Seneca Foods Corp - 2026年季度报告

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller Large accelerated filer☐Accelerated filer☒Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ The number of shares outstanding of each of the registrant’s classes of common stock as of January 23, 2026 are as follows: Shares Outstanding5,208,790 ClassCommon Stock Class A, $0.25 Par PART I.FINANCIAL INFORMATION SENECA FOODS CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF NET EARNINGS Table of Contents SENECA FOODS CORPORATIONNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 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 statesin support of its main operations. The Company’s product offerings include canned, frozen and jarred produce, and snack chips.The Company’s fruits and vegetables are sold nationwide by major grocery outlets, including supermarkets, mass merchandisers,limited assortment stores, club stores and dollar stores. The Company also sells its products to foodservice distributors, restaurant 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 andregulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial statements. While these statementsreflect all adjustments (consisting of items of a normal recurring nature) that are, in the opinion of management, necessary for afair presentation of the results of the interim period, they do not include all of the information and footnotes required by generally Due to the seasonal nature of the business, quarterly operating results and cash flows are not necessarily indicative of the resultsthat may be expected for other interim periods or the full year. All references to years are fiscal years ended or ending March 31 In certain circumstances, the preparation of financial statements in conformity with GAAP requires management to use judgmentto make certain estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities anddisclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reportedamounts of net sales and expenses during the reporting period. The Company evaluates its estimates and assumptions on an The Company uses the same accounting policies in preparing quarterly and annual financial statements. A summary of significantaccounting policies followed by the Company are set forth in Note 1 to the Consolidated Financial Statements in the Company’s Reclassifications— Certain prior year amounts have been reclassified for consistency with the current year presentation within thecondensed consolidated financial statements. There was no impact to any totals or subtotals previously reported on the condensedconsolidated financial statements as a result of the reclassifications. Prior to fiscal year 2026, the plant restructuring line item was Cash, Cash Equivalents and Restricted Cash— During the nine months ended December 27, 2025, the restricted cash balance heldin trust as collateral for the Company’s workers’ compensation insurance policy was released and transferred to cash and cashequivalents. The collateral was replaced with a surety bond and a surety-backed letter of credit, refer to Note 14 for additional Table of Contents SENECA FOODS CORPORATIONNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Recently Issued Accounting Pronouncements— In December 2025, the Financial Accounting Standards Board (“FASB”) issuedAccounting Standards Update (“ASU”) 2025-11,Interim Reporting (Topic 270): Narrow-Scope Improvements(“ASU 2025-11”),which is intended to update the guidance in Topic 270 by improving the navigability of the required interim disclosures, clarifyingwhen that guidance is applicable, and addin