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Seneca Foods swings to loss in fiscal Q2

Seneca Foods Corp. said its normalized net income for the fiscal second quarter ended Sept. 27 amounted to a loss of 5 cents per share, compared with 32 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 a loss of $506,880, compared with income of $3.5 million in the prior-year period.

The normalized profit margin fell to negative 0.2% from 1.0% in the year-earlier period.

Total revenue fell 7.3% on an annual basis to $312.2 million from $336.6 million, and total operating expenses decreased 5.5% year over year to $311.5 million from $329.5 million.

Reported net income totaled a loss of $571,000, or a loss of 5 cents per share, compared to income of $6.4 million, or 59 cents per share, in the year-earlier period.