Seneca Foods Corp

For the period ended Dec 30, 2023. Filed Feb 8, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Dec 30, 2023 · Filed Feb 8, 2024

SENEB$148.31-2.5%Stored close · as of Nov 4, 2026

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Contents

Seneca Foods Corporation

Quarterly Report on Form 10-Q

Table of Contents

PART I. FINANCIAL INFORMATION
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
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3. Quantitative and Qualitative Disclosures about Market Risk	23
Item 4. Controls and Procedures	23
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	24
Item 1A. Risk Factors	24
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	24
Item 3. Defaults Upon Senior Securities	24
Item 4. Mine Safety Disclosures	24
Item 5. Other Information	25
Item 6. Exhibits	25
SIGNATURES	26

SENECA FOODS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

	December 30, 2023	December 31, 2022	March 31, 2023
Assets
Current assets:
Cash and cash equivalents	$7,168	$5,579	$5,236
Restricted cash	7,251	6,937	7,020
Accounts receivable, net of allowance for credit losses of $51, $77 and $34, respectively	89,928	94,947	97,101
Inventories	968,889	774,121	670,898
Refundable income taxes	1,153	-	6,976
Other current assets	3,906	5,898	6,808
Total current assets	1,078,295	887,482	794,039
Property, plant and equipment, net	307,714	297,676	301,212
Right-of-use assets operating, net	20,538	26,012	23,235
Right-of-use assets financing, net	23,146	33,882	33,571
Pension assets	59,003	51,786	59,304
Other assets	841	1,670	1,360
Total assets	$1,489,537	$1,298,508	$1,212,721
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$125,182	$156,065	$69,232
Deferred revenue	8,708	14,412	9,956
Accrued vacation	10,997	11,682	11,143
Accrued payroll	13,083	12,469	16,772
Other accrued expenses	29,530	26,921	23,293
Income taxes payable	5,967	2,427	-
Current portion of long-term debt and lease obligations	30,582	21,344	25,792
Total current liabilities	224,049	245,320	156,188
Long-term debt, less current portion	611,349	399,948	432,695
Operating lease obligations, less current portion	13,617	17,219	16,675
Financing lease obligations, less current portion	13,102	17,382	17,293
Deferred income tax liability, net	30,820	34,434	31,481
Other liabilities	3,162	3,933	3,639
Total liabilities	896,099	718,236	657,971
Commitments and contingencies
Stockholders' equity:
Preferred stock	351	607	351
Common stock, $0.25 par value per share	3,050	3,043	3,049
Additional paid-in capital	99,430	98,862	99,152
Treasury stock, at cost	(195,706)	(170,088)	(168,573)
Accumulated other comprehensive loss	(20,488)	(26,468)	(20,488)
Retained earnings	706,801	674,316	641,259
Total stockholders' equity	593,438	580,272	554,750
Total liabilities and stockholders’ equity	$1,489,537	$1,298,508	$1,212,721

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.