Food Business News - June 7, 2011 - (Page 32)

- Seneca Foods earnings down sharply in 2011 with earnings of $6,294,000 on sales of $279,350,000 in the same period a year ago. “The lower sales in the fourth quarter come from a combination of lower selling prices and a later Easter, which delayed holiday sales into April,” said Kraig H. Kayser, president and chief executive officer. “The loss in the quarter was due to the continuing impact on margins of the inventory overhang in the market as the company promoted heavily to move excess product. While we are making progress in getting our inventories in line with historic norms, it will take some time to get margins back to improved levels, especially in our fruit business, where the oversupply situation has been particularly dramatic.” Seneca is one of the United States’ largest processors of canned fruits and vegetables with products sold under the Libby’s, Aunt Nellie’s Farm Kitchen, Stokely’s, Seneca Farms and Seneca labels. FBN April red meat production down 4% from year ago WASHINGTON — Total commercial red meat production in the United States for April was down 4% from a year earlier, the U.S. Department of Agriculture said in its latest Livestock Slaughter report. April commercial red meat production was 3,870.4 million lbs, down 11% from March and down 4% from April 2010, the U.S.D.A. said. January–April red meat production was 16,070.8 million lbs, up 1% from the same period of the previous year. April beef production was 2,054.9 million lbs, down 9% from March and down 4% from April 2010. Cattle slaughter totaled 2.72 million head, down 4% from April 2010. The average live weight of cattle at slaughter was 1,257 lbs, up 4 lbs from April 2010. Pork production was 1,791 million lbs, down 13% from March and down 3% from April 2010. FBN MARION, N.Y. — Earnings at Seneca Foods Corp. fell 64% in fiscal 2011, as the company sustained a loss in the fourth quarter. Net income in the year ended March 31 was $17,671,000, equal to $1.45 per share on the common stock, down from $48,411,000, or $3.98 per share, in fiscal 2010. Net sales in fiscal 2011 also were lower, falling 7% to $1,194,612,000 from $1,280,110,000 in fiscal 2010. During the fourth quarter ended March 31, Seneca suffered a loss of $1,877,000 on sales of $252,972,000. This compared 32 FOODBUSINESS NEWS ® June 7, 2011

Table of Contents for the Digital Edition of Food Business News - June 7, 2011

Food Business News - June 7, 2011
House bill cuts food safety funding
Enhancing water’s value
Wet weather muddies corn outlook
Web Contents
Editorial - Quest for ‘whole truth’ on food prices in France
MyPlate steps up in simple fashion
Breaking down MyPlate by food groups
Lawmakers look to halt sale of Lazy Cakes
McCormick to enter joint venture in India
Cal Pacifi c acquires SunOpta frozen fruit assets
Cargill Kitchen Solutions expanding in Iowa
F.M.I. hires new v.p. of food safety programs
Sealed Air to acquire Diversey for $4.3 billion
AdvancePierre Foods buys Barber Foods
Cargill acquires German chocolate business
Calavo to buy Renaissance Food Group
U.S. Foodservice acquires Great Western Meats
Clear sailing for Hain
Seneca Foods earnings down sharply in 2011
April red meat production down 4% from year ago
Sbarro now exploring alternatives to bankruptcy plan
Sherman Miller promoted to c.o.o. at Cal-Maine Foods
Nestle Health Science to acquire pharmaceutical maker
Emerging markets propel Heinz’s fi scal 2011 earnings
U.S.D.A. lowers cooking temp for some meat cuts
Campbell Soup focusing on volume sales, brand building
Buyout fi rm to acquire California Pizza Kitchen
Sanderson Farms suffers second-quarter loss
Wet weather muddies corn outlook
House bill cuts food safety funding
House panel seeks reduction in W.I.C. funding in fiscal 2012
Seeking middle market opportunities
Clear and concise
Ingredient solutions help keep it simple
Identifying natural partners for stevia
$tevia $upplier$ $eek profi t$ through international growth
Brain health for baby boomers
Bottled water volume, market share grew in 2010
Study recommends children should avoid energy, sports drinks
V8 introduces energy beverages
Smucker, Starbucks raising coffee prices
Nestle launches Aguas Frescas bottled beverage
Jamba introduces coconut water-based beverages
Enhancing water’s value
Gluten-free grains momentum
Balance Bar adds Café line
Pasta Prima launches two ravioli lines
Land O’Frost debuts Wrap Kit
Franz introduces artisan bread
Kraft launches Newtons Fruit Thins
Farley’s & Sathers adds ‘Splashers’
Häagen-Dazs introduces 2011 flavors
Mars updates Kudos granola bar line
Lifting of Russian export ban pressures world wheat market
Ingredient Markets
Packaging formats focus on convenience
Technology enables ultrasonic sealing
Ingredient’s small size aids in salt reduction
AKFP now offers arrowroot starch, pea starch
Tate & Lyle to resume U.S. sucralose production
Non-dairy ingredients achieve pareve certifi cation
Ad Index
Food Business in the News

Food Business News - June 7, 2011