Seneca Foods Corp Files Q1 2025 10-Q

TL;DR

Seneca Foods Q1 2025 10-Q is in. Check financials.

AI Summary

Seneca Foods Corporation filed its 10-Q for the period ending June 29, 2024. The filing details financial performance and operational updates for the first quarter of fiscal year 2025. Specific financial figures and operational highlights are presented within the report.

Why It Matters

This filing provides investors with an update on Seneca Foods' financial health and operational performance, crucial for understanding the company's trajectory in the canned food market.

Risk Assessment

Risk Level: low — This is a routine quarterly filing with no immediate red flags or significant negative news.

Key Numbers

• Q1 2024 — Fiscal Quarter (Reporting period for this 10-Q filing)
• 03-31 — Fiscal Year End (Seneca Foods' fiscal year end date)

Key Players & Entities

• Seneca Foods Corp (company) — Filer of the 10-Q
• 20240629 (date) — End of the reporting period
• 20240808 (date) — Filing date

FAQ

Key Financial Figures

• $0.25 — hich Registered Common Stock Class A, $0.25 Par SENEA NASDAQ Global Select Mark
• $0.025 — ertible Common Common Par $0.25 Par $0.025 Par $0.025 Par $0.25 Par $0.25 Shar

Filing Documents

• senea20240701_10q.htm (10-Q) — 1066KB
• ex_703184.htm (EX-31.1) — 13KB
• ex_703185.htm (EX-31.2) — 13KB
• ex_703186.htm (EX-32) — 7KB
• 0001437749-24-025547.txt ( ) — 5510KB
• senea-20240629.xsd (EX-101.SCH) — 49KB
• senea-20240629_cal.xml (EX-101.CAL) — 61KB
• senea-20240629_def.xml (EX-101.DEF) — 294KB
• senea-20240629_lab.xml (EX-101.LAB) — 281KB
• senea-20240629_pre.xml (EX-101.PRE) — 335KB
• senea20240701_10q_htm.xml (XML) — 888KB

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 14

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 20

Controls and Procedures

Item 4. Controls and Procedures 20

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 21

Risk Factors

Item 1A. Risk Factors 21

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 21

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 21

Other Information

Item 5. Other Information 21

Exhibits

Item 6. Exhibits 21

SIGNATURES

SIGNATURES 22 Table of Contents SENECA FOODS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) June 29, 2024 July 1, 2023 March 31, 2024 Assets Current assets: Cash and cash equivalents $ 5,544 $ 5,216 $ 4,483 Restricted cash 7,431 7,075 7,370 Accounts receivable, net of allowance for credit losses of $ 72 , $ 33 and $ 53 , respectively 96,448 84,964 79,767 Inventories 841,847 735,124 872,692 Assets held for sale 64 3,158 64 Refundable income taxes 597 31 - Other current assets 3,751 2,370 2,639 Total current assets 955,682 837,938 967,015 Property, plant and equipment, net 307,654 305,221 305,016 Right-of-use assets operating, net 13,841 22,105 19,705 Right-of-use assets financing, net 18,660 31,162 20,386 Pension assets 52,254 58,904 52,442 Other assets 21,034 1,286 19,433 Total assets $ 1,369,125 $ 1,256,616 $ 1,383,997 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 62,460 $ 117,700 $ 40,326 Note payable 13,921 - 8,926 Deferred revenue 5,061 6,460 8,185 Accrued vacation 11,823 11,307 11,632 Accrued payroll 8,425 10,667 15,845 Income taxes payable 7,842 - 2,648 Other accrued expenses 32,538 21,452 33,383 Current portion of long-term debt and lease obligations 107,440 32,616 30,090 Total current liabilities 249,510 200,202 151,035 Long-term debt 473,065 414,894 585,786 Operating lease obligations 8,925 15,196 13,758 Financing lease obligations 11,231 15,484 12,259 Deferred income tax liability, net 24,161 31,513 24,320 Other liabilities 13,287 3,503 13,946 Total liabilities 780,179 680,792 801,104 Commitments and contingencies Stockholders' equity: Preferred stock 351 351 351 Common stock 3,050 3,049 3,050 Additional paid-in capital 100,469 99,304 100,425 Treasury stock, at cost ( 206,747 ) ( 170,750 ) ( 200,107 ) Accumulated other comprehensive loss ( 25,380 ) (

View Full Filing

View this 10-Q filing on SEC EDGAR