Imperial Sugar Company Reports Annual Results for its Fiscal Year Ended September 30, 2011

January 6, 2012

Imperial Sugar Company (NasdaqGS: IPSU) reported revenues for its fiscal year ended September 30, 2011 slipped 6.6% to $848 million compared to $908 million during fiscal 2010.  Sales volume decreased 22.1% in fiscal 2011, however this was partially offset by an increase of 19.3% in domestic prices due to tight supply and higher raw sugar prices.

Imperial Sugar reported a net loss of $53.4 million or $(4.49) per share for fiscal 2011 versus net income of $136.9 million or $11.33 per share in fiscal 2010.  Fiscal 2010 benefited from the recognition of insurance recoveries in the amount of of $278.5 million, which was partially offset by provision for income taxes of $76.2 million.  The insurance recoveries were related to the settlement of property and business interruption insurance claims related to the accidental explosion at its Port Wentworth sugar refinery.

At the end of fiscal 2011 the balance sheet had current assets of $185.7 million, total assets of $490.4 million, total current liabilities of $201.2 million and total liabilities of $329 million.

Imperial Sugar Company refines, packages and distributes cane sugar through a refinery and packaging facility located in in Georgia and a packaging facility located in Louisiana.  The company’s products include granulated, powdered, liquid and brown sugars as well as co-crystallized sweeteners and syrups.  The products are marketed under various brand names including Dixie Crystals®, Imperial®, Savannah Gold®, NatureWise® and Holly®.  The company also produces private label products.

Source: Imperial Sugar Company

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