Imperial Sugar returns to profitability in year
December 29, 2010
SUGAR LAND, TEXAS — Experiencing some recovery from its 2008 Port Wentworth, Ga., explosion and the benefits of insurance claims settlements, Imperial Sugar returned to profitability during fiscal year 2010.
For the year ended Sept. 30, the company had income of $136,860,000, equal to $11.59 per share on the common stock, which compared with a loss of $23,183,000 during the pervious year. Sales during the year were $908,033,000, up 74% from $522,563,000 during fiscal 2009.
“Imperial Sugar Co. took important strategic steps in fiscal 2010 while managing the challenges associated with restoring full production at the Port Wentworth refinery,” said John Sheptor, president and chief executive officer. “As production rates at the Port Wentworth refinery increased during the year, we identified facility and process modifications necessary to return the refinery to historical operating levels. We completed the last major modification in October 2010, and output improved significantly. While production days and fixed costs had a negative impact on fiscal 2010 results, the improvements that we have made should lead to sustained results at higher rates in 2011.”
For the fourth quarter ended Sept. 30, the company sustained a loss of $2,305,000, which compared with a loss of $188,000 during the same quarter of the previous year. During the quarter the company had sales of $264,413,000, up 80% from $147,322,000.