Seneca Foods Corp — fact timeline

Seneca Foods Corp amended Third Amendment with Bank of America, N.A., as agent, and the lenders party thereto (effective 2024-03-08).

“On March 8, 2024, Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, Green Valley Foods, LLC, (collectively, the “Borrowers”), Marion Foods, Inc., Portland Food Products Company, and Gray & Company (collectively, the “Guarantors”, and together with the Borrowers, collectively, the “Company”), the financial institutions party thereto from time to time as lenders, Bank of America, N.A., a national banking association, as agent, as issuing bank and as syndication agent and BOFA Securities, Inc., a Delaware corporation, as lead arranger, entered into a Third Amendment (the “Amendment”) to Fourth Amended and Restated Loan and Security Agreement (the “Agreement”).”

Seneca Foods Corp engaged Deloitte & Touche LLP as its auditor.

“tion (the "Company") that Plante Moran was evaluating whether to continue its Securities and Exchange Commission (SEC) audit practice in the Company's primary industry and was therefore likely to decline to stand for re-appointment as the Company’s independent registered public accounting firm for the fiscal year ending March 31, 2024. In response thereto, the Audit Committee (the “Audit Committee”) of the Company’s Board of Directors conducted a comprehensive, competitive process to select a new independent registered public accounting firm. As a result of this process, effective November 7, 2023, the Audit Committee approved the engagement of Deloitte & Touche LLP (“Deloitte”) as the Company’s independent registered public accounting firm for the Company’s fiscal year ending March 31, 2024 and dismissed Plante Moran from that role.”

Seneca Foods Corp dismissed Plante Moran, P.C. as its auditor.

“November 7, 2023, the Audit Committee approved the engagement of Deloitte & Touche LLP (“Deloitte”) as the Company’s independent registered public accounting firm for the Company’s fiscal year ending March 31, 2024 and dismissed Plante Moran from that role. Plante Moran reviewed the Company's interim condensed consolidated financial statements for the quarterly periods ended July 1, 2023 and September 30, 2023 and Deloitte will review the Company’s interim condensed consolidated financial statements for the quarterly period ending December 30, 2023.”

Seneca Foods Corp shareholders approved Non-binding advisory vote to approve executive compensation at the 2023-08-09 meeting.

“Proposal 2: Non-binding advisory vote to approve executive compensation For Against Abstain 2,323,797 9,680 6,071”

Seneca Foods Corp shareholders approved Election of Directors at the 2023-08-09 meeting.

“Proposal 1: Election of Directors At the Annual Meeting, Peter R. Call, Kraig H. Kayser and Bruce E. Ware were elected directors of the Company.”

Seneca Foods Corp reported three months ended July 1, 2023 results: revenue $298.7 million.

“financial results for the three months ended July 1, 2023. Executive Summary (vs. year-ago, year-to-date results): ■ Net sales for the first quarter of fiscal 2024 totaled $298.7 million compared to $265.2 for the first quarter of fiscal 2023. The year-over-year increase of $33.5 million was mainly due to higher selling prices partially offset by lower sales”

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

“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”

Seneca Foods Corp reported the twelve months ended March 31, 2023 results: revenue $1,509.4 million.

“the fourth quarter and twelve months ended March 31, 2023. Executive Summary (vs. year-ago, year-to-date results): ■ Net sales for the twelve months ended March 31, 2023 totaled $1,509.4 million compared to $1,385.3 million for the twelve months ended March 31, 2022. The year-over-year increase of $124.1 million was mainly due to higher selling prices partially offset by”

Seneca Foods Corp reported the fourth quarter ended March 31, 2023 results: revenue $331.1 million.

“pandemic, and are in position to serve our customers’ needs.” Executive Summary (vs. year-ago, fourth quarter results): ■ Net sales for the fourth quarter of fiscal 2023 totaled $331.1 million compared to $332.4 million for the fourth quarter of fiscal 2022. The year-over-year decrease of $1.3 million was mainly due to lower sales volumes mostly offset by higher”

Seneca Foods Corp amended term loan of $298.5 million with Farm Credit East, ACA at SOFR plus an additional margin determined by the Company’s leverage ratio maturing January 20, 2028.

“The Amendment amends, restates and replaces in its entirety Term Loan A-2 (as defined in the Loan Agreement) and provides a single advance term facility in the principal amount of $125.0 million to be combined with the existing $173.5 million Term Loan A-2 into one single $298.5 million term loan”

Seneca Foods Corp amended Amendment with Farm Credit East, ACA valued at $125.0 million (effective 2023-05-23).

“On May 23, 2023 (the “Effective Date”), Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, Green Valley Foods, as Borrowers, and certain subsidiaries of Borrowers as Guarantors (collectively, the "Company") entered into Amendment 1 (the “Amendment”) to the Second Amended and Restated Loan and Guaranty Agreement with Farm Credit East, ACA (as amended, the “Loan Agreement”).”

Michael Wolcott was appointed as Senior Vice President of Finance and Chief Financial Officer at Seneca Foods Corp.

“Seneca Foods Corporation today announced that it will appoint the current Vice President of Finance, Michael Wolcott, to Senior Vice President of Finance and Chief Financial Officer ("CFO") effective April 1, 2023 furnished as Exhibit 10.1, attached hereto.”

Seneca Foods Corp reported the nine months ended December 31, 2022 results: revenue $1,178.3 million.

“Net sales for the nine months ended December 31, 2022 totaled $1,178.3 million compared to $1,052.9 million for the nine months ended January 1, 2022.”

Seneca Foods Corp reported the third quarter ended December 31, 2022 results: revenue $473.3 million.

“Net sales for the third quarter of fiscal 2023 totaled $473.3 million compared to $445.6 million for the third quarter of fiscal 2022.”

Seneca Foods Corp incurred term loan of $175 million with Farm Credit East, ACA at SOFR plus an additional margin determined by the Company’s leverage ratio maturing January 20, 2028.

“The Loan Agreement adds an additional term loan in the amount of $175 million that will mature on January 20, 2028 and is secured by a portion of the Company’s property, plant and equipment. Term Loan A-2 bears interest at a variable interest rate based upon SOFR plus an additional margin determined by the Company’s leverage ratio.”

Seneca Foods Corp entered into Second Amended and Restated Loan and Guaranty Agreement with Farm Credit East, ACA (effective 2023-01-20).

“On January 20, 2023, Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, Green Valley Foods, as Borrowers, and certain subsidiaries of Borrowers as Guarantors (collectively, the "Company") entered into a Second Amended and Restated Loan and Guaranty Agreement (the "Loan Agreement") with Farm Credit East, ACA.”

Seneca Foods Corp reported second quarter ended October 1, 2022 results: revenue $439.8 million.

“for the second quarter and six months ended October 1, 2022. Executive Summary (vs. year-ago, second quarter results): ■ Net sales for the second quarter of fiscal 2023 totaled $439.8 million compared to $372.3 million for the second quarter of fiscal 2022. The year-over-year increase of $67.5 million is mostly from higher selling prices/improved sales mix. ■ Gross”