Imperial loss tops $6.5 million in second quarter
SUGAR LAND, TEXAS — Imperial Sugar Co., which earlier this month agreed to be acquired by Louis Dreyfus Commodities, L.L.C. for approximately $203 million, sustained a loss of $6,500,000 in the second quarter ended March 31. This compared with net income of $4,155,000, equal to 35c per share on the common stock, in the same period a year ago. The fiscal 2011 second quarter 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 $203,012,000, up 6% from $192,166,000. The increase in sales was primarily due to a 10.5% increase in domestic sugar prices, which more than offset a 2.4% decrease in domestic sales volumes.
For the six months ended March 31, Imperial Sugar suffered a loss of $9,957,000, which compared with a loss of $4,760,000 in the same period a year ago. Net sales were $430,688,000, up from $419,555,000.
Since the second quarter ended in March, Imperial has been involved in several major transactions. The company sold its 50% voting interest in Wholesome Sweeteners, Inc. in April for net proceeds of $60.4 million, and today Louis Dreyfus commenced the tender offer for all of the outstanding shares of common stock of Imperial Sugar at a price of $6.35 per share.