Seneca Foods Corporation reported for the second quarter of 2014, net earnings of $6.6 million, or $0.59 per diluted share, compared to $14.5 million, or $1.22 per diluted share, in the fiscal second quarter of 2013.
Net sales for the second quarter ended September 28, 2013 increased from the second quarter ended September 29, 2012 by 6.0%, or $19.0 million to $336.6 million.
The increase is attributable to a sales volume increase of $26.9 million partially offset by a less favorable sales mix and lower selling prices of $7.9 million. $15.0 million of the sales volume increase can be attributed to sales from the Green Giant Alliance which took place in the Company's third quarter during the prior year.
The Company reported net earnings for the fiscal six months ended September 28, 2013 of $8.0 million, or $0.71 per diluted share, compared to $22.7 million, or $1.89 per diluted share for the same period in the prior year. In the six months ended September 28, 2013, net sales increased $20.1 million, or 3.7% to $568.8 million. The increase in net sales is attributable to higher sales volume of $39.4 million partially offset by lower selling prices/unfavorable sales mix of $19.3 million.
Excluding a non-cash after-tax LIFO charge of $5.6 million, net earnings per diluted share were $1.09 during the quarter ended September 28, 2013 versus $1.02 during the quarter ended September 29, 2012, which included a non-cash LIFO credit of $2.4 million. Excluding a non-cash after-tax LIFO charge of $9.4 million, net earnings per diluted share were $1.55 during the six months ended September 28, 2013, compared to $1.76 during the six months ended September 29, 2012 which included a non-cash LIFO credit of $1.6 million.
