Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | ||
Sep. 27, 2014 | Oct. 17, 2014 | Oct. 17, 2014 | |
Common Class A Member | Common Class B Member | ||
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Document period end date | 27-Sep-14 | ' | ' |
Amendment flag | 'false | ' | ' |
Document Period Focus | 'Q2 | ' | ' |
Document Fiscal Year Focus | '2015 | ' | ' |
Current fiscal year end date | '--03-31 | ' | ' |
Entity central index key | '0000088948 | ' | ' |
Entity current reporting status | 'Yes | ' | ' |
Entity filer category | 'Accelerated Filer | ' | ' |
Entity registrant name | 'SENECA FOODS CORP /NY/ | ' | ' |
Entity voluntary filers | 'No | ' | ' |
Entity well known seasoned issuer | 'No | ' | ' |
Class Of Stock [Line Items] | ' | ' | ' |
Entity common stock shares outstanding | ' | 8,717,440 | 2,015,673 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 27, 2014 | Mar. 31, 2014 | Sep. 28, 2013 |
Current Assets: | ' | ' | ' |
Cash and Cash Equivalents | $14,037,000 | $13,839,000 | $17,139,000 |
Accounts Receivable, Net | 80,981,000 | 76,964,000 | 96,089,000 |
Inventories: | ' | ' | ' |
Finished Goods | 591,841,000 | 304,955,000 | 655,058,000 |
Work in Process | 18,358,000 | 12,353,000 | 8,450,000 |
Raw Materials and Supplies | 121,328,000 | 133,942,000 | 95,146,000 |
Total Inventories | 731,527,000 | 451,250,000 | 758,654,000 |
Deferred Income Tax Asset, Net | 8,314,000 | 8,412,000 | 10,946,000 |
Refundable Income Taxes | 1,439,000 | ' | ' |
Other Current Assets | 21,614,000 | 33,594,000 | 36,398,000 |
Assets Current | 857,912,000 | 584,059,000 | 919,226,000 |
Deferred Tax Assets, Net, Noncurrent | 0 | 0 | 5,205,000 |
Property, Plant and Equipment, Net | 189,397,000 | 183,917,000 | 184,882,000 |
Other Assets | 17,380,000 | 877,000 | 1,010,000 |
Total Assets | 1,064,689,000 | 768,853,000 | 1,110,323,000 |
Current Liabilities: | ' | ' | ' |
Notes Payable | 4,880,000 | 12,255,000 | 4,392,000 |
Accounts Payable | 243,624,000 | 71,219,000 | 298,517,000 |
Accrued Vacation | 11,206,000 | 10,997,000 | 11,057,000 |
Accrued Payroll | 10,917,000 | 7,516,000 | 13,481,000 |
Other Accrued Expenses | 35,086,000 | 26,111,000 | 37,861,000 |
Income Taxes Payable | 0 | 913,000 | 468,000 |
Current Portion of Long-Term Debt | 2,449,000 | 2,277,000 | 2,101,000 |
Liabilities Current | 308,162,000 | 131,288,000 | 367,877,000 |
Long-Term Debt, Less Current Portion | 342,154,000 | 216,239,000 | 322,959,000 |
Deferred Income Taxes, Net | 1,126,000 | 339,000 | ' |
Other Long-Term Liabilities | 29,406,000 | 27,355,000 | 44,889,000 |
Total Liabilities | 680,848,000 | 375,221,000 | 735,725,000 |
Commitments | ' | ' | ' |
Stockholders' Equity: | ' | ' | ' |
Preferred Stock | 2,119,000 | 5,332,000 | 5,410,000 |
Common Stock $.25 Par Value Per Share | 3,010,000 | 2,958,000 | 2,955,000 |
Additional Paid-in Capital | 96,528,000 | 93,260,000 | 93,135,000 |
Treasury Stock, at cost | -39,095,000 | -29,894,000 | -31,764,000 |
Accumulated Other Comprehensive Loss | -11,252,000 | -11,252,000 | -22,548,000 |
Retained Earnings | 332,531,000 | 333,228,000 | 327,410,000 |
Total Stockholders' Equity | 383,841,000 | 393,632,000 | 374,598,000 |
Total Liabilities and Stockholders Equity | $1,064,689,000 | $768,853,000 | $1,110,323,000 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Sep. 27, 2014 |
Statement Of Financial Position [Abstract] | ' |
Common Stock Par Or Stated Value Per Share | $0.25 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Net Sales | $312,161,000 | $336,628,000 | $552,204,000 | $568,755,000 |
Costs and Expenses: | ' | ' | ' | ' |
Cost of Product Sold | 295,357,000 | 314,249,000 | 518,404,000 | 526,696,000 |
Selling and Administrative | 16,203,000 | 15,856,000 | 31,922,000 | 31,775,000 |
Plant Restructuring | 0 | 347,000 | 0 | 501,000 |
Other Operating Income | -85,000 | -607,000 | 194,000 | -788,000 |
Total Costs and Expenses | 311,475,000 | 329,845,000 | 550,520,000 | 558,184,000 |
Operating Income (Loss) | 686,000 | 6,783,000 | 1,684,000 | 10,571,000 |
Interest Expense, Net | 1,417,000 | 1,548,000 | 2,486,000 | 3,375,000 |
Earnings From Equity Investment | -80,000 | ' | 286,000 | ' |
Earnings (Loss) Before Income Taxes | -811,000 | 5,235,000 | -516,000 | 7,196,000 |
Income Taxes Expense (Benefit) | -233,000 | -1,368,000 | 169,000 | -754,000 |
Net Earnings (Loss) | -578,000 | 6,603,000 | -685,000 | 7,950,000 |
Earnings (Loss) Attributable to Common Stock | ($576,000) | $6,387,000 | ($684,000) | $7,685,000 |
Basic Earnings (Loss) per Common Share | ($0.05) | $0.59 | ($0.06) | $0.71 |
Diluted Earnings (Loss) per Common Share | ($0.05) | $0.59 | ($0.06) | $0.71 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Statement of Income and Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Earnings (Loss) | ($578) | $6,603 | ($685) | $7,950 |
Change in pension and post retirement benefits adjustment (net of tax) | ' | 0 | ' | 0 |
Other Comprehensive Income (Loss), net of Tax | ($578) | $6,603 | ($685) | $7,950 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Cash Flows from Operating Activities: | ' | ' |
Net Earnings (Loss) | ($685,000) | $7,950,000 |
Adjustments to Reconcile Net (Loss) Earnings to Net Cash Used in Operations: | ' | ' |
Depreciation & Amortization | 11,142,000 | 11,679,000 |
Gain on the Sale of Assets | -56,000 | -869,000 |
Deferred Income Tax Expense (Benefit) | 885,000 | -4,654,000 |
Impairment Provision | 0 | 501,000 |
Changes in Operating Assets and Liabilities (Net of Acquisition): | ' | ' |
Accounts Receivable | -4,017,000 | -13,156,000 |
Inventories | -280,277,000 | -279,084,000 |
Other Current Assets | 11,980,000 | -11,099,000 |
Income Taxes | -2,352,000 | -3,632,000 |
Accounts Payable, Accrued Expenses and Other Liabilities | 186,713,000 | 244,010,000 |
Net Cash Used in Operations | -76,667,000 | -48,354,000 |
Cash Flows from Investing Activities: | ' | ' |
Payment of Loan Receivable | -16,308,000 | 0 |
Additions to Property, Plant and Equipment | -16,665,000 | -8,412,000 |
Proceeds from the Sale of Assets | 270,000 | 970,000 |
Net Cash Used in Investing Activities | -32,703,000 | -7,442,000 |
Cash Flow from Financing Activities: | ' | ' |
Long-Term Borrowing | 199,232,000 | 261,823,000 |
Payments on Long-Term Debt | -73,145,000 | -206,949,000 |
Borrowings on Notes Payable | -7,375,000 | 4,392,000 |
Other | 69,000 | 137,000 |
Purchase of Treasury Stock | -9,201,000 | -560,000 |
Dividends | -12,000 | -12,000 |
Net Cash Provided by Financing Activities | 109,568,000 | 58,831,000 |
Net Increase in Cash and Cash Equivalents | 198,000 | 3,035,000 |
Cash and Cash Equivalents, Beginning of the Period | 13,839,000 | 14,104,000 |
Cash and Cash Equivalents, End of the Period | $14,037,000 | $17,139,000 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid In Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] |
Balance at Mar. 31, 2014 | $393,632,000 | $5,332,000 | $2,958,000 | $93,260,000 | ($29,894,000) | ($11,252,000) | $333,228,000 |
Net Earnings (Loss) | -685,000 | ' | ' | ' | ' | ' | -685,000 |
Cash dividends paid on preferred stock | ' | ' | ' | ' | ' | ' | -12,000 |
Equity incentive program | ' | ' | ' | 50,000 | ' | ' | ' |
Stock issued for bonus program | ' | ' | 1,000 | 56,000 | ' | ' | ' |
Treasury stock purchased | ' | ' | ' | ' | 9,201,000 | ' | ' |
Stock conversion | ' | -3,213,000 | 51,000 | 3,162,000 | ' | ' | ' |
Balance at Sep. 27, 2014 | $383,841,000 | $2,119,000 | $3,010,000 | $96,528,000 | ($39,095,000) | ($11,252,000) | $332,531,000 |
Basis_Of_Presentation_Policies
Basis Of Presentation Policies | 6 Months Ended |
Sep. 27, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis Of Presentation | ' |
1. Unaudited Condensed Consolidated Financial Statements | |
In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of Seneca Foods Corporation (the “Company”) as of September 27, 2014 and results of its operations and its cash flows for the interim periods presented. All significant intercompany transactions and accounts have been eliminated in consolidation. The March 31, 2014 balance sheet was derived from the audited consolidated financial statements. | |
The results of operations for the three and six month periods ended September 27, 2014 are not necessarily indicative of the results to be expected for the full year. | |
During six months ended September 27, 2014, the Company sold $36,766,000 of Green Giant finished goods inventory to General Mills Operations, LLC (“GMOL”) for cash, on a bill and hold basis, as compared to $52,199,000 for the six months ended September 28, 2013. Under the terms of the bill and hold agreement, title to the specified inventory transferred to GMOL. The Company believes it has met the criteria required for bill and hold treatment. | |
The accounting policies followed by the Company are set forth in Note 1 to the Company's Consolidated Financial Statements in the Company’s 2014 Annual Report on Form 10-K. | |
Other footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company's 2014 Annual Report on Form 10-K. | |
All references to years are fiscal years ended or ending March 31 unless otherwise indicated. Certain percentage tables may not foot due to rounding. | |
Subsequent Event—After the September 27, 2014 quarter end closing, the Company announced the closing of a plant in the Midwest. This plant closing will have no material impact on the financial position or results of operations of the Company. | |
Reclassifications—Certain previously reported amounts have been reclassified to conform to the current period classification. |
Acquisition
Acquisition | 6 Months Ended |
Sep. 27, 2014 | |
Business Acquisition, Cost of Acquired Entity, Purchase Price [Abstract] | ' |
Business Combination Disclosure Text Block | ' |
2. In April 2014, the Company purchased a 50% equity interest in Truitt Bros. Inc. ("Truitt") for $16,308,000. The purchase agreement grants the Company the right to acquire the remaining 50% ownership of Truitt in the future under certain conditions. Truitt is known for its industry innovation related to packing shelf stable foods in trays, pouches and bowls. Truitt has two state-of-the-art plants located in Oregon and Kentucky. This investment is included in Other Assets in the Condensed Consolidated Balance Sheets. This is a level 3 investment and is accounted for using the equity method of accounting. |
Inventories
Inventories | 6 Months Ended |
Sep. 27, 2014 | |
Inventory Disclosure [Abstract] | ' |
Inventory Disclosure [Text Block] | ' |
3. First-In, First-Out (“FIFO”) based inventory costs exceeded LIFO based inventory costs by $158,955,000 as of the end of the second quarter of fiscal 2015 as compared to $147,449,000 as of the end of the second quarter of fiscal 2014. The change in the LIFO Reserve for the three months ended September 27, 2014 was a increase of $5,919,000 as compared to an increase of $8,637,000 for the three months ended September 28, 2013. The LIFO Reserve increased by $5,570,000 in the first six months of fiscal 2015 compared to an increase of $14,435,000 in the first six months of fiscal 2014. This reflects the projected impact of an overall lower cost increase expected in fiscal 2015 versus fiscal 2014. |
Debt_Instruments
Debt Instruments | 6 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Debt Instruments [Abstract] | ' | ||||||||||||
Debt Disclosure Text Block | ' | ||||||||||||
4. Maximum borrowings under the Revolver total $300,000,000 from April through July and $400,000,000 from August through March. The Revolver balance as of September 27, 2014 was $302,220,000 and is included in Long-Term Debt in the accompanying Condensed Consolidated Balance Sheet since the Revolver matures on July 20, 2016. The Company utilizes its Revolver for general corporate purposes, including seasonal working capital needs, to pay debt principal and interest obligations, and to fund capital expenditures and acquisitions. Seasonal working capital needs are affected by the growing cycles of the vegetables and fruits the Company processes. The majority of vegetable and fruit inventories are produced during the months of June through November and are then sold over the following year. Payment terms for vegetable and fruit produce are generally three months but can vary from a few days to seven months. Accordingly, the Company’s need to draw on the Revolver may fluctuate significantly throughout the year. | |||||||||||||
The increase in average amount of Revolver borrowings during the first six months of fiscal 2015 compared to the first six months of fiscal 2014 was attributable to the Truitt investment of $16,308,000 made in the first quarter of fiscal 2015 and reduced operating results. | |||||||||||||
General terms of the Revolver include payment of interest at LIBOR plus a defined spread. | |||||||||||||
The following table documents the quantitative data for Revolver borrowings during the second quarter and year-to-date periods of fiscal 2015 and fiscal 2014: | |||||||||||||
Second Quarter | Year-to-Date | ||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
(In thousands) | (In thousands) | ||||||||||||
Reported end of period: | |||||||||||||
Outstanding borrowings | $ | 302,220 | $ | 282,000 | $ | 302,220 | $ | 282,000 | |||||
Weighted average interest rate | 1.45 | % | 1.68 | % | 1.45 | % | 1.68 | % | |||||
Reported during the period: | |||||||||||||
Maximum amount of borrowings | $ | 302,220 | $ | 292,578 | $ | 302,220 | $ | 292,578 | |||||
Average outstanding borrowings | 239,585 | 227,234 | 205,880 | 192,360 | |||||||||
Weighted average interest rate | 1.42 | % | 1.7 | % | 1.49 | % | 1.71 | % |
Stockholders_Equity_Note
Stockholders Equity Note | 6 Months Ended |
Sep. 27, 2014 | |
Stockholders Equity Note [Abstract] | ' |
Stockholders Equity Note Disclosure Text Block | ' |
5. During the six month period ended September 27, 2014, there were 207,365 shares, or $3,213,000, of Participating Preferred Stock (at Stated Value), converted to Class A Common Stock. During the six-month period ended September 27, 2014 the Company repurchased 292,395 shares or $9,201,000 of its Class A Common Stock as Treasury Stock. As of September 27, 2014, there are 1,307,439 shares or $39,095,000 of repurchased stock. These shares are not considered outstanding. During the three-month period ended June 28, 2014, there were 1,720 shares, or $56,000 of Class B Common Stock issued in lieu of cash compensation under the Company’s Profit Sharing Bonus Plan. |
General_Discussion_Of_Pension_
General Discussion Of Pension And Other PostretirementBenefits | 6 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | ' | ||||||||
Pension And Other Postretirement Benefits Disclosure Text Block | ' | ||||||||
6. The net periodic benefit cost for the Company’s pension plan consisted of: | |||||||||
Three Months Ended | Six Months Ended | ||||||||
September 27, | September 28, | September 27, | September 28, | ||||||
2014 | 2013 | 2014 | 2013 | ||||||
(In thousands) | |||||||||
Service Cost | $ | 1,868 | $ | 1,863 | $ | 3,736 | $ | 3,726 | |
Interest Cost | 2,032 | 1,890 | 4,064 | 3,780 | |||||
Expected Return on Plan Assets | -2,740 | -2,373 | -5,480 | -4,745 | |||||
Amortization of Actuarial Loss | 31 | 584 | 61 | 1,167 | |||||
Net Periodic Benefit Cost | $ | 1,191 | $ | 1,964 | $ | 2,381 | $ | 3,928 | |
No contributions were required or made in the three and six month periods ended September 27, 2014 and September 28, 2013. |
Gains_and_Losses_on_the_Sale_o
Gains and Losses on the Sale of Property, Plant and Equipment | 6 Months Ended |
Sep. 27, 2014 | |
Property Plant And Equipment [Abstract] | ' |
Property Plant And Equipment Disclosure Text Block | ' |
7. During the six months ended September 27, 2014, the Company sold unused fixed assets which resulted in a gain of $56,000 as compared to a gain of $869,000 during the six months ended September 28, 2013. In addition, during the six months ended September 27, 2014, there was a $250,000 charge related to an environmental remediation. These items are included in other operating income in the Unaudited Condensed Consolidated Statements of Net Earnings. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronoucements | 6 Months Ended |
Sep. 27, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies Text Block | ' |
8. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on April 1, 2017 (beginning of fiscal 2018). Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. There were no other recently issued accounting pronouncements that impacted the Company’s condensed consolidated financial statements. In addition, the Company did not adopt any new accounting pronouncements during the quarter ended September 27, 2014. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share Text Block | ' | ||||||||
9. Earnings (loss) per share for the Quarters Ended September 27, 2014 and September 28, 2013 are as follows: | |||||||||
Q U A R T E R | YEAR TO DATE | ||||||||
Fiscal | Fiscal | Fiscal | Fiscal | ||||||
2015 | 2014 | 2015 | 2014 | ||||||
(In thousands, except per share amounts) | |||||||||
Basic | |||||||||
Net (loss) earnings | $ | -578 | $ | 6,603 | $ | -685 | $ | 7,950 | |
Deduct preferred stock dividends paid | 6 | 6 | 12 | 12 | |||||
Undistributed (loss) earnings | -584 | 6,597 | -697 | 7,938 | |||||
(Loss) earnings attributable to participating preferred | -8 | 210 | -13 | 253 | |||||
(Loss) earnings attributable to common shareholders | $ | -576 | $ | 6,387 | $ | -684 | $ | 7,685 | |
Weighted average common shares outstanding | 10,774 | 10,748 | 10,787 | 10,750 | |||||
Basic (loss) earnings per common share | $ | -0.05 | $ | 0.59 | $ | -0.06 | $ | 0.71 | |
Diluted | |||||||||
(Loss) earnings attributable to common shareholders | $ | -576 | $ | 6,387 | $ | -684 | $ | 7,685 | |
Add dividends on convertible preferred stock | 5 | 5 | 10 | 10 | |||||
(Loss) Earnings attributable to common stock on a diluted basis | $ | -571 | $ | 6,392 | $ | -674 | $ | 7,695 | |
Weighted average common shares outstanding-basic | 10,774 | 10,748 | 10,787 | 10,750 | |||||
Additional shares issuable related to the | |||||||||
equity compensation plan | 4 | 4 | 4 | 4 | |||||
Additional shares to be issued under full | |||||||||
conversion of preferred stock | 67 | 67 | 67 | 67 | |||||
Total shares for diluted | 10,845 | 10,819 | 10,858 | 10,821 | |||||
Diluted (loss) earnings per common share | $ | -0.05 | $ | 0.59 | $ | -0.06 | $ | 0.71 |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended |
Sep. 27, 2014 | |
Fair Value Measurements [Abstract] | ' |
Fair Value Disclosures Text Block | ' |
10. As required by Accounting Standards Codification ("ASC") 825, “Financial Instruments,” the Company estimates the fair values of financial instruments on a quarterly basis. The estimated fair value for long-term debt (classified as Level 2 in the fair value hierarchy) is determined by the quoted market prices for similar debt (comparable to the Company’s financial strength) or current rates offered to the Company for debt with the same maturities. Long-term debt, including current portion had a carrying amount of $344,603,000 and an estimated fair value of $345,651,000 as of September 27, 2014. As of March 31, 2014, the carrying amount was $218,516,000 and the estimated fair value was $219,981,000.The fair values of all the other financial instruments approximate their carrying value due to their short-term nature. |
Legal_Proceedings
Legal Proceedings | 6 Months Ended |
Sep. 27, 2014 | |
Legal Proceedings [Abstract] | ' |
Commitments And Contingencies Disclosure Text Block | ' |
11. In June 2010, the Company received a Notice of Violation of the California Safe Drinking Water and Toxic Enforcement Act of 1986, commonly known as Proposition 65, from the Environmental Law Foundation ("ELF"). This notice was made to the California Attorney General and various other government officials, and to 49 companies including Seneca Foods Corporation whom ELF alleges manufactured, distributed or sold packaged peaches, pears, fruit cocktail and fruit juice that contain lead without providing a clear and reasonable warning to consumers. Under California law, proper notice must be made to the State and involved firms at least 60 days before any suit under Proposition 65 may be filed by private litigants like ELF. That 60-day period has expired and to date neither the California Attorney General nor any appropriate district attorney or city attorney has initiated an action against the Company. However, private litigant ELF filed an action against the Company and 27 other named companies on September 28, 2011, in Superior Court of Alameda County, California, alleging violations of Proposition 65 and seeking various measures of relief, including injunctive and declaratory relief and civil penalties. The Company, along with the other named companies, vigorously defended the claim. A responsive answer was filed, the discovery process was completed and a trial on liability was held beginning in April of 2013 in accordance with court schedules. The trial was completed on May 16, 2013 and, on July 15, 2013 the judge issued a tentative and proposed statement of decision agreeing with the Company, and the other defendants, that the “safe harbor” defense had been met under the regulations relating to Proposition 65 and the Company will not be required to place a Proposition 65 warning label on the products at issue in the case. The trial decision was finalized and the decision was appealed by ELF with a filing dated October 3, 2013. The appeal is progressing in accordance with the schedule set by the California Court of Appeal, First Appellate District, Division One. The Company is unable to determine the scope or the likelihood of success of the appeal. The Company, along with other defendants are planning on vigorously defending the appeal filed by ELF. With the successful defense of the case, the remedies portion of the case was not litigated. So far, our portion of legal fees in defense of this action have been sizable, as would be expected with litigation resulting in trial, and the appeal, but have not had a material adverse impact on the Company’s financial position, results of operations, or cash flows. Additionally, in the ordinary course of its business, the Company is made party to certain legal proceedings seeking monetary damages, including proceedings invoking product liability claims, either directly or through indemnification obligations, and we are not able to predict the probability of the outcome or estimate of loss, if any, related to any such matter. | |
Income_Tax_Disclosure
Income Tax Disclosure | 6 Months Ended |
Sep. 27, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure Text Block | ' |
12. The effective tax rate was (32.8)% and (10.5)% for the six month periods ended September 27, 2014 and September 28, 2013, respectively. Due to the year to date pre-tax loss, the 22.3 percentage point decrease in the effective tax rate represents an increase in tax expense as a percentage of book income when compared to the same quarter last year. The major contributor to this increase is the re-establishment of the valuation allowance related to the New York State Investment Tax Credit which created a $384,000 charge (74.4 percentage points). The valuation allowance was re-established due to a change in the law. This is a discrete item and therefore was required to be booked in the quarter ended June 28, 2014. This difference was partially offset by the impact of 1) the expiration of the research and experimentation credit, work opportunity tax credit, fuel tax credit, California enterprise zone credit, and the California hiring credit (36.8 percentage points) and 2) an $81,000 credit (15.7 percentage points) related to interest received on tax refunds recorded during the quarters ended June 28, 2014 and September 27, 2014. |
Interim_Lease_Funding
Interim Lease Funding | 6 Months Ended |
Sep. 27, 2014 | |
Operating Leases Income Statement [Abstract] | ' |
Operating Leases Of Lessor Disclosure Text Block | ' |
13. During the second and fourth quarters of fiscal 2014, the Company entered into some interim lease notes which financed down payments for various equipment orders at market rates. As of September 27, 2014, some of these interim notes had not been converted into operating leases since the equipment was not placed in service. These notes, which total $4,880,000 and $4,392,000 as of September 27, 2014 and September 28, 2013, respectively, are included in Notes Payable in the accompanying Condensed Consolidated Balance Sheets. These notes are expected to be converted into operating leases within the next twelve months. |
Accounting_policies_policy
Accounting policies (policy) | 6 Months Ended |
Sep. 27, 2014 | |
Accounting Policies [Abstract] | ' |
Revenue Recognition, Bill and Hold Arrangements [Policy Text Block] | ' |
During six months ended September 27, 2014, the Company sold $36,766,000 of Green Giant finished goods inventory to General Mills Operations, LLC (“GMOL”) for cash, on a bill and hold basis, as compared to $52,199,000 for the six months ended September 28, 2013. Under the terms of the bill and hold agreement, title to the specified inventory transferred to GMOL. The Company believes it has met the criteria required for bill and hold treatment. | |
Reclassifications [PolicyText Block] | ' |
Reclassifications—Certain previously reported amounts have been reclassified to conform to the current period classification. | |
Subsequent Events Policy [Policy Text Block] | ' |
Subsequent Event—After the September 27, 2014 quarter end closing, the Company announced the closing of a plant in the Midwest. This plant closing will have no material impact on the financial position or results of operations of the Company. |
Debt_Instruments_table
Debt Instruments (table) | 6 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Line of Credit Facility [Abstract] | ' | ||||||||||||
Schedule of Line of Credit Facilities [Table Text Block] | ' | ||||||||||||
Second Quarter | Year-to-Date | ||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
(In thousands) | (In thousands) | ||||||||||||
Reported end of period: | |||||||||||||
Outstanding borrowings | $ | 302,220 | $ | 282,000 | $ | 302,220 | $ | 282,000 | |||||
Weighted average interest rate | 1.45 | % | 1.68 | % | 1.45 | % | 1.68 | % | |||||
Reported during the period: | |||||||||||||
Maximum amount of borrowings | $ | 302,220 | $ | 292,578 | $ | 302,220 | $ | 292,578 | |||||
Average outstanding borrowings | 239,585 | 227,234 | 205,880 | 192,360 | |||||||||
Weighted average interest rate | 1.42 | % | 1.7 | % | 1.49 | % | 1.71 | % |
General_Discussion_Of_Pension_1
General Discussion Of Pension And Other Post Retirement Benefits (table) | 6 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ' | ||||||||
Three Months Ended | Six Months Ended | ||||||||
September 27, | September 28, | September 27, | September 28, | ||||||
2014 | 2013 | 2014 | 2013 | ||||||
(In thousands) | |||||||||
Service Cost | $ | 1,868 | $ | 1,863 | $ | 3,736 | $ | 3,726 | |
Interest Cost | 2,032 | 1,890 | 4,064 | 3,780 | |||||
Expected Return on Plan Assets | -2,740 | -2,373 | -5,480 | -4,745 | |||||
Amortization of Actuarial Loss | 31 | 584 | 61 | 1,167 | |||||
Net Periodic Benefit Cost | $ | 1,191 | $ | 1,964 | $ | 2,381 | $ | 3,928 |
Earnings_Per_Share_table
Earnings Per Share (table) | 6 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Text Block] | ' | ||||||||
Q U A R T E R | YEAR TO DATE | ||||||||
Fiscal | Fiscal | Fiscal | Fiscal | ||||||
2015 | 2014 | 2015 | 2014 | ||||||
(In thousands, except per share amounts) | |||||||||
Basic | |||||||||
Net (loss) earnings | $ | -578 | $ | 6,603 | $ | -685 | $ | 7,950 | |
Deduct preferred stock dividends paid | 6 | 6 | 12 | 12 | |||||
Undistributed (loss) earnings | -584 | 6,597 | -697 | 7,938 | |||||
(Loss) earnings attributable to participating preferred | -8 | 210 | -13 | 253 | |||||
(Loss) earnings attributable to common shareholders | $ | -576 | $ | 6,387 | $ | -684 | $ | 7,685 | |
Weighted average common shares outstanding | 10,774 | 10,748 | 10,787 | 10,750 | |||||
Basic (loss) earnings per common share | $ | -0.05 | $ | 0.59 | $ | -0.06 | $ | 0.71 | |
Diluted | |||||||||
(Loss) earnings attributable to common shareholders | $ | -576 | $ | 6,387 | $ | -684 | $ | 7,685 | |
Add dividends on convertible preferred stock | 5 | 5 | 10 | 10 | |||||
(Loss) Earnings attributable to common stock on a diluted basis | $ | -571 | $ | 6,392 | $ | -674 | $ | 7,695 | |
Weighted average common shares outstanding-basic | 10,774 | 10,748 | 10,787 | 10,750 | |||||
Additional shares issuable related to the | |||||||||
equity compensation plan | 4 | 4 | 4 | 4 | |||||
Additional shares to be issued under full | |||||||||
conversion of preferred stock | 67 | 67 | 67 | 67 | |||||
Total shares for diluted | 10,845 | 10,819 | 10,858 | 10,821 | |||||
Diluted (loss) earnings per common share | $ | -0.05 | $ | 0.59 | $ | -0.06 | $ | 0.71 |
Basis_of_Presentation_detail
Basis of Presentation (detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
Sales Revenue [Line Items] | ' | ' | ' | ' |
Net Sales | $312,161,000 | $336,628,000 | $552,204,000 | $568,755,000 |
General Mills Operations Llc [Member] | ' | ' | ' | ' |
Sales Revenue [Line Items] | ' | ' | ' | ' |
Net Sales | ' | ' | $36,766,000 | $52,199,000 |
Aquisition_narrative_detail
Aquisition (narrative) (detail) (USD $) | Apr. 01, 2014 |
Business Acquisition, Cost of Acquired Entity, Purchase Price [Abstract] | ' |
Equity Method Investments | $16,308,000 |
Equity Ownership Percentage | 50.00% |
Equiity Investment Right to Acquire Percentage | 50.00% |
Inventory_detail
Inventory (detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
Inventory Disclosure [Abstract] | ' | ' | ' | ' |
Inventory, LIFO Reserve | $158,955,000 | $147,449,000 | $158,955,000 | $147,449,000 |
Inventory, LIFO Reserve, Period Charge | $5,919,000 | $8,637,000 | $5,570,000 | $14,435,000 |
Debt_Intruments_narrative_deta
Debt Intruments (narrative) (detail) (USD $) | Sep. 27, 2014 | Apr. 01, 2014 | Sep. 28, 2013 |
Debt Instruments [Abstract] | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | $302,220,000 | ' | $282,000,000 |
Line of Credit Facility [Line Items] | ' | ' | ' |
Equity Method Investments | ' | 16,308,000 | ' |
Production Period [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | 400,000,000 | ' | ' |
Nonproduction Period [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | $300,000,000 | ' | ' |
Debt_Intruments_table_detail
Debt Intruments (table) (detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Debt Instruments [Abstract] | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | $302,220 | $282,000 | $302,220 | $282,000 |
Debt, Weighted Average Interest Rate | 1.45% | 1.68% | 1.45% | 1.68% |
Line of Credit Facility, Maximum Amount Outstanding During Period | 302,220 | 292,578 | 302,220 | 292,578 |
Line of Credit Facility, Average Outstanding Amount | $239,585 | $227,234 | $205,880 | $192,360 |
Debt Instrument, Interest Rate During Period | 1.42% | 1.70% | 1.49% | 1.71% |
Stockholders_Equity_detail
Stockholders Equity (detail) (USD $) | Sep. 27, 2014 | Mar. 31, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Sep. 27, 2014 |
Participating Preferred Stock Converted To Class Aa [Member] | Class B Common Stock Converted To Class Aa Common [Member] | Treasury Stock [Member] | Common Stock [Member] | ||||
Stock Issued For Bonus Program Value | ' | ' | ' | ' | $56,000 | ' | ' |
Stock Issued For Bonus Program Shares | ' | ' | ' | ' | 1,720 | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | ' | ' | ' | ' | ' | ' | 9,201,000 |
Stock Repurchased During Period, Shares | ' | ' | ' | ' | ' | ' | 292,395 |
Treasury Stock, at cost | 39,095,000 | 29,894,000 | 31,764,000 | ' | ' | 39,095,000 | ' |
Shares, Issued | ' | ' | ' | ' | ' | 1,307,439 | ' |
Conversion of Stock, Shares Converted | ' | ' | ' | 207,365 | ' | ' | ' |
Conversion of Stock, Amount Converted | ' | ' | ' | $3,213,000 | ' | ' | ' |
Pension_detail
Pension (detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | $1,868 | $1,863 | $3,736 | $3,726 |
Defined Benefit Plan, Interest Cost | 2,032 | 1,890 | 4,064 | 3,780 |
Defined Benefit Plan, Expected Return on Plan Assets | -2,740 | -2,373 | -5,480 | -4,745 |
Defined Benefit Plan, Actuarial Net (Gains) Losses | 31 | 584 | 61 | 1,167 |
Defined Benefit Plan, Net Periodic Benefit Cost | $1,191 | $1,964 | $2,381 | $3,928 |
Restructuring_narrative_detail
Restructuring (narrative) (detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
Restructuring Charges [Abstract] | ' | ' | ' | ' |
Plant Restructuring | $0 | $347,000 | $0 | $501,000 |
Restructuring_table_detail
Restructuring (table) (detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Plant Restructuring | $0 | $347,000 | $0 | $501,000 |
Gains_and_Losses_on_the_Sale_o1
Gains and Losses on the Sale of Property, Plant and Equipment (detail) (USD $) | 6 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Jun. 28, 2014 | |
Property Plant And Equipment [Abstract] | ' | ' | ' |
Gain (Loss) on Disposition of Assets | $56,000 | $869,000 | ' |
Accrual For Environmental Loss | ' | ' | $250,000 |
Earning_Per_ShareBasic_detail
Earning Per Share-Basic (detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Basic | ' | ' | ' | ' |
Net Earnings (Loss) | ($578) | $6,603 | ($685) | $7,950 |
Deduct preferred stock dividends | 6 | 6 | 12 | 12 |
Undistributed Earnings, Basic | -584 | 6,597 | -697 | 7,938 |
Undistributed Earnings Allocated to Participating Securities | -8 | 210 | -13 | 253 |
Earnings (Loss) Attributable to Common Stock | ($576) | $6,387 | ($684) | $7,685 |
Weighted Average Number of Shares Outstanding, Basic | 10,774 | 10,748 | 10,787 | 10,750 |
Basic earnings (loss) per common share | ($0.05) | $0.59 | ($0.06) | $0.71 |
Earning_Per_ShareDiluted_detai
Earning Per Share-Diluted (detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Diluted | ' | ' | ' | ' |
Earnings (Loss) Attributable to Common Stock | ($576) | $6,387 | ($684) | $7,685 |
Dividends Convertible Preferred Stock Cash | 5 | 5 | 10 | 10 |
Net Income (Loss) Available to Common Stockholders, Diluted | ($571) | $6,392 | ($674) | $7,695 |
Weighted Average Number of Shares Outstanding, Basic | 10,774 | 10,748 | 10,787 | 10,750 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 4 | 4 | 4 | 4 |
Incremental Common Shares Attributable to Conversion of Preferred Stock | 67 | 67 | 67 | 67 |
Weighted Average Number of Shares Outstanding, Diluted | 10,845 | 10,819 | 10,858 | 10,821 |
Diluted Earnings (Loss) per Common Share | ($0.05) | $0.59 | ($0.06) | $0.71 |
Fair_Value_Measurements_detail
Fair Value Measurements (detail) (USD $) | Sep. 27, 2014 | Mar. 31, 2014 |
Fair Value Disclosures [Abstract] | ' | ' |
Long-term Debt, Gross | $344,603,000 | $218,516,000 |
Long-term Debt, Fair Value | $345,651,000 | $219,981,000 |
Income_Tax_detail
Income Tax (detail) (USD $) | 6 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective Income Ta xRate Reconciliation Tax Settlements Other | 36.80% | ' |
Effective Income Tax Rate Continuing Operations | -32.80% | -10.50% |
Effective Income Tax Rate Continuing Operations Change | 22.00% | ' |
Deferred Tax Assets Valuation Allowance | $384,000 | ' |
Effective Income Tax Rate Tax Assets Valuation Allowance | 74.40% | ' |
Interest From Income Tax Refunds | $81,000 | ' |
Effective Income Tax Rate Interest | 15.70% | ' |
Interim_Lease_Funding_detail
Interim Lease Funding (detail) (USD $) | Sep. 27, 2014 | Mar. 31, 2014 | Sep. 28, 2013 |
Operating Leases Income Statement [Abstract] | ' | ' | ' |
Notes Payable | $4,880,000 | $12,255,000 | $4,392,000 |