Imperial Sugar sustains $12.6 million loss in Q2
May 07, 2009
by Eric Schroeder
SUGAR LAND, TEXAS — Imperial Sugar Co. continued to feel the lingering impact of the rebuild of its Port Wentworth, Ga., facility as the company sustained a loss of $12,578,000 in the second quarter ended March 31. This compared with a loss of $15,531,000 in the same period a year earlier. The most recent quarterly results included a pre-tax charge of $4.9 million related to the explosion at the Port Wentworth refinery. This compared with a $12.1 million charge during the same year-ago period.
Sales for the quarter were $124,302,000, down 14% from $145,222,000 during the same quarter of the previous year. Imperial Sugar said lower sales primarily reflected the loss of business due to the shut down of Port Wentworth.
"We look forward to beginning bulk production of granulated sugar at our Port Wentworth, Ga., refinery next month," said John Sheptor, president and chief executive officer. "The rebuild of the silos and packaging facilities are also well underway, which should enable full restoration of our packaging capabilities this fall."
For the six months ended March 31, Imperial Sugar suffered a loss of $12,514,000, which compared with a loss of $3,268,000 in the same period a year earlier. Net sales were $232,950,000, down 35% from $360,727,000 a year ago.