FAIRPORT, N.Y., June 13, 2024 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ:SENEA, SENEB)) today announced financial results for the fourth quarter and twelve months ended March 31, 2024. Executive Summary (vs. year-ago, year-to-date results): Net sales for the twelve months ended March 31, 2024 totaled $1,458.6 million compared to $1,509.4 million for the twelve months ended March 31, 2023. The year-over-year decrease of $50.8 million was mainly due to lower sales volumes partially offset by higher selling prices. Gross margin as a percentage of net sales for the twelve months ended March 31, 2024 is 12.9% as compared to 6.9% for the twelve months ended March 31, 2023. "Fiscal year 2024 represented another strong year, coming in as our historically third best on an operating basis," stated Paul Palmby, President and Chief Executive Officer. "Sales and earnings trended lower in our seasonally weak fourth quarter, but this was primarily attributable to timing of certain contract manufacturing sales, without which our business in the fourth quarter was up 11% in units year-over-year. We remain pleased with our results in a very competitive environment." Executive Summary (vs. year-ago, fourth quarter results): Net sales for the fourth quarter of fiscal 2024 totaled $308.0 million compared to $331.1 million for the fourth quarter of fiscal 2023. The year-over-year decrease of $23.1 million was mainly due to lower sales volumes partially offset by higher selling prices. Gross margin as a percentage of net sales is 6.7% for the three months ended March 31, 2024 as compared to (4.3%) for the three months ended March 31, 2023. About Seneca Foods Corporation Seneca Foods is one of North America's leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from more than 1,200 American farms and are distributed to approximately 55 countries. Seneca holds a large share of the market for retail private label, food service, restaurant chains, international, contracting packaging, industrial, chips and cherry products.  Products are also sold under the highly regarded brands of Libby's®, Green Giant®, Aunt Nellie's®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips.  Seneca's common stock is traded on the Nasdaq Global Select Market under the symbols "SENEA" and "SENEB". SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices. Non-GAAP Financial Measures    Adjusted net earnings is calculated on a FIFO basis. The Company believes this non-GAAP financial measure provides for a better comparison of year over year operating performance. The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP. Set forth below is a reconciliation of reported earnings before income taxes to adjusted net earnings (in thousands).                    Twelve Months Ended       March 31, 2024   March 31, 2023             Earnings before income taxes, as reported     $ 82,999   $ 13,793 LIFO charge       22,342     131,611 Adjusted earnings before income taxes       105,341     145,404 Income taxes at staturory rates       25,177     37,596 Adjusted net earnings     $ 80,164   $ 107,808             Set forth below is a reconciliation of reported net earnings to EBITDA and FIFO EBITDA (earnings before interest, income taxes, depreciation, amortization and non-cash charges related to the LIFO inventory valuation method). The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP (in thousands).       Twelve Months Ended EBITDA and FIFO EBITDA:     March 31, 2024     March 31, 2023               Net earnings     $ 63,318     $ 9,231   Income tax expense     19,681       4,562   Interest expense, net of interest income     34,020       14,325   Depreciation and amortization     50,729       52,577   Interest amortization     (447 )     (271 ) EBITDA     167,301       80,424   LIFO charge     22,342