SUGAR LAND, TEXAS — Imperial Sugar Co. sustained a loss in the first quarter of fiscal 2011 as results were adversely affected by comparisons that included insurance settlements during the same period of the previous year from the February 2008 Port Wentworth accident.
For the quarter ended Dec. 31, 2010, the company had a loss of $8,915,000, which compared with income of $178,116,000, equal to $15.11 per share on the common stock, during the same quarter of the previous year. Sales for the quarter were $227,389,000, up 31% from $173,779,000 during the same quarter of the previous year.
“A number of important milestones were reached during the past few months as we continue to implement our strategic vision and position the company for the future,” said John Sheptor, president and chief executive officer. “We completed the necessary improvements to the Gramercy refinery, and turned over operational control of the facility to Louisiana Sugar Refining, L.L.C., our one-third owned joint venture, on the first of January. L.S.R. re-initiated refining operations in the existing refinery in early February. Construction of the new L.S.R. refinery remains on track for a summer 2011 start-up.”
Domestic raw sugar prices and costs were higher in the quarter as well, impacting results.
“The process modifications implemented in the Port Wentworth refinery at the beginning of October produced immediate improvements in refinery results,” Mr. Sheptor said. “The refined silo repairs were completed by the contractor in mid-January and we anticipate placing the silos back in service in early February. We are anxious to continue the ramp-up in production in Port Wentworth once the silos are on line.”