Imperial Sugar reports $6.5m loss in Q2

By Caroline Scott-Thomas

- Last updated on GMT

Related tags Refinery

Imperial Sugar reports $6.5m loss in Q2
Imperial Sugar Company reported a net loss of $6.5m in the second quarter, compared to a net profit of $4.2m in the prior year period, while net sales were up 5.6%.

Net sales for the quarter ended March 31 were $203.0 million, compared to $192.2 million for the same period last year. The company said that the increase in sales was mainly due to higher domestic sugar prices, which were up 10.5%, and more than offset a 2.4% decrease in domestic sales volumes.

Last year’s results also included a $3.6m contribution from Imperial’s Gramercy, Louisiana refinery, which has been operated by Louisiana Sugar Refining (LSR) since January 2011.

The company said it would not hold a conference call to discuss the quarter’s results due to its pending merger agreement, announced earlier this month​, when commodities group Louis Dreyfus said it had agreed to acquire the company for around $203m.

On Friday, Louis Dreyfus began the tender offer for all of Imperial’s outstanding shares at $6.35 per share.

Imperial Sugar has been involved in several major transactions over the past year, including the sale of its 50% stake in Wholesome Sweeteners for $60.4m in April.

The company’s president and CEO John Sheptor said in January that Imperial Sugar was considering selling assets to increase liquidity, after reporting a much larger than expected net loss for the fourth quarter of 2011, of $32.5m, or $2.73 per share. Analysts polled by Thomson Reuters had expected a net loss of $0.89 per share.

The company has struggled to recover financially since a dust explosion at a Georgia refinery four years ago, in which 13 people were killed and nearly 50 were injured. The facility produced about nine percent of the United States’ refined sugar supply for the full fiscal year prior to the disaster.

Related news

Show more

Related products

Fiber, the Original Gut Health Ingredient

Fiber, the Original Gut Health Ingredient

Content provided by Brightseed Inc | 18-Apr-2023 | White Paper

Gut health is in the spotlight as consumers take control of their own wellness, and fiber is taking center stage.

Sweet solutions: Soda fountain stevia breakthrough

Sweet solutions: Soda fountain stevia breakthrough

Content provided by Cargill | 21-Mar-2023 | White Paper

Until now, solubility limitations have prevented Reb M stevia-based sweeteners from being used in fountain drink syrup formulations. Cargill experts have...

Natural Vanillin for Chocolate and Confectionery

Natural Vanillin for Chocolate and Confectionery

Content provided by Solvay | 13-Mar-2023 | White Paper

With an expected value of over $128 billion in global retail sales by the end of 2023, the Chocolate & Confectionery market is vibrant and full of...

Related suppliers

Follow us


View more