Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 27, 2015 | Jul. 24, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document period end date | Jun. 27, 2015 | |
Amendment flag | false | |
Document Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 | |
Current fiscal year end date | --03-31 | |
Entity central index key | 88,948 | |
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 | |
Common Class A Member | ||
Class Of Stock [Line Items] | ||
Entity common stock shares outstanding | 7,956,046 | |
Trading Symbol | SENEA | |
Common Class B Member | ||
Class Of Stock [Line Items] | ||
Entity common stock shares outstanding | 1,967,958 | |
Trading Symbol | SENEB |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 27, 2015 | Mar. 31, 2015 | Jun. 28, 2014 |
Current Assets: | |||
Cash and Cash Equivalents | $ 7,926,000 | $ 10,608,000 | $ 11,104,000 |
Accounts Receivable, Net | 54,311,000 | 69,837,000 | 53,431,000 |
Inventories: | |||
Finished Goods | 278,843,000 | 301,705,000 | 283,889,000 |
Work in Process | 7,731,000 | 10,167,000 | 8,362,000 |
Raw Materials and Supplies | 195,982,000 | 160,540,000 | 175,039,000 |
Total Inventories | 482,556,000 | 472,412,000 | 467,290,000 |
Deferred Income Tax Asset, Net | 6,952,000 | 6,997,000 | 8,410,000 |
Other Current Assets | 12,571,000 | 27,439,000 | 28,170,000 |
Assets Current | 564,316,000 | 587,293,000 | 568,405,000 |
Deferred Tax Assets, Net, Noncurrent | 15,062,000 | 14,829,000 | 0 |
Property, Plant and Equipment, Net | 181,885,000 | 185,557,000 | 188,115,000 |
Other Assets | 18,018,000 | 18,015,000 | 17,535,000 |
Total Assets | 779,281,000 | 805,694,000 | 774,055,000 |
Current Liabilities: | |||
Notes Payable | 32,000 | 9,903,000 | 4,880,000 |
Accounts Payable | 86,269,000 | 68,105,000 | 87,639,000 |
Accrued Vacation | 11,411,000 | 11,347,000 | 11,139,000 |
Accrued Payroll | 6,861,000 | 6,344,000 | 7,104,000 |
Other Accrued Expenses | 20,353,000 | 23,732,000 | 24,533,000 |
Income Taxes Payable | 1,721,000 | 1,787,000 | 272,000 |
Current Portion of Long-Term Debt | 2,570,000 | 2,530,000 | 2,363,000 |
Liabilities Current | 129,217,000 | 123,748,000 | 137,930,000 |
Pension | 57,302,000 | 54,960,000 | 17,018,000 |
Long-Term Debt, Less Current Portion | 235,334,000 | 271,634,000 | 220,604,000 |
Deferred Income Taxes, Net | 0 | 0 | 692,000 |
Other Long-Term Liabilities | 3,420,000 | 3,622,000 | 11,373,000 |
Total Liabilities | 425,273,000 | 453,964,000 | 387,617,000 |
Stockholders' Equity: | |||
Preferred Stock | 1,344,000 | 2,119,000 | 2,119,000 |
Common Stock $.25 Par Value Per Share | 3,024,000 | 3,010,000 | 3,010,000 |
Additional Paid-in Capital | 97,364,000 | 96,578,000 | 96,503,000 |
Treasury Stock, at cost | (61,980,000) | (61,277,000) | (37,051,000) |
Accumulated Other Comprehensive Loss | (31,804,000) | (31,804,000) | (11,252,000) |
Retained Earnings | 346,060,000 | 343,104,000 | 333,109,000 |
Total Stockholders' Equity | 354,008,000 | 351,730,000 | 386,438,000 |
Total Liabilities and Stockholders Equity | $ 779,281,000 | $ 805,694,000 | $ 774,055,000 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) | Jun. 27, 2015$ / shares |
Statement Of Financial Position [Abstract] | |
Common Stock Par Or Stated Value Per Share | $ 0.25 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Income Statement [Abstract] | ||
Net Sales | $ 226,258,000 | $ 240,043,000 |
Costs and Expenses: | ||
Cost of Product Sold | 205,679,000 | 223,047,000 |
Selling and Administrative | 15,056,000 | 15,719,000 |
Plant Restructuring | (81,000) | 0 |
Other Operating Income | (336,000) | 279,000 |
Total Costs and Expenses | 220,318,000 | 239,045,000 |
Operating Income (Loss) | 5,940,000 | 998,000 |
Interest Expense, Net | 1,372,000 | 1,069,000 |
Earnings From Equity Investment | 0 | 366,000 |
Earnings (Loss) Before Income Taxes | 4,568,000 | 295,000 |
Income Taxes Expense (Benefit) | 1,600,000 | 402,000 |
Net Earnings (Loss) | 2,968,000 | (107,000) |
Earnings (Loss) Attributable to Common Stock | $ 2,925,000 | $ (110,000) |
Basic Earnings (Loss) per Common Share | $ 0.3 | $ (0.01) |
Diluted Earnings (Loss) per Common Share | $ 0.29 | $ (0.01) |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Statement of Income and Comprehensive Income [Abstract] | ||
Net Earnings (Loss) | $ 2,968,000 | $ (107,000) |
Change in pension and post retirement benefits adjustment (net of tax) | 0 | 0 |
Other Comprehensive Income (Loss), net of Tax | $ 2,968,000 | $ (107,000) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Cash Flows from Operating Activities: | ||
Net Earnings (Loss) | $ 2,968,000 | $ (107,000) |
Adjustments to Reconcile Net (Loss) Earnings to Net Cash Used in Operations: | ||
Depreciation & Amortization | 5,315,000 | 5,655,000 |
Gain on the Sale of Assets | (76,000) | 29,000 |
Deferred Income Tax Expense (Benefit) | (188,000) | 355,000 |
Impairment Provision | (81,000) | 0 |
NetInvestmentIncome | 0 | 366,000 |
Changes in Operating Assets and Liabilities (Net of Acquisition): | ||
Accounts Receivable | 15,526,000 | 23,533,000 |
Inventories | (10,144,000) | (16,040,000) |
Other Current Assets | 14,868,000 | 5,424,000 |
Income Taxes | (66,000) | (641,000) |
Accounts Payable, Accrued Expenses and Other Liabilities | 17,732,000 | 18,125,000 |
Net Cash Used in Operations | 45,854,000 | 35,967,000 |
Cash Flows from Investing Activities: | ||
Additions to Property, Plant and Equipment | (1,759,000) | (12,458,000) |
Proceeds from the Sale of Assets | 83,000 | 152,000 |
Purchase Equity Method Investment | 0 | 16,308,000 |
Net Cash Used in Investing Activities | (1,676,000) | (28,614,000) |
Cash Flow from Financing Activities: | ||
Long-Term Borrowing | 17,584,000 | 51,186,000 |
Payments on Long-Term Debt | (53,844,000) | (46,735,000) |
Borrowings on Notes Payable | (9,871,000) | (7,375,000) |
Other | (14,000) | 5,000 |
Purchase of Treasury Stock | (703,000) | (7,157,000) |
Dividends | (12,000) | (12,000) |
Net Cash Provided by Financing Activities | (46,860,000) | (10,088,000) |
Net Increase in Cash and Cash Equivalents | (2,682,000) | (2,735,000) |
Cash and Cash Equivalents, Beginning of the Period | 10,608,000 | 13,839,000 |
Cash and Cash Equivalents, End of the Period | $ 7,926,000 | $ 11,104,000 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - Jun. 27, 2015 - 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 Jun. 28, 2014 | $ 386,438,000 | ||||||
Treasury stock purchased | 24,929,000 | ||||||
Balance at Jun. 27, 2015 | 354,008,000 | $ 1,344,000 | $ 3,024,000 | $ 97,364,000 | $ (61,980,000) | $ (31,804,000) | $ 346,060,000 |
Balance at Mar. 31, 2015 | 351,730,000 | 2,119,000 | 3,010,000 | 96,578,000 | (61,277,000) | (31,804,000) | 343,104,000 |
Net Earnings (Loss) | 2,968,000 | 2,968,000 | |||||
Cash dividends paid on preferred stock | (12,000) | ||||||
Equity incentive program | 25,000 | ||||||
Stock issued for bonus program | 1,000 | (1,000) | |||||
Treasury stock purchased | (703,000) | ||||||
Stock conversion | (775,000) | 13,000 | 762,000 | ||||
Change in pension and post retirement benefits adjustment (net of tax) | 0 | ||||||
Balance at Jun. 27, 2015 | $ 354,008,000 | $ 1,344,000 | $ 3,024,000 | $ 97,364,000 | $ (61,980,000) | $ (31,804,000) | $ 346,060,000 |
Basis Of Presentation Policies
Basis Of Presentation Policies | 3 Months Ended |
Jun. 27, 2015 | |
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 June 27, 2015 and results of its operations and its cash flows for the interim periods presented. All significant intercompany transactions and accounts have been eliminated in cons olidation. The March 31, 2015 balance sheet was derived from the audited consolidated financial statements. The results of operations for the period ended June 27, 2015 are not necessarily indicative of the results to be expected for the full year. During t he three months ended June 27, 2015 , the Company sold $ 3 , 483 ,000 of Green Giant finished goods inventory to General Mills Operations, LLC (“GMOL”) for cash, on a bill and hold basis, as compared to $ 4 , 196 ,000 for the three months ended June 28, 2014 . Unde r 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 2015 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 note s included in the Company's 2015 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. Reclassifications--Certain previously reported amounts have been reclassified to conform to the current period classific ation. |
Acquisition
Acquisition | 3 Months Ended |
Jun. 27, 2015 | |
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 Consolidate d Balance Sheets and is accounted for using the equity method of accounting. |
Inventories
Inventories | 3 Months Ended |
Jun. 27, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 3. First-In, First-Out (“FIFO”) based inventory costs exceeded Last-In, First-Out (LIFO) based inventory costs by $ 162,431 ,000 as of the end of the first quarter of fiscal 2016 as compared to $ 153,035,000 as of the end of the first quarter of fiscal 2015. The LIFO Reserve decreased by $ 1,637,000 in the first three months of fiscal 2016 compared to $ 349,000 in the first three months of fiscal 2015. This reflects the projected impact of an overall cost decrease expected in fiscal 2016 versus fiscal 2015. |
Debt Instruments
Debt Instruments | 3 Months Ended |
Jun. 27, 2015 | |
Debt Instruments [Abstract] | |
Debt Disclosure Text Block | 4. Maximum borrowings under the Revolver total $ 30 0,000,000 from April through July and $ 40 0,00 0,000 from August through March . The Revolver balance as of June 27, 2015 was $197,350,000 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 Jun e 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 sig nificantly throughout the year. The increase in average amount of Revolver borrowi ngs during the first quarter of fiscal 2016 c ompared to the first quarter of fiscal 2015 was attributable to the stock buyback of $ 24,929,000 made during the last ye ar ended June 2015 and total Inventories which are $ 15,266,000 higher than the same period last year, partially offset by increased operating results in the first quarter of fiscal 2016 as compared to the first quarter of fiscal 2015. Gener al terms of the Revolver include payment of i nterest at LIBOR plus a defined s pread. The following table documents the quantitative data for Revolver borrowings during the first quarters of fiscal 2016 and fiscal 2015 : First Quarter 2016 2015 (In thousands) Reported end of period: Outstanding borrowings $ 197,350 $ 180,050 Weighted average interest rate 1.95 % 1.47 % Reported during the period: Maximum amount of borrowings $ 233,000 $ 190,000 Average outstanding borrowings $ 207,475 $ 171,417 Weighted average interest rate 1.94 % 1.59 % |
Stockholders Equity Note
Stockholders Equity Note | 3 Months Ended |
Jun. 27, 2015 | |
Stockholders Equity Note [Abstract] | |
Stockholders Equity Note Disclosure Text Block | 5. During the three-month period ended June 27, 2015, the Company repurchased 23,600 shares or $ 703,000 of its Class A Common Stock as Treasury Stock. As of June 27, 2015, there are 2,169,914 shares or $ 61,980,000 of repurchased stock. These shares are not considered outstanding. |
General Discussion Of Pension A
General Discussion Of Pension And Other PostretirementBenefits | 3 Months Ended |
Jun. 27, 2015 | |
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 June 27, June 28, (In thousands) 2015 2014 Service Cost $ 2,519 $ 1,868 Interest Cost 2,177 2,032 Expected Return on Plan Assets (2,625) (2,740) Amortization of Actuarial Loss 844 31 Amortization of Transition Asset 27 - Net Periodic Benefit Cost $ 2,942 $ 1,191 There was a contribution of $ 600,000 to the pension plan in the three month period ended June 27, 2015. No contributions were required or made in the three month period ended June 28, 2014 . |
Restructuring And Related Activ
Restructuring And Related Activities | 3 Months Ended |
Jun. 27, 2015 | |
Restructuring And Related Activities [Abstract] | |
Restructuring And Related Activities Disclosure Text Block | 7. The following table summarizes the restructuring charges and related asset impairment charges record ed and the accruals established : Long-Lived Severance Asset Charges Other Costs Total (In thousands) Balance March 31, 2015 715 264 270 1,249 First quarter credit (81) - - (81) Cash payments/write offs (597) - (97) (694) Balance June 27, 2015 $ 37 $ 264 $ 173 $ 474 Balance March 31, 2014 $ 10 $ - $ - $ 10 Cash payments/write offs (3) - - (3) Balance June 28, 2014 $ 7 $ - $ - $ 7 During fiscal 2015, the Company recorded a restructuring charge of $ 1,376,000 related to the closing of a plant in the Midwest of which $ 842,000 was related to severance cost, $ 264,000 was related to equipment costs (contra fixed assets), and $ 270,000 was related to equipment relocation costs. During the first quarter of fiscal 2016, the Company reduced the severance portion of this accrual by $81,000. |
Gains and Losses on the Sale of
Gains and Losses on the Sale of Property, Plant and Equipment | 3 Months Ended |
Jun. 27, 2015 | |
Property Plant And Equipment [Abstract] | |
Property Plant And Equipment Disclosure Text Block | 8. During the three months ended June 27, 2015, the Company sold unused fixed assets which resulted in a gain of $ 76,000 as compared to a loss of $ 29,000 during the three months ended June 28, 2014. Also during the quarter ended June 27, 2015, the Company reversed a provision for the Prop 65 litigation of $ 200,000 and reduced an environmental accrual by $ 60,000 . In addition, during the three months ended June 28, 2014, there was a $ 250,000 charge related to an environmental remediation. These net gain s and losses are included in other operating income and loss in the Unaudited Conden sed Consolidated Statements of N et E arnings (Loss) . |
Recently Issued Accounting Pron
Recently Issued Accounting Pronoucements | 3 Months Ended |
Jun. 27, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies Text Block | 9. 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, 2018 (beginning of fiscal 2019). Early adoption is permitted. The standard permits the use of either the re trospective 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 accountin g pronouncemen ts during the quarter ended June 27, 2015 . |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Jun. 27, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Text Block | 10. Earnings (loss) per share for the Quarters Ended June 27, 2015 and June 28, 2014 are as follows: F I R S T Q U A R T E R Fiscal Fiscal (Thousands except per share amounts) 2016 2015 Basic Net earnings (loss) $ 2,968 $ (107) Deduct preferred stock dividends paid 6 6 Undistributed earnings (loss) 2,962 (113) Earnings (loss) attributable to participating preferred 37 (3) Earnings (loss) attributable to common shareholders $ 2,925 $ (110) Weighted average common shares outstanding 9,888 10,801 Basic earnings (loss) per common share $ 0.30 $ (0.01) Diluted Earnings (loss) attributable to common shareholders $ 2,925 $ (110) Add dividends on convertible preferred stock 5 5 Earnings (loss) attributable to common stock on a diluted basis $ 2,930 $ (105) Weighted average common shares outstanding-basic 9,888 10,801 Additional shares issued related to the equity compensation plan 5 5 Additional shares to be issued under full conversion of preferred stock 67 67 Total shares for diluted 9,960 10,873 Diluted earnings (loss) per common share $ 0.29 $ (0.01) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Jun. 27, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures Text Block | 11. 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 carryi ng amount of $ 237,904 ,000 and an estimated fair value of $ 238,850,000 as of June 27, 2015 . As of March 31, 2015, the carrying amount was $ 274,164,000 and the estimated fair value was $ 274,999,000 . The fair values of all the other financial instruments approxim ate their carrying value due to their short-term nature. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Jun. 27, 2015 | |
Legal Proceedings [Abstract] | |
Commitments And Contingencies Disclosure Text Block | 12 . 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 Septe mber 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 companie s, 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 California Court of Appeal, First Appellate District, Division One u nanimously rejected the appeal by ELF in a decision dated March 17, 2015. ELF filed a petition for review with the California Supreme Court on April 28, 2015, and the petition was denied on July 8, 2015 (after the end of the Company’s fiscal quarter). W ith the successful defense of the case, the remedies portion of the case was not litigated and the denial of review by the California Supreme Court effectively ends the action, with only a few procedural matters to clean-up as a result of the denial of rev iew. 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 obligatio ns, 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 | 3 Months Ended |
Jun. 27, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure Text Block | 13 . The effective tax rate was 35. 0 % and 136.3 % for the three month periods ended June 27, 2015 and June 28, 2014 , respectively. With the low pre-tax earnings in the prior year’s first quarter, permanent items have a larger impact on the effective tax rate. Of the 101 . 3 percentage point de crease in the effective tax rate for this period, t he major contributors to this de crease are the following item : the re-establishment of the valuati on allowance related to New York State Investment Tax Credit of $ 384,000 charge ( 130.2 percentage points) last quarter, due to a change in the law, which is a discrete item and therefore is required to be recorded in the prior year’s first quarter. This i tem was partially offset by $ 92,000 credit ( 31.2 percentage points) related to interest received on tax refunds also recorded in the prior year’s first quarter. The research and experimentation credit, work opportunity credit and fuel tax credit have not b een signed into law so there is no provision for these credits in the current or prior quarter . |
Interim Lease Funding
Interim Lease Funding | 3 Months Ended |
Jun. 27, 2015 | |
Operating Leases Income Statement [Abstract] | |
Operating Leases Of Lessor Disclosure Text Block | 14. During fiscal 2015 , the Company entered into some interim lease notes which financed down payments for various equipment orders a t market rates. As of June 27, 2015 , one of these interim notes had not been converted into an operating lease since the equipment was not deliver ed. This note for $32 ,000 as of June 27, 2015, is included in notes payable in the accompanying Condensed C onsolidated Balance Sheets. This note is expected to be converted into an operating lease within the next three months . |
Accounting policies (policy)
Accounting policies (policy) | 3 Months Ended |
Jun. 27, 2015 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Bill and Hold Arrangements [Policy Text Block] | During t he three months ended June 27, 2015 , the Company sold $ 3 , 483 ,000 of Green Giant finished goods inventory to General Mills Operations, LLC (“GMOL”) for cash, on a bill and hold basis, as compared to $ 4 , 196 ,000 for the three months ended June 28, 2014 . Unde r 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 classific ation. |
Debt Instruments (table)
Debt Instruments (table) | 3 Months Ended |
Jun. 27, 2015 | |
Line of Credit Facility [Abstract] | |
Schedule of Line of Credit Facilities [Table Text Block] | First Quarter 2016 2015 (In thousands) Reported end of period: Outstanding borrowings $ 197,350 $ 180,050 Weighted average interest rate 1.95 % 1.47 % Reported during the period: Maximum amount of borrowings $ 233,000 $ 190,000 Average outstanding borrowings $ 207,475 $ 171,417 Weighted average interest rate 1.94 % 1.59 % |
General Discussion Of Pension24
General Discussion Of Pension And Other Post Retirement Benefits (table) | 3 Months Ended |
Jun. 27, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Three Months Ended June 27, June 28, (In thousands) 2015 2014 Service Cost $ 2,519 $ 1,868 Interest Cost 2,177 2,032 Expected Return on Plan Assets (2,625) (2,740) Amortization of Actuarial Loss 844 31 Amortization of Transition Asset 27 - Net Periodic Benefit Cost $ 2,942 $ 1,191 |
Restructuring And Related Act25
Restructuring And Related Activities (table) | 3 Months Ended |
Jun. 27, 2015 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs [Table Text Block] | Long-Lived Severance Asset Charges Other Costs Total (In thousands) Balance March 31, 2015 715 264 270 1,249 First quarter credit (81) - - (81) Cash payments/write offs (597) - (97) (694) Balance June 27, 2015 $ 37 $ 264 $ 173 $ 474 Balance March 31, 2014 $ 10 $ - $ - $ 10 Cash payments/write offs (3) - - (3) Balance June 28, 2014 $ 7 $ - $ - $ 7 |
Earnings Per Share (table)
Earnings Per Share (table) | 3 Months Ended |
Jun. 27, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Text Block] | F I R S T Q U A R T E R Fiscal Fiscal (Thousands except per share amounts) 2016 2015 Basic Net earnings (loss) $ 2,968 $ (107) Deduct preferred stock dividends paid 6 6 Undistributed earnings (loss) 2,962 (113) Earnings (loss) attributable to participating preferred 37 (3) Earnings (loss) attributable to common shareholders $ 2,925 $ (110) Weighted average common shares outstanding 9,888 10,801 Basic earnings (loss) per common share $ 0.30 $ (0.01) Diluted Earnings (loss) attributable to common shareholders $ 2,925 $ (110) Add dividends on convertible preferred stock 5 5 Earnings (loss) attributable to common stock on a diluted basis $ 2,930 $ (105) Weighted average common shares outstanding-basic 9,888 10,801 Additional shares issued related to the equity compensation plan 5 5 Additional shares to be issued under full conversion of preferred stock 67 67 Total shares for diluted 9,960 10,873 Diluted earnings (loss) per common share $ 0.29 $ (0.01) |
Basis of Presentation (detail)
Basis of Presentation (detail) - USD ($) | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Sales Revenue [Line Items] | ||
Net Sales | $ 226,258,000 | $ 240,043,000 |
General Mills Operations Llc [Member] | ||
Sales Revenue [Line Items] | ||
Net Sales | $ 3,483,000 | $ 4,196,000 |
Aquisition (narrative) (detail)
Aquisition (narrative) (detail) - Apr. 01, 2014 - USD ($) | Total |
Business Acquisition [Line Items] | |
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 | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Inventory Disclosure [Abstract] | ||
Inventory, LIFO Reserve | $ 162,431,000 | $ 153,035,000 |
Inventory, LIFO Reserve, Period Charge | $ 1,637,000 | $ 349,000 |
Debt Intruments (narrative) (de
Debt Intruments (narrative) (detail) - USD ($) | 12 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Apr. 01, 2014 | |
Debt Instruments [Abstract] | |||
Line of Credit Facility, Amount Outstanding | $ 197,350,000 | $ 180,050,000 | |
Line of Credit Facility [Line Items] | |||
Equity Method Investments | $ 16,308,000 | ||
Treasury Stock, Value, Acquired, Cost Method | 24,929,000 | ||
Inventory Change | 15,266,000 | ||
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 ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Debt Instruments [Abstract] | ||
Line of Credit Facility, Amount Outstanding | $ 197,350 | $ 180,050 |
Debt, Weighted Average Interest Rate | 1.95% | 1.47% |
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 233,000 | $ 190,000 |
Line of Credit Facility, Average Outstanding Amount | $ 207,475 | $ 171,417 |
Debt Instrument, Interest Rate During Period | 1.94% | 1.59% |
Stockholders Equity (detail)
Stockholders Equity (detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 27, 2015 | Jun. 27, 2015 | Mar. 31, 2015 | Jun. 28, 2014 | |
Treasury Stock, Value, Acquired, Cost Method | $ 24,929,000 | |||
Treasury Stock, at cost | $ 61,980,000 | 61,980,000 | $ 61,277,000 | $ 37,051,000 |
Treasury Stock [Member] | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 703,000 | |||
Stock Repurchased During Period, Shares | 23,600 | |||
Treasury Stock, at cost | $ 61,980,000 | $ 61,980,000 | ||
Shares, Issued | 2,169,914 | 2,169,914 |
Pension (detail)
Pension (detail) - USD ($) | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | ||
Defined Benefit Plan, Service Cost | $ 2,519,000 | $ 1,868,000 |
Defined Benefit Plan, Interest Cost | 2,177,000 | 2,032,000 |
Defined Benefit Plan, Expected Return on Plan Assets | (2,625,000) | (2,740,000) |
Defined Benefit Plan, Actuarial Net (Gains) Losses | 844,000 | 31,000 |
Defined Benefit Plan, Amortization of Transition Obligations (Assets) | 27,000 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | 2,942,000 | $ 1,191,000 |
Defined Benefit Plan, Contributions by Employer | $ 600,000 |
Restructuring (narrative) (deta
Restructuring (narrative) (detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | Mar. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Plant Restructuring | $ (81,000) | $ 0 | |
Midwest Plant [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Equipment Cost | $ 1,376,000 | ||
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Plant Restructuring | $ (81,000) | ||
Employee Severance [Member] | Midwest Plant [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Equipment Cost | 842,000 | ||
Other Restructuring [Member] | Midwest Plant [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Plant Restructuring | 270,000 | ||
Long Lived Asset Charges [Member] | Midwest Plant [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Plant Restructuring | $ 264,000 |
Restructuring (table) (detail)
Restructuring (table) (detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | Mar. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Balance | $ 1,249,000 | $ 10,000 | $ 10,000 |
Plant Restructuring | (81,000) | 0 | |
Cash payments/write offs | (694,000) | (3,000) | |
Balance | 474,000 | 7,000 | 1,249,000 |
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance | 715,000 | 10,000 | 10,000 |
Plant Restructuring | (81,000) | ||
Cash payments/write offs | (597,000) | (3,000) | |
Balance | 37,000 | 7,000 | 715,000 |
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance | 270,000 | 0 | 0 |
Cash payments/write offs | (97,000) | ||
Balance | 173,000 | 270,000 | |
Long Lived Asset Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance | 264,000 | $ 0 | 0 |
Balance | $ 264,000 | $ 264,000 |
Gains and Losses on the Sale 36
Gains and Losses on the Sale of Property, Plant and Equipment (detail) - USD ($) | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Property Plant And Equipment [Abstract] | ||
Gain (Loss) on Disposition of Assets | $ 76,000 | $ 29,000 |
Environmental Remediation Expense | 60,000 | $ 250,000 |
Restructuring Cost and Reserve [Line Items] | ||
Prop 65 Litigation | $ 200,000 |
Earning Per Share-Basic (detail
Earning Per Share-Basic (detail) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Basic | ||
Net Earnings (Loss) | $ 2,968,000 | $ (107,000) |
Deduct preferred stock dividends | 6,000 | 6,000 |
Undistributed Earnings, Basic | 2,962,000 | (113,000) |
Undistributed Earnings Allocated to Participating Securities | 37,000 | (3,000) |
Earnings (Loss) Attributable to Common Stock | $ 2,925,000 | $ (110,000) |
Weighted Average Number of Shares Outstanding, Basic | 9,888 | 10,801 |
Basic earnings (loss) per common share | $ 0.3 | $ (0.01) |
Earning Per Share-Diluted (deta
Earning Per Share-Diluted (detail) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Diluted | ||
Earnings (Loss) Attributable to Common Stock | $ 2,925,000 | $ (110,000) |
Dividends Convertible Preferred Stock Cash | 5,000 | 5,000 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 2,930,000 | $ (105,000) |
Weighted Average Number of Shares Outstanding, Basic | 9,888 | 10,801 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 5 | 5 |
Incremental Common Shares Attributable to Conversion of Preferred Stock | 67 | 67 |
Weighted Average Number of Shares Outstanding, Diluted | 9,960 | 10,873 |
Diluted Earnings (Loss) per Common Share | $ 0.29 | $ (0.01) |
Fair Value Measurements (detail
Fair Value Measurements (detail) - USD ($) | Jun. 27, 2015 | Mar. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Long-term Debt, Gross | $ 237,904,000 | $ 274,164,000 |
Long-term Debt, Fair Value | $ 238,850,000 | $ 274,999,000 |
Income Tax (detail)
Income Tax (detail) - USD ($) | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Continuing Operations | 35.00% | 136.30% |
Effective Income Tax Rate Continuing Operations Change | 101.30% | |
Deferred Tax Assets Valuation Allowance | $ 384,000 | |
Effective Income Tax Rate Tax Assets Valuation Allowance | 130.20% | |
Interest From Income Tax Refunds | $ 92,000 | |
Effective Income Tax Rate Interest | 31.20% |
Interim Lease Funding (detail)
Interim Lease Funding (detail) - USD ($) | Jun. 27, 2015 | Mar. 31, 2015 | Jun. 28, 2014 |
Operating Leases Income Statement [Abstract] | |||
Notes Payable | $ 32,000 | $ 9,903,000 | $ 4,880,000 |