KANSAS CITY — Interstate Bakeries sustained a loss of $8,231,097 in the four weeks ended April 7, which compared with a loss of $4,323,928 in the four weeks ended March 10, according to an 8-K filed May 22 with the Securities and Exchange Commission.
Sales in the four weeks ended April 7 were $229,189,101, up 2% from $223,812,931 in the previous four-week period.
Operating expenses finished at $114,695,829, up from $109,307,692 in the previous period. Ingredients, packaging and outside purchasing costs rose slightly to $56,889,304 from $55,359,663, while direct and indirect labor costs also increased, rising 5% to $41,935,970 from $39,941,748 in the previous period.
I.B.C. recorded charges of $2,082,978 during the most recent period from restructuring and reorganization. Charges for professional fees of approximately $2,023,496, KERP and restructuring bonus plans of $41,335 and "other" charges of $106,810, offset a gain on the sale of assets of $49,039, interest income of $1,746, and adjustments to lease rejection expense of $37,878.
I.B.C. posted earnings before interest, taxes, depreciation and amortization of $2,846,190, down sharply from $6,562,289 in the prior period.
In the S.E.C. filing, I.B.C. said capital expenditures for the four-week period ended April 7 totaled approximately $2.2 million, boosting year-to-date capital spending through April 7 to $25 million.
As of April 7, 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 April 7.