Imperial returns to profitability in second quarter
SUGAR LAND, TEXAS — Net income at Imperial Sugar Co. in the second quarter ended March 31 was $4,155,000, equal to 35c per share on the common stock. This compared with a loss of $33,264,000 in the same period a year ago. The most recently quarterly results included a $3.6 million pre-tax gain related to the contribution of the Gramercy, La., refinery to Louisiana Sugar Refining, L.L.C.
Net sales were $192,166,000, down 8% from $208,863,000. The loss in sales was attributed to loss of direct sales volumes from the Gramercy refinery.
“We are pleased with the progress made in a number of areas during the second quarter,” said John Sheptor, president and chief executive officer. “We achieved sales price increases during the second quarter and successfully managed raw costs in a volatile price environment, so as to expand margins significantly.
“After a challenging restart early in the quarter, L.S.R.’s operation of the existing Gramercy refinery is providing a steady flow of bulk sugar for our grocery packaging operation. The reconnection of the silos in Port Wentworth, which was deferred until the first week of April, went smoothly, and the refinery has begun to ramp up production rates again.”
For the six months ended March 31, Imperial Sugar suffered a loss of $4,760,000, which compared with income of $144,852,000, or $12.28 per share, in the same period a year ago. Net sales were $419,555,000, up from $382,642,000.