KANSAS CITY — Interstate Bakeries Corp. on Tuesday said it sustained a loss of $12,881,837 in the four weeks ended Dec. 16, 2006, which compared with a loss of $7,145,874 in the four weeks ended Nov. 18, according to an 8-K filed Jan. 30 with the Securities and Exchange Commission.
Sales in the four weeks ended Dec. 16 were $213,093,400, down 4% from $222,315,731 in the previous four-week period.
Operating expenses finished at $108,949,130, up from $106,652,818 in the previous period. Ingredients, packaging and outside purchasing costs eased 6% to $54,549,725, while direct and indirect labor costs fell 4% to $39,171,870.
I.B.C. recorded charges of $2,930,194 during the most recent period from restructuring and reorganization. Charges for professional fees of approximately $3,135,316 and KERP and restructuring bonus plans of $116,756 more than offset a gain of $203,181 in interest income, adjustments to lease rejection expense of $58,690, and "other" gains of $60,007.
I.B.C. sustained a loss before interest, taxes, depreciation and amortization of $732,600, which compared with EBITDA of $4,785,010 in the prior period.
In the S.E.C. filing, I.B.C. said capital expenditures for the four-week period ended Dec. 16 totaled approximately $2.3 million, boosting year-to-date capital spending through Dec. 16 to $14.7 million.
As of Dec. 16, I.B.C. still had not borrowed under its $200 million debtor-in-possession credit facility. The company said it has $104.9 million of letters of credit outstanding. The amount of the credit facility available for borrowing was $73.5 million as of Dec. 16.