Highest-materiality recent filing
Seneca Foods appoints Deloitte & Touche as new auditor; material weakness in LIFO inventory noted
Audit Committee engaged Deloitte & Touche as independent auditor for FY ending March 31, 2024, replacing Plante Moran.
Seneca Foods annual meeting elects directors; board expands stock repurchase program to 2.5M shares
Directors Peter R. Call, Kraig H. Kayser, Bruce E. Ware elected to three-year terms at August 9, 2023 annual meeting.
Seneca Foods Q1 net sales up 12.6% to $298.7M; gross margin expands to 18.5%
Net sales $298.7M vs $265.2M YoY, driven by higher selling prices partially offset by lower volumes.
Seneca Foods restates FY2022-2023 financials; LIFO errors reduce net earnings by $23.9M and $4.8M
Errors in LIFO inventory valuation caused understatement of cost of products sold by $31.6M in FY2023 and $6.3M in FY2022.
Seneca Foods restructures term loan into $298.5M single facility with Farm Credit East
Amended Term Loan A-2 consolidates existing $173.5M with new $125.0M advance into $298.5M term loan.
Seneca Foods enters $275M loan agreement, adds $175M secured term loan A-2
Second Amended and Restated Loan Agreement with Farm Credit East dated Jan 20, 2023.
Seneca Foods Q2 sales rise 18% to $439.8M; gross margin contracts on LIFO charge
Q2 net sales $439.8M vs $372.3M last year, driven by higher selling prices and improved mix.
Seneca Foods expands stock repurchase authorization to 2,000,000 shares
Board approved increase in maximum shares under buyback program to 2,000,000 shares of Class A and/or B common stock and convertible preferred.
Seneca Foods Q1 sales up 12.8% to $265.2M; FIFO EBITDA up 18.4%
Net sales $265.2M vs $235.0M (+12.8%); driven by higher prices/improved mix ($21.2M) and increased volume ($9.0M).
Seneca Foods FY22 net sales fall 5.6% to $1.385B; EPS drops to $5.79 from $13.72
Net sales $1,385.3M vs $1,467.6M prior year; $71.9M decrease from divestiture of prepared foods.
Seneca Foods Q3 net sales fall 8% to $445.6M; gross margin 10.1% vs 16%
Net sales for Q3 FY2022: $445.6M, down from $484.4M in Q3 FY2021.
Seneca Foods Q1 FY2022 EPS $1.56; net sales $235M, down 18.5% YoY
Net sales $235.0M vs $288.2M year-ago; decline driven by $24.2M from prepared foods divestiture and $28.5M volume variance.
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.
Max materiality 0.80 · Median 0.60 · Most common event earnings