Tax Rate: 27%

FMV Weight Cost After-Tax CostWeighted Cost

Debt ### 56.85% 5.03% 3.67% 2.09%
Preferred $1,404,000 0.15% 0.00% 0.00% 0.00%
Common ### 42.99% 6.99% 6.99% 3.01%
### WACC: 5.09%

Book Value of Common Equity $583,113,000

Market Value Added: ###

Book Value of Invested Capital $955,569,500

ROIC: 4.56%
Economic Value Added: ###

Enterprise Value: ###

 Fiscal Year End Dividend Per Share
Dividend Growth EPS - Basic
Most Recent Date N/A 0.00% $ 4.23
Prior Year N/A 0.00% $ 5.83
Two Years Prior N/A N/A $13.82

Price On 03/31/2023 $52.27

Dividend Yield 0.00%
Growth (Capital Gains Yield) 5.68%
Required Rate of Return 5.68%

Assets in place $74.50 142.53%

PVGO (present value of Growth Oppor -$22.23 -42.53%

T-bill Rate 5.39%

Beta 0.48

Date S&P 500 n (years) Return

03/31/2023 $4,109.31
12/31/2022 $3,839.50 0.25 31.21%
03/31/2022 $4,131.93 1 -0.55%
03/31/2021 $4,181.17 2 -0.86%
03/31/2020 $2,912.43 3 12.16%
03/31/2018 $2,648.05 5 9.19%
03/31/2013 $1,597.57 10 9.91%
1/1/1985 $167.20 38.24 8.73%

Shares Outstanding 7,635,665

No stock splits
Market Capitalization $399,116,209.55
 EPS Growth Sustainable Growth Rate
-27.44% 5.68%
-57.81% 8.78%
N/A N/A

Plowback Ratio x ROE

(1-Payout Ratio) x ROE
(1-DPS/EPS) x ROE

CAPM

17.79%
2.54%
2.39%
8.64%
7.21%
7.56%
6.99%
 Price Share Dividend Liquidation Preference FMV
$48.00 4,170,000 N/A 12 $200,160,000

Average:

Book Value of Preferred:

Market Value of Preferred:
 Dividend PaidTotal Liquidation Preference
N/A 50,040,000

0% 400%

e of Preferred: $351,000
ue of Preferred: $1,404,000
My company has no bonds outstanding
2022 2023
Average Outstanding Borrowin $22,357,000 ### These values are from SENEA's Note
Weighted Average Interest Rat 1.37% 5.03% 7 - long term debt table

Book Value LTD ###

Market Value LTD ###
e from SENEA's Note
bt table
 Balance Sheet - USD ($) $ in Thousands 2021 2022 2023
Assets
Currents Assets
Cash and Cash Equivalents $ 59,837 $ 10,904 $ 12,256
Marketable Securities
Accounts Receivable 92,221 119,169 97,101
Inventories 343,144 410,331 708,811
Prepaids and Other Current Assets 21,097 15,038 6,808
Total Current Assets 516,299 555,442 824,976
Investments 62,851 52,866 59,304
Gross Property, Plant, and Equipment 644,889 688,596 734,432
Less Accumulated Depreciation and Am (396,306) (420,553) (433,220)
Net Property, Plant, and Equipment 248,583 268,043 301,212
Intangible Assets
Goodwill
Other Fixed Assets 81,615 70,679 58,166
Total Fixed Assets 393,049 391,588 418,682
Total Assets 909,348 947,030 1,243,658

Liabilities and Shareholders' Equity

Liabilities
Current Liabilities
Accounts Payable 74,089 87,602 69,232
Current Portion of Long-term Debt 28,325 26,020 25,792
Other Current Liabilities 55,716 59,533 63,182
Total Current Liabilities 158,130 173,155 158,206
Long-term Debt 94,085 109,624 432,695
Other Long-term Liabilities 79,318 80,414 69,293
Total Liabilities 331,533 363,193 660,194
Shareholders' Equity
Preferred Stock, par value + paid-in cap 663 644 351
Common Stock, par value + paid-in capi 101,543 101,682 102,201
Retained Earnings (Accumulated Deficit 585,874 636,858 669,973
Less: Treasury Stock (91,198) (128,879) (168,573)
Other Equity and Non Controlling Intere (19,067) (26,468) (20,488)
Total Shareholders' Equity 577,815 583,837 583,464
Total Liabilities and Shareholders' Equi 909,348 947,030 1,243,658

Long-term Debt (incl. curr portion and 201,728 216,058 527,780

Invested Capital 779,543 799,895 1,111,244

Average Assets $928,189 $1,095,344

Average Invested Capital $789,719 $955,570
Average Equity $580,826 $583,651
Average Receivables $105,695 $108,135
Average Inventory $376,738 $559,571
Average Payables $80,846 $78,417
Source

Assets Held for Sale + Refundable Income taxes + Other Current Assets + (contracts receivable (for 2021

Pension Assets

Gross PPE - Property, Plant, and Equipment, net

Right-of-use assets operating, net + Right-of-use assets financing, net + Other assets

Deferred Revenue + Accrued Vacation + Accrued Payroll + Other Accrued Expenses + Income Tax Payab

Operating Lease Obligations, Less Current Portion + Financing Lease Obligations, Less Current Portion +

Common Stock + Additional Paid-in-Capital

Accumulated Other Comprehensive Loss located in Row 40 of Consolidated Balance Sheet

Long-term Debt (incl. curr portion and other LTL) + Total Shareholders' Equity
ferred Income Tax Liability + Other Liabilities
 Year 2022 2023
Profitability
Return on Assets 5.96% 3.98%
Return on Invested Capital 7.01% 4.56%
Return on Equity 8.78% 5.68%
Gross Profit Margin 10.68% 9.00%
Operating Profit Margin 4.00% 2.89%
Profit Margin 3.68% 2.20%
Efficiency
Total Asset Turnover 1.49 1.38
Receivable Turnover 13.11 13.96
Average Collection Period 27.85 26.15
Inventory Turnover 3.28 2.45
Days Sales Inventory 111.13 148.71
Payables Turnover 15.31 17.51
Average Payment Period 23.85 20.84
Cash Conversion Cycle 115.13 154.02
Liquidity
Net Working Capital $382,287 $666,770
NWC-to-Assets 40.37% 53.61%
Current Ratio 3.21 5.21
Quick Ratio 0.75 0.69
Cash Ratio 0.06 0.08
Leverage
Debt Ratio 38.35% 53.08%
Debt-to-Equity Ratio 0.62 1.13
Long-Term Debt Ratio 27.01% 47.49%
Long-Term Debt-to-Equity Ratio 0.37 0.90
Times Interest Earned 12.48 3.94
Cash Coverage Ratio 18.96 6.80
Dupont
Debt Burden 0.92 0.76
Operating Profit Margin 4.00% 2.89%
Total Asset Turnover 1.49 1.38
Debt Usage 1.60 1.88
Return on Assets 5.96% 3.98%
Return on Equity 8.78% 5.68%
Total Leverage Impact 1.47 1.43
 Consolidated Statements of Net Earnings - USD ($) $ in 12 Months Ended
Thousands Mar. 31,
Mar. 31, 2023
2022
Net sales ### $ 1,509,352
Costs and expenses:
Cost of products sold 1,237,348 1,373,456
Selling, general, and administrative expense 76,343 81,072
Other operating (income) expense, net 1,174 (1,662)
Plant restructuring 70 3,550
Total costs and expenses 1,314,935 1,456,416
Operating income 70,345 52,936
Other income and expenses:
Interest expense, net of interest income of $528, $63 and $42, 5,641 14,325
respectively
Loss from equity investment 7,775 0
Other non-operating (income) expense (9,302) (6,759)
Earnings before income taxes 66,231 45,370
Income taxes 15,224 12,232
Net earnings $ 51,007 $ 33,138
Earnings per share:
Basic (in dollars per share) $ 5.83 $ 4.23
Diluted (in dollars per share) $ 5.79 $ 4.20
Weighted average common shares outstanding:
Basic (in shares) 8,707 7,796
Diluted (in shares) 8,778 7,870
 Income Statement USD ($) $ in 2022 2023
Thousands
Revenues ### ###
Cost of Goods Sold 1,237,348 1,373,456
Gross Profit $ 147,932 $ 135,896
Selling, General, and Administrative Expenses 39,820 40,131
Other Operating Expenses 1,174 (1,662)
EBITDA $ 106,938 $ 97,427
Depreciation and Amortization 36,523 40,941
EBIT $ 70,415 $ 56,486
Interest Expense 5,641 14,325
Other Non-Operating Expenses (Earnings) (1,457) (3,209)
EBT $ 66,231 $ 45,370
Tax Provision (Credit) 15,224 12,232
Other Earnings (Losses) Net of Taxes
Net Income $ 51,007 $ 33,138
Non-Controlling Interests
Preferred Dividends (23) (23)
Earnings Available to Common Shareholders $ 50,984 $ 33,115

Tax Rate 23% 27%

ATOI $ 55,351 $ 43,595
 Source

Revenues - Cost of Good Sold

SG&A - Depreciation and Amortization of PPE

Gross Profit - SG&A - Other Operating Expenses

Row 6 of Consolidated Statements of Cash Flows
EBITDA - Depreciation and Amortization

Plant Restructuring + Loss from Equity Investments + Other non-operating (income) expense
EBIT - Interest Expense - Other Non-Operating Expenses (Earnings)

EBT - Tax Provision (Credit)

Consolidated Statements of Cash Flows Row 30

Net Income - Preferred Dividends

Note 9 Income taxes

Net Income + Interest Expense * (1 - Tax Rate)
income) expense
 12 Months Ended
Document And Entity Information - USD ($) May 25, Sep. 30,
Mar. 31, 2023
2023 2022
Document Information [Line Items]
Entity Registrant Name Seneca Foods Corporation
Document, Type 10-K
Document, Annual Report true
Document, Period End Date Mar. 31, 2023
Current Fiscal Year End Date --03-31
Document Fiscal Period Focus FY
Document Fiscal Year Focus 2023
Document, Transition Report false
Entity, File Number 0-01989
Entity, Incorporation, State or Country Code NY
Entity, Tax Identification Number 16-0733425
Entity, Address, Address Line One 350 WillowBrook Office
Entity, Address, City or Town Park
Fairport
Entity, Address, State or Province NY
Entity, Address, Postal Zip Code 14480
City Area Code 585
Local Phone Number 495-4100
Entity, Well-known Seasoned Issuer No
Entity, Voluntary Filers No
Entity, Current Reporting Status Yes
Entity, Interactive Data, Current Yes
Entity, Filer Category Accelerated Filer
Entity, Small Business false
Entity, Emerging Growth Company false
ICFR Auditor Attestation Flag true
Document Financial Statement Error Correction false
[Flag]
Entity, Shell Company false
Entity, Public Float ###
Auditor Name Plante Moran, P.C.
Auditor Location Southfield, Michigan
Auditor Firm ID 6581
Amendment Flag false
Entity Central Index Key 0000088948
CommonStockClassA25Par Custom [Member]
Document Information [Line Items]
Title of 12(b) Security Common Stock Class A,
Trading Symbol $.25 Par
SENEA
Security Exchange Name NASDAQ
Entity, Common Stock Shares, Outstanding 5,884,855
CommonStockClassB25Par Custom [Member]
Document Information [Line Items]
Title of 12(b) Security Common Stock Class B,
Trading Symbol $.25 Par
SENEB
Security Exchange Name NASDAQ
Entity, Common Stock Shares, Outstanding 1,707,210
 12 Months Ended
Consolidated Statements of Cash Flows - USD ($) $ in Thousands Mar. 31, Mar. 31,
Mar. 31, 2023
2021 2022
Cash flows from operating activities:
Net earnings $ 126,100 $ 51,007 $ 33,138
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Depreciation and amortization 32,375 36,523 40,941
Deferred income tax expense 16,650 7,061 (3,171)
Gain on the sale of assets (31,938) (1,861) (2,872)
Provision for restructuring and impairment 182 284 4,333
Gain on debt forgiveness 0 (500) 0
Loss from equity investment 11,453 7,775 0
401(k) match stock contribution 1,479 1,107 1,515
Changes in operating assets and liabilities (net of acquisitions):
Accounts receivable 24,280 (26,976) 22,098
Inventories 68,487 (67,187) (298,480)
Other current assets 4,083 (1,109) 2,743
Accounts payable, accrued expenses, and other (65,936) 19,509 (18,925)
Income taxes (4,035) 4,519 5,884
Net cash (used in) provided by operating activities 183,180 30,152 (212,796)
Cash flows from investing activities:
Additions to property, plant, and equipment (71,431) (53,367) (70,628)
Proceeds from the sale of assets 73,688 8,180 5,751
Net cash (used in) provided by investing activities 2,257 (45,187) (64,877)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 478,059 398,550 951,510
Payments of long-term debt (597,055) (383,011) (622,439)
Payments on financing leases (6,321) (7,868) (8,814)
Change in other assets (6,604) (2,758) 0
Purchase of treasury stock (4,358) (38,788) (41,209)
Preferred stock dividends paid (23) (23) (23)
Net cash provided by (used in) financing activities (136,302) (33,898) 279,025
Net increase (decrease) in cash and cash equivalents 49,135 (48,933) 1,352
Cash and cash equivalents, beginning of year 10,702 59,837 10,904
Cash and cash equivalents, end of year 59,837 10,904 12,256
Supplemental disclosures of cash flow information:
Interest 5,094 4,481 11,218
Income taxes 22,692 2,971 9,084
Right-of-use assets obtained in exchange for lease obligations 6,246 20,304 10,187
Right-of-use assets derecognized upon early lease termination 2,497 1,570 3,588
Property, plant and equipment purchased on account $ 19 $ 1,267 $ 1,177
 Consolidated Balance Sheets - USD ($) $ in Thousands ### Mar. 31, 2022
Current assets:
Cash and cash equivalents $59,837 $10,904
Accounts receivable, less allowance for doubtful accounts of $34 and $54, respec 92,221 119,169
Contracts receivable 911
Inventories 343,144 410,331
Assets held for sale 8,656 5,979
Refundable income taxes 8,385 3,866
Other current assets 3,145 5,193
Total current assets 516,299 555,442
Pension assets 62,851 52,866
Right-of-use assets operating, net 42,193 34,008
Right-of-use assets financing, net 30,611 34,867
Gross PPE 644,889 688,596
Accum. Depr., etc. 396,306 420,553
Property, plant, and equipment, net 248,583 268,043
Other assets 8,811 1,804
Total assets 909,348 947,030
Current liabilities:
Accounts payable 74,089 87,602
Deferred revenue 4,287 7,655
Accrued vacation 11,660 11,611
Accrued payroll 15,366 16,998
Other accrued expenses 24,403 23,269
Income taxes payable 0
Current portion of long-term debt and lease obligations 28,325 26,020
Total current liabilities 158,130 173,155
Long-term debt, less current portion 94,085 109,624
Operating lease obligations, less current portion 27,769 22,533
Financing lease obligations, less current portion 19,232 19,942
Deferred income tax liability, net 28,306 32,944
Other liabilities 4,011 4,995
Total liabilities 331,533 363,193
Commitments and contingencies
Stockholders’ equity:
Preferred stock 663 644
Common stock 3,041 3,041
Additional paid-in capital 98,502 98,641
Treasury stock, at cost -91,198 -128,879
Accumulated other comprehensive loss -19,067 -26,468
Retained earnings 585,874 636,858
Total stockholders’ equity 577,815 583,837
Total liabilities and stockholders’ equity $909,348 $947,030
Mar. 31, 2023

$12,256
97,101

708,811
4,358
0
2,450
824,976
59,304
23,235
33,571
734,432
433,220
301,212
1,360
1,243,658

69,232
9,956
11,143
16,772
23,293
2,018
25,792
158,206
432,695
16,675
17,293
31,625
3,700
660,194

351
3,049
99,152
-168,573
-20,488
669,973
583,464
$1,243,658