SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Year Ended December 31, 1999
Seneca Foods Corporation Employees' Savings Plan
(Full title of the Plan)
Seneca Foods Corporation
(Name of issuer of the securities held pursuant to the Plan)
1162 Pittsford-Victor Road, Pittsford, New York
14534 (Address of principal executive
office)
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REQUIRED INFORMATION
1. Plan financial statements and schedules examined by an independent
accountant prepared in accordance with financial reporting requirements
of ERISA.
See accompanying index on page 3.
2. Signature
3. Exhibit
Exhibit 1 - Consent of Independent Accountants
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SENECA FOODS CORPORATION
EMPLOYEES' SAVINGS PLAN
Financial Statements as of and for the Years Ended December 31, 1999 and 1998,
Supplemental Schedules as of and for the Year Ended December 31, 1999 and
Independent Auditors' Report
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SENECA FOODS CORPORATION
EMPLOYEES' SAVINGS PLAN
TABLE OF CONTENTS
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Page
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS AS OF DECEMBER 31, 1999 AND 1998 AND FOR THE YEARS THEN
ENDED:
Statements of Net Assets Available for Benefits 2
Statements of Changes in Net Assets Available for Benefits 3
Notes to Financial Statements 4-6
SUPPLEMENTAL SCHEDULES AS OF DECEMBER 31, 1999 AND FOR THE YEAR THEN ENDED:
Item 27a - Schedule of Assets Held for Investment Purposes 7
Item 27d - Schedule of Reportable Transactions 8
SUPPLEMENTAL SCHEDULES OMITTED:
The following supplemental schedules are excluded because of the absence of
conditions under which they are required:
Item 27b - Schedule of Loans or Fixed Income Obligations Due in Default or
Uncollectible Item 27c - Schedule of Leases in Default or Classified as
Uncollectible Item 27e - Schedule of Nonexempt Transactions
INDEPENDENT AUDITORS' REPORT
To Seneca Foods Corporation
Employees' Savings Plan
We have audited the accompanying statements of net assets available for benefits
of the Seneca Foods Corporation Employees' Savings Plan ("the Plan") as of
December 31, 1999 and 1998, and the related statements of changes in net assets
available for benefits for the years then ended. These financial statements are
the responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31,
1999 and 1998, and the changes in net assets available for benefits for the
years then ended in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic 1999
financial statements taken as a whole. The supplemental schedules listed in the
Table of Contents are presented for the purpose of additional analysis and are
not a required part of the basic 1999 financial statements, but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. These schedules are the responsibility of the Plan's
management. Such schedules have been subjected to the auditing procedures
applied in our audit of the basic 1999 financial statements and, in our opinion,
are fairly stated in all material respects when considered in relation to the
basic 1999 financial statements taken as a whole.
Deloitte & Touche LLP
Rochester, New York
June 13, 2000
SENECA FOODS CORPORATION
EMPLOYEES' SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1999 AND 1998
1999 1998
ASSETS
INVESTMENTS:
At fair value:
Seneca Foods Corp. Common Stock $1,406,843 $863,803
Stable Value Fund 2,496,113 2,204,247
Stock Index Fund 4,205,104 -
Balanced Fund 5,525,270 4,625,501
Growth and Income Fund 4,899,356 4,087,753
Value Fund 2,736 3,409,827
International Fund 274,639 22,505
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Total investments 18,810,061 15,213,636
LOAN RECEIVABLE 4,600 -
CONTRIBUTIONS RECEIVABLE:
Employee 164,371 306,408
Employer 760,641 808,241
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Total contributions receivable 925,012 1,114,649
NET ASSETS AVAILABLE FOR BENEFITS $19,739,673 $16,328,285
=========== ===========
See notes to financial statements.
SENECA FOODS CORPORATION
EMPLOYEES' SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 1999 AND 1998
1999 1998
ADDITIONS:
Participant contributions $3,641,952 $3,609,760
Employer contributions 766,319 805,265
Net appreciation in fair
value of investments 810,482 50,974
Dividend income 441,250 936,650
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Total additions 5,660,003 5,402,649
DEDUCTIONS:
Withdrawals by participants 2,248,615 792,926
Administrative expenses - 56,169
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Total deductions 2,248,615 849,095
NET INCREASE 3,411,388 4,553,554
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR 16,328,285 11,774,731
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NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR $19,739,673 $16,328,285
=========== ===========
See notes to financial statements.
SENECA FOODS CORPORATION
EMPLOYEES' SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1999 AND 1998
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1. DESCRIPTION OF PLAN
The following description of Seneca Foods Corporation Employees' Savings
Plan ("the Plan") provides only general information. Participants should
refer to the Plan Agreement for a more complete description of the Plan's
provisions.
General - The Plan is a defined contribution plan intended to qualify as a
cash or deferred arrangement under Section 401(k) of the Internal Revenue
Code. Substantially all employees of Seneca Foods Corporation ("the
Company") are eligible to participate after completion of twelve months
employment and attainment of age twenty-one. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974
("ERISA").
Contributions - Participants may elect to contribute, on a pre-tax basis
(elective deferrals), from 1% to 15% of their compensation. Participants
may also contribute amounts representing distributions from other
qualified defined benefit or contribution plans. The Company may
contribute additional amounts at the discretion of the Company's Board of
Directors. Such amounts are allocated based on the participants pro rata
share of total participating payroll.
Vesting - Participants are immediately vested in all elective
contributions and related earnings. Matching contributions made by the
Plan sponsor fully vest after a service period of five years.
Payment of Benefits - After termination of service, the participant's
account balance is generally distributed in a lump sum if the balance is
less than $3,500.
Plan Termination - Although it has not expressed any intent to do so, the
Company has the right under the Plan to discontinue its contributions at
any time and/or to terminate the Plan subject to the provisions of ERISA.
In the event of plan termination, the Administrator shall determine the
method of distribution of the participants' accounts in accordance with
the provisions of the plan.
Participant Accounts - Each participant's account is credited with the
participant's contribution and allocations of (a) additional Company
contributions (if any), and (b) Plan earnings, and is also charged with an
administrative expense of $9 per quarter. Allocations are based on
participant earnings or account balances, as defined. The benefit to which
a participant is entitled is the benefit that can be provided from the
participant's vested account.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting - The accompanying financial statements have been
prepared on the accrual basis of accounting.
Valuation of Investments - All investments are valued at fair value as
determined by quoted market prices. Current year increases and decreases
in market value are recognized as investment appreciation or depreciation.
All security transactions are recorded as of the trade date. Participant-
directed investments may be made in the following funds:(1) Scudder Stable
Value Fund; (2) Scudder Balanced Fund; (3) Scudder Growth and Income Fund;
(4) Scudder Value Fund; (5) Scudder International Fund; (6) Scudder Stock
Index Fund; (7) Seneca Foods Corp. Company Stock.
Payment of Benefits - Benefits are recorded when paid. As of December 31,
1999 and 1998 net assets available for benefits included benefits of
$62,518 and $82,749, respectively, due to participants who have withdrawn
from participation in the Plan.
Use of Estimates - The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of additions and
deductions during the reporting period. Actual results could differ from
those estimates.
3. TAX STATUS
The Plan was established under a Prototype Plan, but has been amended. The
Plan has not received a determination letter on the amended plan, however,
the Plan Administrator believes that the Plan is currently designed and is
being operated in compliance with the applicable requirements of the
Internal Revenue Code.
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<TABLE>
SENECA FOODS CORPORATION
EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1999
<CAPTION>
c. Description of Investment
b. Identity of Issue, Including Maturity Date,
Borrower, Lessor Rate of Interest, Collateral, e. Current
or Similar Party Par or Maturity Value d. Cost Value
<S> <C> <C> <C>
Seneca Foods Corp. Company Stock 122,440 shares $1,580,638 $1,406,843
Stable Value Fund 2,496,113 shares 2,496,113 2,496,113
Stock Index Fund 102,539 shares 3,897,478 4,205,104
Balanced Fund 261,242 shares 4,986,918 5,525,270
Growth and Income Fund 183,565 shares 4,863,078 4,899,356
Value Fund 116 shares 2,757 2,736
International Fund 3,882 shares 223,778 274,639
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TOTAL ASSETS HELD FOR INVESTMENT PURPOSES $14,294,893 $18,810,061
=========== ===========
<FN>
Note: Column a is omitted as it is not applicable.
</FN>
</TABLE>
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SENECA FOODS CORPORATION
EMPLOYEES' SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1999
SINGLE TRANSACTIONS INVOLVING AN AMOUNT IN EXCESS
OF 5% OF THE CURRENT VALUE OF PLAN ASSETS
<CAPTION>
h. Current
a. Identity of Party Involved Value of
b. Description of Assets Asset on i. Net
(including interest rate c. Purchase d. Selling g. Cost Transaction Gain or
and maturity in case of a loan) Price Price of Asset Date (Loss)
<S> <C> <C> <C> <C> <C>
NONE
</TABLE>
<TABLE>
SERIES TRANSACTIONS, WHEN AGGREGATED, INVOLVING AN AMOUNT
IN EXCESS OF 5% OF THE CURRENT VALUE OF PLAN ASSETS
<CAPTION>
h. Current
a. Identity of Party Involved Value of
b. Description of Assets Asset on i. Net
(including interest rate c. Purchase d. Selling g. Cost Transaction Gain or
and maturity in case of a loan) Price Price of Asset Date (Loss)
<S> <C> <C> <C> <C> <C>
Balanced Fund $1,187,140 $ - $1,187,140 $1,187,140 $ -
Growth and Income Fund $1,424,435 $ - $1,424,735 $1,424,735 $ -
Stock Index Fund $3,997,120 $ - $3,997,120 $3,997,120 $ -
Value Fund $ - $4,301,917 $4,298,780 $4,301,917 $3,137
<FN>
Note: Columns e and f are omitted as not applicable.
</FN>
</TABLE>
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees have duly caused this annual report to be signed on its behalf by the
undersigned thereunto duly authorized.
Seneca Foods Corporation
Employees' Savings Plan
(Name of Plan)
/s/Kraig H. Kayser
-----------------------
June 29, 2000 Kraig H. Kayser
Trustee of Seneca Foods
Corporation Employees'
Savings Plan
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Exhibit Index
Exhibit 1 - Consent of Independent Accountants
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