Seneca Foods Reports Sales and Earnings for the Quarter Ended June 27, 2020

About this update from Seneca Foods Corp.

[{"type":"text","content":"MARION, N.Y., Aug. 05, 2020 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the first quarter ended June 27, 2020.\n Highlights (vs. year-ago, first quarter results): Net sales increased 8.8% to $288.2 million.Gross margin percentage increased from 7.2% to 16.9% as compared to the prior year three months due to higher selling prices in the first quarter of 2021. “During the first quarter, we continued to see improved results from our extensive restructuring undertaken over the last few years. In addition, pantry loading due to the COVID-19 pandemic helped drive our sales.” stated Kraig Kayser, President and Chief Executive Officer. About Seneca Foods CorporationSeneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from over 2,000 American farms. Seneca holds the largest share of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries. Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips. Seneca’s common stock is traded on the Nasdaq Global Stock Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices. Non-GAAP Financial Measures—Operating Income From Continuing Operations Excluding LIFO and Plant Restructuring Impact, EBITDA and FIFO EBITDA Operating income excluding LIFO and plant restructuring, EBITDA and FIFO EBITDA are non-GAAP financial measures. The Company believes these non-GAAP financial measures provide a basis for comparison to companies that do not use LIFO or have plant restructuring to enhance the understanding of the Company’s historical operating performance. The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP. Set forth below is a reconciliation of reported Operating Income excluding LIFO and plant restructuring. Quarter Ended In millions 6/27/2020 6/29/2019 FY 2021 FY 2020 Operating income, as reported:$30.3 $2.9 LIFO (credit) charge (2.1) 3.2 Plant restructuring charge 0.3 4.8 Operati...

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