Seneca Foods Corp. (SENEA, Financial) filed Annual Report for the period ended 2010-03-31.
Seneca Foods Corp. has a market cap of $241.6 million; its shares were traded at around $28.51 with a P/E ratio of 6.1 and P/S ratio of 0.2. SENEA is in the portfolios of Ron Baron of Baron Funds, Chuck Royce of Royce& Associates, Charles Brandes of Brandes Investment, George Soros of Soros Fund Management LLC.
The Company manages its business on the basis of two reportable segments – the primary segment is the processing and sale of fruits and vegetables and the secondary segment is the processing and sale of fruit and vegetable chip products. These two segments constitute the food operation. The food operation constitutes 99% of total sales, of which approximately 82% is vegetable processing, 16% is fruit processing and 2% is fruit chip processing. The non-food operation, which is primarily related to the sale of cans and ends and outside revenue generated from our trucking and aircraft operations, represents 1% of the Company s total sales.
During the past year, approximately 9% of the Company s processed foods sales were packed for retail customers under the Company s branded labels of Libby s®, Blue Boy®, Aunt Nellie s Farm Kitchen®, Stokely®, Read®, Festal®, Diamond A®, and Seneca®. About 21% of processed foods sales were packed for institutional food distributors and 51% were retail packed under the private label of our customers. The remaining 19% was sold under the Alliance Agreement with GMOL (see note 11 of Item 8, Financial Statements and Supplementary Data). Termination of the Alliance Agreement would substantially reduce the Company s sales and profitability unless the Company was to enter into a new substantial supply relationship with GMOL or another major vegetable marketer. The non-Alliance customers represent a full cross section of the retail, institutional, distributor, and industrial markets; and the Company does not consider itself dependent on any single sales source other than sales attributable to the Alliance Agreement.
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Seneca Foods Corp. has a market cap of $241.6 million; its shares were traded at around $28.51 with a P/E ratio of 6.1 and P/S ratio of 0.2. SENEA is in the portfolios of Ron Baron of Baron Funds, Chuck Royce of Royce& Associates, Charles Brandes of Brandes Investment, George Soros of Soros Fund Management LLC.
Highlight of Business Operations:
During fiscal year 2010, canned vegetables represented 72% of the Company s food processing volume, frozen vegetables represented 13% of the Company s food processing volume and canned fruits and fruit / snack chip processing represented 13% and 2% of the Company s food processing volume, respectively.The Company manages its business on the basis of two reportable segments – the primary segment is the processing and sale of fruits and vegetables and the secondary segment is the processing and sale of fruit and vegetable chip products. These two segments constitute the food operation. The food operation constitutes 99% of total sales, of which approximately 82% is vegetable processing, 16% is fruit processing and 2% is fruit chip processing. The non-food operation, which is primarily related to the sale of cans and ends and outside revenue generated from our trucking and aircraft operations, represents 1% of the Company s total sales.
During the past year, approximately 9% of the Company s processed foods sales were packed for retail customers under the Company s branded labels of Libby s®, Blue Boy®, Aunt Nellie s Farm Kitchen®, Stokely®, Read®, Festal®, Diamond A®, and Seneca®. About 21% of processed foods sales were packed for institutional food distributors and 51% were retail packed under the private label of our customers. The remaining 19% was sold under the Alliance Agreement with GMOL (see note 11 of Item 8, Financial Statements and Supplementary Data). Termination of the Alliance Agreement would substantially reduce the Company s sales and profitability unless the Company was to enter into a new substantial supply relationship with GMOL or another major vegetable marketer. The non-Alliance customers represent a full cross section of the retail, institutional, distributor, and industrial markets; and the Company does not consider itself dependent on any single sales source other than sales attributable to the Alliance Agreement.
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