Company: SENEA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025429
Chunk: 80

Company: Seneca Foods Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 80
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 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.

20

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

			Three Months Ended

			June 28,

			June 29,

			2025

			2024

			Net earnings

			$
			14,885

			$
			12,661

			Income taxes

			4,826

			3,840

			Interest expense, net

			5,410

			10,345

			Depreciation and amortization (1)

			12,022

			12,446

			Interest amortization (2)

			(154
			)

			(115
			)

			EBITDA

			36,989

			39,177

			LIFO credit

			(11,798
			)

			(2,918
			)

			FIFO EBITDA

			$
			25,191

			$
			36,259

			(1)

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

			(2)

			Reconciling item needed to exclude debt issuance cost amortization from the amount shown for interest expense.

New Accounting Standards 

Refer to Note 1, “Basis of Preparation and Presentation”, to the Condensed Consolidated Financial Statements contained herein. 

Critical Accounting Estimates

A description of the Company's critical accounting estimates is contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025. There were no material changes to the Company's critical accounting policies or estimates during the three months ended June 28, 2025. 

21

Forward-Looking Information 

This Quarterly Report on Form 10-Q contains “forward-looking statements” as that term is used in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they address future events, developments, and results and do not relate strictly to historical facts. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast