Seneca Foods Corporation reported unaudited consolidated earnings results for the second quarter and six months ended September 26, 2009. The company reported that sales increased 2.5% to $323.2 million compared to last year. The increase in sales is attributable to increased selling prices/improved sales mix of $15.8 million partially offset by reduced sales volume of $8.0 million. Net earnings were $12.4 million or $1.02 per diluted share against $4.4 million or $0.36 per diluted share in the quarter ended September 27, 2008. Excluding a non-cash after-tax LIFO charge of $3.1 million and $9.3 million, net earnings per diluted share were $1.27 and $1.11 during the quarters ended September 26, 2009 and September 27, 2008, respectively. Earnings before income taxes was $19.9 million against $7.4 million last year. Earnings applicable to common stock was $10.8 million or $1.02 per diluted share against $2.7 million or $0.36 per diluted share last year. The company reported that net sales for the six months increased from last year by $21.6 million, or 4.1%, to $553.7 million. The increase in sales is attributable to increased selling prices/improved sales mix of $45.8 million partially offset by a sales volume reduction of $24.2 million. Net earnings increased to $23.5 million or $1.92 per diluted share compared to $2.3 million or $0.19 per diluted share in the prior year. Excluding a non-cash after-tax LIFO charge of $6.1 million and $16.0 million, net earnings per diluted share were $2.42 and $1.49 during the six months periods ended September 26, 2009 and September 27, 2008, respectively. Pre-tax results for six months ended September 27, 2008 included a $0.3 million gain on the sale of unused equipment. Earnings before income taxes was $36.4 million against $3.9 million last year. Earnings applicable to common stock was $17.6 million or $1.92 per diluted share against $1.4 million or $0.19 per diluted share last year.

Seneca Foods Corp. announced that it has increased the size of its Board of Directors from eight to nine members and has appointed John P. Gaylord to fill the newly created independent director position on the Board and to serve until the 2010 annual meeting of shareholders and until his successor is elected and qualified. Mr. Gaylord has served since 1992 as President of Jacintoport Terminal Company.

Seneca Foods Corp., Q2 2010 Earnings Call, Nov-06 2009