I.B.C. suffers $9.4 million loss in period

by Eric Schroeder
Share This:

KANSAS CITY — Interstate Bakeries Corp. narrowed its loss in the four-week period ended May 3 to $9,409,531 from $15,398,111 in the four-week period ended April 5, according to an 8-K filed June 18 with the Securities and Exchange Commission.

Sales in the four weeks ended May 3 were $224,110,192, up 7% from $210,181,623 in the previous four-week period. The total marked the highest revenue figure since the four-week period ended Aug. 25, 2007.

Operating expenses finished at $109,277,010, up from $107,367,922 in the previous period. Ingredients, packaging and outside purchasing costs were $68,663,351, up from $60,543,078, while direct and indirect labor costs rose to $36,379,015 from $34,441,412 in the previous period.

I.B.C. recorded charges of $3,214,339 from restructuring and reorganization for the four-week period ended May 3. Charges included professional fees of $3,308,277 and "other" restructuring expenses of $164,306. The charges more than offset a gain on the sale of assets of $238,290, employee costs adjustment of $19,944 and interest income of $10.

I.B.C. sustained a loss before interest, taxes, depreciation and amortization of $2,045,263, which compared with a loss of $3,425,666 in the previous period.

As of May 3, I.B.C. had borrowed $53.6 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 $17.2 million as of May 3.

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.