Exhibit 99.1
February 4, 2004 FOR IMMEDIATE RELEASE
Contact: Philip Paras, CFO
(315-926-8100)
PRESS RELEASE
Seneca Foods Corporation reported net sales for the quarter ended December 27,
2003, totaling $325,303,000 versus $235,430,000 for the comparable period last
year. The current quarter's net earnings were $1,887,000 or $.17 per diluted
share, compared with $3,147,000 or $.31 per diluted share, last year.
For the nine months ended December 27, 2003, net sales totaled $724,793,000
versus $542,491,000 for the comparable period last year. The year-to-date net
earnings were $9,469,000 or $.86 per diluted share as compared with $7,169,000,
or $.70 per diluted share, last year. Prior year results for the year-to-date
period include other expense of $620,000 for a non-cash impairment accrual.
Seneca Foods Corporation is primarily a vegetable processing company with
manufacturing facilities located throughout the United States. Its products are
sold under the Libby's(R), Aunt Nellie's Farm Kitchen(R), Stokely's(R), READ(R),
and Seneca(R) labels as well as through the private label and industrial
markets. In addition, under an alliance with General Mills Operations, Inc., a
successor to the Pillsbury Company and a subsidiary of General Mills, Inc.,
Seneca produces canned and frozen vegetables, which are sold by General Mills
Operations, Inc. under the Green Giant(R) label. Seneca's common stock is traded
on the Nasdaq National Stock Market under the symbols "SENEA" and "SENEB".
Seneca Foods Corporation
Consolidated Statements of Net Earnings
For the Periods Ended December 27, 2003 and 2002
(In thousands of dollars, except share data)
Quarter Year-to-Date
--------------------- ---------------------
2003 2002 2003 2002
---- ---- ---- ----
Net sales $ 325,303 $ 235,430 $ 724,793 $ 542,491
========= ========= ========= =========
Other expense (note 3) $ - $ - $ - $ (620)
========= ========= ========== =========
Earnings before income taxes $ 3,094 $ 5,035 $ 15,523 $ 11,628
Income taxes 1,207 1,888 6,054 4,459
--------- --------- ---------- ---------
Net earnings $ 1,887 $ 3,147 $ 9,469 $ 7,169
========= ========= ========== =========
Basic earnings per share $ 0.17 $ 0.31 $ 0.87 $ 0.70
========= ========= ========== =========
Diluted earnings per share $ 0.17 $ 0.31 $ 0.86 $ 0.70
========= ========= ========== =========
Weighted average shares outstanding basic 11,125,723 10,158,077 10,910,669 10,158,045
========== ========== ========== ==========
Weighted average shares outstanding diluted 11,193,113 10,225,467 10,978,059 10,225,435
========== ========== ========== ==========
<FN>
Note 1: The basic earnings per share includes the effect of redeemable preferred convertible shares.
The diluted earnings per share includes the effect of other convertible shares.
Note 2: Results include the Chiquita Processed Foods, L.L.C. operations from the date
of acquisition, May 27, 2003 (seven months).
Note 3: Other expense in the prior period is an impairment loss.
</FN>
########