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.