HOUSTON — Newberry Specialty Bakers, Inc., a provider of wholesale specialty baked goods to the grocery and food service industry, said it has reduced its long-term debt by more than $9 million. The company said it achieved the goal by negotiating the purchase of its accrued interest from all its major shareholders for 10c on the dollar and by entering into a series of promissory notes that are expected to allow the company to retire the remaining long-term debt on agreed upon favorable terms negotiated over a 10-year period of time.
“I am very excited to see the joint efforts of our new president, Howard Anders, our shareholders’ continued confidence in our visions and direction, and the opportunities these achievements provide to aid in our expansion to increase market share,” said Bill Evans, chief executive officer. “We have also established a business development team to extend our reach into national warehouse clubs, mega grocers and big box stores.”
Newberry Specialty Bakers was known as Coastal Foods, Inc. until a name change last month. The company said the name change reflects a rebranding initiative to better represent the specialty line of custom-made, quality-baked goods the company provides. The items include scones, pastries, brownies, cakes, cheesecakes, cookies and pies.In the 11 months ended Nov. 30, Newberry Specialty Bakers had net income of $782,049, which compared with a loss of $1,282,757 in full year 2014.