Seneca Foods Files Q2 2024 10-Q

TL;DR

Seneca Foods 10-Q filed. Q2 2024 financials out.

AI Summary

Seneca Foods Corp. filed its 10-Q for the period ending September 28, 2024. The filing details financial performance for the second quarter of fiscal year 2024. Specific financial figures and segment performance are provided within the report.

Why It Matters

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

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial updates, not indicating immediate significant risks.

Key Players & Entities

• Seneca Foods Corp. (company) — Filer of the 10-Q
• 20240928 (date) — End of reporting period
• 20241106 (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

• senea20240930_10q.htm (10-Q) — 1392KB
• ex_734733.htm (EX-31.1) — 13KB
• ex_734734.htm (EX-31.2) — 13KB
• ex_734735.htm (EX-32) — 7KB
• 0001437749-24-033615.txt ( ) — 6525KB
• senea-20240928.xsd (EX-101.SCH) — 52KB
• senea-20240928_def.xml (EX-101.DEF) — 319KB
• senea-20240928_lab.xml (EX-101.LAB) — 294KB
• senea-20240928_pre.xml (EX-101.PRE) — 356KB
• senea-20240928_cal.xml (EX-101.CAL) — 64KB
• senea20240930_10q_htm.xml (XML) — 1205KB

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 15

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 24

Exhibits

Item 6. Exhibits 24

SIGNATURES

SIGNATURES 25 Table of Contents SENECA FOODS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) September 28, 2024 September 30, 2023 March 31, 2024 Assets Current assets: Cash and cash equivalents $ 9,545 $ 4,917 $ 4,483 Restricted cash 7,522 7,164 7,370 Accounts receivable, net of allowance for credit losses of $ 131 , $ 61 and $ 53 , respectively 108,533 128,380 79,767 Inventories 944,887 1,013,447 872,692 Refundable income taxes 4,370 960 - Other current assets 3,110 2,643 2,703 Total current assets 1,077,967 1,157,511 967,015 Property, plant and equipment, net 325,860 305,856 305,016 Right-of-use assets operating, net 10,667 22,154 19,705 Right-of-use assets financing, net 16,209 26,578 20,386 Pension assets 52,066 58,506 52,442 Other assets 658 1,115 19,433 Total assets $ 1,483,427 $ 1,571,720 $ 1,383,997 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 213,015 $ 321,579 $ 40,326 Note payable - - 8,926 Deferred revenue 10,060 14,637 8,185 Accrued vacation 11,844 11,295 11,632 Accrued payroll 19,725 22,446 15,845 Income taxes payable 5,900 - 2,648 Other accrued expenses 39,554 31,277 33,383 Current portion of long-term debt, finance and lease obligations 107,891 31,583 30,090 Total current liabilities 407,989 432,817 151,035 Long-term debt 406,612 492,685 585,786 Operating lease obligations 6,660 13,995 13,758 Financing lease obligations 9,973 14,202 12,259 Finance obligation 18,830 - - Deferred income tax liability, net 20,711 31,440 24,320 Other liabilities 13,710 3,356 13,946 Total liabilities 884,485 988,495 801,104 Commitments and contingencies Stockholders' equity: Preferred stock 351 351 351 Common stock 3,051 3,050 3,050 Additional paid-in capital 1

View Full Filing

View this 10-Q filing on SEC EDGAR