Seneca Foods (SENEA) 10-Q 6 Nov 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Sep. 28, 2024	Oct. 25, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2024
Document Transition Report	false
Entity File Number	0-01989
Entity Registrant Name	Seneca Foods Corporation
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	16-0733425
Entity Address, Address Line One	350 WillowBrook Office Park
Entity Address, City or Town	Fairport
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14450
City Area Code	585
Local Phone Number	495-4100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000088948
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Class A [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock Class A, $0.25 Par
Trading Symbol	SENEA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding (in shares)		5,257,248
Common Class B [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock Class B, $0.25 Par
Trading Symbol	SENEB
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding (in shares)		1,633,591

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 28, 2024	Mar. 31, 2024	Sep. 30, 2023
Current assets:
Cash and cash equivalents	$ 9,545	$ 4,483	$ 4,917
Restricted cash	7,522	7,370	7,164
Accounts receivable, net of allowance for credit losses of $131, $61 and $53, respectively	108,533	79,767	128,380
Inventories	944,887	872,692	1,013,447
Refundable income taxes	4,370	0	960
Other current assets	3,110	2,703	2,643
Total current assets	1,077,967	967,015	1,157,511
Property, plant and equipment, net	325,860	305,016	305,856
Right-of-use assets operating, net	10,667	19,705	22,154
Right-of-use assets financing, net	16,209	20,386	26,578
Pension assets	52,066	52,442	58,506
Other assets	658	19,433	1,115
Total assets	1,483,427	1,383,997	1,571,720
Current liabilities:
Accounts payable	213,015	40,326	321,579
Note payable	0	8,926	0
Deferred revenue	10,060	8,185	14,637
Accrued vacation	11,844	11,632	11,295
Accrued payroll	19,725	15,845	22,446
Income taxes payable	5,900	2,648	0
Other accrued expenses	39,554	33,383	31,277
Current portion of long-term debt, finance and lease obligations	107,891	30,090	31,583
Total current liabilities	407,989	151,035	432,817
Operating lease obligations	6,660	13,758	13,995
Financing lease obligations	9,973	12,259	14,202
Deferred income tax liability, net	20,711	24,320	31,440
Other liabilities	13,710	13,946	3,356
Total liabilities	884,485	801,104	988,495
Stockholders' equity:
Preferred stock	351	351	351
Common stock	3,051	3,050	3,050
Additional paid-in capital	100,512	100,425	99,392
Treasury stock, at cost	(210,098)	(200,107)	(188,217)
Accumulated other comprehensive loss	(25,380)	(25,380)	(20,488)
Retained earnings	730,506	704,554	689,137
Total stockholders' equity	598,942	582,893	583,225
Total liabilities and stockholders’ equity	1,483,427	1,383,997	1,571,720
Long Term Debt Excluding Finance Obligation [Member]
Current liabilities:
Long-term debt	406,612	585,786	492,685
Can Manufacturing Finance Obligation [Member]
Current liabilities:
Long-term debt	$ 18,830	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 28, 2024	Mar. 31, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 131	$ 53	$ 61

Condensed Consolidated Statemen

Condensed Consolidated Statements of Net Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Net sales	$ 425,465	$ 407,475	$ 730,192	$ 706,139
Costs and expenses:
Cost of products sold	382,594	349,357	644,630	592,732
Selling, general, and administrative expense	18,068	21,031	35,548	40,880
Plant restructuring	180	9	376	149
Other operating income, net	(56)	(1,346)	(484)	(1,543)
Total costs and expenses	400,786	369,051	680,070	632,218
Operating income	24,679	38,424	50,122	73,921
Other income and expenses:
Other non-operating income	(1,402)	(1,338)	(2,805)	(2,675)
Interest expense, net	9,013	7,185	19,358	13,758
Earnings before income taxes	17,068	32,577	33,569	62,838
Income taxes	3,765	7,798	7,605	14,948
Net earnings	$ 13,303	$ 24,779	$ 25,964	$ 47,890
Earnings per share:
Basic (in dollars per share)	$ 1.92	$ 3.32	$ 3.74	$ 6.36
Diluted (in dollars per share)	$ 1.9	$ 3.29	$ 3.7	$ 6.3
Weighted average common shares outstanding:
Basic (in shares)	6,915	7,445	6,938	7,521
Diluted (in shares)	6,982	7,512	7,005	7,588

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Comprehensive income:
Net earnings	$ 13,303	$ 24,779	$ 25,964	$ 47,890
Total	$ 13,303	$ 24,779	$ 25,964	$ 47,890

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net earnings	$ 25,964	$ 47,890
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation and amortization	22,030	21,769
Non-cash lease expense	2,932	3,656
LIFO charge	12,059	7,616
Deferred income tax expense	(3,609)	(41)
Gain on the sale of assets	(332)	(1,785)
Stock-based compensation expense	81	169
Pension expense	376	798
Changes in operating assets and liabilities:
Accounts receivable	(28,766)	(31,279)
Inventories	(84,254)	(350,165)
Other assets	498	(7)
Accounts payable	172,689	252,347
Accrued expenses and other	8,314	16,723
Income taxes	(1,118)	6,016
Net cash provided by (used in) operating activities	125,868	(26,279)
Cash flows from investing activities:
Additions to property, plant and equipment	(17,657)	(26,452)
Proceeds from the sale of assets	407	7,566
Increase in non-current deposits	(2,666)	0
Net cash used in investing activities	(19,916)	(18,886)
Cash flows from financing activities:
Borrowings under revolving credit facility	231,744	370,528
Repayments under revolving credit facility	(322,548)	(416,255)
Borrowings under term loans and note payable	12,394	124,433
Payments on term loans	(9,500)	(9,500)
Payments on financing leases	(2,825)	(4,560)
Purchase of treasury stock	(9,991)	(19,644)
Dividends	(12)	(12)
Net cash (used in) provided by financing activities	(100,738)	44,990
Net increase (decrease) in cash, cash equivalents and restricted cash	5,214	(175)
Cash, cash equivalents and restricted cash, beginning of the period	11,853	12,256
Cash, cash equivalents and restricted cash, end of the period	17,067	12,081
Supplemental disclosures of cash flow information:
Cash paid for interest, net of capitalized interest	19,780	12,749
Cash paid for income taxes, net	12,406	8,481
Reduction of note payable and non-current deposits associated with finance lease	21,320	0
Right-of-use assets obtained in exchange for lease obligations	2,117	4,136
Right-of-use assets derecognized upon early lease termination	8,230	2,298
Assets acquired from exercise of finance lease purchase options, net of accumulated depreciation	1,739	2,987
Property, plant and equipment purchased on account	$ 421	$ 934

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Cumulative Preferred Stock [Member]	Cumulative Convertible Preferred Stock [Member]	Participating Convertible Preferred Stock [Member]	Common Class A [Member]	Common Class B [Member]	Total
Balance at Mar. 31, 2023	$ 351	$ 3,049	$ 99,152	$ (168,573)	$ (20,488)	$ 641,259						$ 554,750
Net earnings	0	0	0	0	0	23,111						23,111
Cash dividends declared on preferred stock	0	0	0	0	0	(12)						(12)
Stock issued for profit sharing plan	0	0	72	0	0	0						72
Equity incentive program	0	0	80	0	0	0						80
Purchase treasury stock	0	0	0	(2,177)	0	0						(2,177)
Balance at Jul. 01, 2023	351	3,049	99,304	(170,750)	(20,488)	664,358						575,824
Net earnings	0	0	0	0	0	23,111						23,111
Balance at Mar. 31, 2023	351	3,049	99,152	(168,573)	(20,488)	641,259						554,750
Net earnings												47,890
Purchase treasury stock										$ (19,600)
Balance at Sep. 30, 2023	351	3,050	99,392	(188,217)	(20,488)	689,137						583,225
Net earnings												47,890
Balance at Jul. 01, 2023	351	3,049	99,304	(170,750)	(20,488)	664,358						575,824
Net earnings	0	0	0	0	0	24,779						24,779
Equity incentive program	0	1	88	0	0	0						89
Purchase treasury stock	0	0	0	(17,467)	0	0						(17,467)
Balance at Sep. 30, 2023	351	3,050	99,392	(188,217)	(20,488)	689,137						583,225
Net earnings	0	0	0	0	0	24,779						24,779
Balance at Mar. 31, 2024	351	3,050	100,425	(200,107)	(25,380)	704,554						582,893
Net earnings	0	0	0	0	0	12,661						12,661
Cash dividends declared on preferred stock	0	0	0	0	0	(12)						(12)
Stock issued for profit sharing plan	0	0	7	0	0	0						7
Equity incentive program	0	0	37	0	0	0						37
Purchase treasury stock	0	0	0	(6,640)	0	0						(6,640)
Balance at Jun. 29, 2024	351	3,050	100,469	(206,747)	(25,380)	717,203						588,946
Net earnings	0	0	0	0	0	12,661						12,661
Balance at Mar. 31, 2024	351	3,050	100,425	(200,107)	(25,380)	704,554						582,893
Net earnings												25,964
Purchase treasury stock										$ (10,000)
Balance at Sep. 28, 2024	351	3,051	100,512	(210,098)	(25,380)	730,506						598,942
Net earnings												25,964
Balance at Jun. 29, 2024	351	3,050	100,469	(206,747)	(25,380)	717,203						588,946
Net earnings	0	0	0	0	0	13,303						13,303
Equity incentive program	0	1	43	0	0	0						44
Purchase treasury stock	0	0	0	(3,351)	0	0						(3,351)
Balance at Sep. 28, 2024	351	3,051	100,512	(210,098)	(25,380)	730,506						598,942
Net earnings	$ 0	$ 0	$ 0	$ 0	$ 0	$ 13,303						$ 13,303
Preferred stock, shares authorized (in shares)							200,000	1,400,000	8,292
Common stock, shares authorized (in shares)										20,000,000	10,000,000
Preferred stock, shares outstanding (in shares)							200,000	807,240	8,292
Common stock, shares outstanding (in shares)										5,256,808	1,633,631

Note 1 - Basis of Preparation a

Note 1 - Basis of Preparation and Presentation	6 Months Ended
	Sep. 28, 2024
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. Basis of Preparation and Presentation Seneca Foods Corporation (the “Company”) is a leading provider of packaged fruits and vegetables with 26 facilities in eight The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements included herein have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial statements. While these statements reflect all adjustments (consisting of items of a normal recurring nature) that are, in the opinion of management, necessary for a fair presentation of the results of the interim period, they do not include all of the information and footnotes required by generally accepted accounting principles in the United States (“GAAP”) for complete financial statement presentation. The condensed consolidated financial statements should be read in conjunction with the financial statement disclosures in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024. Due to the seasonal nature of the business, quarterly operating results and cash flows are not necessarily indicative of the results that may be expected for other interim periods or the full year. All references to years are fiscal years ended or ending March 31 unless otherwise indicated. Certain percentage tables may not foot due to rounding. In certain circumstances, the preparation of financial statements in conformity with GAAP requires management to use judgment to make certain estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of net sales and expenses during the reporting period. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors that management believes to be reasonable under the circumstances, including the current economic environment. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Actual results may differ from these estimates. The Company uses the same accounting policies in preparing quarterly and annual financial statements. A summary of significant accounting policies followed by the Company are set forth in Note 1 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024. Reclassifications Cash, Cash Equivalents and Restricted Cash As of: September 28, September 30, March 31, 2024 2023 2024 Cash and cash equivalents $ 9,545 $ 4,917 $ 4,483 Restricted cash 7,522 $ 7,164 7,370 Total cash, cash equivalents and restricted cash $ 17,067 $ 12,081 $ 11,853 Recently Issued Accounting Pronouncements Income Taxes (Topic 740): Improvements to Income Tax Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures All other newly issued accounting pronouncements not yet effective have been deemed either not applicable or were related to technical amendments or codification.

Note 2 - Revenue Recognition

Note 2 - Revenue Recognition	6 Months Ended
	Sep. 28, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	2. Revenue Recognition Revenue recognition is completed for most customers at a point in time when product control is transferred to the customer. In general, control transfers to the customer when the product is shipped or delivered to the customer based upon applicable shipping terms, as the customer can direct the use and obtain substantially all of the remaining benefits from the asset at this point in time. The Company does sell certain finished goods inventory for cash on a bill and hold basis. The terms of the bill and hold agreement(s) provide that title to the specified inventory is transferred to the customer(s) prior to shipment and the Company has the right to payment (prior to physical delivery) which results in recorded revenue as determined under the revenue recognition standard. In the following table, revenue is disaggregated by product category groups (in thousands): Three Months Ended Six Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Canned vegetables $ 351,268 $ 328,586 $ 605,017 $ 579,536 Frozen vegetables 39,086 43,046 64,420 64,585 Fruit products 22,315 22,801 41,156 39,539 Snack products 4,038 4,256 6,903 7,354 Other 8,758 8,786 12,696 15,125 Total $ 425,465 $ 407,475 $ 730,192 $ 706,139 As a result of certain contracts with customers, the Company has contract asset balances of $0.7 million, $0.5 million, and $0.4 million as of September 28, 2024, September 30, 2023, and March 31, 2024, respectively, which are recorded as part of other current assets on the condensed consolidated balance sheets. The Company has contract liabilities in the form of deferred revenue representing payments received from certain of its co-pack customers in advance of completion of the Company's respective performance obligations. The majority of the balance is comprised of prepaid case and labeling and storage services which have been collected from bill and hold sales, as well as amounts invoiced in accordance with the terms of a co-pack agreement. The deferred revenue activity is shown in the following table (in thousands): Six Months Ended September 28, September 30, 2024 2023 Beginning balance $ 8,185 $ 9,956 Deferral of revenue 9,994 13,871 Recognition of unearned revenue (8,119 ) (9,190 ) Ending balance $ 10,060 $ 14,637

Note 3 - Earnings Per Common Sh

Note 3 - Earnings Per Common Share	6 Months Ended
	Sep. 28, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	3. Earnings per Common Share Earnings per share for the three and six months ended September 28, 2024 and September 30, 2023 are as follows (in thousands, except per share amounts): Three Months Ended Six Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Basic Net earnings $ 13,303 $ 24,779 $ 25,964 $ 47,890 Deduct preferred stock dividends paid - 6 12 12 Undistributed net earnings 13,303 24,773 25,952 47,878 Earnings attributable to participating preferred shareholders 16 28 31 53 Earnings attributable to common shareholders $ 13,287 $ 24,745 $ 25,921 $ 47,825 Weighted average common shares outstanding 6,915 7,445 6,938 7,521 Basic earnings per common share $ 1.92 $ 3.32 $ 3.74 $ 6.36 Diluted Earnings attributable to common shareholders $ 13,287 $ 24,745 $ 25,921 $ 47,825 Add dividends on convertible preferred stock 5 5 10 10 Earnings attributable to common stock on a diluted basis $ 13,292 $ 24,750 $ 25,931 $ 47,835 Weighted average common shares outstanding - basic 6,915 7,445 6,938 7,521 Additional shares to be issued under full conversion of preferred stock 67 67 67 67 Total shares for diluted 6,982 7,512 7,005 7,588 Diluted earnings per common share $ 1.90 $ 3.29 $ 3.70 $ 6.30

Note 4 - Inventories

Note 4 - Inventories	6 Months Ended
	Sep. 28, 2024
Notes to Financial Statements
Inventory Disclosure [Text Block]	4. Inventories The Company uses the last-in, first-out (“LIFO”) method of valuing inventory as it believes this method allows for better matching of current production cost to current revenue. An actual valuation of inventory under the LIFO method is made at the end of each fiscal year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels, production pack yields, sales and the expected rate of inflation or deflation for the year. The interim LIFO calculations are subject to adjustment in the final year-end LIFO inventory valuation. As of September 28, 2024, September 30, 2023, and March 31, 2024, first-in, first-out (“FIFO”) based inventory costs exceeded LIFO based inventory costs, resulting in a LIFO reserve of $336.8 million, $310.1 million, and $324.8 million, respectively. In order to state inventories at LIFO, the Company recorded an increase to cost of products sold of $15.0 million and $9.3 million for the three months ended September 28, 2024 and September 30, 2023, respectively, and an increase to cost of products sold of $12.1 million and $7.6 million for the six months ended September 28, 2024 and September 30, 2023, respectively. The inventories by category and the impact of using the LIFO method are shown in the following table (in thousands): As of: September 28, September 30, March 31, 2024 2023 2024 Finished products $ 965,937 $ 988,307 $ 795,993 In process 110,904 87,463 125,027 Raw materials and supplies 204,887 247,733 276,454 1,281,728 1,323,503 1,197,474 Less excess of FIFO cost over LIFO cost 336,841 310,056 324,782 Total inventories $ 944,887 $ 1,013,447 $ 872,692

Note 5 - Property, Plant and Eq

Note 5 - Property, Plant and Equipment	6 Months Ended
	Sep. 28, 2024
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	5. Property, Plant and Equipment Property, plant and equipment is comprised of the following (in thousands): As of: September 28, September 30, March 31, 2024 2023 2024 Land and land improvements $ 50,679 $ 48,385 $ 49,627 Buildings and improvements 238,376 231,736 236,141 Machinery and equipment 498,540 440,206 457,433 Office equipment, furniture, vehicles and computer software 15,505 13,149 14,971 Construction in progress 9,499 23,575 14,450 Property, plant and equipment, cost 812,599 757,051 772,622 Less: accumulated depreciation (486,739 ) (451,195 ) (467,606 ) Property, plant and equipment, net $ 325,860 $ 305,856 $ 305,016 Depreciation expense totaled $9.9 million and $9.3 million for the three months ended September 28, 2024 and September 30, 2023, respectively. For the six months ended September 28, 2024 and September 30, 2023, depreciation expense totaled $19.4 million and $18.1 million, respectively.

Note 6 - Debt

Note 6 - Debt	6 Months Ended
	Sep. 28, 2024
Notes to Financial Statements
Long-Term Debt [Text Block]	6. Debt Note Payable and Finance Obligation SOFR Subsequent to the final installation of the can manufacturing line in September 2024, the Company took title and recorded an addition to property, plant and equipment of $21.3 million and a corresponding reduction of the vendor deposits which were recorded within other assets on the condensed consolidated balance sheet. After taking title to the equipment, the Company and the lender entered into a financing agreement for the can manufacturing line which commenced in September 2024 and is recorded as a finance obligation. The finance obligation has a maturity date of September 14, 2031. In connection with this transaction the note payable was cancelled. Future minimum payments under the finance obligation noted above as of September 28, 2024 are as follows (in thousands): Years ending March 31: Balance of 2025 $ 2,047 2026 3,684 2027 3,684 2028 3,684 2029 3,684 2030 and thereafter 9,003 Total minimum payments required 25,786 Less interest 4,466 Total finance obligation 21,320 Amount due within one year 2,490 Finance obligation, less current portion $ 18,830 As of September 28, 2024, the finance obligation had a remaining term of 6.9 years and a discount rate of 5.56%. No cash payments were made by the Company during the six month period ended September 28, 2024, and the fair value of the finance obligation approximated its carrying value as of September 28, 2024. Long-term debt is comprised of the following (in thousands): As of: September 28, September 30, March 31, 2024 2023 2024 Revolving credit facility $ 146,421 $ 134,757 $ 237,225 Term loans Term Loan A-1 Outstanding principal 83,000 87,000 85,000 Unamortized debt issuance costs (21 ) (53 ) (37 ) Term Loan A-1, net 82,979 86,947 84,963 Term Loan A-2 Outstanding principal 276,000 291,000 283,500 Unamortized debt issuance costs (788 ) (1,019 ) (902 ) Term Loan A-2, net 275,212 289,981 282,598 Other - 216 - Total long-term debt 504,612 511,901 604,786 Less current portion 98,000 19,216 19,000 Long-term debt, less current portion $ 406,612 $ 492,685 $ 585,786 Revolving Credit Facility On September 14, 2022, the Company entered into a First Amendment to the Fourth Amended and Restated Loan and Security Agreement (the “Revolver Amendment”) which amended several provisions to replace the London Interbank Offered Rate (“LIBOR”) with the SOFR plus a spread adjustment as the interest rate benchmark on the Revolver. The transition to SOFR did not materially impact the interest rates applied to the Company’s borrowings. No other material changes were made to the terms of the Company’s Revolver as a result of the Revolver Amendment. On May 5, 2023, the Company entered into a Second Amendment to the Fourth Amended and Restated Loan and Security Agreement (the “2023 Revolver Amendment”) which updated certain provisions relating to permitted indebtedness. No other material changes were made as a result of the 2023 Revolver Amendment. On March 8, 2024, the Company entered into a Third Amendment to the Fourth Amended and Restated Loan and Security Agreement (the “2024 Revolver Amendment”) which increased the seasonal borrowing amount for the period from April through July by $50.0 million. No other material changes were made as a result of the 2024 Revolver Amendment. Maximum borrowing availability under the Revolver totals $350.0 million from April through July and $400.0 million from August through March. In order to maintain availability of funds under the facility, the Company pays a commitment fee on the unused portion of the Revolver, which as of September 28, 2024 was $246.6 million. The Revolver balance is included in Long-Term Debt in the accompanying condensed consolidated balance sheets due to the Revolver’s March 24, 2026 maturity. The Revolver is secured by substantially all of the Company’s accounts receivable and inventories and contains borrowing base requirements as well as a financial covenant, if certain circumstances apply. 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 the Company packages. The majority of vegetable inventories are produced during the months of June through November and are then sold over the following year. Payment terms for vegetable produce are generally three one seven The following table summarizes certain quantitative data for Revolver borrowings during fiscal year 2025 and fiscal year 2024 (in thousands): As of: September 28, September 30, March 31, 2024 2023 2024 Outstanding borrowings $ 146,421 $ 134,757 $ 237,225 Interest rate 6.76 % 6.93 % 6.93 % Three Months Ended Six Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Maximum amount of borrowings drawn during the period $ 209,189 $ 134,757 $ 233,063 $ 180,785 Average outstanding borrowings $ 172,039 $ 75,955 $ 194,398 $ 92,218 Weighted average interest rate 7.02 % 6.95 % 7.02 % 6.67 % Term Loans On January 20, 2023, the Company entered into a Second Amended and Restated Loan and Guaranty Agreement with Farm Credit East, ACA (the “Agreement”) which governs two term loans, as summarized below: Term Loan A-1: The Agreement continues certain aspects of the $100.0 million term loan described above, namely Term Loan A-1 will continue to bear interest at a fixed interest rate of 3.3012%, mature on June 1, 2025, and remain unsecured. The Company’s historical practice is to hold term debt until maturity. The Company expects to maintain or have access to sufficient liquidity to retire or refinance long-term debt at maturity or otherwise, from operating cash flows, access to the capital markets, and its Revolver. The Company continuously evaluates opportunities to refinance its debt; however, any refinancing is subject to market conditions and other factors, including financing options that may be available to the Company from time to time, and there can be no assurance that the Company will be able to successfully refinance any debt on commercially acceptable terms at all. Term Loan A-2: The Agreement adds an additional term loan in the amount of $175.0 million that will mature on January 20, 2028, and is secured by a portion of the Company’s property, plant and equipment. Term Loan A-2 bears interest at a variable interest rate based upon SOFR plus an additional margin determined by the Company’s leverage ratio. Quarterly payments of principal outstanding on Term Loan A-2 in the amount of $1.5 million commenced on March 1, 2023. On May 23, 2023, the Agreement was amended by the Second Amended and Restated Loan and Guaranty Agreement Amendment which amends, restates and replaces in its entirety Term Loan A-2 (the “Amendment”). The Amendment provides a single advance term facility in the principal amount of $125.0 million to be combined with the outstanding principal balance of $173.5 million on Term Loan A-2 into one single $298.5 million term loan (“Amended Term Loan A-2”). Amended Loan Term A-2 is secured by a portion of the Company’s property, plant and equipment and bears interest at a variable interest rate based upon SOFR plus an additional margin determined by the Company’s leverage ratio. Quarterly payments of principal outstanding on Amended Term Loan A-2 in the amount of $3.75 million commenced on June 1, 2023. The Amendment continues all aspects of Term Loan A-1 as defined in the Agreement. As of September 28, 2024, the interest rate on Amended Term Loan A-2 was 7.11%. The Amendment for Term Loan A-1 and Term Loan A-2 (collectively, the “Term Loans”) contains restrictive covenants usual and customary for loans of its type, in addition to financial covenants including minimum EBITDA and minimum tangible net worth which apply to both Terms Loans described above. In connection with the Amended Term Loan A-2, the Company incurred $1.1 million of financing costs which will be deferred and amortized over the life of the term loan. As of September 28, 2024, the Company was in compliance with all covenants for its revolving credit facility and term loan agreements. Standby Letters of Credit

Note 7 - Leases

Note 7 - Leases	6 Months Ended
	Sep. 28, 2024
Notes to Financial Statements
Lessee, Operating and Finance Leases [Text Block]	7. Leases The Company determines whether an arrangement is a lease at inception of the agreement. Presently, the Company leases land, machinery and equipment under various operating and financing leases. Right-of-use (“ROU”) assets represent the Company’s right to use the underlying assets for the lease term, and lease obligations represent the net present value of the Company’s obligation to make payments arising from these leases. ROU assets and lease obligations are recognized at commencement date based on the present value of lease payments over the lease term using the implicit lease interest rate or, when unknown, an incremental borrowing rate based on the information available at commencement date or April 1, 2019 for leases that commenced prior to that date. ROU assets and lease obligations for the Company’s operating and financing leases are disclosed separately in the Company’s condensed consolidated balance sheets. Lease terms may include options to extend or terminate the lease, and the impact of these options are included in the calculation of the ROU asset and lease obligation only when the exercise of the option is at the Company’s sole discretion and it is reasonably certain that the Company will exercise that option. The Company will not separate lease and non-lease components for its leases when it is impractical to separate the two. In addition, the Company may have certain leases that have variable payments based solely on output or usage of the leased asset. These variable operating lease assets are excluded from the Company’s condensed consolidated balance sheet presentation and expensed as incurred. Leases with an initial term of 12 months or less, or short-term leases, are not recorded on the accompanying condensed consolidated balance sheets and are expensed as incurred. The components of lease cost were as follows (in thousands): Three Months Ended Six Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Lease cost: Amortization of right-of-use assets $ 1,179 $ 1,644 $ 2,306 $ 3,484 Interest on lease obligations 207 199 361 422 Finance lease cost 1,386 1,843 2,667 3,906 Operating lease cost 1,442 1,809 3,274 4,158 Short-term lease cost 2,821 2,547 5,566 3,877 Total lease cost $ 5,649 $ 6,199 $ 11,507 $ 11,941 Cash paid for amounts included in the measurement of lease obligations: Operating cash flows from finance leases $ 361 $ 422 Operating cash flows from operating leases 4,475 6,976 Financing cash flows from finance leases 2,825 4,560 $ 7,661 $ 11,958 Right-of-use assets obtained in exchange for new finance lease obligations $ - $ 73 Right-of-use assets obtained in exchange for new operating lease obligations $ 2,117 $ 4,063 Right-of-use assets derecognized upon early termination of finance leases $ 8 $ 530 Right-of-use assets derecognized upon early termination of operating leases $ 8,222 $ 1,768 Weighted-average lease term (years): Financing leases 4.1 4.5 Operating leases 4.3 4.7 Weighted-average discount rate (percentage): Financing leases 4.0 % 3.9 % Operating leases 4.9 % 4.7 % Undiscounted future lease payments under non-cancelable operating and financing leases, along with a reconciliation of undiscounted cash flows to operating and financing lease obligations, respectively, as of September 28, 2024 were as follows (in thousands): Years ending March 31: Operating Financing Balance of 2025 $ 1,183 $ 2,180 2026 3,093 4,276 2027 2,103 3,218 2028 1,717 2,811 2029 1,150 1,659 2030 and thereafter 1,624 1,307 Total minimum payments required 10,870 15,451 Less interest 1,086 1,201 Present value of minimum lease payments 9,784 14,250 Amount due within one year 3,124 4,277 Long-term lease obligations $ 6,660 $ 9,973

Note 8 - Income Taxes

Note 8 - Income Taxes	6 Months Ended
	Sep. 28, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8. Income Taxes The Company’s effective tax rate was 22.7% and 23.8% for the six months ended September 28, 2024 and September 30, 2023, respectively. The effective tax rate decreased in the current six-month period as compared to the prior year six-month period driven by the impact of federal credits which reduced the effective rate by 1.1% and interest received on a federal income tax refund which reduced the effective tax rate by 0.4%. These decreases were partially offset by the impact of state rate changes driven by apportionment which increased the effective rate by 0.4%.

Note 9 - Retirement Plans

Note 9 - Retirement Plans	6 Months Ended
	Sep. 28, 2024
Notes to Financial Statements
Retirement Benefits [Text Block]	9. Retirement Plans The net periodic benefit cost for the Company’s pension plan consisted of (in thousands): Three Months Ended Six Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Service cost including administrative expenses $ 1,590 $ 1,737 $ 3,181 $ 3,473 Interest cost 2,941 2,818 5,883 5,636 Expected return on plan assets (4,422 ) (4,175 ) (8,845 ) (8,349 ) Amortization of net loss 76 - 152 - Amortization of prior service cost 3 19 5 38 Net periodic benefit cost $ 188 $ 399 $ 376 $ 798 There were no

Note 10 - Stockholders' Equity

Note 10 - Stockholders' Equity	6 Months Ended
	Sep. 28, 2024
Notes to Financial Statements
Equity [Text Block]	10. Stockholders Equity During the six months ended September 28, 2024, the Company repurchased 173,379 shares of its Class A Common Stock at a cost of $10.0 million, which are included in treasury stock in the condensed consolidated balance sheets. During the six months ended September 30, 2023, the Company repurchased 386,681 shares of its Class A Common Stock at a cost of $19.6 million. The Company did not

Note 11 - Fair Value of Financi

Note 11 - Fair Value of Financial Instruments	6 Months Ended
	Sep. 28, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	11. Fair Value of Financial Instruments Cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued expenses are reflected in the condensed consolidated balance sheets at carrying value, which approximates fair value due to the short-term maturity of these instruments. On a quarterly basis, the Company estimates the fair values for financial instruments that are recorded at carrying value on the condensed consolidated balance sheets. 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. The fair value and carrying value of the Company’s long-term debt are as follows (in thousands): As of: September 28, September 30, March 31, 2024 2023 2024 Carrying value $ 504,612 $ 511,901 $ 604,786 Fair value $ 501,239 $ 504,262 $ 599,408

Note 12 - Segment Information

Note 12 - Segment Information	6 Months Ended
	Sep. 28, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	12. Segment Information The Company conducts its business almost entirely in food packaging with two The Other category consists of the Company's non-food operations including revenue derived from the sale of cans, ends, seed, outside revenue from the Company's aircraft operations, and certain corporate items. These ancillary activities do not qualify as an operating segment and are not eligible for aggregation with one of the identified operating segments; therefore they are combined and presented within the “Other” category. Segment information is provided on a FIFO basis which is consistent with how financial information is prepared internally and provided to the CODM. The LIFO impact on earnings (loss) before income taxes and total assets is shown separately for purposes of reconciling to the GAAP financial statement measure shown on the condensed consolidated statements of net earnings and condensed consolidated balance sheets. The following table summarizes certain financial data for the Company’s reportable segments (in thousands): Three Months Ended September 28, 2024 Fruit and Subtotal LIFO Vegetable Snack Other (FIFO basis) Impact Total Net sales $ 390,354 $ 26,353 $ 8,758 $ 425,465 $ - $ 425,465 Earnings (loss) before income taxes 26,814 3,521 1,710 32,045 (14,977 ) 17,068 Total assets 1,696,199 120,530 3,539 1,820,268 (336,841 ) 1,483,427 Three Months Ended September 30, 2023 Fruit and Subtotal LIFO Vegetable Snack Other (FIFO basis) Impact Total Net sales $ 371,632 $ 27,057 $ 8,786 $ 407,475 $ - $ 407,475 Earnings (loss) before income taxes 38,433 1,997 1,463 41,893 (9,316 ) 32,577 Total assets 1,758,522 119,931 3,323 1,881,776 (310,056 ) 1,571,720 Six Months Ended September 28, 2024 Fruit and Subtotal LIFO Vegetable Snack Other (FIFO basis) Impact Total Net sales $ 669,437 $ 48,059 $ 12,696 $ 730,192 $ - $ 730,192 Earnings (loss) before income taxes 38,156 5,523 1,949 45,628 (12,059 ) 33,569 Total assets 1,696,199 120,530 3,539 1,820,268 (336,841 ) 1,483,427 Six Months Ended September 30, 2023 Fruit and Subtotal LIFO Vegetable Snack Other (FIFO basis) Impact Total Net sales $ 644,121 $ 46,893 $ 15,125 $ 706,139 $ - $ 706,139 Earnings (loss) before income taxes 63,505 2,196 4,753 70,454 (7,616 ) 62,838 Total assets 1,758,522 119,931 3,323 1,881,776 (310,056 ) 1,571,720

Note 13 - Legal Proceedings and

Note 13 - Legal Proceedings and Other Contingencies	6 Months Ended
	Sep. 28, 2024
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	13. Legal Proceedings and Other Contingencies In the ordinary course of its business, the Company is made a party to certain legal proceedings seeking monetary damages, including proceedings involving product liability claims, workers’ compensation along with other employee claims, tort and other general liability claims, for which it carries insurance, as well as patent infringement and related litigation. The Company is in a highly regulated industry and is also periodically involved in government actions for regulatory violations and other matters surrounding the manufacturing of its products, including, but not limited to, environmental, employee, and product safety issues. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company does not believe that an adverse decision in any of these legal proceedings would have a material impact on its financial position, results of operations, or cash flows.

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Sep. 28, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	(c) Trading Plans During the quarterly period ended September 28, 2024, no
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 1 - Basis of Preparation_2

Note 1 - Basis of Preparation and Presentation (Tables)	6 Months Ended
	Sep. 28, 2024
Notes Tables
Schedule of Cash and Cash Equivalents [Table Text Block]	As of: September 28, September 30, March 31, 2024 2023 2024 Cash and cash equivalents $ 9,545 $ 4,917 $ 4,483 Restricted cash 7,522 $ 7,164 7,370 Total cash, cash equivalents and restricted cash $ 17,067 $ 12,081 $ 11,853

Note 2 - Revenue Recognition (T

Note 2 - Revenue Recognition (Tables)	6 Months Ended
	Sep. 28, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended Six Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Canned vegetables $ 351,268 $ 328,586 $ 605,017 $ 579,536 Frozen vegetables 39,086 43,046 64,420 64,585 Fruit products 22,315 22,801 41,156 39,539 Snack products 4,038 4,256 6,903 7,354 Other 8,758 8,786 12,696 15,125 Total $ 425,465 $ 407,475 $ 730,192 $ 706,139
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	Six Months Ended September 28, September 30, 2024 2023 Beginning balance $ 8,185 $ 9,956 Deferral of revenue 9,994 13,871 Recognition of unearned revenue (8,119 ) (9,190 ) Ending balance $ 10,060 $ 14,637

Note 3 - Earnings Per Common _2

Note 3 - Earnings Per Common Share (Tables)	6 Months Ended
	Sep. 28, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Six Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Basic Net earnings $ 13,303 $ 24,779 $ 25,964 $ 47,890 Deduct preferred stock dividends paid - 6 12 12 Undistributed net earnings 13,303 24,773 25,952 47,878 Earnings attributable to participating preferred shareholders 16 28 31 53 Earnings attributable to common shareholders $ 13,287 $ 24,745 $ 25,921 $ 47,825 Weighted average common shares outstanding 6,915 7,445 6,938 7,521 Basic earnings per common share $ 1.92 $ 3.32 $ 3.74 $ 6.36 Diluted Earnings attributable to common shareholders $ 13,287 $ 24,745 $ 25,921 $ 47,825 Add dividends on convertible preferred stock 5 5 10 10 Earnings attributable to common stock on a diluted basis $ 13,292 $ 24,750 $ 25,931 $ 47,835 Weighted average common shares outstanding - basic 6,915 7,445 6,938 7,521 Additional shares to be issued under full conversion of preferred stock 67 67 67 67 Total shares for diluted 6,982 7,512 7,005 7,588 Diluted earnings per common share $ 1.90 $ 3.29 $ 3.70 $ 6.30

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	6 Months Ended
	Sep. 28, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	As of: September 28, September 30, March 31, 2024 2023 2024 Finished products $ 965,937 $ 988,307 $ 795,993 In process 110,904 87,463 125,027 Raw materials and supplies 204,887 247,733 276,454 1,281,728 1,323,503 1,197,474 Less excess of FIFO cost over LIFO cost 336,841 310,056 324,782 Total inventories $ 944,887 $ 1,013,447 $ 872,692

Note 5 - Property, Plant and _2

Note 5 - Property, Plant and Equipment (Tables)	6 Months Ended
	Sep. 28, 2024
Notes Tables
Property, Plant and Equipment [Table Text Block]	As of: September 28, September 30, March 31, 2024 2023 2024 Land and land improvements $ 50,679 $ 48,385 $ 49,627 Buildings and improvements 238,376 231,736 236,141 Machinery and equipment 498,540 440,206 457,433 Office equipment, furniture, vehicles and computer software 15,505 13,149 14,971 Construction in progress 9,499 23,575 14,450 Property, plant and equipment, cost 812,599 757,051 772,622 Less: accumulated depreciation (486,739 ) (451,195 ) (467,606 ) Property, plant and equipment, net $ 325,860 $ 305,856 $ 305,016

Note 6 - Debt (Tables)

Note 6 - Debt (Tables)	6 Months Ended
	Sep. 28, 2024
Notes Tables
Schedule of Maturities of Long-Term Debt [Table Text Block]	Years ending March 31: Balance of 2025 $ 2,047 2026 3,684 2027 3,684 2028 3,684 2029 3,684 2030 and thereafter 9,003 Total minimum payments required 25,786 Less interest 4,466 Total finance obligation 21,320 Amount due within one year 2,490 Finance obligation, less current portion $ 18,830
Schedule of Long-Term Debt Instruments [Table Text Block]	As of: September 28, September 30, March 31, 2024 2023 2024 Revolving credit facility $ 146,421 $ 134,757 $ 237,225 Term loans Term Loan A-1 Outstanding principal 83,000 87,000 85,000 Unamortized debt issuance costs (21 ) (53 ) (37 ) Term Loan A-1, net 82,979 86,947 84,963 Term Loan A-2 Outstanding principal 276,000 291,000 283,500 Unamortized debt issuance costs (788 ) (1,019 ) (902 ) Term Loan A-2, net 275,212 289,981 282,598 Other - 216 - Total long-term debt 504,612 511,901 604,786 Less current portion 98,000 19,216 19,000 Long-term debt, less current portion $ 406,612 $ 492,685 $ 585,786
Schedule of Line of Credit Facilities [Table Text Block]	As of: September 28, September 30, March 31, 2024 2023 2024 Outstanding borrowings $ 146,421 $ 134,757 $ 237,225 Interest rate 6.76 % 6.93 % 6.93 % Three Months Ended Six Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Maximum amount of borrowings drawn during the period $ 209,189 $ 134,757 $ 233,063 $ 180,785 Average outstanding borrowings $ 172,039 $ 75,955 $ 194,398 $ 92,218 Weighted average interest rate 7.02 % 6.95 % 7.02 % 6.67 %

Note 7 - Leases (Tables)

Note 7 - Leases (Tables)	6 Months Ended
	Sep. 28, 2024
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended Six Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Lease cost: Amortization of right-of-use assets $ 1,179 $ 1,644 $ 2,306 $ 3,484 Interest on lease obligations 207 199 361 422 Finance lease cost 1,386 1,843 2,667 3,906 Operating lease cost 1,442 1,809 3,274 4,158 Short-term lease cost 2,821 2,547 5,566 3,877 Total lease cost $ 5,649 $ 6,199 $ 11,507 $ 11,941 Cash paid for amounts included in the measurement of lease obligations: Operating cash flows from finance leases $ 361 $ 422 Operating cash flows from operating leases 4,475 6,976 Financing cash flows from finance leases 2,825 4,560 $ 7,661 $ 11,958 Right-of-use assets obtained in exchange for new finance lease obligations $ - $ 73 Right-of-use assets obtained in exchange for new operating lease obligations $ 2,117 $ 4,063 Right-of-use assets derecognized upon early termination of finance leases $ 8 $ 530 Right-of-use assets derecognized upon early termination of operating leases $ 8,222 $ 1,768 Weighted-average lease term (years): Financing leases 4.1 4.5 Operating leases 4.3 4.7 Weighted-average discount rate (percentage): Financing leases 4.0 % 3.9 % Operating leases 4.9 % 4.7 %
Lessee, Lease Liability, Maturity [Table Text Block]	Years ending March 31: Operating Financing Balance of 2025 $ 1,183 $ 2,180 2026 3,093 4,276 2027 2,103 3,218 2028 1,717 2,811 2029 1,150 1,659 2030 and thereafter 1,624 1,307 Total minimum payments required 10,870 15,451 Less interest 1,086 1,201 Present value of minimum lease payments 9,784 14,250 Amount due within one year 3,124 4,277 Long-term lease obligations $ 6,660 $ 9,973

Note 9 - Retirement Plans (Tabl

Note 9 - Retirement Plans (Tables)	6 Months Ended
	Sep. 28, 2024
Notes Tables
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	Three Months Ended Six Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Service cost including administrative expenses $ 1,590 $ 1,737 $ 3,181 $ 3,473 Interest cost 2,941 2,818 5,883 5,636 Expected return on plan assets (4,422 ) (4,175 ) (8,845 ) (8,349 ) Amortization of net loss 76 - 152 - Amortization of prior service cost 3 19 5 38 Net periodic benefit cost $ 188 $ 399 $ 376 $ 798

Note 11 - Fair Value of Finan_2

Note 11 - Fair Value of Financial Instruments (Tables)	6 Months Ended
	Sep. 28, 2024
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	As of: September 28, September 30, March 31, 2024 2023 2024 Carrying value $ 504,612 $ 511,901 $ 604,786 Fair value $ 501,239 $ 504,262 $ 599,408

Note 12 - Segment Information (

Note 12 - Segment Information (Tables)	6 Months Ended
	Sep. 28, 2024
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended September 28, 2024 Fruit and Subtotal LIFO Vegetable Snack Other (FIFO basis) Impact Total Net sales $ 390,354 $ 26,353 $ 8,758 $ 425,465 $ - $ 425,465 Earnings (loss) before income taxes 26,814 3,521 1,710 32,045 (14,977 ) 17,068 Total assets 1,696,199 120,530 3,539 1,820,268 (336,841 ) 1,483,427 Three Months Ended September 30, 2023 Fruit and Subtotal LIFO Vegetable Snack Other (FIFO basis) Impact Total Net sales $ 371,632 $ 27,057 $ 8,786 $ 407,475 $ - $ 407,475 Earnings (loss) before income taxes 38,433 1,997 1,463 41,893 (9,316 ) 32,577 Total assets 1,758,522 119,931 3,323 1,881,776 (310,056 ) 1,571,720 Six Months Ended September 28, 2024 Fruit and Subtotal LIFO Vegetable Snack Other (FIFO basis) Impact Total Net sales $ 669,437 $ 48,059 $ 12,696 $ 730,192 $ - $ 730,192 Earnings (loss) before income taxes 38,156 5,523 1,949 45,628 (12,059 ) 33,569 Total assets 1,696,199 120,530 3,539 1,820,268 (336,841 ) 1,483,427 Six Months Ended September 30, 2023 Fruit and Subtotal LIFO Vegetable Snack Other (FIFO basis) Impact Total Net sales $ 644,121 $ 46,893 $ 15,125 $ 706,139 $ - $ 706,139 Earnings (loss) before income taxes 63,505 2,196 4,753 70,454 (7,616 ) 62,838 Total assets 1,758,522 119,931 3,323 1,881,776 (310,056 ) 1,571,720

Note 1 - Basis of Preparation_3

Note 1 - Basis of Preparation and Presentation (Details Textual)	Sep. 28, 2024
Number of States in which Entity Operates	8
Seneca Food Plants [Member]
Number of Real Estate Properties	26

Note 1 - Basis of Preparation_4

Note 1 - Basis of Preparation and Presentation - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Mar. 31, 2024	Sep. 30, 2023
Cash and cash equivalents	$ 9,545	$ 4,483	$ 4,917
Restricted cash	7,522	7,370	7,164
Total cash, cash equivalents and restricted cash	$ 17,067	$ 11,853	$ 12,081

Note 2 - Revenue Recognition (D

Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Millions	Sep. 28, 2024	Mar. 31, 2024	Sep. 30, 2023
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$ 0.7	$ 0.4	$ 0.5

Note 2 - Revenue Recognition -

Note 2 - Revenue Recognition - Segment Revenue Disaggregated by Product Category Groups (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Net sales	$ 425,465	$ 407,475	$ 730,192	$ 706,139
Canned Vegetables [Member]
Net sales	351,268	328,586	605,017	579,536
Frozen [Member]
Net sales	39,086	43,046	64,420	64,585
Fruit [Member]
Net sales	22,315	22,801	41,156	39,539
Snack [Member]
Net sales	4,038	4,256	6,903	7,354
Manufactured Product, Other [Member]
Net sales	$ 8,758	$ 8,786	$ 12,696	$ 15,125

Note 2 - Revenue Recognition _2

Note 2 - Revenue Recognition - Summary of Deferred Revenue Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Beginning balance	$ 8,185	$ 9,956
Deferral of revenue	9,994	13,871
Recognition of unearned revenue	(8,119)	(9,190)
Ending balance	$ 10,060	$ 14,637

Note 3 - Earnings Per Common _3

Note 3 - Earnings Per Common Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Net earnings	$ 13,303	$ 24,779	$ 25,964	$ 47,890
Deduct preferred stock dividends paid	0	6	12	12
Undistributed net earnings	13,303	24,773	25,952	47,878
Earnings attributable to participating preferred shareholders	16	28	31	53
Earnings attributable to common shareholders	$ 13,287	$ 24,745	$ 25,921	$ 47,825
Weighted average common shares outstanding (in shares)	6,915	7,445	6,938	7,521
Basic earnings per common share (in dollars per share)	$ 1.92	$ 3.32	$ 3.74	$ 6.36
Earnings attributable to common shareholders	$ 13,287	$ 24,745	$ 25,921	$ 47,825
Add dividends on convertible preferred stock	5	5	10	10
Earnings attributable to common stock on a diluted basis	$ 13,292	$ 24,750	$ 25,931	$ 47,835
Additional shares to be issued under full conversion of preferred stock (in shares)	67	67	67	67
Total shares for diluted (in shares)	6,982	7,512	7,005	7,588
Diluted earnings per common share (in dollars per share)	$ 1.9	$ 3.29	$ 3.7	$ 6.3

Note 4 - Inventories (Details T

Note 4 - Inventories (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Mar. 31, 2024
Inventory, LIFO Reserve	$ 336,841	$ 310,056	$ 336,841	$ 310,056	$ 324,782
Inventory, LIFO Reserve, Period Charge	$ 15,000	$ 9,300	$ 12,100	$ 7,600

Note 4 - Inventories - Inventor

Note 4 - Inventories - Inventories by Category and Impact of Using LIFO Method (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Mar. 31, 2024	Sep. 30, 2023
Finished products	$ 965,937	$ 795,993	$ 988,307
In process	110,904	125,027	87,463
Raw materials and supplies	204,887	276,454	247,733
FIFO Inventory Amount	1,281,728	1,197,474	1,323,503
Less excess of FIFO cost over LIFO cost	336,841	324,782	310,056
Total inventories	$ 944,887	$ 872,692	$ 1,013,447

Note 5 - Property, Plant and _3

Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Depreciation	$ 9.9	$ 9.3	$ 19.4	$ 18.1

Note 5 - Property, Plant and _4

Note 5 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Mar. 31, 2024	Sep. 30, 2023
Property, Plant and Equipment, Gross	$ 812,599	$ 772,622	$ 757,051
Less: accumulated depreciation	(486,739)	(467,606)	(451,195)
Property, plant and equipment, net	325,860	305,016	305,856
Land and Land Improvements [Member]
Property, Plant and Equipment, Gross	50,679	49,627	48,385
Building and Building Improvements [Member]
Property, Plant and Equipment, Gross	238,376	236,141	231,736
Machinery and Equipment [Member]
Property, Plant and Equipment, Gross	498,540	457,433	440,206
Office Furniture, Vehicles and Computer Software [Member]
Property, Plant and Equipment, Gross	15,505	14,971	13,149
Construction in Progress [Member]
Property, Plant and Equipment, Gross	$ 9,499	$ 14,450	$ 23,575

Note 6 - Debt (Details Textual)

Note 6 - Debt (Details Textual) $ in Thousands				1 Months Ended	6 Months Ended		12 Months Ended
	May 23, 2023 USD ($)	Jan. 20, 2023 USD ($)	May 28, 2020 USD ($)	Sep. 28, 2024 USD ($)	Sep. 28, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023	Mar. 31, 2024 USD ($)	Mar. 08, 2024 USD ($)	Jul. 31, 2023 USD ($)	Mar. 24, 2021 USD ($)
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]					us-gaap:SecuredOvernightFinancingRateSofrMember
Payments to Acquire Property, Plant, and Equipment					$ 17,657	$ 26,452
Accounts Receivable, Vegetable and Fruit Products Sold, Standard Payment Term							3 months
Total finance obligation				$ 504,612	504,612	511,901		$ 604,786
Long-Term Line of Credit				146,421	146,421	134,757		237,225
Term Loan A-1 [Member]
Debt Instrument, Maturity Date		Jun. 01, 2025	Jun. 01, 2025
Debt Instrument, Interest Rate, Stated Percentage		3.3012%
Debt Instrument, Periodic Payment, Principal					1,000
Total finance obligation		$ 100,000		82,979	82,979	86,947		84,963
Term Loan A-2 [Member]
Debt Instrument, Maturity Date		Jan. 20, 2028
Debt Instrument, Periodic Payment, Principal		$ 1,500
Total finance obligation	$ 173,500	$ 175,000		$ 275,212	$ 275,212	289,981		282,598
Second Amended and Restated Loan and Guaranty Agreement Amendment One with Farm Credit East, ACA [Member]
Debt Instrument, Face Amount	125,000
Amended Term Loan A-2 [Member]
Debt Instrument, Interest Rate, Stated Percentage				7.11%	7.11%
Debt Instrument, Periodic Payment, Principal	3,750
Total finance obligation	$ 298,500
Debt Instrument, Unamortized Discount				$ 1,100	$ 1,100
Minimum [Member]
Accounts Receivable, Vegetable and Fruit Products Sold, Maximum Payment Term							1 month
Maximum [Member]
Accounts Receivable, Vegetable and Fruit Products Sold, Maximum Payment Term							7 months
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity During Nonproduction Period											$ 400,000
Line of Credit Facility, Maximum Borrowing Capacity, Increase									$ 50,000
Line of Credit Facility, Maximum Borrowing Capacity During Production Period								400,000		$ 350,000
Line of Credit Facility, Commitment Fee Amount					246,600
Long-Term Line of Credit				146,421	146,421	$ 134,757		$ 237,225
Standby Letters of Credit [Member]
Long-Term Line of Credit				7,000	$ 7,000
Unsecured Note Payable [Member]
Debt Instrument, Basis Spread on Variable Rate					1.80%
Can Manufacturing Finance Obligation [Member]
Payments to Acquire Property, Plant, and Equipment				$ 21,300
Can Manufacturing Finance Obligation [Member] | Measurement Input, Expected Term [Member]
Debt Instrument, Measurement Input				6.9	6.9
Can Manufacturing Finance Obligation [Member] | Measurement Input, Discount Rate [Member]
Debt Instrument, Measurement Input				0.0556	0.0556
Term Loan Payable to Farm Credit East ACA [Member]
Debt Instrument, Face Amount			$ 100,000
Debt Instrument, Interest Rate, Stated Percentage				3.3012%	3.3012%

Note 6 - Debt - Schedule of Deb

Note 6 - Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Mar. 31, 2024	Sep. 30, 2023
Total finance obligation	$ 504,612	$ 604,786	$ 511,901
Amount due within one year	98,000	$ 19,000	$ 19,216
Lease Financing Obligations [Member]
Balance of 2025	2,047
Long-Term Debt, Maturity, Year One	3,684
Long-Term Debt, Maturity, Year Two	3,684
Long-Term Debt, Maturity, Year Three	3,684
Long-Term Debt, Maturity, Year Four	3,684
2030 and thereafter	9,003
Total minimum payments required	25,786
Less interest	4,466
Total finance obligation	21,320
Amount due within one year	2,490
Long-term debt	$ 18,830

Note 6 - Debt - Summary of Long

Note 6 - Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Mar. 31, 2024	Sep. 30, 2023	May 23, 2023	Jan. 20, 2023
Revolving credit facility	$ 146,421	$ 237,225	$ 134,757
Long-term debt	504,612	604,786	511,901
Other	0	0	216
Total long-term debt	504,612	604,786	511,901
Less current portion	98,000	19,000	19,216
Term Loan A-1 [Member]
Outstanding principal	83,000	85,000	87,000
Unamortized debt issuance costs	(21)	(37)	(53)
Long-term debt	82,979	84,963	86,947		$ 100,000
Term Loan A-2 [Member]
Outstanding principal	276,000	283,500	291,000
Unamortized debt issuance costs	(788)	(902)	(1,019)
Long-term debt	275,212	282,598	289,981	$ 173,500	$ 175,000
Long Term Debt Excluding Finance Obligation [Member]
Long-term debt	406,612	585,786	492,685
Revolving Credit Facility [Member]
Revolving credit facility	$ 146,421	$ 237,225	$ 134,757

Note 7 - Debt - Revolving Line

Note 7 - Debt - Revolving Line of Credit Summary (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Mar. 31, 2024
Outstanding borrowings	$ 146,421	$ 134,757	$ 146,421	$ 134,757	$ 237,225
Maximum amount of borrowings drawn during the period	$ 209,189	$ 134,757	$ 233,063	$ 180,785
Interest rate	6.76%	6.93%	6.76%	6.93%	6.93%
Average outstanding borrowings	$ 172,039	$ 75,955	$ 194,398	$ 92,218
Weighted average interest rate	7.02%	6.95%	7.02%	6.67%

Note 7 - Leases - Lease Expense

Note 7 - Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Amortization of right-of-use assets	$ 1,179	$ 1,644	$ 2,306	$ 3,484
Interest on lease obligations	207	199	361	422
Finance lease cost	1,386	1,843	2,667	3,906
Operating lease cost	1,442	1,809	3,274	4,158
Short-term lease cost	2,821	2,547	5,566	3,877
Total lease cost	$ 5,649	$ 6,199	11,507	11,941
Operating cash flows from finance leases			361	422
Operating cash flows from operating leases			4,475	6,976
Financing cash flows from finance leases			2,825	4,560
Payments for Amounts Included in the Measurement of Lease Liabilities, Total			7,661	11,958
Right-of-use assets obtained in exchange for new finance lease obligations			0	73
Right-of-use assets obtained in exchange for new operating lease obligations			2,117	4,063
Right-of-use assets derecognized upon early termination of finance leases			8	530
Right-of-use assets derecognized upon early termination of operating leases			$ 8,222	$ 1,768
Financing leases (Year)	4 years 1 month 6 days	4 years 6 months	4 years 1 month 6 days	4 years 6 months
Operating leases, lease term (Year)	4 years 3 months 18 days	4 years 8 months 12 days	4 years 3 months 18 days	4 years 8 months 12 days
Financing leases	4%	3.90%	4%	3.90%
Operating leases, discount rate	4.90%	4.70%	4.90%	4.70%

Note 7 - Leases - Undiscounted

Note 7 - Leases - Undiscounted Future Lease Payments Under Operating Leases and Financial Leases (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Mar. 31, 2024	Sep. 30, 2023
Balance of 2025, operating	$ 1,183
Balance of 2025, financing	2,180
2026, operating	3,093
2026, financing	4,276
2027, operating	2,103
2027, financing	3,218
2028, operating	1,717
2028, financing	2,811
2029, operating	1,150
2029, financing	1,659
2030-2034, operating	1,624
2030-2034, financing	1,307
Total minimum payment required, operating	10,870
Total minimum payment required, financing	15,451
Less interest, operating	1,086
Less interest, financing	1,201
Present value of minimum lease payments, operating	9,784
Present value of minimum lease payments, financing	14,250
Amount due within one year, operating	3,124
Amount due within one year, financing	4,277
Long-term lease obligations, operating	6,660	$ 13,758	$ 13,995
Long-term lease obligations, financing	$ 9,973	$ 12,259	$ 14,202

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual)	6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Effective Income Tax Rate Reconciliation, Percent	22.70%	23.80%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	1.10%
Effective Income Tax Rate Reconciliation, Tax Refund Interest Percent	0.40%
State and Local Jurisdiction [Member]
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	0.40%

Note 9 - Retirement Plans (Deta

Note 9 - Retirement Plans (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 0	$ 0

Note 9 - Retirement Plans - Net

Note 9 - Retirement Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Service cost including administrative expenses	$ 1,590	$ 1,737	$ 3,181	$ 3,473
Interest cost	2,941	2,818	5,883	5,636
Expected return on plan assets	(4,422)	(4,175)	(8,845)	(8,349)
Amortization of net loss	76	0	152	0
Amortization of prior service cost	3	19	5	38
Net periodic benefit cost	$ 188	$ 399	$ 376	$ 798

Note 10 - Stockholders' Equity

Note 10 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 28, 2024	Jun. 29, 2024	Sep. 30, 2023	Jul. 01, 2023	Sep. 28, 2024	Sep. 30, 2023	Mar. 31, 2024
Treasury Stock, Value, Acquired, Cost Method	$ 3,351	$ 6,640	$ 17,467	$ 2,177
Treasury Stock, Common, Shares	5,318,797				5,318,797
Treasury Stock, Value	$ 210,098		$ 188,217		$ 210,098	$ 188,217	$ 200,107
Common Class A [Member]
Treasury Stock, Shares, Acquired					173,379	386,681
Treasury Stock, Value, Acquired, Cost Method					$ 10,000	$ 19,600
Common Class B [Member]
Treasury Stock, Shares, Acquired					0	0

Note 11 - Fair Value of Finan_3

Note 11 - Fair Value of Financial Instrument - Fair Value and Carrying Value of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Mar. 31, 2024	Sep. 30, 2023
Carrying value	$ 504,612	$ 604,786	$ 511,901
Fair value	$ 501,239	$ 599,408	$ 504,262

Note 12 - Segment Information_2

Note 12 - Segment Information (Details Textual)	6 Months Ended
	Sep. 28, 2024
Number of Reportable Segments	2

Note 12 - Segment Information -

Note 12 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Mar. 31, 2024
Net sales	$ 425,465	$ 407,475	$ 730,192	$ 706,139
Earnings before income taxes	17,068	32,577	33,569	62,838
Total assets	1,483,427	1,571,720	1,483,427	1,571,720	$ 1,383,997
Continuing Operations [Member]
Net sales	425,465	407,475	730,192	706,139
Earnings before income taxes	17,068	32,577	33,569	62,838
Total assets	1,483,427	1,571,720	1,483,427	1,571,720
Continuing Operations [Member] | Vegetable Segment [Member]
Net sales	390,354	371,632	669,437	644,121
Earnings before income taxes	26,814	38,433	38,156	63,505
Total assets	1,696,199	1,758,522	1,696,199	1,758,522
Continuing Operations [Member] | Fruit and Snack Segment [Member]
Net sales	26,353	27,057	48,059	46,893
Earnings before income taxes	3,521	1,997	5,523	2,196
Total assets	120,530	119,931	120,530	119,931
Continuing Operations [Member] | Corporate Segment and Other Operating Segment [Member]
Net sales	8,758	8,786	12,696	15,125
Earnings before income taxes	1,710	1,463	1,949	4,753
Total assets	3,539	3,323	3,539	3,323
Continuing Operations [Member] | Subtotal FIFO Basis [Member]
Net sales	425,465	407,475	730,192	706,139
Earnings before income taxes	32,045	41,893	45,628	70,454
Total assets	1,820,268	1,881,776	1,820,268	1,881,776
Continuing Operations [Member] | LIFO Impact [Member]
Net sales	0	0	0	0
Earnings before income taxes	(14,977)	(9,316)	(12,059)	(7,616)
Total assets	$ (336,841)	$ (310,056)	$ (336,841)	$ (310,056)