Company: SENEA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025429
Chunk: 76

Company: Seneca Foods Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 76
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 mentioned. However, adverse weather conditions during the planting and harvesting seasons had a notable impact, especially in the upper Midwest where the Company has its primary growing region. Challenging growing conditions and reduced crop yields resulted in a seasonal pack lower than originally planned. This in turn resulted in a higher-cost seasonal pack on a per unit basis for fiscal year 2025; however, the overall costs from a cash requirements perspective are favorable as compared to the preceding fiscal years.

With fiscal year 2026 underway and the early stages of the Company’s seasonal pack commencing during the current quarter, the principal focus will be on working capital needs to fund the pack as it progresses and inventory levels are replenished from the prior year lower pack size.

The Company believes that its operations along with existing liquidity sources will satisfy its cash requirements for at least the next twelve months. The Company has borrowed funds and continues to believe that it has the ability to do so at reasonable interest rates; however additional borrowings would result in increased interest expense. The Company does not have any off-balance sheet financing arrangements.

18

Summary of Cash Flows: The following table presents a summary of the Company’s cash flows from operating, investing and financing activities (in thousands):

			Three Months Ended

			June 28, 2025

			June 29, 2024

			Cash provided by operating activities

			$
			53,696

			$
			50,332

			Cash used in investing activities

			(11,173
			)

			(13,377
			)

			Cash used in financing activities

			(80,841
			)

			(35,833
			)

			Net (decrease) increase in cash, cash equivalents and restricted cash

			(38,318
			)

			1,122

			Cash, cash equivalents and restricted cash, beginning of period

			50,390

			11,853

			Cash, cash equivalents and restricted cash, end of period

			$
			12,072

			$
			12,975

Net Cash Provided by Operating Activities: For the three months ended June 28, 2025, cash provided by operating activities was $53.7 million, which consisted of $38.9 million from changes in operating assets and liabilities, coupled with net earnings of $14.9 million and partially offset by non-c