KANSAS CITY — Interstate Bakeries sustained a loss of $12,834,089 in the four weeks ended Feb. 10, which compared with a loss of $12,194,904 in the four weeks ended Jan. 13, according to an 8-K filed March 28 with the Securities and Exchange Commission.
Sales in the four weeks ended Feb. 10 were $220,598,759, up 8% from $204,135,145 in the previous four-week period.
Operating expenses finished at $112,469,565, up from $104,744,087 in the previous period. Ingredients, packaging and outside purchasing costs rose 50% to $55,755,913, while direct and indirect labor costs jumped to $40,127,061 from $11,797,094 in the previous period.
I.B.C. recorded charges of $3,610,885 during the most recent period from restructuring and reorganization. Charges for professional fees of approximately $3,260,809, adjustments to lease rejection expense of $338,084, KERP and restructuring bonus plans of $78,905 and "other" expenses of $97,945, more than offset a gain of $218,756 in interest income.
I.B.C. sustained a loss before interest, taxes, depreciation and amortization of $559,621, which compared with a loss of $1,143,998 in the prior period.
In the S.E.C. filing, I.B.C. said capital expenditures for the four-week period ended Feb. 10 totaled approximately $2.5 million, boosting year-to-date capital spending through Feb. 10 to $19.3 million.
As of Feb. 10, I.B.C. still had not borrowed under its $200 million debtor-in-possession credit facility. The company said it has $109.1 million of letters of credit outstanding. The amount of the credit facility available for borrowing was $90.9 million as of Feb. 10.