Company: SENEA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033352
Chunk: 78

Company: Seneca Foods Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 78
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 of the inventories are produced during the packing months, from June through November, and are then sold over the following twelve months. Cash flow from operating activities is one of the Company’s main sources of liquidity, excluding usual seasonal working capital swings.

Net Cash Used in Investing Activities: Net cash used in investing activities was $18.6 million for the six months ended September 27, 2025, and consisted of cash used for capital expenditures of $18.8 million, partially offset by proceeds from the sale of assets totaling $0.2 million.

Net cash used in investing activities was $19.9 million for the six months ended September 27, 2024, and consisted of cash used for capital expenditures of $17.6 million and $2.7 million paid as deposits to vendors for a can manufacturing line. Partially offsetting those amounts, the Company received proceeds from the sale of assets totaling $0.4 million.

Net Cash Used in Financing Activities: Net cash used in financing activities was $96.7 million for the six months ended September 27, 2025, driven primarily by payments of $89.8 million on its term loans and finance obligation. This included full payment of $81.0 million for the Term Loan A-1 upon maturity during the current six-month interim period. The Company also used cash of $4.9 million to purchase treasury stock and made payments of $2.0 million on finance leases. The Company utilized its revolving credit facility, although borrowings and repayments both equated to $48.2 million during the six-month period, thereby resulting in no change to the ending balance as compared to the beginning of the fiscal year.

Net cash used in financing activities was $100.7 million for the six months ended September 28, 2024, driven primarily by a net paydown on the Company’s revolving credit facility of $90.8 million and term loan payments of $9.5 million during the prior six-month interim period. Additionally, the Company used cash of $10.0 million to purchase treasury stock and made payments of $2.8 million on finance leases. Partially offsetting the outflows was a $12.4 million increase in note payable borrowings made by the Company for a can manufacturing line.

Impact of Seasonality on Financial Position and Results of Operations:

The Company’s production cycle begins with planting in the spring followed by harvesting and packaging during the second and third fiscal quarters with sales spanning over the following twelve months. Minimal food