KANSAS CITY — Interstate Bakeries Corp. reduced its monthly loss to $5,740,795 in the four weeks ended Sept. 20, which compared with a loss of $13,285,052 in the four weeks ended Aug. 23, according to an 8-K filed Nov. 4 with the Securities and Exchange Commission.
Sales in the four weeks ended Sept. 20 were $216,956,324, down narrowly from $217,643,454 in the four-week period ended Aug. 23. The decline marked the fifth consecutive month of lower sales.
Operating expenses finished at $106,575,843, down 2% from $108,117,293 in the previous period. Ingredients, packaging and outside purchasing costs were $61,701,635, down from $63,048,255, while direct and indirect labor costs fell to $35,259,199 from $35,605,903 in the previous period.
I.B.C. recorded a gain on the sale of assets of $2,162,776, which combined with interest income of $12,346, KERP of $15,000 and "other" charges of $3,856 to offset professional fees of $1,776,752 and "other" expenses of $111,911.
As of Sept. 20, I.B.C. had borrowed $100.9 million under its $313 million debtor-in-possession credit facility. The company said it has $136.6 million of letters of credit outstanding. The amount of the credit facility available for borrowing was $75.5 million as of Sept. 20.