KANSAS CITY — Interstate Bakeries Corp. posted a loss of $13,388,355 in the four weeks ended Aug. 25, which compared with a loss of $3,655,393 in the four weeks ended July 28, according to an 8-K filed Oct. 9 with the Securities and Exchange Commission.
Sales in the four weeks ended Aug. 25 were $227,974,432, up 1% from $224,767,832 in the previous four-week period.
Operating expenses finished at $112,521,989, up 2% from $110,153,080 in the previous period. Ingredients, packaging and outside purchasing costs fell narrowly to $55,592,731 from $55,944,248, while direct and indirect labor costs rose narrowly to $40,904,702 from $39,751,914 in the previous period.
I.B.C. recorded charges of $2,937,572 during the most recent period from restructuring and reorganization. Charges for professional fees of approximately $3,290,312, adjustments to lease rejection expense of $43,905 and "other" charges of $1,693 offset interest income of $173,929 and KERP and restructuring bonus plans of $224,409.
I.B.C. posted earnings before interest, taxes, depreciation and amortization of $6,404,393, down 12% from $7,293,066 in the prior period.
In the S.E.C. filing, I.B.C. said capital expenditures for the four-week period ended Aug. 25 totaled approximately $1.8 million, boosting year-to-date capital spending through Aug. 25 to $35.5 million.
As of Aug. 25, I.B.C. still had not borrowed under its $200 million debtor-in-possession credit facility. The company said it has $114.1 million of letters of credit outstanding. The amount of the credit facility available for borrowing was $85.9 million as of Aug. 25.