Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 30, 2017 | Oct. 20, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | Seneca Foods Corporation | |
Entity Central Index Key | 88,948 | |
Trading Symbol | senea | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Type | 10-Q/A | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | true | |
Amendment Description | Restatement of Consolidated Condensed Financial Statements Seneca Foods Corporation ("the "Company") is filing this Amendment No. 1 ("Form 10-Q/A") to our Form 10-Q for the quarterly period ended September 30, 2017, which was originally filed on October 26, 2017 ("Original Filing"), to restate our Consolidated Condensed Financial Statements and the related notes for the three and six months ended September 30, 2017 and October 1, 2016, including the financial information included in Management's Discussion and Analysis of Financial Condition and Results of Operations. We are also providing an update in our disclosures regarding the material weakness in Item 4 of this amended Form 10-Q/A. As previously disclosed, on June 28, 2018, the Company’s Audit Committee, in consultation with the Board of Directors, concluded that the Company’s previously issued financial statements for the three and six months ended September 30, 2017 and October 1, 2016 (among other periods, see below) could no longer be relied upon. This decision was reached after discussions with the Company’s senior management and outside advisers. In reviewing the accounting for certain transactions related to the Company’s contract packing agreement, the Green Giant contract, our management identified a deficiency in the effectiveness of a control intended to properly document and review relevant facts in connection with our revenue recognition policy with respect to bill and hold transactions. The Company has determined that (1) the audited consolidated financial statements as of and for the years ended March 31, 2014, 2015, 2016 and 2017 and the independent registered public accounting firm’s reports thereon and (2) the unaudited condensed consolidated financial statements as of and for each of the interim periods within the years ended March 31, 2017 and 2018 should be restated to correct inadvertent errors in the application of generally accepted accounting principles dealing with complex and technical accounting issues relating to “bill and hold” revenue recognition. To correct this misstatement and to address matters related to the foregoing with respect to our disclosure controls and procedures and our internal control over financial reporting, we have restated our Consolidated Condensed Financial Statements and the related notes for the three and six months ended September 30, 2017, including the financial information included in Management's Discussion and Analysis of Financial Condition and Results of Operations. See Note 2 - Restatement of Consolidated Condensed Financial Statements, which is included in the "Financial Statements" in Item 1 of this amended Form 10-Q/A for more detail. Amended Items in this Form 10Q/A The following items in the Original Filing have been amended: Part I, Item 1. Financial Statements Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Part I, Item 4. Controls and Procedures Part II, Item 6. Exhibits We are also filing currently dated certifications from our Chief Executive Officer and Chief Financial Officer as Exhibits 31.1, 31.2, 32, as well as various exhibits related to XBRL. This amended Form 10-Q/A does not reflect events occurring after the Original Filing on October 26, 2017, or modify or update those disclosures affected by subsequent events, except for the effects of the restatement. Disclosures not affected by the restatement are unchanged and reflect the disclosures made at the time of Original Filing. | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 7,875,188 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,884,439 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Interim Periods Unaudited) - USD ($) | Sep. 30, 2017 | Mar. 31, 2017 | Oct. 01, 2016 |
Current Assets: | |||
Cash and Cash Equivalents | $ 14,940,000 | $ 11,992,000 | $ 10,124,000 |
Accounts Receivable, Net | 112,297,000 | 72,080,000 | 102,727,000 |
Assets Held For Sale | 5,025,000 | ||
Inventories: | |||
Finished Goods | 721,575,000 | 466,126,000 | 669,291,000 |
Work in Process | 32,287,000 | 32,528,000 | 18,098,000 |
Raw Materials and Supplies | 105,284,000 | 130,281,000 | 114,295,000 |
Total Inventories | 859,146,000 | 628,935,000 | 801,684,000 |
Refundable Income Taxes | 336,000 | 2,471,000 | |
Other Current Assets | 2,649,000 | 3,671,000 | 15,157,000 |
Total Current Assets | 989,368,000 | 719,149,000 | 934,717,000 |
Property, Plant and Equipment, Net | 272,176,000 | 237,476,000 | 207,474,000 |
Deferred Income Taxes, Net | 5,217,000 | 1,370,000 | 22,165,000 |
Other Assets | 5,183,000 | 20,273,000 | 20,847,000 |
Total Assets | 1,271,944,000 | 978,268,000 | 1,185,203,000 |
Current Liabilities: | |||
Notes Payable | 166,000 | ||
Accounts Payable | 249,803,000 | 72,824,000 | 237,008,000 |
Deferred Revenue | 75,150,000 | 46,100,000 | 47,716,000 |
Accrued Vacation | 12,656,000 | 11,867,000 | 11,936,000 |
Accrued Payroll | 12,178,000 | 6,593,000 | 10,120,000 |
Other Accrued Expenses | 38,340,000 | 31,880,000 | 38,639,000 |
Income Taxes Payable | 4,172,000 | ||
Current Portion of Long-Term Debt and Capital Lease Obligations | 9,440,000 | 8,334,000 | 9,987,000 |
Total Current Liabilities | 397,567,000 | 177,764,000 | 359,578,000 |
Long-Term Debt, Less Current Portion | 395,128,000 | 329,138,000 | 354,905,000 |
Capital Lease Obligations, Less Current Portion | 37,879,000 | 34,194,000 | 18,425,000 |
Pension Liabilities | 9,220,000 | 8,193,000 | 41,119,000 |
Other Long-Term Liabilities | 13,440,000 | 3,775,000 | 11,559,000 |
Total Liabilities | 853,234,000 | 553,064,000 | 785,586,000 |
Commitments and Contingencies | |||
Stockholders' Equity: | |||
Preferred Stock | 719,000 | 1,324,000 | 1,338,000 |
Common Stock, $.25 Par Value Per Share | 3,038,000 | 3,024,000 | 3,024,000 |
Additional Paid-in Capital | 98,099,000 | 97,458,000 | 97,395,000 |
Treasury Stock, at Cost | (69,195,000) | (66,499,000) | (66,730,000) |
Accumulated Other Comprehensive Loss | (11,073,000) | (11,175,000) | (28,396,000) |
Retained Earnings | 397,122,000 | 401,072,000 | 392,986,000 |
Total Stockholders' Equity | 418,710,000 | 425,204,000 | 399,617,000 |
Total Liabilities and Stockholders’ Equity | $ 1,271,944,000 | $ 978,268,000 | $ 1,185,203,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Interim Periods Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2017 | Mar. 31, 2017 | Oct. 01, 2016 |
Common Stock, Par Value (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Net (Loss) Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Net Sales | $ 338,470 | $ 352,606 | $ 627,397 | $ 624,741 |
Costs and Expenses: | ||||
Cost of Product Sold | 321,059 | 321,581 | 594,451 | 571,761 |
Selling, General and Administrative | 18,865 | 18,702 | 36,318 | 35,907 |
Plant Restructuring (Credit) Charge | (25) | 277 | 56 | 1,462 |
Other Operating (Income) Loss | (20) | 31 | (2,632) | 19 |
Total Costs and Expenses | 339,879 | 340,591 | 628,193 | 609,149 |
Operating Income | (1,409) | 12,015 | (796) | 15,592 |
Loss (Earnings) From Equity Investment | 270 | (21) | (167) | |
Interest Expense, Net | 3,433 | 2,151 | 6,650 | 4,295 |
(Loss) Earnings Before Income Taxes | (4,842) | 9,594 | (7,425) | 11,464 |
Income Taxes (Benefit) Expense | (1,884) | 2,773 | (3,487) | 3,678 |
Net (Loss) Earnings | (2,958) | 6,821 | (3,938) | 7,786 |
(Loss) Earnings Applicable to Common Stock | $ (2,952) | $ 6,753 | $ (3,928) | $ 7,703 |
Basic (Loss) Earnings per Common Share (in dollars per share) | $ (0.30) | $ 0.69 | $ (0.40) | $ 0.79 |
Diluted (Loss) Earnings per Common Share (in dollars per share) | $ (0.30) | $ 0.69 | $ (0.40) | $ 0.78 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Comprehensive (loss) income: | ||||
Net (loss) earnings | $ (2,958) | $ 6,821 | $ (3,938) | $ 7,786 |
Change in pension, post retirement benefits and other (net of tax of $26 and $63) | 43 | 102 | ||
Total | $ (2,915) | $ 6,821 | $ (3,836) | $ 7,786 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Change in pension, post retirement benefits and other, tax | $ 26 | $ 63 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Cash Flows from Operating Activities: | ||
Net (Loss) Earnings | $ (3,938) | $ 7,786 |
Adjustments to Reconcile Net Loss (Earnings) to Net Cash Used In Operations (Net of Acquisition): | ||
Depreciation & Amortization | 15,349 | 12,018 |
(Gain) Loss on the Sale of Assets | (1,591) | 48 |
Bargain purchase gain | (1,096) | |
Provision for Restructuring and Impairment | 56 | 1,462 |
Earnings From Equity Investment | (21) | (167) |
Deferred Income Tax Benefit | (3,503) | (1,378) |
Changes in Operating Assets and Liabilities: | ||
Accounts Receivable | (34,173) | (25,939) |
Inventories | (214,135) | (192,203) |
Other Current Assets | 1,106 | 608 |
Income Taxes | 2,126 | 1,198 |
Accounts Payable, Deferred Revenue, Accrued Expenses and Other Liabilities | 222,030 | 168,146 |
Net Cash Used in Operations | (17,790) | (28,421) |
Cash Flows from Investing Activities: | ||
Additions to Property, Plant and Equipment | (13,743) | (14,518) |
Cash Paid for Acquisition (Net of Cash Acquired) | (14,420) | |
Proceeds from the Sale of Assets | 1,790 | 13 |
Net Cash Used In Investing Activities | (26,373) | (14,505) |
Cash Flow from Financing Activities: | ||
Long-Term Borrowing | 282,862 | 183,744 |
Payments on Long-Term Debt and Capital Lease Obligations | (232,706) | (136,613) |
Payments on Notes Payable | (166) | (402) |
Other Assets | (171) | (1,248) |
Purchase of Treasury Stock | (2,696) | (1,021) |
Dividends | (12) | (12) |
Net Cash Provided by Financing Activities | 47,111 | 44,448 |
Net Increase in Cash and Cash Equivalents | 2,948 | 1,522 |
Cash and Cash Equivalents, Beginning of the Period | 11,992 | 8,602 |
Cash and Cash Equivalents, End of the Period | 14,940 | 10,124 |
Noncash Transactions: | ||
Property, Plant and Equipment Purchased Under Capital Lease Obligations | $ 7,155 | $ 15,416 |
Condensed Consolidated Stateme8
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Sep. 30, 2017 - USD ($) | Cumulative Preferred Stock [Member] | Cumulative Convertible Preferred Stock [Member] | Participating Convertible Preferred Stock [Member] | Series 2003 Convertible Preferred Stock [Member] | Common Class A [Member] | Common Class B [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Mar. 31, 2017 | $ 1,324,000 | $ 3,024,000 | $ 97,458,000 | $ (66,499,000) | $ (11,175,000) | $ 401,072,000 | $ 425,204,000 | ||||||
Net loss | (3,938,000) | (3,938,000) | |||||||||||
Cash dividends paid on preferred stock | (12,000) | (12,000) | |||||||||||
Equity incentive program | 50,000 | ||||||||||||
Preferred stock conversion | (605,000) | 14,000 | 591,000 | ||||||||||
Purchase treasury stock | $ 2,689,000 | $ 7,000 | (2,696,000) | ||||||||||
Change in pension, post retirement benefits, other adjustment (net of tax of $63) | 102,000 | (102,000) | |||||||||||
Balance at Sep. 30, 2017 | $ 719,000 | $ 3,038,000 | $ 98,099,000 | $ (69,195,000) | $ (11,073,000) | $ 397,122,000 | $ 418,710,000 | ||||||
Preferred stock, shares authorized (in shares) | 200,000 | 1,400,000 | 38,542 | 500 | |||||||||
Common stock, shares authorized (in shares) | 20,000,000 | 10,000,000 | |||||||||||
Preferred stock, shares outstanding (in shares) | 200,000 | 807,240 | 38,542 | 500 | |||||||||
Common stock, shares outstanding (in shares) | 7,875,188 | 1,884,439 |
Condensed Consolidated Stateme9
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | Mar. 31, 2017 | |
Cumulative Preferred Stock [Member] | |||||
Preferred stock, par value (in dollars per share) | $ 0.25 | $ 0.25 | |||
Preferred stock, dividend rate | 6.00% | ||||
Cumulative Convertible Preferred Stock [Member] | |||||
Preferred stock, par value (in dollars per share) | 0.025 | $ 0.025 | |||
Preferred stock, dividend rate | 10.00% | ||||
Participating Convertible Preferred Stock [Member] | |||||
Preferred stock, par value (in dollars per share) | 0.025 | $ 0.025 | |||
Series 2003 Convertible Preferred Stock [Member] | |||||
Preferred stock, par value (in dollars per share) | 0.025 | 0.025 | |||
Common Class A [Member] | |||||
Common Stock, Par Value (in dollars per share) | 0.25 | 0.25 | |||
Common Class B [Member] | |||||
Common Stock, Par Value (in dollars per share) | $ 0.25 | $ 0.25 | |||
AOCI Attributable to Parent [Member] | |||||
Change in pension, post retirement benefits, other adjustment, tax | $ 63 | ||||
Change in pension, post retirement benefits, other adjustment, tax | $ 26 | $ 63 | |||
Common Stock, Par Value (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 |
Note 1 - Unaudited Condensed Co
Note 1 - Unaudited Condensed Consolidated Financial Statements | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Unaudited Condensed Consolidated Financial Statements In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of Seneca Foods Corporation (the “Company”) as of September 30, 2017 March 31, 2017 The results of operations for the three six September 30, 2017 not 1 2017 10 Other footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company's 2017 10 All references to years are fiscal years ended or ending March 31 may not Reclassifications—Certain previously reported amounts have been reclassified to conform to the current period classification. |
Note 2 - Restatement of Previou
Note 2 - Restatement of Previously Issued Financial Statements | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | 2. Restatement of Previously Issued Financial Statements— June 28, 2018, not 13 not not March 31, 2016 2017 March 31, 2017 2018 2 March 31, 2018 10 June 29, 2018. The Consolidated Statements of Cash Flows are not no three six September 30, 2017 October 1, 2016 The following tables present a summary of the effects of these restatements: Consolidated Statements of Earnings (Loss) Three Months Ended September 30, 2017 (Unaudited) October 1, 2016 (Unaudited) As As As As Reported Correction Restated Reported Correction Restated Net Sales $ 376,308 $ (37,838 ) $ 338,470 $ 357,247 $ (4,641 ) $ 352,606 Cost of Products Sold 355,904 (34,845 ) 321,059 327,035 (5,454 ) 321,581 Gross Profit 20,404 (2,993 ) 17,411 30,212 813 31,025 Operating Income/(Loss) 1,584 (2,993 ) (1,409 ) 11,202 813 12,015 Earnings/(Loss) Before Income Taxes (1,849 ) (2,993 ) (4,842 ) 8,781 813 9,594 Income Tax (Benefit) Expense (737 ) (1,147 ) (1,884 ) 2,637 136 2,773 Net Earnings (Loss) (1,112 ) (1,846 ) (2,958 ) 6,144 677 6,821 Earnings Per Common Share-Basic $ (0.11 ) $ (0.19 ) $ (0.30 ) $ 0.62 $ 0.07 $ 0.69 Earnings Per Common Share-Diluted $ (0.11 ) $ (0.19 ) $ (0.30 ) $ 0.62 $ 0.07 $ 0.69 Six Months Ended September 30, 2017 (Unaudited) October 1, 2016 (Unaudited) As As As As Reported Correction Restated Reported Correction Restated Net Sales $ 656,495 $ (29,098 ) $ 627,397 $ 609,861 $ 14,880 $ 624,741 Cost of Products Sold 620,331 (25,880 ) 594,451 559,674 12,087 571,761 Gross Profit 36,164 (3,218 ) 32,946 50,187 2,793 52,980 Operating Income/(Loss) 2,422 (3,218 ) (796 ) 12,799 2,793 15,592 Earnings/(Loss) Before Income Taxes (4,207 ) (3,218 ) (7,425 ) 8,671 2,793 11,464 Income Tax (Benefit) Expense (2,256 ) (1,231 ) (3,487 ) 2,589 1,089 3,678 Net Earnings (Loss) (1,951 ) (1,987 ) (3,938 ) 6,082 1,704 7,786 Earnings Per Common Share-Basic $ (0.20 ) $ (0.20 ) $ (0.40 ) $ 0.61 $ 0.18 $ 0.79 Earnings Per Common Share-Diluted $ (0.20 ) $ (0.20 ) $ (0.40 ) $ 0.61 $ 0.17 $ 0.78 Consolidated Balance Sheets As of September 30, 2017 (Unaudited) As of March 31, 2017 (Audited) As As As As Reported Correction Restated Reported Correction Restated Assets Inventory $ 802,387 $ 56,759 $ 859,146 $ 598,056 $ 30,879 $ 628,935 Total Current Assets 932,609 56,759 989,368 688,270 30,879 719,149 Total Assets 1,209,968 61,976 1,271,944 946,019 32,249 978,268 Liabilities and Stockholders' Equity Deferred Revenue $ 542 $ 74,608 $ 75,150 $ 545 $ 45,555 $ 46,100 Total Current Liabilities 322,982 74,585 397,567 132,277 45,487 177,764 Total Liabilities 780,214 73,020 853,234 511,758 41,306 553,064 Stockholders' Equity 429,754 (11,044 ) 418,710 434,261 (9,057 ) 425,204 Total Liabilities and Stockholders' Equity 1,209,968 61,976 1,271,944 946,019 32,249 978,268 As of October 1, 2016 (Unaudited) As As Reported Correction Restated Assets Inventory $ 771,996 $ 29,688 $ 801,684 Total Current Assets 905,029 29,688 934,717 Total Assets 1,148,714 36,489 1,185,203 Liabilities and Stockholders' Equity Deferred Revenue $ 550 $ 47,166 $ 47,716 Total Current Liabilities 312,466 47,112 359,578 Total Liabilities 738,474 47,112 785,586 Stockholders' Equity 410,240 (10,623 ) 399,617 Total Liabilities and Stockholders' Equity 1,148,714 36,489 1,185,203 |
Note 3 - Acquisition
Note 3 - Acquisition | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Acquisition April 2014, 50% $16,242,000 50% April 3, 2017, 50% first 2018. first 2018 $1,096,000 $562,000 first 2018 $542,000 two 50% $14,420,000 $3,030,000 $17,422,000, $34,872,000. $3,608,000 1 2 $31,842,000 Purchase Price (net of cash received) $ 31,842 Approximate fair values of assets acquired and liabilities assumed: Current assets $ 22,823 Other long-term assets 1,744 Property, plant and equipment 28,696 Current liabilities (5,068 ) Deferred taxes 407 Other long-term liabilities (15,664 ) Bargain purchase gain (1,096 ) Total $ 31,842 The Company is continuing to evaluate the purchase price allocation and these preliminary estimates could change. Proforma results of operations for the Truitt acquisition are not not |
Note 4 - Inventories
Note 4 - Inventories | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventories $163,193,000 second 2018 $156,351,000 second 2017. three September 30, 2017 $12,053,000 $1,361,000 three October 1, 2016. $19,354,000 first six 2018 $2,413,000 first six 2017. 2018 2017. |
Note 5 - Revolving Credit Facil
Note 5 - Revolving Credit Facility | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. Revolving Credit Facility five July 5, 2016. $400,000,000 April July $500,000,000 August March. September 30, 2017 $272,609,000 July 5, 2021. June November three seven may The decrease in average amount of Revolver borrowings during the first six 2018 first six 2017 $100,000,000 $14,420,000 first six 2018, $3,526,000 $41,386,000 twelve September 30, 2017 $4,171,000. General terms of the Revolver include payment of interest at LIBOR plus a defined spread. The following table documents the quantitative data for Revolver borrowings during the second 2018 2017: Second Quarter Year-to-Date 2018 2017 2018 2017 (In thousands) (In thousands) Reported end of period: Outstanding borrowings $ 272,609 $ 342,935 $ 272,609 $ 342,935 Weighted average interest rate 2.75 % 1.88 % 2.75 % 1.88 % Reported during the period: Maximum amount of borrowings $ 274,117 $ 361,800 $ 274,117 $ 361,800 Average outstanding borrowings $ 244,160 $ 314,102 $ 229,235 $ 284,287 Weighted average interest rate 2.58 % 1.78 % 2.45 % 1.93 % |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. Stockholders’ Equity six September 30, 2017 92,582 $2,689,000 200 $7,000 September 30, 2017, 2,392,928 $69,195,000 not |
Note 7 - Retirement Plans
Note 7 - Retirement Plans | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 7. Retirement Plans Three Months Ended Six Months Ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 (In thousands) Service Cost $ 1,981 $ 2,164 $ 3,963 $ 4,328 Interest Cost 1,985 1,919 3,971 3,838 Expected Return on Plan Assets (3,482 ) (2,978 ) (6,967 ) (5,957 ) Amortization of Actuarial Loss - 679 - 1,358 Amortization of Transition Asset 30 27 60 55 Net Periodic Benefit Cost $ 514 $ 1,811 $ 1,027 $ 3,622 There was no six September 30, 2017. $300,000 six October 1, 2016. |
Note 8 - Plant Restructuring
Note 8 - Plant Restructuring | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 8. Plant Restructuring Long-Lived Severance Asset Charges Other Costs Total (In thousands) Balance March 31, 2017 $ 37 $ 4,773 $ 305 $ 5,115 First quarter charge 36 9 36 81 Second quarter charge (credit) - 8 (33 ) (25 ) Cash payments/write offs (73 ) (3,888 ) (308 ) (4,269 ) Balance September 30, 2017 $ - $ 902 $ - $ 902 Balance March 31, 2016 $ - $ 4,975 $ 3,897 $ 8,872 First quarter charge (credit) 127 (6 ) 1,064 1,185 Second quarter charge (credit) 112 (286 ) 451 277 Cash payments/write offs (123 ) 240 (3,242 ) (3,125 ) Balance October 1, 2016 $ 116 $ 4,923 $ 2,170 $ 7,209 During fiscal 2016, $10,302,000 $162,000 $5,065,000 $5,075,000 2017, $1,829,000 $1,578,000 $384,000 $635,000 During the six September 30, 2017, $57,000 |
Note 9 - Other Operating Income
Note 9 - Other Operating Income and Expense | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 9. Other Operating Income and Expense six September 30, 2017, $1,591,000 $48,000 six October 1, 2016. $1,081,000 $1,096,000 |
Note 10 - Recently Issued Accou
Note 10 - Recently Issued Accounting Standards | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 10. Recently Issued Accounting Standards May 2014, 2014 09, April 1, 2018 ( 2019 five 2014 09 In February 2016, No. 2016 02, . 12 December 15, 2018 ( 2020 In January 2017, No. 2017 01 2017 01" 2017 01 December 15, 2017 not 2017 01 not 2017 01 There were no not September 30, 2017. |
Note 11 - (Loss) Earnings Per C
Note 11 - (Loss) Earnings Per Common Share | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. (Loss) Earnings per Common Share September 30, 2017 October 1, 2016 Q U A R T E R Y E A R T O D A T E (Thousands, except share amounts) Fiscal 2018 Fiscal 2017 Fiscal 2018 Fiscal 2017 (Restated) (Restated) (Restated) (Restated) Basic Net (loss) earnings $ (2,958 ) $ 6,821 $ (3,938 ) $ 7,786 Deduct preferred stock dividends paid 6 6 12 12 Undistributed (loss) earnings (2,964 ) 6,815 (3,950 ) 7,774 (Loss) earnings attributable to participating preferred (12 ) 62 (22 ) 71 (Loss) earnings attributable to common shareholders $ (2,952 ) $ 6,753 $ (3,928 ) $ 7,703 Weighted average common shares outstanding 9,792 9,792 9,803 9,800 Basic (loss) earnings per common share $ (0.30 ) $ 0.69 $ (0.40 ) $ 0.79 Diluted (Loss) earnings attributable to common shareholders $ (2,952 ) $ 6,753 $ (3,928 ) $ 7,703 Add dividends on convertible preferred stock 5 5 10 10 (Loss) earnings attributable to common stock on a diluted basis $ (2,947 ) $ 6,758 $ (3,918 ) $ 7,713 Weighted average common shares outstanding-basic 9,792 9,792 9,803 9,800 Additional shares issued related to the equity compensation plan - 3 - 3 Additional shares to be issued under full conversion of preferred stock - 67 - 67 Total shares for diluted 9,792 9,862 9,803 9,870 Diluted (loss) earnings per common share $ (0.30 ) $ 0.69 $ (0.40 ) $ 0.78 Note: For fiscal 2018, |
Note 12 - Fair Value of Financi
Note 12 - Fair Value of Financial Instruments | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 12. Fair Value of Financial Instruments 825, 2 $398,725,000 $398,597,000 September 30, 2017. March 31, 2017, $332,633,000 $332,926,000. $43,722,000 $41,164,000 September 30, 2017. March 31, 2017, $39,033,000 $37,505,000. |
Note 13 - Income Taxes
Note 13 - Income Taxes | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Income Taxes 47.0% 32.1% six September 30, 2017 October 1, 2016, 14.9% |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Reclassification, Policy [Policy Text Block] | Reclassifications—Certain previously reported amounts have been reclassified to conform to the current period classification. |
Note 2 - Restatement of Previ24
Note 2 - Restatement of Previously Issued Financial Statements (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Consolidated Statements of Earnings (Loss) Three Months Ended September 30, 2017 (Unaudited) October 1, 2016 (Unaudited) As As As As Reported Correction Restated Reported Correction Restated Net Sales $ 376,308 $ (37,838 ) $ 338,470 $ 357,247 $ (4,641 ) $ 352,606 Cost of Products Sold 355,904 (34,845 ) 321,059 327,035 (5,454 ) 321,581 Gross Profit 20,404 (2,993 ) 17,411 30,212 813 31,025 Operating Income/(Loss) 1,584 (2,993 ) (1,409 ) 11,202 813 12,015 Earnings/(Loss) Before Income Taxes (1,849 ) (2,993 ) (4,842 ) 8,781 813 9,594 Income Tax (Benefit) Expense (737 ) (1,147 ) (1,884 ) 2,637 136 2,773 Net Earnings (Loss) (1,112 ) (1,846 ) (2,958 ) 6,144 677 6,821 Earnings Per Common Share-Basic $ (0.11 ) $ (0.19 ) $ (0.30 ) $ 0.62 $ 0.07 $ 0.69 Earnings Per Common Share-Diluted $ (0.11 ) $ (0.19 ) $ (0.30 ) $ 0.62 $ 0.07 $ 0.69 Six Months Ended September 30, 2017 (Unaudited) October 1, 2016 (Unaudited) As As As As Reported Correction Restated Reported Correction Restated Net Sales $ 656,495 $ (29,098 ) $ 627,397 $ 609,861 $ 14,880 $ 624,741 Cost of Products Sold 620,331 (25,880 ) 594,451 559,674 12,087 571,761 Gross Profit 36,164 (3,218 ) 32,946 50,187 2,793 52,980 Operating Income/(Loss) 2,422 (3,218 ) (796 ) 12,799 2,793 15,592 Earnings/(Loss) Before Income Taxes (4,207 ) (3,218 ) (7,425 ) 8,671 2,793 11,464 Income Tax (Benefit) Expense (2,256 ) (1,231 ) (3,487 ) 2,589 1,089 3,678 Net Earnings (Loss) (1,951 ) (1,987 ) (3,938 ) 6,082 1,704 7,786 Earnings Per Common Share-Basic $ (0.20 ) $ (0.20 ) $ (0.40 ) $ 0.61 $ 0.18 $ 0.79 Earnings Per Common Share-Diluted $ (0.20 ) $ (0.20 ) $ (0.40 ) $ 0.61 $ 0.17 $ 0.78 Consolidated Balance Sheets As of September 30, 2017 (Unaudited) As of March 31, 2017 (Audited) As As As As Reported Correction Restated Reported Correction Restated Assets Inventory $ 802,387 $ 56,759 $ 859,146 $ 598,056 $ 30,879 $ 628,935 Total Current Assets 932,609 56,759 989,368 688,270 30,879 719,149 Total Assets 1,209,968 61,976 1,271,944 946,019 32,249 978,268 Liabilities and Stockholders' Equity Deferred Revenue $ 542 $ 74,608 $ 75,150 $ 545 $ 45,555 $ 46,100 Total Current Liabilities 322,982 74,585 397,567 132,277 45,487 177,764 Total Liabilities 780,214 73,020 853,234 511,758 41,306 553,064 Stockholders' Equity 429,754 (11,044 ) 418,710 434,261 (9,057 ) 425,204 Total Liabilities and Stockholders' Equity 1,209,968 61,976 1,271,944 946,019 32,249 978,268 As of October 1, 2016 (Unaudited) As As Reported Correction Restated Assets Inventory $ 771,996 $ 29,688 $ 801,684 Total Current Assets 905,029 29,688 934,717 Total Assets 1,148,714 36,489 1,185,203 Liabilities and Stockholders' Equity Deferred Revenue $ 550 $ 47,166 $ 47,716 Total Current Liabilities 312,466 47,112 359,578 Total Liabilities 738,474 47,112 785,586 Stockholders' Equity 410,240 (10,623 ) 399,617 Total Liabilities and Stockholders' Equity 1,148,714 36,489 1,185,203 |
Note 3 - Acquisition (Tables)
Note 3 - Acquisition (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Truitt Bros. Inc. [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Purchase Price (net of cash received) $ 31,842 Approximate fair values of assets acquired and liabilities assumed: Current assets $ 22,823 Other long-term assets 1,744 Property, plant and equipment 28,696 Current liabilities (5,068 ) Deferred taxes 407 Other long-term liabilities (15,664 ) Bargain purchase gain (1,096 ) Total $ 31,842 |
Note 5 - Revolving Credit Fac26
Note 5 - Revolving Credit Facility (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Line of Credit Facilities [Table Text Block] | Second Quarter Year-to-Date 2018 2017 2018 2017 (In thousands) (In thousands) Reported end of period: Outstanding borrowings $ 272,609 $ 342,935 $ 272,609 $ 342,935 Weighted average interest rate 2.75 % 1.88 % 2.75 % 1.88 % Reported during the period: Maximum amount of borrowings $ 274,117 $ 361,800 $ 274,117 $ 361,800 Average outstanding borrowings $ 244,160 $ 314,102 $ 229,235 $ 284,287 Weighted average interest rate 2.58 % 1.78 % 2.45 % 1.93 % |
Note 7 - Retirement Plans (Tabl
Note 7 - Retirement Plans (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Three Months Ended Six Months Ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 (In thousands) Service Cost $ 1,981 $ 2,164 $ 3,963 $ 4,328 Interest Cost 1,985 1,919 3,971 3,838 Expected Return on Plan Assets (3,482 ) (2,978 ) (6,967 ) (5,957 ) Amortization of Actuarial Loss - 679 - 1,358 Amortization of Transition Asset 30 27 60 55 Net Periodic Benefit Cost $ 514 $ 1,811 $ 1,027 $ 3,622 |
Note 8 - Plant Restructuring (T
Note 8 - Plant Restructuring (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Long-Lived Severance Asset Charges Other Costs Total (In thousands) Balance March 31, 2017 $ 37 $ 4,773 $ 305 $ 5,115 First quarter charge 36 9 36 81 Second quarter charge (credit) - 8 (33 ) (25 ) Cash payments/write offs (73 ) (3,888 ) (308 ) (4,269 ) Balance September 30, 2017 $ - $ 902 $ - $ 902 Balance March 31, 2016 $ - $ 4,975 $ 3,897 $ 8,872 First quarter charge (credit) 127 (6 ) 1,064 1,185 Second quarter charge (credit) 112 (286 ) 451 277 Cash payments/write offs (123 ) 240 (3,242 ) (3,125 ) Balance October 1, 2016 $ 116 $ 4,923 $ 2,170 $ 7,209 |
Note 11 - (Loss) Earnings Per29
Note 11 - (Loss) Earnings Per Common Share (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Q U A R T E R Y E A R T O D A T E (Thousands, except share amounts) Fiscal 2018 Fiscal 2017 Fiscal 2018 Fiscal 2017 (Restated) (Restated) (Restated) (Restated) Basic Net (loss) earnings $ (2,958 ) $ 6,821 $ (3,938 ) $ 7,786 Deduct preferred stock dividends paid 6 6 12 12 Undistributed (loss) earnings (2,964 ) 6,815 (3,950 ) 7,774 (Loss) earnings attributable to participating preferred (12 ) 62 (22 ) 71 (Loss) earnings attributable to common shareholders $ (2,952 ) $ 6,753 $ (3,928 ) $ 7,703 Weighted average common shares outstanding 9,792 9,792 9,803 9,800 Basic (loss) earnings per common share $ (0.30 ) $ 0.69 $ (0.40 ) $ 0.79 Diluted (Loss) earnings attributable to common shareholders $ (2,952 ) $ 6,753 $ (3,928 ) $ 7,703 Add dividends on convertible preferred stock 5 5 10 10 (Loss) earnings attributable to common stock on a diluted basis $ (2,947 ) $ 6,758 $ (3,918 ) $ 7,713 Weighted average common shares outstanding-basic 9,792 9,792 9,803 9,800 Additional shares issued related to the equity compensation plan - 3 - 3 Additional shares to be issued under full conversion of preferred stock - 67 - 67 Total shares for diluted 9,792 9,862 9,803 9,870 Diluted (loss) earnings per common share $ (0.30 ) $ 0.69 $ (0.40 ) $ 0.78 |
Note 2 - Restatement of Previ30
Note 2 - Restatement of Previously Issued Financial Statements - Summary of Effects of Restatements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | Mar. 31, 2017 | |
Net Sales | $ 338,470 | $ 352,606 | $ 627,397 | $ 624,741 | |
Cost of Products Sold | 321,059 | 321,581 | 594,451 | 571,761 | |
Gross Profit | 17,411 | 31,025 | 32,946 | 52,980 | |
Operating Income/(Loss) | (1,409) | 12,015 | (796) | 15,592 | |
Earnings/(Loss) Before Income Taxes | (4,842) | 9,594 | (7,425) | 11,464 | |
Income Tax (Benefit) Expense | (1,884) | 2,773 | (3,487) | 3,678 | |
Net (loss) earnings | $ (2,958) | $ 6,821 | $ (3,938) | $ 7,786 | |
Earnings Per Common Share-Basic (in dollars per share) | $ (0.30) | $ 0.69 | $ (0.40) | $ 0.79 | |
Earnings Per Common Share-Diluted (in dollars per share) | $ (0.30) | $ 0.69 | $ (0.40) | $ 0.78 | |
Inventory | $ 859,146 | $ 801,684 | $ 859,146 | $ 801,684 | $ 628,935 |
Total Current Assets | 989,368 | 934,717 | 989,368 | 934,717 | 719,149 |
Total Assets | 1,271,944 | 1,185,203 | 1,271,944 | 1,185,203 | 978,268 |
Deferred Revenue | 75,150 | 47,716 | 75,150 | 47,716 | 46,100 |
Total Current Liabilities | 397,567 | 359,578 | 397,567 | 359,578 | 177,764 |
Total Liabilities | 853,234 | 785,586 | 853,234 | 785,586 | 553,064 |
Stockholders' Equity | 418,710 | 399,617 | 418,710 | 399,617 | 425,204 |
Total Liabilities and Stockholders' Equity | 1,271,944 | 1,185,203 | 1,271,944 | 1,185,203 | 978,268 |
Previously Reported [Member] | |||||
Net Sales | 376,308 | 357,247 | 656,495 | 609,861 | |
Cost of Products Sold | 355,904 | 327,035 | 620,331 | 559,674 | |
Gross Profit | 20,404 | 30,212 | 36,164 | 50,187 | |
Operating Income/(Loss) | 1,584 | 11,202 | 2,422 | 12,799 | |
Earnings/(Loss) Before Income Taxes | (1,849) | 8,781 | (4,207) | 8,671 | |
Income Tax (Benefit) Expense | (737) | 2,637 | (2,256) | 2,589 | |
Net (loss) earnings | $ (1,112) | $ 6,144 | $ (1,951) | $ 6,082 | |
Earnings Per Common Share-Basic (in dollars per share) | $ (0.11) | $ 0.62 | $ (0.20) | $ 0.61 | |
Earnings Per Common Share-Diluted (in dollars per share) | $ (0.11) | $ 0.62 | $ (0.20) | $ 0.61 | |
Inventory | $ 802,387 | $ 771,996 | $ 802,387 | $ 771,996 | 598,056 |
Total Current Assets | 932,609 | 905,029 | 932,609 | 905,029 | 688,270 |
Total Assets | 1,209,968 | 1,148,714 | 1,209,968 | 1,148,714 | 946,019 |
Deferred Revenue | 542 | 550 | 542 | 550 | 545 |
Total Current Liabilities | 322,982 | 312,466 | 322,982 | 312,466 | 132,277 |
Total Liabilities | 780,214 | 738,474 | 780,214 | 738,474 | 511,758 |
Stockholders' Equity | 429,754 | 410,240 | 429,754 | 410,240 | 434,261 |
Total Liabilities and Stockholders' Equity | 1,209,968 | 1,148,714 | 1,209,968 | 1,148,714 | 946,019 |
Restatement Adjustment [Member] | |||||
Net Sales | (37,838) | (4,641) | (29,098) | 14,880 | |
Cost of Products Sold | (34,845) | (5,454) | (25,880) | 12,087 | |
Gross Profit | (2,993) | 813 | (3,218) | 2,793 | |
Operating Income/(Loss) | (2,993) | 813 | (3,218) | 2,793 | |
Earnings/(Loss) Before Income Taxes | (2,993) | 813 | (3,218) | 2,793 | |
Income Tax (Benefit) Expense | (1,147) | 136 | (1,231) | 1,089 | |
Net (loss) earnings | $ (1,846) | $ 677 | $ (1,987) | $ 1,704 | |
Earnings Per Common Share-Basic (in dollars per share) | $ (0.19) | $ 0.07 | $ (0.20) | $ 0.18 | |
Earnings Per Common Share-Diluted (in dollars per share) | $ (0.19) | $ 0.07 | $ (0.20) | $ 0.17 | |
Inventory | $ 56,759 | $ 29,688 | $ 56,759 | $ 29,688 | 30,879 |
Total Current Assets | 56,759 | 29,688 | 56,759 | 29,688 | 30,879 |
Total Assets | 61,976 | 36,489 | 61,976 | 36,489 | 32,249 |
Deferred Revenue | 74,608 | 47,166 | 74,608 | 47,166 | 45,555 |
Total Current Liabilities | 74,585 | 47,112 | 74,585 | 47,112 | 45,487 |
Total Liabilities | 73,020 | 47,112 | 73,020 | 47,112 | 41,306 |
Stockholders' Equity | (11,044) | (10,623) | (11,044) | (10,623) | (9,057) |
Total Liabilities and Stockholders' Equity | $ 61,976 | $ 36,489 | $ 61,976 | $ 36,489 | $ 32,249 |
Note 3 - Acquisition (Details T
Note 3 - Acquisition (Details Textual) - USD ($) | Apr. 03, 2017 | Jul. 01, 2017 | Sep. 30, 2017 | Oct. 01, 2016 | Apr. 02, 2017 | Apr. 30, 2014 |
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 1,096,000 | |||||
Truitt Bros. Inc. [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | |||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 1,096,000 | $ 1,096,000 | 1,096,000 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 562,000 | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement of Inventory, Impact on Cost of Goods Sold | $ 542,000 | |||||
Business Combination, Consideration Transferred, Total | 14,420,000 | $ 14,420,000 | ||||
Cash Acquired from Acquisition | 3,030,000 | |||||
Equity Method Investments | 34,872,000 | $ 17,422,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 3,608,000 | |||||
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination, Total | $ 31,842,000 | |||||
Truitt Bros. Inc. Investment [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Equity Method Investment, Aggregate Cost | $ 16,242,000 | |||||
Purchase Agreement, Additional Percentage of Voting Interests Acquirable | 50.00% |
Note 3 - Acquisition - Purchase
Note 3 - Acquisition - Purchase Price Allocation (Details) - USD ($) | Apr. 03, 2017 | Jul. 01, 2017 | Sep. 30, 2017 | Oct. 01, 2016 |
Bargain purchase gain | $ (1,096,000) | |||
Truitt Bros. Inc. [Member] | ||||
Purchase Price (net of cash received) | $ 31,842,000 | |||
Current assets | 22,823,000 | |||
Other long-term assets | 1,744,000 | |||
Property, plant and equipment | 28,696,000 | |||
Current liabilities | (5,068,000) | |||
Deferred taxes | 407,000 | |||
Other long-term liabilities | (15,664,000) | |||
Bargain purchase gain | $ (1,096,000) | $ (1,096,000) | $ (1,096,000) |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Inventory, LIFO Reserve | $ 163,193,000 | $ 156,351,000 | $ 163,193,000 | $ 156,351,000 |
Inventory, LIFO Reserve, Period Charge | $ 12,053,000 | $ 1,361,000 | $ 19,354,000 | $ 2,413,000 |
Note 5 - Revolving Credit Fac34
Note 5 - Revolving Credit Facility (Details Textual) - USD ($) | Apr. 03, 2017 | Jul. 05, 2016 | Sep. 30, 2017 | Sep. 30, 2017 | Oct. 01, 2016 |
Accounts Receivable, Vegetable and Fruit Products Sold, Standard Payment Term | 90 days | ||||
Accounts Receivable, Vegetable and Fruit Products Sold, Maximum Payment Term | 210 days | ||||
Increase (Decrease) in Accounts Receivable, Excluding Receivables Acquired from Business Combinations | $ 3,526,000 | ||||
Increase (Decrease) in Inventories, Excluding Inventories Acquired in a Business Combination | 41,386,000 | ||||
Truitt Bros. Inc. [Member] | |||||
Business Combination, Consideration Transferred, Total | $ 14,420,000 | 14,420,000 | |||
Farm Credit [Member] | Term Loan [Member] | |||||
Debt Instrument, Face Amount | 100,000,000 | $ 100,000,000 | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument, Term | 5 years | ||||
Line of Credit Facility, Maximum Borrowing Capacity During Nonproduction Period | 400,000,000 | 400,000,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity During Production Period | 500,000,000 | 500,000,000 | |||
Long-term Line of Credit, Total | $ 272,609,000 | 272,609,000 | $ 342,935,000 | ||
Line of Credit Facility, Impact on Average Amount Borrowed, Results of Operations | $ 4,171,000 |
Note 5 - Revolving Credit Fac35
Note 5 - Revolving Credit Facility - Revolving Line of Credit Summary (Details) - Revolving Credit Facility [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Outstanding borrowings | $ 272,609,000 | $ 342,935,000 | $ 272,609,000 | $ 342,935,000 |
Weighted average interest rate | 2.75% | 1.88% | 2.75% | 1.88% |
Maximum amount of borrowings | $ 274,117,000 | $ 361,800,000 | $ 274,117,000 | $ 361,800,000 |
Average outstanding borrowings | $ 244,160,000 | $ 314,102,000 | $ 229,235,000 | $ 284,287,000 |
Weighted average interest rate | 2.58% | 1.78% | 2.45% | 1.93% |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Details Textual) - USD ($) | 6 Months Ended | ||
Sep. 30, 2017 | Mar. 31, 2017 | Oct. 01, 2016 | |
Treasury Stock, Shares, Ending Balance | 2,392,928 | ||
Treasury Stock, Value, Ending Balance | $ 69,195,000 | $ 66,499,000 | $ 66,730,000 |
Common Class A [Member] | |||
Treasury Stock, Shares, Acquired | 92,582 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 2,689,000 | ||
Common Class B [Member] | |||
Treasury Stock, Shares, Acquired | 200 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 7,000 |
Note 7 - Retirement Plans (Deta
Note 7 - Retirement Plans (Details Textual) - USD ($) | 6 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 | $ 300,000 |
Note 7 - Retirement Plans - Net
Note 7 - Retirement Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Service Cost | $ 1,981 | $ 2,164 | $ 3,963 | $ 4,328 |
Interest Cost | 1,985 | 1,919 | 3,971 | 3,838 |
Expected Return on Plan Assets | (3,482) | (2,978) | (6,967) | (5,957) |
Amortization of Actuarial Loss | 679 | 1,358 | ||
Amortization of Transition Asset | 30 | 27 | 60 | 55 |
Net Periodic Benefit Cost | $ 514 | $ 1,811 | $ 1,027 | $ 3,622 |
Note 8 - Plant Restructuring (D
Note 8 - Plant Restructuring (Details Textual) - Closing of Northwest Plant [Member] - USD ($) | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
Restructuring Charges, Total | $ 57,000 | $ 10,302,000 | |
Restructuring Reserve, Accrual Adjustment | $ 1,829,000 | ||
Employee Severance [Member] | |||
Restructuring Charges, Total | 162,000 | ||
Restructuring Reserve, Accrual Adjustment | 1,578,000 | ||
Impairment of Long-Lived Assets [Member] | |||
Restructuring Charges, Total | 5,065,000 | ||
Restructuring Reserve, Accrual Adjustment | (384,000) | ||
Other Restructuring [Member] | |||
Restructuring Charges, Total | $ 5,075,000 | ||
Restructuring Reserve, Accrual Adjustment | $ 635,000 |
Note 8 - Plant Restructuring -
Note 8 - Plant Restructuring - Restructuring Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2017 | Jul. 01, 2017 | Oct. 01, 2016 | Jul. 02, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Balance | $ 5,115 | $ 8,872 | $ 5,115 | $ 8,872 | ||
Quarter charge (credit) | $ (25) | 81 | $ 277 | 1,185 | 56 | 1,462 |
Cash payments/write offs | (4,269) | (3,125) | ||||
Balance | 902 | 7,209 | 902 | 7,209 | ||
Employee Severance [Member] | ||||||
Balance | 37 | 37 | ||||
Quarter charge (credit) | 36 | 112 | 127 | |||
Cash payments/write offs | (73) | (123) | ||||
Balance | 116 | 116 | ||||
Impairment of Long-Lived Assets [Member] | ||||||
Balance | 4,773 | 4,975 | 4,773 | 4,975 | ||
Quarter charge (credit) | 8 | 9 | (286) | (6) | ||
Cash payments/write offs | (3,888) | 240 | ||||
Balance | 902 | 4,923 | 902 | 4,923 | ||
Other Restructuring [Member] | ||||||
Balance | 305 | 3,897 | 305 | 3,897 | ||
Quarter charge (credit) | (33) | $ 36 | 451 | $ 1,064 | ||
Cash payments/write offs | (308) | (3,242) | ||||
Balance | $ 2,170 | $ 2,170 |
Note 9 - Other Operating Inco41
Note 9 - Other Operating Income and Expense (Details Textual) - USD ($) | Apr. 03, 2017 | Jul. 01, 2017 | Sep. 30, 2017 | Oct. 01, 2016 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 1,591,000 | $ (48,000) | ||
Business Combination, Bargain Purchase, Gain Recognized, Amount | 1,096,000 | |||
Truitt Bros. Inc. [Member] | ||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 1,096,000 | $ 1,096,000 | 1,096,000 | |
Closed Plant in the Midwest [Member] | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 1,081,000 |
Note 11 - (Loss) Earnings Per42
Note 11 - (Loss) Earnings Per Common Share - (Loss) Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Net (Loss) Earnings | $ (2,958) | $ 6,821 | $ (3,938) | $ 7,786 |
Deduct preferred stock dividends paid | 6 | 6 | 12 | 12 |
Undistributed (loss) earnings | (2,964) | 6,815 | (3,950) | 7,774 |
(Loss) earnings attributable to participating preferred | (12) | 62 | (22) | 71 |
(Loss) earnings attributable to common shareholders | $ (2,952) | $ 6,753 | $ (3,928) | $ 7,703 |
Weighted average common shares outstanding-basic (in shares) | 9,792 | 9,792 | 9,803 | 9,800 |
Earnings Per Common Share-Basic (in dollars per share) | $ (0.30) | $ 0.69 | $ (0.40) | $ 0.79 |
(Loss) earnings attributable to common shareholders | $ (2,952) | $ 6,753 | $ (3,928) | $ 7,703 |
Add dividends on convertible preferred stock | 5 | 5 | 10 | 10 |
(Loss) earnings attributable to common stock on a diluted basis | $ (2,947) | $ 6,758 | $ (3,918) | $ 7,713 |
Additional shares issued related to the equity compensation plan (in shares) | 3 | 3 | ||
Additional shares to be issued under full conversion of preferred stock (in shares) | 67 | 67 | ||
Total shares for diluted (in shares) | 9,792 | 9,862 | 9,803 | 9,870 |
Earnings Per Common Share-Diluted (in dollars per share) | $ (0.30) | $ 0.69 | $ (0.40) | $ 0.78 |
Note 12 - Fair Value of Finan43
Note 12 - Fair Value of Financial Instruments (Details Textual) - USD ($) | Sep. 30, 2017 | Mar. 31, 2017 |
Long-term Debt, Gross | $ 398,725,000 | $ 332,633,000 |
Long-term Debt, Fair Value | 398,597,000 | 332,926,000 |
Capital Lease Obligations, Total | 43,722,000 | 39,033,000 |
Capital Lease Obligations, Fair Value Disclosure | $ 41,164,000 | $ 37,505,000 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) | 6 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 47.00% | 32.10% |
Effective Income Tax Rate Reconciliation, Increase (Decrease), Percent | 14.90% |