Seneca Foods Corp. (SENEA, Financial) filed Quarterly Report for the period ended 2010-10-02.
Seneca Foods Corp. has a market cap of $266.4 million; its shares were traded at around $27.54 with a P/E ratio of 8.9 and P/S ratio of 0.2. SENEA is in the portfolios of Ron Baron of Baron Funds, Charles Brandes of Brandes Investment, Chuck Royce of Royce& Associates, George Soros of Soros Fund Management LLC, Jim Simons of Renaissance Technologies LLC.
Six months ended October 2, 2010 results include net sales of $495.4 million, which represents a 10.5% decrease, or $58.3 million, from the six months ended September 26, 2009. The decrease in sales is attributable to decreased selling prices and less favorable sales mix of $30.2 million and a sales volume decrease of $28.1 million. The decrease in sales is primarily from a $27.8 million decrease in Green Giant Alliance sales primarily due to decreased pea volume, $24.8 million decrease in Canned Vegetable sales primarily due to decreased net unit selling prices, and an $8.1 million decrease in Snack sales due to the loss of a co-pack customer partially offset by a $6.0 million increase in Frozen sales as a result of the Lebanon acquisition.
Basic and diluted earnings per share were $0.23 and $1.02 for the three months ended October 2, 2010 and September 26, 2009, respectively. Basic earnings per share were $0.66 and $1.94 for the six months ended October 2, 2010 and September 26, 2009, respectively. Diluted earnings per share were $0.66 and $1.92 for the six months ended October 2, 2010 and September 26, 2009, respectively. For details of the calculation of these amounts, refer to footnote 12 of the Notes to Condensed Consolidated Financial Statements.
As shown in the Condensed Consolidated Statements of Cash Flows, net cash used in operating activities was $50.9 million in the first six months of fiscal 2011, compared to net cash used in operating activities of $33.9 million in the first six months of fiscal 2010. The $17.0 million increase in cash used is primarily attributable to a $10.2 million increase in cash used for income taxes as compared to the first six months ended September 26, 2009, a $34.3 million decrease in cash provided by accounts payable, accrued expenses and other liabilities as compared to the first six months ended September 26, 2009 (which includes the $50.0 million advance discussed above), and decreased net earnings of $15.4 million as previously discussed, partially offset by a $34.0 million decrease in cash used by inventory, and a $7.3 million increase in cash provided by accounts receivable as compared to the first six months ended September 26, 2009.
As compared to September 26, 2009, inventory increased $14.9 million excluding the acquisition increase of $14.8 million. Excluding this acquisition increase, the components of the inventory increase reflect a $15.1 million increase in finished goods (net of off-season), an $8.2 million increase in work in process and partially offset by $8.4 million decrease in raw materials and supplies. The finished goods increase reflects higher inventory quantities attributable to increased production during the last harvest season and decreased sales volume as compared to the prior year. The raw materials and supplies decrease is primarily due to an increase in cans and raw steel quantities compared to the prior year. FIFO based inventory costs exceeded LIFO based inventory costs by $93.0 million as of the end of the second quarter of 2011 as compared to $95.9 million as of the end of the second quarter of 2010. The off-season decreased by $0.8 million, as compared to September 26, 2009, due to the timing of certain expenses. Refer to the Critical Accounting Policies section of this Form 10-Q for further details on the off-season.
Cash used in investing activities was $29.9 million in the first six months of fiscal 2011 compared to $10.5 million in the first six months of fiscal 2010. The acquisition of Lebanon for $20.3 million in cash in the first six months of fiscal 2011 was the major reason for this change. Additions to property, plant and equipment were $9.6 million in the first six months of fiscal 2011 as compared to $10.6 million in first six months of fiscal 2010.
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Seneca Foods Corp. has a market cap of $266.4 million; its shares were traded at around $27.54 with a P/E ratio of 8.9 and P/S ratio of 0.2. SENEA is in the portfolios of Ron Baron of Baron Funds, Charles Brandes of Brandes Investment, Chuck Royce of Royce& Associates, George Soros of Soros Fund Management LLC, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Second fiscal quarter 2011 results include net sales of $275.4 million, which represents a 14.8% decrease, or $47.8 million, from the second quarter of fiscal 2010. The decrease in sales is attributable to decreased selling prices and less favorable sales mix of $19.1 million and a sales volume reduction of $28.7 million. The decrease in sales is primarily from a $32.6 million decrease in Green Giant Alliance sales primarily due to decreased pea volume, $18.4 million decrease in Canned Vegetable sales primarily due to decreased net unit selling prices, and a $3.5 million decrease in Snack sales due to the loss of a co-pack customer, partially offset a $6.1 million increase in Frozen sales as a result of the Lebanon acquisition.Six months ended October 2, 2010 results include net sales of $495.4 million, which represents a 10.5% decrease, or $58.3 million, from the six months ended September 26, 2009. The decrease in sales is attributable to decreased selling prices and less favorable sales mix of $30.2 million and a sales volume decrease of $28.1 million. The decrease in sales is primarily from a $27.8 million decrease in Green Giant Alliance sales primarily due to decreased pea volume, $24.8 million decrease in Canned Vegetable sales primarily due to decreased net unit selling prices, and an $8.1 million decrease in Snack sales due to the loss of a co-pack customer partially offset by a $6.0 million increase in Frozen sales as a result of the Lebanon acquisition.
Basic and diluted earnings per share were $0.23 and $1.02 for the three months ended October 2, 2010 and September 26, 2009, respectively. Basic earnings per share were $0.66 and $1.94 for the six months ended October 2, 2010 and September 26, 2009, respectively. Diluted earnings per share were $0.66 and $1.92 for the six months ended October 2, 2010 and September 26, 2009, respectively. For details of the calculation of these amounts, refer to footnote 12 of the Notes to Condensed Consolidated Financial Statements.
As shown in the Condensed Consolidated Statements of Cash Flows, net cash used in operating activities was $50.9 million in the first six months of fiscal 2011, compared to net cash used in operating activities of $33.9 million in the first six months of fiscal 2010. The $17.0 million increase in cash used is primarily attributable to a $10.2 million increase in cash used for income taxes as compared to the first six months ended September 26, 2009, a $34.3 million decrease in cash provided by accounts payable, accrued expenses and other liabilities as compared to the first six months ended September 26, 2009 (which includes the $50.0 million advance discussed above), and decreased net earnings of $15.4 million as previously discussed, partially offset by a $34.0 million decrease in cash used by inventory, and a $7.3 million increase in cash provided by accounts receivable as compared to the first six months ended September 26, 2009.
As compared to September 26, 2009, inventory increased $14.9 million excluding the acquisition increase of $14.8 million. Excluding this acquisition increase, the components of the inventory increase reflect a $15.1 million increase in finished goods (net of off-season), an $8.2 million increase in work in process and partially offset by $8.4 million decrease in raw materials and supplies. The finished goods increase reflects higher inventory quantities attributable to increased production during the last harvest season and decreased sales volume as compared to the prior year. The raw materials and supplies decrease is primarily due to an increase in cans and raw steel quantities compared to the prior year. FIFO based inventory costs exceeded LIFO based inventory costs by $93.0 million as of the end of the second quarter of 2011 as compared to $95.9 million as of the end of the second quarter of 2010. The off-season decreased by $0.8 million, as compared to September 26, 2009, due to the timing of certain expenses. Refer to the Critical Accounting Policies section of this Form 10-Q for further details on the off-season.
Cash used in investing activities was $29.9 million in the first six months of fiscal 2011 compared to $10.5 million in the first six months of fiscal 2010. The acquisition of Lebanon for $20.3 million in cash in the first six months of fiscal 2011 was the major reason for this change. Additions to property, plant and equipment were $9.6 million in the first six months of fiscal 2011 as compared to $10.6 million in first six months of fiscal 2010.
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