Seneca Foods Corp. said its normalized net income for the fiscal fourth quarter ended March 31 came to 30 cents per share, compared with a loss of 11 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.2 million, compared with a loss of $1.2 million in the prior-year period.
The normalized profit margin increased to 1.2% from negative 0.4% in the year-earlier period.
Total revenue declined 5.4% year over year to $277.9 million from $293.8 million, and total operating expenses declined 7.7% on an annual basis to $271.5 million from $294.2 million.
Reported net income came to $2.7 million, or 26 cents per share, compared to a loss of $984,000, or a loss of 9 cents per share, in the year-earlier period.
For the year, the company's normalized net income totaled 60 cents per share, a decline of 27.6% from 83 cents per share in the prior year.
Normalized net income was $6.5 million, a decline of 28.0% from $9.0 million in the prior year.
Full-year total revenue fell year over year to $1.29 billion from $1.34 billion, and total operating expenses decreased on an annual basis to $1.27 billion from $1.32 billion.
The company said reported net income fell 27.0% year over year to $9.7 million, or 90 cents per share, in the full year, from $13.3 million, or $1.23 per share.
