I.B.C. sustains $12.3 million loss in period

by Eric Schroeder
Share This:

KANSAS CITY — Interstate Bakeries Corp. suffered a loss of $12,279,609 in the four-week period ended March 8, which compared with a loss of $16,493,079 in the four-week period ended Feb. 9, according to an 8-K filed April 22 with the Securities and Exchange Commission.

Sales in the four weeks ended March 8 were $211,573,405, up 1% from $209,727,145 in the previous four-week period.

Operating expenses finished at $100,516,258, down from $108,893,426 in the previous period. Ingredients, packaging and outside purchasing costs were $56,285,284, down from $58,393,428, while direct and indirect labor costs were virtually unchanged at $35,251,350, which compared with $35,351,672 in the previous period.

I.B.C. recorded charges of $9,660,217 from restructuring and reorganization for the four-week period ended March 8. Charges included professional fees of $4,260,959, debt fee and expense write off of $5,300,260, intangible impairment of $85,927, loss on the sale of assets of $24,591 and "other" charges of $85,927. The charges more than offset employee costs adjustment of $447,185, interest income of $115,753 and "other" gains of $22,534.

I.B.C. posted EBITDA of $8,415,773, which compared with a loss before interest, taxes, depreciation and amortization of $4,155,027 in the previous period.

As of March 8, I.B.C. had borrowed $9 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 $52.6 million as of March 8.

Comment on this Article
We welcome your thoughtful comments. Please comply with our Community rules.








The views expressed in the comments section of Food Business News do not reflect those of Food Business News or its parent company, Sosland Publishing Co., Kansas City, Mo. Concern regarding a specific comment may be registered with the Editor by clicking the Report Abuse link.