Seneca Foods Corporation (SENEA) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $1.65 million, or $ 0.17 a share in the quarter, against a net profit of $13.84 million, or $1.38 a share in the last year period.
Revenue during the quarter dropped 12.38 percent to $266.12 million from $303.70 million in the previous year period. Total expenses were 99.09 percent of quarterly revenues, up from 92.72 percent for the same period last year. That has resulted in a contraction of 637 basis points in operating margin to 0.91 percent.
Operating income for the quarter was $2.43 million, compared with $22.11 million in the previous year period.
"Fiscal Year 2017 was a challenging year for us. Our business faced many of the same top-line issues that are affecting other consumer packaged food companies as retail shopping habits are shifting. When coupled with heavier than normal inventory levels due to good growing conditions, selling prices declined over the course of the year as the company took steps to get its inventory levels in line, " stated Kraig Kayser, Ppresident and chief executive officer.
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