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Seneca Foods fiscal Q3 profit falls YOY

Seneca Foods Corp. said its normalized net income for the fiscal third quarter ended Dec. 27, 2014, was 34 cents per share, a decline of 35.5% from 53 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.7 million, a decline of 35.6% from $5.7 million in the prior-year period.

The normalized profit margin fell to 0.8% from 1.2% in the year-earlier period.

Total revenue decreased on an annual basis to $456.2 million from $477.7 million, and total operating expenses fell year over year to $448.8 million from $467.2 million.

Reported net income increased 16.4% on an annual basis to $7.7 million, or 71 cents per share, from $6.6 million, or 61 cents per share.