– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
FAIRPORT, N.Y., June 13, 2023 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the fourth quarter and twelve months ended March 31, 2023.
Executive Summary (vs. year-ago, year-to-date results):
“Seneca Foods had an excellent fiscal 2023, delivering record sales and FIFO EBITDA, despite continued cost pressures for labor and raw materials which led to an unprecedented non-cash LIFO charge of $100M,” stated Paul Palmby, President and Chief Executive Officer of Seneca Foods. “Significant past investments in our operating facilities paid off as our supply chain operated admirably this year amid a challenging environment. Entering fiscal 2024, we have replenished our inventory levels, which were depleted during the pandemic, and are in position to serve our customers’ needs.”
Executive Summary (vs. year-ago, fourth quarter results):
About Seneca Foods Corporation
Seneca 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 approximately 1,400 American farms and are distributed to approximately 60 countries. Seneca holds a large share of the market for retail private label, food service, restaurant chains, international, contracting packaging, industrial, chips and cherry products. 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 Select 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
Adjusted net earnings is calculated on a FIFO basis and excludes the impact of the Company’s loss on equity investment. The Company believes this non-GAAP financial measure provides for a better comparison of year over year 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 net earnings to adjusted net earnings (in thousands).
| Twelve Months Ended | ||||||||
| March 31, | March 31, | |||||||
| 2023 | 2022 | |||||||
| Earnings before income taxes, as reported | $ | 45,370 | $ | 66,231 | ||||
| LIFO charge | 100,034 | 35,821 | ||||||
| Loss on equity investment | - | 7,775 | ||||||
| Adjusted earnings before income taxes | 145,404 | 109,827 | ||||||
| Income taxes at effective tax rates | 39,259 | 25,251 | ||||||
| Adjusted net earnings | $ | 106,145 | $ | 84,576 | ||||
Set forth below is a reconciliation of reported net earnings to EBITDA and FIFO EBITDA (earnings before interest, income taxes, depreciation, amortization and non-cash charges related to the LIFO inventory valuation method). 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 (in thousands).
| Twelve Months Ended | ||||||||
| March 31, | March 31, | |||||||
| EBITDA and FIFO EBITDA: | 2023 | 2022 | ||||||
| Net earnings | $ | 33,138 | $ | 51,007 | ||||
| Income tax expense | 12,232 | 15,224 | ||||||
| Interest expense, net of interest income | 14,325 | 5,641 | ||||||
| Depreciation and amortization | 40,941 | 36,523 | ||||||
| Operating lease amortization | 11,636 | 16,680 | ||||||
| Interest amortization | (270 | ) | (242 | ) | ||||
| EBITDA | 112,002 | 124,833 | ||||||
| LIFO charge | 100,034 | 35,821 | ||||||
| FIFO EBITDA | $ | 212,036 | $ | 160,654 | ||||
Forward-Looking Information
This release contains “forward-looking statements” as that term is used in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they address future events, developments, and results and do not relate strictly to historical facts. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and may contain the words "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "seeks," "should," "likely," "targets," "may", "can" and variations thereof and similar expressions. Forward-looking statements are subject to known and unknown risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed. We believe important factors that could cause actual results to differ materially from our expectations include, but are not limited to, the following:
Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of the filing of this report or to reflect the occurrence of unanticipated events.
Contact: Michael Wolcott, Chief Financial Officer585-495-4100
| Seneca Foods Corporation | |||||||||||||||
| Unaudited Selected Financial Data | |||||||||||||||
| For the Periods Ended March 31, 2023 and March 31, 2022 | |||||||||||||||
| (In thousands of dollars, except share data) | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| March 31, | March 31, | March 31, | March 31, | ||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Net sales | $ | 331,063 | $ | 332,389 | $ | 1,509,352 | $ | 1,385,280 | |||||||
| Plant restructuring charge (note 2) | $ | 1,613 | $ | 67 | $ | 3,550 | $ | 70 | |||||||
| Other operating expense (income) , net (note 3) | $ | 749 | $ | 493 | $ | (1,662 | ) | $ | 1,174 | ||||||
| Operating (loss) income (note 1) | $ | (5,313 | ) | $ | 7,135 | $ | 52,936 | $ | 70,345 | ||||||
| Loss from equity investment | - | - | - | 7,775 | |||||||||||
| Other non-operating income | (1,689 | ) | (2,333 | ) | (6,759 | ) | (9,302 | ) | |||||||
| Interest expense, net | 6,288 | 1,458 | 14,325 | 5,641 | |||||||||||
| (Loss) earnings before income taxes | $ | (9,912 | ) | $ | 8,010 | $ | 45,370 | $ | 66,231 | ||||||
| Income tax (benefit) expense | (762 | ) | 1,457 | 12,232 | 15,224 | ||||||||||
| Net (loss) earnings | $ | (9,150 | ) | $ | 6,553 | $ | 33,138 | $ | 51,007 | ||||||
| Basic (loss) earnings per common share | $ | (1.20 | ) | $ | 0.78 | $ | 4.23 | $ | 5.83 | ||||||
| Diluted (loss) earnings per common share | $ | (1.20 | ) | $ | 0.77 | $ | 4.20 | $ | 5.79 | ||||||
| Note 1: | The effect of the LIFO inventory valuation method on the fourth quarter pre-tax results decreased operating earnings by $20.7 million and $5.1 million for the three month periods ended March 31, 2023 and March 31, 2022, respectively. The effect of the LIFO inventory valuation method on YTD twelve month pre-tax results decreased operating earnings by $100.0 million and $35.8 million for the twelve month periods ended March 31, 2023 and March 31, 2022, respectively. | ||||||||
| Note 2: | During the twelve months ended March 31, 2023, the Company ceased production of green beans at one of its New York facilities. As a result, the Company incurred severance costs and a write down of production equipment that will be sold in the next twelve months. | ||||||||
| Note 3: | The Company had net other operating income of $1.7 million for the twelve months ended March 31, 2023, which was driven primarily by gains on the sale of the Company’s western trucking fleet and an aircraft, along with a favorable true-up of the supplemental early retirement plan accrual. This other operating income was partially offset by a write down of idle equipment to estimated selling price, less commission, as the assets met the criteria to be classified as held for sale. The Company had net other operating expense of $1.2 million for the twelve months ended March 31, 2022, which was driven by charges for supplemental early retirement plans and to maintain non-operating facilities classified as held for sale. These charges were partially offset by a net gain on the sale of assets and a gain from debt forgiveness on an economic development loan. | ||||||||
| Note 4: | The Company used the “two-class” method for basic earnings per share by dividing the earning attributable to common shareholders by the weighted average of common shares outstanding during the period. | ||||||||
ФЭЙРПОРТ, Нью-Йорк, 13 июня 2023 г. (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) сегодня объявила финансовые результаты за четвертый квартал и двенадцать месяцев, закончившихся 31 марта 2023 г.
Краткое изложение (по сравнению с результатами годичной давности, за текущий год):
“Seneca Foods провела отличный 2023 финансовый год, обеспечив рекордные продажи и показатель EBITDA по FIFO, несмотря на продолжающееся давление на рабочую силу и сырье, что привело к беспрецедентному безналичному начислению LIFO в размере 100 млн долларов”, - заявил Пол Палмби, президент и главный исполнительный директор Seneca Foods. “Значительные прошлые инвестиции в наши производственные мощности окупились, поскольку наша цепочка поставок в этом году работала превосходно в сложных условиях. Вступая в 2024 финансовый год, мы пополнили наши запасы, которые были истощены во время пандемии, и в состоянии удовлетворить потребности наших клиентов”.
Краткое описание (по сравнению с прошлым годом, результаты четвертого квартала):
О компании Seneca Foods Corporation
Seneca Foods - один из ведущих поставщиков упакованных фруктов и овощей в Северной Америке, предприятия которого расположены по всей территории Соединенных Штатов. Ее высококачественная продукция в основном поступает примерно с 1400 американских ферм и поставляется примерно в 60 стран. Seneca занимает значительную долю рынка розничной торговли частными торговыми марками, общественного питания, сетей ресторанов, международной, контрактной упаковки, промышленной продукции, чипсов и вишневой продукции. Продукция также продается под такими известными торговыми марками, как Libby's®, Aunt Nellie's®, Green Valley®, CherryMan®, READ® и Seneca, включая чипсы для закусок Seneca. Обыкновенные акции Seneca торгуются на бирже Nasdaq Global Select Market под обозначениями “SENEA” и “SENEB”. SENEA входит в индексы S&P SmallCap 600, Russell 2000 и Russell 3000.
Финансовые показатели, не относящиеся к GAAP
Скорректированная чистая прибыль рассчитывается на основе FIFO и исключает влияние убытка Компании на инвестиции в акционерный капитал. Компания считает, что этот финансовый показатель, не соответствующий GAAP, позволяет лучше сравнивать операционные показатели за год. Компания не намерена рассматривать эту информацию изолированно или в качестве замены других показателей, подготовленных в соответствии с GAAP. Ниже приводится сверка заявленной чистой прибыли с скорректированной чистой прибылью (в тысячах).
| Twelve Months Ended | ||||||||
| March 31, | March 31, | |||||||
| 2023 | 2022 | |||||||
| Earnings before income taxes, as reported | $ | 45,370 | $ | 66,231 | ||||
| LIFO charge | 100,034 | 35,821 | ||||||
| Loss on equity investment | - | 7,775 | ||||||
| Adjusted earnings before income taxes | 145,404 | 109,827 | ||||||
| Income taxes at effective tax rates | 39,259 | 25,251 | ||||||
| Adjusted net earnings | $ | 106,145 | $ | 84,576 | ||||
Ниже приводится сверка заявленной чистой прибыли с EBITDA и FIFO EBITDA (прибыль до вычета процентов, налогов на прибыль, амортизации и неденежных расходов, связанных с методом оценки запасов LIFO). Компания не намерена рассматривать эту информацию изолированно или в качестве замены других показателей, подготовленных в соответствии с GAAP (в тысячах).
| Twelve Months Ended | ||||||||
| March 31, | March 31, | |||||||
| EBITDA and FIFO EBITDA: | 2023 | 2022 | ||||||
| Net earnings | $ | 33,138 | $ | 51,007 | ||||
| Income tax expense | 12,232 | 15,224 | ||||||
| Interest expense, net of interest income | 14,325 | 5,641 | ||||||
| Depreciation and amortization | 40,941 | 36,523 | ||||||
| Operating lease amortization | 11,636 | 16,680 | ||||||
| Interest amortization | (270 | ) | (242 | ) | ||||
| EBITDA | 112,002 | 124,833 | ||||||
| LIFO charge | 100,034 | 35,821 | ||||||
| FIFO EBITDA | $ | 212,036 | $ | 160,654 | ||||
Прогнозная информация
Настоящий релиз содержит “заявления прогнозного характера”, поскольку этот термин используется в Законе о реформе судебных разбирательств по частным ценным бумагам от 1995 года. Заявления прогнозного характера можно идентифицировать по тому факту, что они касаются будущих событий, разработок и результатов и не связаны строго с историческими фактами. Любые заявления, содержащиеся в настоящем документе, которые не являются утверждениями об историческом факте, могут рассматриваться как заявления прогнозного характера. Заявления прогнозного характера включают, без ограничения, любое заявление, которое может предсказывать, спрогнозировать, указывать или подразумевать будущие результаты, результативность или достижения и может содержать слова "будет", "предвидеть", "оценивать", "ожидать", "проектировать", "намереваться", "планировать, "верю", "стремится", "должен", "вероятно", "нацелен", "может", "может" и их вариации, а также аналогичные выражения. Заявления прогнозного характера подвержены известным и неизвестным рискам, неопределенностям и другим важным факторам, которые могут привести к существенному отличию фактических результатов от заявленных. Мы считаем, что важные факторы, которые могут привести к существенному отличию фактических результатов от наших ожиданий, включают, но не ограничиваются ими, следующее:
За исключением текущих обязательств по раскрытию существенной информации в соответствии с требованиями федерального законодательства о ценных бумагах, Компания не берет на себя никаких обязательств по публичному опубликованию каких-либо изменений в каких-либо прогнозных заявлениях для отражения событий или обстоятельств после даты подачи настоящего отчета или для отражения наступления непредвиденных событий.
Контактное лицо: Майкл Уолкотт, финансовый директор 585-495-4100
| Seneca Foods Corporation | |||||||||||||||
| Unaudited Selected Financial Data | |||||||||||||||
| For the Periods Ended March 31, 2023 and March 31, 2022 | |||||||||||||||
| (In thousands of dollars, except share data) | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| March 31, | March 31, | March 31, | March 31, | ||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Net sales | $ | 331,063 | $ | 332,389 | $ | 1,509,352 | $ | 1,385,280 | |||||||
| Plant restructuring charge (note 2) | $ | 1,613 | $ | 67 | $ | 3,550 | $ | 70 | |||||||
| Other operating expense (income) , net (note 3) | $ | 749 | $ | 493 | $ | (1,662 | ) | $ | 1,174 | ||||||
| Operating (loss) income (note 1) | $ | (5,313 | ) | $ | 7,135 | $ | 52,936 | $ | 70,345 | ||||||
| Loss from equity investment | - | - | - | 7,775 | |||||||||||
| Other non-operating income | (1,689 | ) | (2,333 | ) | (6,759 | ) | (9,302 | ) | |||||||
| Interest expense, net | 6,288 | 1,458 | 14,325 | 5,641 | |||||||||||
| (Loss) earnings before income taxes | $ | (9,912 | ) | $ | 8,010 | $ | 45,370 | $ | 66,231 | ||||||
| Income tax (benefit) expense | (762 | ) | 1,457 | 12,232 | 15,224 | ||||||||||
| Net (loss) earnings | $ | (9,150 | ) | $ | 6,553 | $ | 33,138 | $ | 51,007 | ||||||
| Basic (loss) earnings per common share | $ | (1.20 | ) | $ | 0.78 | $ | 4.23 | $ | 5.83 | ||||||
| Diluted (loss) earnings per common share | $ | (1.20 | ) | $ | 0.77 | $ | 4.20 | $ | 5.79 | ||||||
| Note 1: | The effect of the LIFO inventory valuation method on the fourth quarter pre-tax results decreased operating earnings by $20.7 million and $5.1 million for the three month periods ended March 31, 2023 and March 31, 2022, respectively. The effect of the LIFO inventory valuation method on YTD twelve month pre-tax results decreased operating earnings by $100.0 million and $35.8 million for the twelve month periods ended March 31, 2023 and March 31, 2022, respectively. | ||||||||
| Note 2: | During the twelve months ended March 31, 2023, the Company ceased production of green beans at one of its New York facilities. As a result, the Company incurred severance costs and a write down of production equipment that will be sold in the next twelve months. | ||||||||
| Note 3: | The Company had net other operating income of $1.7 million for the twelve months ended March 31, 2023, which was driven primarily by gains on the sale of the Company’s western trucking fleet and an aircraft, along with a favorable true-up of the supplemental early retirement plan accrual. This other operating income was partially offset by a write down of idle equipment to estimated selling price, less commission, as the assets met the criteria to be classified as held for sale. The Company had net other operating expense of $1.2 million for the twelve months ended March 31, 2022, which was driven by charges for supplemental early retirement plans and to maintain non-operating facilities classified as held for sale. These charges were partially offset by a net gain on the sale of assets and a gain from debt forgiveness on an economic development loan. | ||||||||
| Note 4: | The Company used the “two-class” method for basic earnings per share by dividing the earning attributable to common shareholders by the weighted average of common shares outstanding during the period. | ||||||||
