I.B.C. loss widens in second quarter
December 26, 2008
by FoodBusinessNews.net Staff
KANSAS CITY — Interstate Bakeries Corp. sustained a loss of $41,420,000 in the second quarter ended Nov. 15, which compared with a loss of $39,161,000 in the same period a year earlier. Net sales in the second quarter of fiscal 2009 were $643,931,000, down 1% from $645,116,000 in the second quarter of fiscal 2008. The company posted an operating profit of $3,856,000, which compared with an operating loss of $16,746,000 in the second quarter a year ago. Operating profit for the quarter included a net restructuring credit of approximately $1.8 million and the A.B.A. Plan actuarial gain of approximately $11.2 million. In reporting its most recent results, I.B.C. said its route sales were $552,136,000 in the second quarter, down a shade less than 1% from $555,257,000 in the same period a year ago. The decline reflected I.B.C.’s exit from the bread market in Southern California during the second quarter of fiscal 2008. Outlet sales for the second quarter rose to $69,256,000 from $68,232,000, reflecting an increase in same-store net revenues due to retail price increases. For the six months ended Nov. 15, I.B.C. posted a loss of $78,286,000, which compared with a loss of $55,154,000. Sales were $1,302,640,000, down from $1,334,932,000.