Seneca Foods Corp Files 2024 Annual Report

TL;DR

Seneca Foods filed its 2024 10-K. Check financials for canned goods giant.

AI Summary

Seneca Foods Corporation filed its 10-K for the fiscal year ended March 31, 2024. The company, incorporated in New York, operates in the canned fruits, vegetables, preserves, jams, and jellies sector. Its principal business address is in Marion, NY. The filing covers its annual report and details its financial performance and business operations for the period.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Seneca Foods' financial health and operational status for the fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — This is a standard annual report filing providing historical financial data and business overview, without immediate indicators of significant new risks.

Key Numbers

• FY 2024 — Fiscal Year End (The period covered by the 10-K report.)
• 0331 — Fiscal Year End Month/Day (Indicates the end of the company's fiscal year.)

Key Players & Entities

• Seneca Foods Corp (company) — Registrant
• March 31, 2024 (date) — Fiscal year end
• NY (location) — State of incorporation and business address
• Marion (location) — City of business address
• 0-01989 (other) — Commission File Number

FAQ

Key Financial Figures

• $0.25 — hich Registered Common Stock Class A, $0.25 Par SENEA NASDAQ Global Select Mark
• $0.1 million — the specified cure period). A total of $0.1 million was paid as a royalty fee for the fisca

Filing Documents

• senea20240331_10k.htm (10-K) — 447KB
• ex_680050.htm (EX-10.3) — 86KB
• ex_680051.htm (EX-10.4) — 102KB
• ex_680049.htm (EX-13) — 1840KB
• ex_680052.htm (EX-19) — 67KB
• ex_680438.htm (EX-21) — 9KB
• ex_680439.htm (EX-23.1) — 3KB
• ex_680440.htm (EX-23.2) — 2KB
• ex_680441.htm (EX-31.1) — 14KB
• ex_680442.htm (EX-31.2) — 16KB
• ex_680443.htm (EX-32) — 8KB
• ex_680053.htm (EX-97) — 27KB
• graph01.jpg (GRAPHIC) — 47KB
• logo01.jpg (GRAPHIC) — 6KB
• 0001437749-24-020198.txt ( ) — 11451KB
• senea-20240331.xsd (EX-101.SCH) — 90KB
• senea-20240331_cal.xml (EX-101.CAL) — 90KB
• senea-20240331_def.xml (EX-101.DEF) — 579KB
• senea-20240331_lab.xml (EX-101.LAB) — 547KB
• senea-20240331_pre.xml (EX-101.PRE) — 637KB
• senea20240331_10k_htm.xml (XML) — 2019KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 12 Item 1C. Cybersecurity 13 Item 2.

Properties

Properties 14 Item 3.

Legal Proceedings

Legal Proceedings 14 Item 4. Mine Safety Disclosures 14 PART II. Item 5. Market for Registrant's Common Stock, Related Security Holder Matters and Issuer Purchases of Equity Securities 15 Item 6. [Reserved] 15 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 15 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 16 Item 9. Changes in and Disagreements with Accountants on Accounting Financial Disclosure 16 Item 9A.

Controls and Procedures

Controls and Procedures 16 Item 9B. Other Information 17 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 17 PART III. Item 10. Directors, Executive Officers and Corporate Governance 17 Item 11.

Executive Compensation

Executive Compensation 17 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 18 Item 13. Certain Relationships and Related Transactions, and Director Independence 18 Item 14. Principal Accountant Fees and Services 18 PART IV. Item 15. Exhibits and Financial Statement Schedules 18 Item 16. Form 10-K Summary 20

SIGNATURES

SIGNATURES 21 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains "forward-looking statements" as that term is used in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they address future events, developments, and results and do not relate strictly to historical facts. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and may contain the words "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "seeks," "should," "likely," "targets," "may", "can" and variations thereof and similar expressions. Forward-looking statements are subject to known and unknown risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed. We believe important factors that could cause actual results to differ materially from our expectations include, but are not limited to, the following: o the effects of rising costs and availability of raw fruit and vegetables, steel, ingredients, packaging, other raw materials, distribution and labor; o crude oil prices and their impact on distribution, packaging and energy costs; o an overall labor shortage, ability to retain a sufficient seasonal workforce, lack of skilled labor, labor inflation or increased turnover impacting our ability to recruit and retain employees; o climate and weather affecting growing conditions and crop yields; o our ability to successfully implement sales price increases and cost saving measures to offset cost increases; o the loss of significant customers or a substantial reduction in orders from these customers; o effectiveness of our marketing and trade promotion programs; o competition, changes in consumer prefer

Business

Item 1. Business Overview Seneca Foods Corporation ("Seneca" or the "Company") was founded in 1949 and has evolved through internal growth and strategic acquisitions into a leading provider of packaged fruits and vegetables, with 26 main facilities located throughout the United States. The facilities are comprised of plants for packaging, can manufacturing, seed production, a farming operation and a logistical support network. Food packaging operations are primarily supported by plant locations in New York, Michigan, Oregon, Wisconsin, Washington, Idaho, Illinois, and Minnesota. The Company also maintains warehouses which are generally located adjacent to its packaging plants. The Company is incorporated in New York with its headquarters located at 350 WillowBrook Office Park, Fairport, New York 14450 and its telephone number is (585) 495-4100. The Company's business strategies are designed to grow its market share and enhance sales and margins. These strategies include: 1) expand the Company's leadership in the packaged fruit and vegetable industry; 2) provide low-cost, high-quality fruit and vegetable products to consumers through the elimination of costs from the Company's supply chain and investment in state-of-the-art production and logistical technology; 3) focus on growth opportunities to capitalize on higher expected returns; and 4) pursue strategic acquisitions that leverage the Company's core competencies. Available Information The Company's Internet address is www.senecafoods.com . The Company's annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are available on the Company's web site, as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. All such filings on the Company's web site are available free of charge. Information on o

Risk Factors

Item 1A. Risk Factors The following factors as well as factors described elsewhere in this Form 10-K or in other filings by the Compa

View Full Filing

View this 10-K filing on SEC EDGAR