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Seneca Foods swings to profit in fiscal Q4

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.