Seneca Foods Corp. Files 10-Q for Period Ending December 30, 2023

TL;DR

<b>Seneca Foods Corp. filed its Q3 2024 10-Q, detailing financial performance for the period ending December 30, 2023.</b>

AI Summary

Seneca Foods Corp (SENEL) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. Seneca Foods Corporation filed a 10-Q report for the period ending December 30, 2023. The filing covers the third quarter of fiscal year 2024. The company's fiscal year ends on March 31st. The filing includes financial data for periods ending December 30, 2023, and December 31, 2022. Seneca Foods Corporation is in the Canned, Fruits, Veg & Preserves industry.

Why It Matters

For investors and stakeholders tracking Seneca Foods Corp, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance data for Seneca Foods, crucial for assessing the company's operational health and investment potential. Understanding the financial details in this report allows stakeholders to evaluate the company's position within the canned food industry and make informed investment decisions.

Risk Assessment

Risk Level: — Seneca Foods Corp shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any unusual or significant events, suggesting a routine disclosure.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Seneca Foods' performance trends and outlook.

Key Numbers

• 2023-12-30 — Reporting Period End Date (Conformed Period of Report)
• 2024-02-08 — Filing Date (As of Date)
• 0331 — Fiscal Year End (Fiscal Year End)

Key Players & Entities

• Seneca Foods Corp. (company) — Filer of the 10-Q report.
• 2023-12-30 (date) — End of the reporting period for the 10-Q.
• 2024-02-08 (date) — Filing date of the 10-Q.
• 2023-03-31 (date) — Fiscal year end for Seneca Foods Corp.

Forward-Looking Statements

• Seneca Foods will continue to maintain its current equity structure with Class A and Class B common stock. (Seneca Foods Corp) — high confidence, target: 2025-03-31

FAQ

Industry Context

Seneca Foods Corporation operates within the canned fruit and vegetable processing industry, a sector characterized by seasonal production and consumer demand fluctuations.

Regulatory Implications

As a publicly traded company, Seneca Foods is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the financial statements (income statement, balance sheet, cash flow) for the quarter ended December 30, 2023.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into performance drivers.
3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-02-08: Filing Date — Submission of the 10-Q report for the period ending 2023-12-30.
• 2023-12-30: Reporting Period End — End date for the financial data presented in the 10-Q.
• 2023-03-31: Fiscal Year End — Annual fiscal year closing date for Seneca Foods Corp.

Year-Over-Year Comparison

This filing represents the most recent quarterly update for Seneca Foods Corp., providing current financial information compared to previous periods.

Key Financial Figures

• $0.25 — res Outstanding Common Stock Class A, $0.25 Par 5,456,549 Common Stock Class B,
• $0.025 — ertible Common Common Par $0.25 Par $0.025 Par $0.025 Par $0.25 Par $0.25 Shar

Filing Documents

• senea20231231_10q.htm (10-Q) — 1260KB
• ex_620687.htm (EX-31.1) — 13KB
• ex_620688.htm (EX-31.2) — 13KB
• ex_620689.htm (EX-32) — 7KB
• 0001437749-24-003516.txt (&nbsp;) — 5906KB
• senea-20231230.xsd (EX-101.SCH) — 51KB
• senea-20231230_cal.xml (EX-101.CAL) — 57KB
• senea-20231230_def.xml (EX-101.DEF) — 290KB
• senea-20231230_lab.xml (EX-101.LAB) — 274KB
• senea-20231230_pre.xml (EX-101.PRE) — 329KB
• senea20231231_10q_htm.xml (XML) — 1086KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets (Unaudited) 1 Condensed Consolidated Statements of Net Earnings (Unaudited) 2 Condensed Consolidated Statements of Comprehensive Income (Unaudited) 2 Condensed Consolidated Statements of Cash Flows (Unaudited) 3 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) 4 Notes to Condensed Consolidated Financial Statements (Unaudited) 5

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 23

Controls and Procedures

Item 4. Controls and Procedures 23

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 24

Risk Factors

Item 1A. Risk Factors 24

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 24

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 24

Other Information

Item 5. Other Information 25

Exhibits

Item 6. Exhibits 25

SIGNATURES

SIGNATURES 26 SENECA FOODS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) December 30, 2023 December 31, 2022 March 31, 2023 Assets Current assets: Cash and cash equivalents $ 7,168 $ 5,579 $ 5,236 Restricted cash 7,251 6,937 7,020 Accounts receivable, net of allowance for credit losses of $ 51 , $ 77 and $ 34 , respectively 89,928 94,947 97,101 Inventories 968,889 774,121 670,898 Refundable income taxes 1,153 - 6,976 Other current assets 3,906 5,898 6,808 Total current assets 1,078,295 887,482 794,039 Property, plant and equipment, net 307,714 297,676 301,212 Right-of-use assets operating, net 20,538 26,012 23,235 Right-of-use assets financing, net 23,146 33,882 33,571 Pension assets 59,003 51,786 59,304 Other assets 841 1,670 1,360 Total assets $ 1,489,537 $ 1,298,508 $ 1,212,721 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 125,182 $ 156,065 $ 69,232 Deferred revenue 8,708 14,412 9,956 Accrued vacation 10,997 11,682 11,143 Accrued payroll 13,083 12,469 16,772 Other accrued expenses 29,530 26,921 23,293 Income taxes payable 5,967 2,427 - Current portion of long-term debt and lease obligations 30,582 21,344 25,792 Total current liabilities 224,049 245,320 156,188 Long-term debt, less current portion 611,349 399,948 432,695 Operating lease obligations, less current portion 13,617 17,219 16,675 Financing lease obligations, less current portion 13,102 17,382 17,293 Deferred income tax liability, net 30,820 34,434 31,481 Other liabilities 3,162 3,933 3,639 Total liabilities 896,099 718,236 657,971 Commitments and contingencies Stockholders' equity: Preferred stock 351 607 351 Common stock, $ 0.25 par value per share 3,050 3,043 3,049 Additional paid-in capital 99,430 98,862 99,152 Treasury stock, at cost ( 195,706 ) ( 170,088 ) ( 168,573 ) Accumulated other comprehensive l

View Full Filing

View this 10-Q filing on SEC EDGAR