# Seneca Foods Corp: Form 10-Q for the period ended Oct 1, 2022

- Company: [Seneca Foods Corp](/companies/senea.md) (CIK 88948)
- Form: 10-Q
- Filed: 2022-11-09
- Accepted by EDGAR: Nov 9, 2022, 21:14 ET
- Period: 2022-10-01
- Accession: 0001437749-22-026604
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/88948/000143774922026604/senea20221002_10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/88948/000143774922026604/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2022-10-01.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2022-07-03 to 2022-10-01 | $439.8m | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
| Revenue | 6 months, 2022-04-01 to 2022-10-01 | $705.0m | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
| Cost of revenue | 3 months, 2022-07-01 to 2022-10-01 | $398.1m | us-gaap:CostOfGoodsAndServicesSold |
| Cost of revenue | 6 months, 2022-04-01 to 2022-10-01 | $640.4m | us-gaap:CostOfGoodsAndServicesSold |
| Selling, general and administrative | 3 months, 2022-07-01 to 2022-10-01 | $20.5m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Selling, general and administrative | 6 months, 2022-04-01 to 2022-10-01 | $38.7m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Operating income | 3 months, 2022-07-01 to 2022-10-01 | $21.8m | us-gaap:OperatingIncomeLoss |
| Operating income | 6 months, 2022-04-01 to 2022-10-01 | $28.4m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months, 2022-07-01 to 2022-10-01 | $2.4m | us-gaap:InterestExpense |
| Interest expense | 6 months, 2022-04-01 to 2022-10-01 | $3.8m | us-gaap:InterestExpense |
| Income tax | 3 months, 2022-07-01 to 2022-10-01 | $4.9m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 6 months, 2022-04-01 to 2022-10-01 | $6.5m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2022-07-01 to 2022-10-01 | $16.1m | us-gaap:NetIncomeLoss |
| Net income | 6 months, 2022-04-01 to 2022-10-01 | $21.2m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2022-07-01 to 2022-10-01 | $2.03 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 6 months, 2022-04-01 to 2022-10-01 | $2.62 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2022-07-01 to 2022-10-01 | $2.05 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 6 months, 2022-04-01 to 2022-10-01 | $2.64 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2022-07-01 to 2022-10-01 | 7,906 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 6 months, 2022-04-01 to 2022-10-01 | 8,065 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 6 months, 2022-04-01 to 2022-10-01 | −$133.6m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 6 months, 2022-04-01 to 2022-10-01 | $33.9m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Dividends paid | 6 months, 2022-04-01 to 2022-10-01 | $12.0k | us-gaap:PaymentsOfDividends |
| Share repurchases | 6 months, 2022-04-01 to 2022-10-01 | $37.0m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | at 2022-10-01 | $12.9m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2022-10-01 | $1.00bn | us-gaap:AssetsCurrent |
| Total assets | at 2022-10-01 | $1.40bn | us-gaap:Assets |
| Current liabilities | at 2022-10-01 | $445.4m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2022-10-01 | $834.7m | us-gaap:Liabilities |
| Long-term debt | at 2022-10-01 | $316.3m | us-gaap:LongTermDebtNoncurrent |
| Current portion of debt | at 2022-10-01 | $4.0m | us-gaap:LongTermDebtCurrent |
| Shareholders' equity | at 2022-10-01 | $568.2m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 851 characters.

| Period | Total Number of Shares Purchased Class A Common | Class B Common | Average Price Paid per Share Class A Common | Class B Common | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 7/01/2022 – 7/31/2022 | 89,230 | - | $56.30 | - | 89,230 |  |
| 08/01/2022 – 08/31/2022 (1) | 110,366 | - | $55.68 | - | 98,180 |  |
| 09/1/2022 09/30/2022 | 203,331 | - | $50.76 | - | 203,331 |  |
| Total | 402,927 | - | $54.25 | - | 390,741 | 615,658 |

(1) Includes 12,186 shares that were purchased in open market transactions by the trustees under the Seneca Foods Corporation Employees' Savings Plan to provide employee matching contributions under the plan.

## Market risk

As filed, 551 characters.

In the ordinary course of business, the Company is exposed to various market risk factors, including changes in general economic conditions, competition and raw material pricing and availability. In addition, the Company is exposed to fluctuations in interest rates, primarily related to its revolving credit facility. To manage interest rate risk, the Company uses both fixed and variable interest rate debt plus fixed interest rate lease obligations. There have been no material changes to the Company’s exposure to market risk since March 31, 2022.

## Controls and procedures

As filed, 1,466 characters.

The Company maintains a system of internal and disclosure controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported on a timely basis. The Company’s Board of Directors, operating through its Audit Committee, which is composed entirely of independent outside directors, provides oversight to the financial reporting process.

An evaluation was performed under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities and Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that, as of October 1, 2022, our disclosure controls and procedures were effective. The Company continues to examine, refine and formalize its disclosure controls and procedures and to monitor ongoing developments in this area.

There have been no changes during the period covered by this report to the Company's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

## Risk factors

As filed, 251 characters.

There have been no material changes to the risk factors disclosed in the Company’s Annual Report Form 10-K for the period ended March 31, 2022 except to the extent factual information disclosed elsewhere in this Form 10-Q relates to such risk factors.

Filed Nov 9, 2022.
Source: SEC EDGAR, the filing index for accession 0001437749-22-026604. Last ingested by Listed: Oct 24, 2026, 14:54 ET. No prices; not investment advice.