Court approves asset purchase agreements across all Del Monte Foods business segments, including Vegetable, Fruit, Tomato, and Broth & Stock businesses Provides a clear path forward for Del Monte Foods' portfolio of brands and businesses under new ownership Company remains focused on maintaining service continuity for customers and partners through close of transactions WALNUT CREEK, Calif., Feb. 6, 2026 /PRNewswire/ -- Del Monte Foods Corporation II Inc. (the "Company" or "Del Monte Foods"), a leading prod ...

Group 1 - The national market price of edible agricultural products increased by 2.0% month-on-month in December [1] - The average wholesale price of grains in 36 major cities remained stable month-on-month, with a year-on-year increase of 0.4% [2] - The average wholesale price of edible oil decreased by 0.1% month-on-month and by 1.6% year-on-year [2] Group 2 - The average wholesale price of pork decreased by 1.8% month-on-month and by 20.0% year-on-year [2] - The average wholesale price of beef decreased by 0.1% month-on-month but increased by 5.5% year-on-year [2] - The average wholesale price of lamb increased by 0.4% month-on-month and by 2.8% year-on-year [2] Group 3 - The average wholesale price of eggs increased by 0.4% month-on-month but decreased by 23.0% year-on-year [3] - The average wholesale price of broiler chickens decreased by 0.4% month-on-month and by 6.6% year-on-year [4] - The average wholesale prices of 30 types of vegetables and 6 types of fruits increased by 4.9% and 3.6% month-on-month, respectively, with year-on-year increases of 19.7% and 5.2% [4]

Core Viewpoint - Seneca Foods Corporation reported mixed financial results for the first quarter of fiscal 2026, with a decline in net sales but an increase in net earnings, indicating a complex operational environment influenced by volume changes and pricing dynamics [2][6]. Financial Performance - Net sales for the first quarter were $297.5 million, down 2.4% from $304.7 million in the prior-year period, primarily due to lower sales volumes [2]. - Net earnings increased by 17.6% year over year to $14.9 million, or $2.14 per diluted share, compared to $12.7 million, or $1.80 per share, a year earlier [2]. - Operating income decreased by 8.8% to $23.2 million from $25.4 million in the same quarter last year, while gross margin slightly improved to 14.1% from 14% [2]. Segment Performance - Vegetable sales fell by 3.2% to $270.3 million from $279.1 million, while Fruit/Snack sales decreased by 0.5% to $21.6 million [3]. - The "Other" category saw a significant increase of 41.3% to $5.6 million from $3.9 million, driven by seed, can, and aircraft-related revenues [3]. Key Business Metrics - Interest expense dropped by 47.7% to $5.4 million from $10.3 million, benefiting from lower average borrowings and a reduced weighted-average interest rate [4]. - Adjusted net earnings, excluding LIFO inventory valuation credits, were $6 million, down 42.5% from $10.5 million in the prior-year quarter [4]. - EBITDA was $36.9 million, down 5.6% from $39.2 million, while FIFO EBITDA fell by 30.5% to $25.2 million from $36.3 million [4]. Liquidity Position - The company maintained a strong liquidity position with $12.1 million in cash and access to $389.1 million in unused credit under its revolving facility [5]. Management Commentary - The CEO acknowledged ongoing cost pressures from high-cost 2024 inventory due to unfavorable weather but expressed satisfaction with progress in selling through that inventory [6]. - Sales disruptions from a key co-pack customer affected volumes, but recovery is expected under the existing contract [6]. - The 2025 seasonal pack is underway, with expectations for improved crop yields to normalize inventory levels and costs [6]. Factors Influencing Sales - The decline in sales was primarily volume-driven, with a $13.6 million decrease in volume partially offset by $6.4 million from pricing and product mix [7]. - Lower vegetable category sales were attributed to volume losses that outweighed pricing gains, while snacks benefited from higher volumes [7]. - The increase in "Other" revenues was linked to ancillary businesses such as seed, can manufacturing, and aircraft operations [7]. Guidance - While no formal quantitative guidance was issued, management indicated expectations for volume recovery from the co-pack customer and cost normalization from improved crop yields in the 2025 pack [8]. Share Repurchase - During the quarter, Seneca repurchased 41,937 shares of Class A Common Stock at a cost of $3.8 million, with no Class B shares repurchased [9].

Core Viewpoint - Jiuquan is positioning itself as a leading hub for seed production and innovation, showcasing significant growth and development in the seed industry, with a focus on technology and quality [4][11][12]. Group 1: Seed Production and Area - Jiuquan has established a seed production area of 748,000 acres, making it a core region for national seed production [19][20]. - The region is recognized as the largest vegetable and flower seed export base in China, meeting 50% of the national vegetable seed demand [26][27]. - Key production areas include Suxian, Jinta, Yumen, and Guazhou, with a strong focus on corn, vegetables, and flowers [22][23][24]. Group 2: Genetic Resources and Innovation - Jiuquan has collected and preserved 257,000 varieties of crop genetic resources, leading in the northwest region [34][35]. - The area boasts 1,442 varieties with independent intellectual property rights, enhancing its competitive edge in the seed industry [55][66]. - Significant R&D investment exceeding 60 million yuan annually supports the development of new seed varieties [64]. Group 3: Economic Impact - The seed industry in Jiuquan generates a total output value of 4.2 billion yuan, accounting for 17% of the agricultural output value [78][81]. - The industry has significantly increased farmers' income, with an average income of over 5,000 yuan from seed production [82]. - Jiuquan exports vegetable and flower seeds to over 80 countries, achieving an export volume of 8 million kilograms and generating 500 million yuan in foreign exchange [84][87]. Group 4: Technological Innovation and Support - Jiuquan has established 14 innovation platforms to enhance technological capabilities in the seed industry [90][92]. - The local government has implemented a series of supportive policies to promote the development of the seed industry, including planning, funding, and talent cultivation [112][115]. - The establishment of the Seed Industry Development Bureau in April 2024 aims to strengthen organizational support for the industry [118][120].