Seneca Foods Corp. Presents at Bank of America Merrill Lynch Consumer Conference in 2010, Mar-10-2010. Venue: The New York Palace Hotel, New York, New York, United States.

Seneca Foods Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended December 26, 2009. For the quarter, the companys reported net earnings were $18.6 million, or $1.52 per diluted share, versus $13.8 million or $1.13 per diluted share in the quarter ended December 27, 2008. Excluding a non-cash after-tax LIFO charge of $2.6 million and $11.3 million, net earnings per diluted share were $1.73 and $2.05 during the quarters ended December 26, 2009 and December 27, 2008, respectively. Sales decreased 3.5% to $447.0 million compared to the third quarter of fiscal 2009 and from $463,322 of previous year period. The decrease in sales is attributable to sales volume reduction of $19.0 million partially offset by increased selling prices/improved sales mix of $2.7 million. Operating income was $32.422 million against $27.571 million for the same period last year. Earnings before income taxes were $30.416 million compared to $23.876 million for the comparable period last year. The effect of the LIFO inventory valuation method on third quarter pre-tax results was to reduce operating earnings by $3,967,000 and $17,320,000, for the three month periods ended December 26, 2009 and December 27, 2008, respectively. For the nine months ended December 26, 2009, net earnings increased to $42.1 million, or $3.44 per diluted share, compared to $16.1 million or $1.32 per diluted share in the prior year. Excluding a non-cash after-tax LIFO charge of $8.7 million and $27.2 million, net earnings per diluted share were $4.16 and $3.54 during the nine months periods ended December 26, 2009 and December 27, 2008, respectively. Net sales for the nine months ended December 26, 2009 increased from last year by $5.3 million, or 0.5%, to $1,000.8 million from $995,453 of previous year period. The increase in sales is attributable to increased selling prices/improved sales mix of $48.3 million partially offset by a sales volume reduction of $43.0 million. Pre-tax results for the nine months ended December 27, 2008 included a $0.2 million gain on the sale of unused equipment and a $0.9 million plant restructuring charge primarily related to a Voluntary Workforce Reduction Program at plant in Modesto, California. EBITDA was $90.005 million against $54.903 million of previous year period. FIFO EBITDA was $103.401 million compared to $96.795 million for the same period last year. Operating income was $74.037 million against $38.913 million for the same period last year. Earnings before income taxes were $66.848 million compared to $27.855 million for the comparable period last year.

Seneca Foods Corp. announced that they will report Q3, 2010 results on February 01, 2010.