SUGAR LAND, Texas (AP) — Imperial Sugar Co.'s fiscal fourth-quarter loss widened as it dealt with increased raw sugar prices and competitive pricing by its rivals.
The Sugar Land, Texas company said Friday that it will consider more asset sales as higher sugar prices and mounting losses put pressure on its financial resources.
The company reported Friday that it lost $32.5 million, or $2.73 per share, in the quarter ended Sept. 30. That compares with a loss of $2.3 million, or 19 cents per share, a year ago.
Revenue for the three months ended Sept. 30 slipped 13 percent to $231.4 million from $264.4 million.
President and CEO John Sheptor said in a statement that aside from the higher raw sugar prices and competitive pricing, Imperial Sugar's results were hurt by slower-than-expected progress in raising production rates and cutting costs at its refinery in Port Wentworth, Ga.
For the year, Imperial Sugar lost $53.4 million, or $4.49 per share. That compares with a profit of $136.9 million, or $11.33 per share, in the previous year.
Fiscal 2010's results included a pretax $278.5 million gain related to an insurance claim settlement, while fiscal 2011's results include an $18.9 million charge for a valuation allowance and impairment charges of $7.1 million.
Annual revenue declined 7 percent to $848 million from $908 million.