KANSAS CITY — Interstate Bakeries sustained a loss of $4,323,928 in the four weeks ended March 10, which compared with a loss of $12,834,089 in the four weeks ended Feb. 10, according to an 8-K filed April 25 with the Securities and Exchange Commission.
Sales in the four weeks ended March 10 were $223,812,931, up 2% from $220,598,759 in the previous four-week period.
Operating expenses finished at $109,307,692, down from $112,469,565 in the previous period. Ingredients, packaging and outside purchasing costs fell slightly to $55,359,663 from $55,755,913, while direct and indirect labor costs also eased, falling to $39,941,748 from $40,127,061 in the previous period.
I.B.C. recorded charges of $892,958 during the most recent period from restructuring and reorganization. Charges for professional fees of approximately $1,787,422, KERP and restructuring bonus plans of $41,335 and asset impairments of $5,000, offset a gain on the sale of assets of $32,573, interest income of $175,942, adjustments to lease rejection expense of $323,021 and "other" expenses of $409,263.
I.B.C. posted earnings before interest, taxes, depreciation and amortization of $6,562,289, which compared with a loss of $559,621 in the prior period.
In the S.E.C. filing, I.B.C. said capital expenditures for the four-week period ended March 10 totaled approximately $3.5 million, boosting year-to-date capital spending through March 10 to $22.8 million.
As of March 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 March 10.