenzingaClick here for options trades from BenzingaUnderstanding Federated Hermes Premier's Ex-Dividend DateUnderstanding Investors Title's Ex-Dividend Date© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • Seneca Foods Announces Final Results of Modified Dutch Auction Tender Offer

    MARION, N.Y., March 10, 2021 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) (“Seneca” or the “Company”), one of North America's leading providers of packaged fruits and vegetables with facilities located throughout the United States, today announced the final results of its modified Dutch auction tender offer, which expired at 6:00 p.m., New York City time, on Tuesday, March 9, 2021. Based on the final count by Computershare Trust Company, the depositary for the tender offer (the “Depositary”), Seneca has accepted for purchase 531 shares of its Class A common stock, par value $0.25 per share (the “Class A Shares”), at a price of $46.00 per Class A Share, for an aggregate cost of $24,426, excluding fees and expenses relating to the tender offer. As Seneca accepted for purchase all the Class A Shares that were properly tendered and not properly withdrawn at a price at or below $46.00, there is no proration factor. The Company will promptly pay for the Class A Share repurchases with available cash. “We believe our shares are undervalued, and we saw a tender offer as an opportunity to enhance value for our shareholders based upon the then current share price of our common stock,” said Seneca Chief Executive Officer Paul Palmby. “We believe the undersubscribed tender offer is clear evidence that shareholders share our view.” BofA Securities, Inc. acted as Dealer Manager for the tender offer, Georgeson LLC acted as Information Agent for the tender offer and Computershare Trust Company acted as the Depositary for the tender offer. All inquiries about the tender offer should be directed to the Dealer Manager or the Information Agent toll free at (888) 803-9655 or (866) 628-6079, respectively. About Seneca Foods Corporation Seneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from over 1,600 American farms. Seneca holds the largest share of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries. Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips. Seneca’s common stock is traded on the Nasdaq Global Stock Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices. Contact: Timothy J. Benjamin, Chief Financial Officer315-926-8100

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  • Freshpet Reaches 80-Plus Relative Strength Rating Benchmark

    Freshpet shows rising price performance, earning an upgrade to its IBD Relative Strength Rating from 79 to 82.

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  • Seneca Foods Commences Cash Tender Offer to Purchase Up to $75 Million in Value of its Class A Common Stock

    MARION, N.Y., Feb. 08, 2021 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) (“Seneca” or the “Company”), one of North America's leading providers of packaged fruits and vegetables with facilities located throughout the United States, today announced the commencement of a tender offer (the “Offer”) to purchase up to $75 million in value of its Class A common stock, par value $0.25 per share (the “Class A Shares”), at a price not greater than $46.00 nor less than $40.00 per Class A Share to the seller in cash, less any applicable withholding taxes and without interest. The Company is conducting the Offer by means of a procedure commonly called a “modified Dutch auction”, which allows stockholders to indicate how much stock and at what price within the specified offer range they wish to tender their stock. Based on the number of Class A Shares tendered and the prices specified by the tendering stockholders, Seneca will determine the lowest price per Class A Share within the specified range that will enable it to purchase $75 million in value of Class A Shares at such price, or such lesser number of Class A Shares that are tendered and not withdrawn (the “Final Purchase Price”), subject to the terms of the Offer. All Class A Shares purchased by Seneca in the Offer will be purchased at the same price. The Offer is made in accordance with the terms and subject to the conditions described in the Offer to Purchase, dated February 8, 2021 (the “Offer to Purchase”), and the accompanying Letter of Transmittal, dated February 8, 2021 (together with the Offer to Purchase, the “Offer Materials”), as each may be amended or supplemented from time to time. The Offer will expire at 6:00 p.m., New York City time, on Tuesday, March 9, 2021 (the “Expiration Date”), unless the Offer is extended or earlier terminated. Tenders of Class A Shares must be made on or prior to the Expiration Date and may be withdrawn at any time prior to the Expiration Date in accordance with the procedures described in the Offer Materials. If, based on the Final Purchase Price, more than $75 million in value of Class A Shares (or such greater number of Class A Shares as Seneca may choose to purchase without amending or extending the Offer) are properly tendered and not properly withdrawn, Seneca will purchase shares tendered at or below the Final Purchase Price on a pro rata basis, subject to certain “odd lot” priority and conditional tender provisions. Stockholders whose Class A Shares are purchased in the Offer will be paid the determined purchase price in cash, less any applicable withholding taxes and without interest, after the expiration of the Offer. The Company believes that the “modified Dutch auction” tender offer provides its stockholders with the opportunity to tender all or a portion of their Class A Shares, and thereby receive a return of some or all of their investment in the Company, if they so elect. The Offer is not contingent upon the receipt of financing or any minimum number of Class A Shares being tendered. However, the Offer is subject to a number of other terms and conditions, which are described in detail in the Offer to Purchase. While the Company’s Board of Directors has authorized the Company to make the Offer, neither the Company, its Board of Directors, the dealer manager, the information agent, nor the depositary makes any recommendation as to whether to tender or refrain from tendering Class A Shares or as to the price at which to tender them. The Company has not authorized any person to make any such recommendation. Stockholders must make their own decision as to whether to tender their Class A Shares and, if so, how many Class A Shares to tender and the purchase price or purchase prices at which they will tender them. In doing so, stockholders should consult their own financial and tax advisors and read carefully and evaluate the information in the Offer Materials. Pursuant to Rule 13e-4(c)(2) under the Securities Exchange Act of 1934, as amended, the Company is filing with the Securities and Exchange Commission (the “SEC”) an Issuer Tender Offer Statement on Schedule TO, which contains additional information with respect to the Offer. The Schedule TO, including the exhibits and any amendments and supplements thereto, may be examined, and copies may be obtained, at the SEC’s website at www.sec.gov. The dealer manager for the tender offer is BofA Securities, Inc. Georgeson LLC is serving as information agent for the tender offer and Computershare Trust Company is serving as the depositary for the tender offer. For all questions relating to the tender offer, please call the information agent, Georgeson LLC at (866) 628-6079 or the dealer manager, BofA Securities, Inc. at (888) 803-9655. THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER OR SOLICITATION TO PURCHASE SECURITIES. THE OFFER IS BEING MADE SOLELY PURSUANT TO THE OFFER MATERIALS, WHICH SET FORTH THE COMPLETE TERMS OF THE OFFER THAT HOLDERS OF THE SECURITIES SHOULD CAREFULLY READ PRIOR TO MAKING ANY DECISION. THE COMPANY IS NOT MAKING THE OFFER TO (NOR WILL IT ACCEPT ANY TENDER OF SECURITIES FROM OR ON BEHALF OF) HOLDERS OF SECURITIES IN ANY JURISDICTION IN WHICH THE MAKING OF THE OFFER OR THE ACCEPTANCE OF ANY TENDER OF SECURITIES WOULD NOT BE IN COMPLIANCE WITH THE LAWS OF SUCH JURISDICTION, PROVIDED THAT THE COMPANY WILL COMPLY WITH THE REQUIREMENTS OF RULE 13E-4(F)(8) PROMULGATED UNDER THE EXCHANGE ACT. HOWEVER, THE COMPANY MAY, AT ITS DISCRETION, TAKE SUCH ACTION AS THE COMPANY MAY DEEM NECESSARY FOR IT TO MAKE THE OFFER IN ANY SUCH JURISDICTION AND EXTEND THE OFFER TO HOLDERS OF SECURITIES IN SUCH JURISDICTION. IN ANY JURISDICTION THE SECURITIES OR BLUE SKY LAWS OF WHICH REQUIRE THE OFFER TO BE MADE BY A LICENSED BROKER OR DEALER, THE OFFER SHALL BE DEEMED TO BE MADE ON THE COMPANY’S BEHALF BY ONE OR MORE REGISTERED BROKERS OR DEALERS WHICH ARE LICENSED UNDER THE LAWS OF SUCH JURISDICTION. About Seneca Foods Corporation Seneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from over 1,600 American farms. Seneca holds the largest share of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries. Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips. Seneca’s common stock is traded on the Nasdaq Global Stock Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices. Contact: Timothy J. Benjamin, Chief Financial Officer315-926-8100

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  • Seneca Foods Reports Sales and Earnings for the Quarter and Nine Months Ended December 26, 2020

    MARION, N.Y., Feb. 03, 2021 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the third quarter and nine months ended December 26, 2020. Highlights (vs. year-ago, third quarter results): Net sales increased 23.3% to 484.4 million.Gross margin percentage increased from 13.3% to 16.0% as compared to the prior year three months due to higher selling prices and higher sales volume in the third quarter of 2021. “Our results for the quarter reflect the gain on sale of our prepared foods business as well as continued strong sales in our core business. I remain humbled by the dedication of all of our loyal employees during the pandemic as we continue to help do our part in meeting customer needs with our products,” stated Paul Palmby, President and Chief Executive Officer. Highlights (vs. year-ago, year-to-date results): Net sales increased 13.1% to $1,162.9 million.Gross margin percentage increased from 9.3% to 15.1% as compared to the prior year year-to-date mostly due to higher selling prices and higher sales volume in the first nine months of 2021. About Seneca Foods Corporation Seneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from over 1,600 American farms. Seneca holds the largest share of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries. Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips. Seneca’s common stock is traded on the Nasdaq Global Stock Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices. Non-GAAP Financial Measures—Operating Income Excluding LIFO and Plant Restructuring Impact, EBITDA and FIFO EBITDA Operating income excluding LIFO and plant restructuring, EBITDA and FIFO EBITDA are non-GAAP financial measures. The Company believes these non-GAAP financial measures provide a basis for comparison to companies that do not use LIFO or have plant restructuring to enhance the understanding of the Company’s historical operating performance. The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP. Set forth below is a reconciliation of reported Operating Income excluding LIFO and plant restructuring. Quarter Ended Nine Months Ended In millions In millions 12/26/2020 12/28/2019 12/26/2020 12/28/2019 FY 2021 FY 2020 FY 2021 FY 2020 Operating income, as reported:$90.6 $33.1 $148.5 $43.4 LIFO credit (4.7) (11.3) (4.3) (7.5) Plant restructuring (credit) charge (0.1) 0.8 0.2 6.7 Operating income, excluding LIFO and plant restructuring impact$85.8 $22.6 $144.4 $42.6 Set forth below is a reconciliation of reported net earnings to EBITDA and FIFO EBITDA (earnings before interest, income taxes, depreciation, amortization, non-cash charges and credits related to the LIFO inventory valuation method). The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP. Nine Months EndedEBITDA and FIFO EBITDA: December 26, 2020 December 28, 2019 (In thousands) Earnings from continuing operations$111,271 $30,166 Income tax expense 29,479 9,357 Interest expense, net of interest income 4,586 9,183 Depreciation and amortization 24,302 22,644 Interest amortization (206) (209)LIFO EBITDA 169,432 71,141 LIFO credit (4,268) (7,457)FIFO EBITDA$165,164 $63,684 Forward-Looking Information The information contained in this release contains, or may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this release and include statements regarding the intent, belief or current expectations of the Company or its officers (including statements preceded by, followed by or that include the words “believes,” “expects,” “anticipates” or similar expressions) with respect to various matters. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on such statements, which speak only as of the date the statements were made. Among the factors that could cause actual results to differ materially are: general economic and business conditions;cost and availability of commodities and other raw materials such as vegetables, steel and packaging materials;transportation costs;climate and weather affecting growing conditions and crop yields;availability of financing;leverage and the Company’s ability to service and reduce its debt;potential impact of COVID-19 related issues at our facilities;foreign currency exchange and interest rate fluctuations;effectiveness of the Company’s marketing and trade promotion programs;changing consumer preferences;competition;product liability claims;the loss of significant customers or a substantial reduction in orders from these customers;changes in, or the failure or inability to comply with, United States, foreign and local governmental regulations, including environmental and health and safety regulations; andother risks detailed from time to time in the reports filed by the Company with the SEC. Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of the filing of this report or to reflect the occurrence of unanticipated events. Contact: Timothy J. Benjamin, Chief Financial Officer315-926-8100 Seneca Foods CorporationUnaudited Selected Financial Data For the Periods Ended December 26, 2020 and December 28, 2019(In thousands of dollars, except share data) Third Quarter Year-to-Date Fiscal 2021 Fiscal 2020 Fiscal 2021 Fiscal 2020 Net sales$484,392 $392,971 $1,162,851 $1,027,898 Plant restructuring (credit) expense (note 2)$(118) $793 $169 $6,745 Other operating income, net (note 3)$35,351 $1,617 $33,716 $8,618 Operating income (note 1)$90,560 $33,115 $148,545 $43,443 Loss (income) from equity investment (728) - 752 - Other (income) loss (234) (1,656) 2,457 (5,263)Interest expense, net 1,531 2,690 4,586 9,183 Earnings from continuing operations before income taxes$89,991 $32,081 $140,750 $39,523 Income tax expense from continuing operations 17,531 7,653 29,479 9,357 Earnings from continuing operations 72,460 24,428 111,271 30,166 Earnings from discontinued operations (net of tax) - 955 - 955 Net earnings$72,460 $25,383 $111,271 $31,121 Basic earnings per share: Continuing operations$7.96 $2.65 $12.18 $3.23 Discontinued operations$- $0.10 $- $0.10 Net basic earnings per common share$7.96 $2.75 $12.18 $3.33 Diluted earnings per share: Continuing operations$7.90 $2.63 $12.09 $3.20 Discontinued operations$- $0.10 $- $0.10 Net diluted earnings per common share$7.90 $2.73 $12.09 $3.31 Note 1: The effect of the LIFO inventory valuation method on third quarter pre-tax results increased operating earnings by $4,656,000 for the three month period ended December 26, 2020 and increased operating earnings by $11,337,000 for the three month period ended December 28, 2019. The effect of the LIFO inventory valuation method on third quarter pre-tax results increased operating earnings by $4,268,000 for the nine month period ended December 26, 2020 and increased operating earnings by $7,457,000 for the nine month period ended December 28, 2019. Note 2: The nine month period ended December 26, 2020 included a restructuring charge of $169,000 primarily related to closed plants in the Northwest, of which $227,000 was related to severance and $44,000 was related to lease impairments partially offset by a $102,000 credit of a former grower payment. The nine month period ended December 28, 2019 included a restructuring charge of $6,745,000 primarily for lease impairments (including accelerated amortization of $5,266,000) and equipment moves for plants in the Midwest and Northwest. Note 3: During the nine months ended December 26, 2020, the Company recorded a gain of $35,660,000 from the sale of it's prepared food business, a loss of $405,000 on the disposal of equipment from a sold Northwest plant and a loss of $365,000 from the sale of unused fixed assets. The Company also recorded a charge of $1,174,000 for a supplemental early retirement plan. Other operating income for the nine months ended December 28, 2019 includes a gain on the partial sale of a plant in the Midwest and Northwest of $5,479,000 and a gain on the sale of unused fixed assets of $3,139,000. Note 4: The Company uses the "two-class" method for basic earnings per share by dividing the earnings attributable to common shareholders by the weighted average of common shares outstanding during the period.

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  • Where Do Hedge Funds Stand On Seneca Foods Corp (SENEA)?

    Out of thousands of stocks that are currently traded on the market, it is difficult to identify those that will really generate strong returns. Hedge funds and institutional investors spend millions of dollars on analysts with MBAs and PhDs, who are industry experts and well connected to other industry and media insiders on top of that. Individual investors can piggyback […]

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  • Seneca Foods Reports Sales and Earnings for the Quarter and Six Months Ended September 26, 2020

    MARION, N.Y., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the second quarter and six months ended September 26, 2020. Highlights (vs. year-ago, second quarter results): * Net sales increased 5.5% to $390.3 million. * Gross margin percentage increased from 6.5% to 12.5% as compared to the prior year three months due to higher selling prices and higher sales volume in the second quarter of 2021.“The second quarter showed solid results when compared to the prior year. Strong demand driven by our customers anticipated consumer pantry loading due to COVID-19 continues to help drive sales and net income.” stated Paul Palmby, President and Chief Executive Officer.Highlights (vs. year-ago, year-to-date results): * Net sales increased 6.9% to $678.5 million. * Gross margin percentage increased from 6.8% to 14.4% as compared to the prior year year-to-date mostly due to higher selling prices in the first six months of 2021.About Seneca Foods CorporationSeneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from over 1,600 American farms. Seneca holds the largest share of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries.   Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips.  Seneca’s common stock is traded on the Nasdaq Global Stock Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices.Non-GAAP Financial Measures—Operating Income Excluding LIFO and Plant Restructuring Impact, EBITDA and FIFO EBITDA Operating income excluding LIFO and plant restructuring, EBITDA and FIFO EBITDA are non-GAAP financial measures. The Company believes these non-GAAP financial measures provide a basis for comparison to companies that do not use LIFO or have plant restructuring to enhance the understanding of the Company’s historical operating performance. The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP. Set forth below is a reconciliation of reported Operating Income excluding LIFO and plant restructuring.  Quarter Ended Year Ended   In millions In millions   9/26/2020 9/28/2019 9/26/2020 9/28/2019   FY 2021 FY 2020 FY 2021 FY 2020           Operating income, as reported:$27.7$7.4$58.0$10.3           LIFO charge 2.5 0.7 0.4 3.9           Plant restructuring charge - 1.1 0.3 6.0           Operating income, excluding LIFO and plant restructuring impact$30.2$9.2$58.7$20.2 Set forth below is a reconciliation of reported net earnings to EBITDA and FIFO EBITDA (earnings before interest, income taxes, depreciation, amortization, non-cash charges and credits related to the LIFO inventory valuation method). The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP.  Six Months Ended EBITDA and FIFO EBITDA: September 26, 2020 September 28, 2019   (In thousands)       Net earnings$38,811 $5,738  Income tax expense 11,948  1,704  Interest expense, net of interest income 3,055  6,493  Depreciation and amortization 16,050  14,698  Interest amortization (137) (139) EBITDA 69,727  28,494  LIFO charge 388  3,880  FIFO EBITDA$70,115 $32,374        Forward-Looking Information The information contained in this release contains, or may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this release and include statements regarding the intent, belief or current expectations of the Company or its officers (including statements preceded by, followed by or that include the words “believes,” “expects,” “anticipates” or similar expressions) with respect to various matters.Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on such statements, which speak only as of the date the statements were made. Among the factors that could cause actual results to differ materially are: * general economic and business conditions; * cost and availability of commodities and other raw materials such as vegetables, steel and packaging materials; * transportation costs; * climate and weather affecting growing conditions and crop yields; * availability of financing; * leverage and the Company’s ability to service and reduce its debt; * potential impact of COVID-19 related issues at our facilities; * foreign currency exchange and interest rate fluctuations; * effectiveness of the Company’s marketing and trade promotion programs; * changing consumer preferences; * competition; * product liability claims; * the loss of significant customers or a substantial reduction in orders from these customers; * changes in, or the failure or inability to comply with, United States, foreign and local governmental regulations, including environmental and health and safety regulations; and * other risks detailed from time to time in the reports filed by the Company with the SEC. Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of the filing of this report or to reflect the occurrence of unanticipated events.Contact: Timothy J. Benjamin, Chief Financial Officer 315-926-8100 Seneca Foods Corporation Unaudited Selected Financial Data          For the Periods Ended September 26, 2020 and September 28, 2019 (In thousands of dollars, except share data)                    Second Quarter Year-to-Date  Fiscal 2021Fiscal 2020 Fiscal 2021 Fiscal 2020          Net sales$390,294  $370,002  $678,459  $634,927           Plant restructuring expense (note 2)$24  $1,146  $287  $5,952           Other operating (loss) income, net (note 3)$(1,780) $2,174  $(1,635) $7,001           Operating income (note 1)$27,686  $7,391  $57,985  $10,328  Loss from equity investment 804   -   1,480   -  Other loss (income) 1,760   (1,804)  2,691   (3,607) Interest expense, net 1,404   3,141   3,055   6,493  Earnings before income taxes$23,718  $6,054  $50,759  $7,442           Income tax expense 5,613   1,419   11,948   1,704           Net earnings$18,105  $4,635  $38,811  $5,738           Basic earnings per share$1.98  $0.50  $4.24  $0.61           Diluted earnings per share$1.97  $0.49  $4.21  $0.61           Note 1: The effect of the LIFO inventory valuation method on second quarter pre-tax results decreased operating earnings by              $2,528,000 for the three month period ended September 26, 2020 and decreased operating earnings by $704,000 for the               three month period ended September 28, 2019.                     The effect of the LIFO inventory valuation method on second quarter pre-tax results decreased operating earnings by              $388,000 for the six month period ended September 26, 2020 and decreased operating earnings by $3,880,000 for the six              month period ended September 28, 2019.        Note 2: The six month period ended September 26, 2020 included a restructuring charge of $287,000 primarily related to closed              plants in the Northwest, of which $219,000 was related to severance and $44,000 was related to lease impairments. The six              month period ended September 28, 2019 included a restructuring charge of $5,952,000 primarily for lease impairments (including              accelerated amortization of $4,475,000) and equipment moves for plants in the Midwest and Northwest.  Note 3: During the six months ended September 26, 2020, the Company recorded a loss of $532,000 on the disposal of equipment from             a sold Northwest plant and the gain on the sale of unused fixed assets of $71,000. The Company also recorded a charge of $1,174,000             for a supplemental early retirement plan. Other operating income for the six months ended September 28, 2019 of $7,001,000             includes a gain on the partial sale of a plant in the Midwest of $3,742,000 and a gain on the sale of unused fixed assets of $3,259,000. Note 4: The Company uses the "two-class" method for basic earnings per share by dividing the earnings attributable to              common shareholders by the weighted average of common shares outstanding during the period.

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  • What Type Of Shareholders Own The Most Number of Seneca Foods Corporation (NASDAQ:SENE.A) Shares?

    The big shareholder groups in Seneca Foods Corporation (NASDAQ:SENE.A) have power over the company. Generally...

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  • Seneca Recalls Cinnamon Apple Chips Because of Possible Health Risk

    Seneca Cinnamon Apple Chips 2.5 ounce Package UPC: 0 18195-70100 8-Individual Package Codes: 28JUN2021 Seneca Cinnamon Apple Chips 0.7 ounce Package UPC: 0 18195-70140 4-Individual Package Codes: 26JUN2021 Clancy’s Cinnamon Apple Chips 2.5 ounce Package -Individual Package Codes: 26JUN2021 27JUN2021 Example of code placement and printing Example of code placement and printingJANESVILLE, Wis., Oct. 02, 2020 (GLOBE NEWSWIRE) -- Seneca Snack Company, a Washington Corporation, is announcing a voluntary recall of Seneca Cinnamon Apple Chips and Clancy’s Cinnamon Apple Chips due to possible Salmonella contamination.   Salmonella is an organism which can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems. Healthy persons infected with Salmonella often experience fever, diarrhea, nausea, vomiting and abdominal pain. In rare circumstances, infection with Salmonella can result in the organism getting in the bloodstream and producing more severe illnesses such as arterial infections, endocarditis and arthritis.This recall is only for specific cinnamon flavor lot codes, no other flavor apple chips are affected. This only affects Clancy’s product sold by ALDI and Seneca products sold nationwide through Amazon and Gemline, no other retailers are affected.Seneca is not aware of any reports of consumer illness related to this product.Seneca was notified by an ingredient supplier that it shipped one lot of ingredients containing cinnamon that has the potential to be contaminated with Salmonella. In response to that notification; Seneca is now retrieving Cinnamon Apple Chips from its distribution system.The recall extends to the following labels and package sizes ONLY:Seneca Cinnamon Apple Chips 2.5 ounce Package UPC: 0 18195-70100 8 -Individual Package Codes: 28JUN2021A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4c6fa697-7da5-403c-90c6-876594447a65.Seneca Cinnamon Apple Chips 0.7 ounce Package UPC: 0 18195-70140 4 -Individual Package Codes: 26JUN2021A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/12d1d1d1-ec84-4511-8fc6-aa7b8fa79daa.Clancy’s Cinnamon Apple Chips 2.5 ounce Package -Individual Package Codes: 26JUN2021 27JUN2021  A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7ac3bb50-d7d5-4d2c-b6c9-3e00e5c577a3.Example of code placement and printing: https://www.globenewswire.com/NewsRoom/AttachmentNg/8c1033a8-e7f7-4bae-83dd-bc6f715ed0ea.Consumers with this product should return it for a full refund to the retail outlet where it was purchased. Consumers who want more information may call Seneca Foods Consumer Affairs at 1-800-872-1110.Contact: Matt Henschler Seneca Foods Corporation (608) 757-6054

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  • Seneca Foods’ CEO Kraig Kayser to Retire; Paul Palmby Named to Succeed Him

    MARION, N.Y., Sept. 01, 2020 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB), one of North America's leading providers of packaged fruits and vegetables with facilities located throughout the United States, today announced the planned retirement of its President, Chief Executive Officer and director, Kraig H. Kayser, on September 30, 2020. Paul L. Palmby has been named to succeed Mr. Kayser upon his retirement. Mr. Kayser will continue to be an employee to provide transition services through October 31, 2021. The Seneca Board made the following statement, “We would like to thank Kraig for his many contributions to the Company. The Board has tremendous respect for Kraig’s leadership and the performance Seneca Foods has achieved under his direction. As we look forward to a smooth transition we note that Paul understands both our history and vision for the future and has the skills and perspective needed to build upon our solid foundation and take Seneca Foods to the next level.”Mr. Kayser has served as President and Chief Executive Officer since 1993.  From 1991 to 1993 he was Chief Financial Officer of the Company.  In addition, he has served as a director of the Company since 1985.  Under his leadership, the Company has made a series of strategic acquisitions that have enhanced the Company’s leadership position in the food packaging markets.“It has been my privilege to serve Seneca Foods for over 35 years,” said Mr. Kayser. “Together, we have built an organization that makes a difference in people’s lives by producing safe, delicious, and healthy foods at a good value which are particularly needed in these difficult times. I could not be more proud of the accomplishments of our team, including Paul.”Mr. Palmby has served as Executive Vice President and Chief Operating Officer of Seneca Foods since 2006. Prior to that, he served as President of the Vegetable Division of the Company from 2005 to 2006 and Vice President of Operations of the Company from 1999-2004. Mr. Palmby joined the Company in March 1987.“I have been fortunate to work under Kraig’s leadership during our decades together at Seneca Foods,” said Mr. Palmby. “I appreciate the confidence and support of Kraig and the Board. Seneca Foods has firmly established itself as a leader in packaged foods and the Company will continue to thrive as we focus on the same fundamental beliefs that have brought us our success.”About Seneca Foods CorporationSeneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from over 1,600 American farms. Seneca is a major participant of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries.  Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips.  Seneca’s common stock is traded on the Nasdaq Global Stock Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices.Contact: Timothy J. Benjamin, Chief Financial Officer 315-926-8100

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  • Here’s What’s Happening With Returns At Seneca Foods (NASDAQ:SENE.A)

    Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few...

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  • Seneca Foods Reports Sales and Earnings for the Quarter Ended June 27, 2020

    MARION, N.Y., Aug. 05, 2020 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the first quarter ended June 27, 2020. Highlights (vs. year-ago, first quarter results): * Net sales increased 8.8% to $288.2 million. * Gross margin percentage increased from 7.2% to 16.9% as compared to the prior year three months due to higher selling prices in the first quarter of 2021. “During the first quarter, we continued to see improved results from our extensive restructuring undertaken over the last few years.  In addition, pantry loading due to the COVID-19 pandemic helped drive our sales.” stated Kraig Kayser, President and Chief Executive Officer.About Seneca Foods Corporation Seneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from over 2,000 American farms.  Seneca holds the largest share of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries.   Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips.  Seneca’s common stock is traded on the Nasdaq Global Stock Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices.Non-GAAP Financial Measures—Operating Income From Continuing Operations Excluding LIFO and Plant Restructuring Impact, EBITDA and FIFO EBITDA Operating income excluding LIFO and plant restructuring, EBITDA and FIFO EBITDA are non-GAAP financial measures. The Company believes these non-GAAP financial measures provide a basis for comparison to companies that do not use LIFO or have plant restructuring to enhance the understanding of the Company’s historical operating performance.  The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP.Set forth below is a reconciliation of reported Operating Income excluding LIFO and plant restructuring.  Quarter Ended   In millions   6/27/2020 6/29/2019   FY 2021 FY 2020       Operating income, as reported:$30.3 $2.9       LIFO (credit) charge (2.1) 3.2       Plant restructuring charge 0.3  4.8       Operating income, excluding LIFO and plant restructuring impact$28.5 $10.9       Set forth below is a reconciliation of reported net earnings from continuing operations to EBITDA and FIFO EBITDA (earnings before interest, income taxes, depreciation, amortization, non-cash charges and credits related to the LIFO inventory valuation method). The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP.   Three Months Ended EBITDA and FIFO EBITDA: June 27, 2020 June 29, 2019   (In thousands)       Net earnings$20,706 $1,103  Income tax expense 6,335  285  Interest expense, net of interest income 1,651  3,352  Depreciation and amortization 7,881  7,382  Interest amortization (69) (70) EBITDA 36,504  12,052  LIFO (credit) charge (2,141) 3,176  FIFO EBITDA$34,363 $15,228        Forward-Looking Information The information contained in this release contains, or may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements appear in a number of places in this release and include statements regarding the intent, belief or current expectations of the Company or its officers (including statements preceded by, followed by or that include the words “believes,” “expects,” “anticipates” or similar expressions) with respect to various matters.Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.  Investors are cautioned not to place undue reliance on such statements, which speak only as of the date the statements were made.  Among the factors that could cause actual results to differ materially are: * general economic and business conditions; * cost and availability of commodities and other raw materials such as vegetables, steel and packaging materials; * transportation costs; * climate and weather affecting growing conditions and crop yields; * availability of financing; * leverage and the Company’s ability to service and reduce its debt; * potential impact of COVID-19 related issues at our facilities; * foreign currency exchange and interest rate fluctuations; * effectiveness of the Company’s marketing and trade promotion programs; * changing consumer preferences; * competition; * product liability claims; * the loss of significant customers or a substantial reduction in orders from these customers; * changes in, or the failure or inability to comply with, United States, foreign and local governmental regulations, including environmental and health and safety regulations; and * other risks detailed from time to time in the reports filed by the Company with the SEC.Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of the filing of this report or to reflect the occurrence of unanticipated events.Contact: Timothy J. Benjamin, Chief Financial Officer 315-926-8100Seneca Foods Corporation Unaudited Selected Financial Data       For the Periods Ended June 27, 2020 and June 29, 2019 (In thousands of dollars, except share data)              First Quarter   Fiscal 2021 Fiscal 2020        Net sales$288,165 $264,925         Plant restructuring expense (note 2)$263 $4,806         Other operating income, net (note 3)$145 $4,827         Operating  income (note 1)$30,299 $2,937   Loss from equity investment 676  -   Other loss (income) 931  (1,803)  Interest expense, net 1,651  3,352   Earnings before income taxes$27,041 $1,388         Income tax expense 6,335  285         Net earnings$20,706 $1,103         Basic earnings per share$2.26 $0.12         Diluted  earnings per share$2.24 $0.12         Note 1: The effect of  the LIFO inventory valuation method on first quarter pre-tax results increased operating earnings by $2,141,000     for the three month period ended June 27, 2020 and decreased operating earnings by $3,176,000 for the three month period     ended June 29, 2019.     Note 2: The three month period ended June 27, 2020 included a restructuring charge of $263,000 related to closing plants in the     Northwest of which $219,000 was related to severance and $44,000 was for lease impairments.     The three month period ended June 29, 2019 included a restructuring charge of $4,806,000 related to closing plants in the     Midwest and Northwest of which $2,245,000 was for accelerated amortization of right-of-use operating lease assets, $1,975,000     was mostly related to equipment moves and $586,000 was related to severance.     Note 3: Other operating income for the period ended June 27, 2020 is a gain on the sale of unused fixed assets of $534,000.  The     Company also recorded a loss of $389,000 on the disposal of equipment from a sold Northwest plant.     Other operating income for the period ended June 29, 2019 is a gain on the partial sale of a plant in the Midwest of     $4,075,000 and a gain on the sale of unused fixed assets of $752,000.     Note 4: The Company uses the "two-class" method for basic earnings per share by dividing the earnings attributable to     common shareholders by the weighted average of common shares outstanding during the period.

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  •  Seneca Foods Reports Sales and Earnings for the Quarter and Twelve Months Ended March 31, 2020

    MARION, N.Y., July 02, 2020 -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the fourth quarter and twelve months ended March 31, 2020..

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  • Seneca Foods Corp (SENEA): Hedge Fund Sentiment Unchanged

    The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. Insider Monkey finished processing 821 13F filings submitted by hedge funds and prominent investors. These filings show these funds' portfolio positions as of March 31st, 2020. […]

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