Attachment A
SENECA FOODS CORPORATION AND
SUBSIDIARIES
PRO FORMA CONSOLIDATED
CONDENSED BALANCE SHEETS
OCTOBER 30, 1993
(Unaudited)
(In Thousands of Dollars)
Consolidated Pro Forma Pro Forma
Historical Adjustments Balance
__________ ___________ _________
ASSETS
Current Assets:
Cash and Short Term Invest. $11,292 ($8,472) (c) $2,820
Accounts Receivable, Net 20,263 1,373 (a) 21,636
Inventories 120,402 4,798 (a) 125,200
Off Season Reserve (14,857) (14,857)
Deferred Tax Asset , Net 2,422 2,422
Other Current Assets 961 961
Total Current Assets 140,483 (2,301) 138,182
Prop., Plant and Eq., Net 73,529 5,600 79,129
Common Stock of Moog Inc. 6,079 6,079
Other Assets 202 202
________ _______ ________
$220,293 $3,299 $223,592
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Notes Payable -- $1,366 (c) $ 1,366
Accounts Payable 32,688 1,759 (a) 34,447
Accrued Expenses 15,205 15,205
Income Taxes 2,055 68 (b) 2,123
Current Portion of Long Term Debt
and Capital Lease Obligations 5,081 5,081
______ ______ _______
Total Current Liabilities 55,029 3,193 58,222
Long Term Debt 70,461 70,461
Capital Lease Obligations 981 981
Deferred Income Taxes 10,926 10,926
Stockholder's Equity:
Preferred Stock 70 70
Common Stock 1,911 1,911
Additional Paid in Capital 382 382
Retained Earnings 80,533 106 (a) 80,639
Stockholders' Equity 82,896 106 83,002
________ ______ ________
$220,293 $3,299 $223,592
<FN>
The accompanying notes are an integral part of these unaudited Pro Forma
Condensed Financial Statements.
SENECA FOODS CORPORATION, AND
SUBSIDIARIES
PRO FORMA CONDENSED STATEMENT
OF INCOME
THREE MONTHS ENDED OCTOBER 30, 1993
(Unaudited)
(In thousands, except share data)
Consolidated Pro Forma Pro Forma
Historical Adjustments Balance
____________ ___________ _________
Net Sales $62,003 $13,075 (a) $75,078
Costs and Expenses:
Cost of Product Sold 53,385 11,945 (a) 65,330
Selling and Administrative 6,637 620 (a) 7,257
Interest Expense 1,557 336 (a) 1,893
______ ______ _______
Total Costs and Expenses 61,579 12,901 74,480
Income Before Income Taxes and 424 174 (a) 598
Extraordinary Item
Income Taxes 165 68 (a) 233
______ ______ ______
Earnings from Continued Operations
less Appl. Income Taxes $259 $106 $365
Net Earnings Applicable to
Common Stock $253 $106 $359
Earnings from Continuing
Operations Per Share $0.08 $0.04 $0.12
Weighted Average Common Shares O/S 3,018,666 3,018,666 3,018,666
<FN>
The accompanying notes are an integral part of these unaudited
Pro Forma Condensed Financial Statements.
SENECA FOODS CORPORATION, AND SUBSIDIARIES
PRO FORMA CONDENSED STATEMENT OF INCOME
TWELVE MONTHS ENDED JULY 31, 1993
(Unaudited)
(In thousands, except share data)
Consolidated Pro Forma Pro Forma
Historical Adjustments Balance
____________ ___________ _________
Net Sales $257,402 $60,900 (a) $318,302
Costs and Expenses:
Cost of Product Sold 222,143 56,563 (a) 278,706
Selling and Administrative 26,166 3,169 (a) 29,335
Interest Expense 5,834 1,289 (a) 7,123
_______ ______ _______
Total Costs and Expenses 254,143 61,021 315,164
Income Before Income Taxes and 3,259 (121) (a) 3,138
Extraordinary Item
Income Taxes 106 (4) (a) 102
_______ ______ _______
Earnings from Continued Op. $3,153 ($117) $3,036
Net Earnings- Common Stock $3,130 ($117) $3,013
Earnings Per Share $1.02 ($0.04) $0.99
Wtd Ave. Common Shares O/S 3,085,333 3,085,333 3,085,333
<FN>
The accompanying notes are an integral part of these unaudited
Pro Forma Condensed Financial Statements.
SENECA FOODS CORPORATION AND SUBSIDIARIES
NOTES TO PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
October 30, 1993 Statements (Last previous fiscal quarter):
(a) The Pro Forma adjustments referenced as (a), reflect the
addition of the assets and liabilities and related
income and expense accounts of the ERLY Juice Inc.,
WorldMark, and Sanofi. Certain assets of ERLY Juice and
WorldMark were purchased on December 20, 1993, and certain
assets of Sanofi were purchased on November 30, 1993
as described in Item 2 of this Form 8-K.
(b) The Pro Forma adjustments referenced as (b), reflect the
the estimated federal and state income tax effect of
aforementioned purchases.
(c) The Pro Forma adjustments referenced as (c), reflect the
source of the funds used by the aforementioned purchases.
July 31, 1993 Statements (Last previous year end):
The Pro Forma adjustments reflect the addition of the
July 31, 1993 assets and liabilities and income
and expense accounts related to the acquired.