MARION, N.Y. — Seneca Foods Corp. returned to profitability in the second quarter ended Sept. 29 as net income increased to $9,116,000, equal to 93c per share on the common stock. This compared with a loss of $1,100,000 in the same period a year ago.
Net sales fell 2.2% to $320,660,000 from $327,664,000.
“As we anticipated, we have sold the Modesto (Calif.) facility subsequent to the quarter end and are in the process of completing the orderly liquidation of the Modesto operations,” said Kraig Kayser, president and chief executive officer. “We are expecting a third-quarter pre-tax gain on the sale of the Modesto facility of approximately $53.9 million. Continuing operations results are lagging behind the prior year primarily due to higher steel and transportation costs.”
Net income in the six months ended Sept. 29 totaled $361,000, or 3c per share, which compared with a loss of $1,942,000 in the same period a year ago. Net sales eased to $564,753,000 from $568,839,000 a year ago.
Seneca Foods is a provider of packaged fruits and vegetables, with facilities located throughout the United States. Its products primarily are sourced from more than 2,000 American farms. Seneca holds the largest share of the retail private label, food service, and export canned vegetable markets, distributing to more than 90 countries. Products also are sold under such brands as Libby’s, Aunt Nellie’s, READ, and Seneca.