Imperial Sugar 4Q Loss Widens On Charges, Lower Sales Volume - WSJ.com

Imperial Sugar 4Q Loss Widens On Charges, Lower Sales Volume - WSJ.com: "Imperial Sugar Co.'s (IPSU) fiscal fourth-quarter loss widened, reflecting impairment charges and a 27% drop in the refined-sugar processor's sales volume.

High raw sugar prices and competitive refined sugar pricing continue to weigh on Imperial Sugar. In November, the company decided to suspended its quarterly dividend amid margin and liquidity pressure. To improve its balance sheet, the company sold its 50% interest in the Mexican marketing venture Comercializadora Santos Imperial S. de R.L. de C.V. and sold its one-third stake in Louisiana Sugar Refining LLC. Imperial is also reviewing strategic alternatives for its 50% interest in Wholesome Sweeteners.

For the quarter ended Sept. 30, Imperial reported a loss of $32.5 million, or $2.73 a share, compared with a loss of $2.31 million, or 19 cents, a year earlier. The most-recent quarter included impairment charges totaling $7.1 million. Sales dropped 12% to $231.4 million.

Analysts polled by Thomson Reuters had most recently forecast a loss of 79 cents on revenue of $219 million.

Gross margin swung to negative 3.5% from positive 2.7%."

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