KANSAS CITY — Interstate Bakeries Corp. sustained a loss of $11,288,282 in the four weeks ended Dec. 13, which compared with a loss of $20,937,450 in the four weeks ended Nov. 15, according to an 8-K filed Jan. 28 with the Securities and Exchange Commission.
Sales in the four weeks ended Dec. 13 were $201,802,115, down 5% from $211,621,699 in the four-week period ended Nov. 15. The decline marked the ninth consecutive month of lower sales.
Operating expenses finished at $102,980,955, up 12% from $91,913,276 in the previous period. Ingredients, packaging and outside purchasing costs, meanwhile, were $55,321,821, down 9% from $61,094,423, while direct and indirect labor costs fell to $32,753,372 from $33,757,863 in the previous period.
I.B.C. recorded restructuring and reorganization charges of $3,319,572, including $3,379,179 in professional fees and $91,834 in "other" charges. The charges were only partially offset by $102,660 in adjustments to lease rejection expense, $38,306 on the gain on the sale of assets and $10,475 in interest expense.
As of Dec. 13, I.B.C. had borrowed $110.9 million under its $309 million debtor-in-possession credit facility. The company said it has $149.1 million of letters of credit outstanding. The amount of the credit facility available for borrowing was $49 million as of Dec. 13.