Company: SENEA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033352
Chunk: 34

Company: Seneca Foods Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 34
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BITDA is often a useful measure of a Company’s operating performance because EBITDA excludes charges for depreciation, amortization, non-cash lease expense, and interest expense as well as the Company’s provision for income tax expense. EBITDA is frequently used as one of the bases for comparing businesses in the Company’s industry. FIFO EBITDA also excludes non-cash charges related to the LIFO inventory valuation method. The Company’s revolving credit facility and term loan agreements use FIFO EBITDA in the financial covenants thereunder.

Set forth below is a reconciliation of reported net earnings to EBITDA and FIFO EBITDA (in thousands):

			Three Months Ended

			Six Months Ended

			September 27,

			September 28,

			September 27,

			September 28,

			2025

			2024

			2025

			2024

			Net earnings

			$
			29,739

			$
			13,303

			$
			44,624

			$
			25,964

			Income taxes

			8,955

			3,765

			13,781

			7,605

			Interest expense, net

			4,684

			9,013

			10,094

			19,358

			Depreciation and amortization (1)

			12,423

			12,516

			24,445

			24,962

			Interest amortization (2)

			(148
			)

			(116
			)

			(302
			)

			(231
			)

			EBITDA

			55,653

			38,481

			92,642

			77,658

			LIFO (credit) charge

			(7,674
			)

			14,977

			(19,472
			)

			12,059

			FIFO EBITDA

			$
			47,979

			$
			53,458

			$
			73,170

			$
			89,717

			(1)

			Includes non-cash lease expense consistent with financial covenant calculations.

			(2)

			Reconciling item needed to exclude debt issuance