Seneca Foods Corp (SENEB): auditor change — Seneca Foods restates FY2022-2023 financials; LIFO errors reduce net earnings by $23.9M and $4.8M

Seneca Foods Corp

Errors in LIFO inventory valuation caused understatement of cost of products sold by $31.6M in FY2023 and $6.3M in FY2022.
Net earnings reduced by $23.9M in FY2023 and $4.8M in FY2022 due to the errors.
Adjustments are non-cash; no impact on cash position, cash flow, revenues, or liquidity.
Material weakness identified in internal control over financial reporting; remediation testing expected by FY2024.
Company will file amended 10-K/A for FY2023 including restated financials for both years.

item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Seneca Foods Corp reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Plante Moran, P.C.

Exact text from the filing

On July 19, 2023, the Audit Committee of Seneca Foods Corporation (the “Company”), after consultation with the Company’s management, including the Chief Financial Officer and Corporate Controller (the "Authorized Officers"), concluded that the following financial statements previously filed by the Company with the Securities and Exchange Commission (“Commission”) should no longer be relied upon due to errors in such financial statements relating to the accounting for valuing inventory using the last-in, first-out ("LIFO") method and related internal controls

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Source: SEC EDGAR

accession 0001437749-23-020617

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