KANSAS CITY — Interstate Bakeries Corp. sustained a loss of $16,493,079 in the four-week period ended Feb. 9, which compared with a loss of $20,115,829 in the four-week period ended Jan. 12, according to an 8-K filed March 25 with the Securities and Exchange Commission.
Sales in the four weeks ended Feb. 9 were $209,727,145, up 12% from $187,443,095 in the previous four-week period and the highest revenue total since October 2007.
Operating expenses finished at $108,893,426, up from $102,847,010 in the previous period. Ingredients, packaging and outside purchasing costs were $58,393,428, up from $51,133,855, while direct and indirect labor costs rose to $35,351,672 from $33,321,291 in the previous period.
I.B.C. recorded charges of $3,988,974 from restructuring and reorganization for the four-week period ended Feb. 9. Charges included professional fees of $4,602,365, and "other" charges of $229,859. The charges more than offset a gain on the sale of assets of $841,283 and interest income of $1,967.
I.B.C. posted a loss before interest, taxes, depreciation and amortization of $4,155,027, which compared with a loss of $10,366,564 in the previous period.
As of Feb. 9, I.B.C. had borrowed $10 million under its $200 million debtor-in-possession credit facility. The company said it has $129.1 million of letters of credit outstanding. The amount of the credit facility available for borrowing was $45.6 million as of Feb. 9.