US baked goods maker Interstate Bakeries has posted a quarterly loss due to disappointing sales of its Hostess Twinkies and other snack cakes.
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The company posted a net loss for the third quarter to 8 March of US$6.7m, compared with a profit of $16.7m a year earlier. Net sales fell 0.2% to $1.05bn.
Interstate also said it was in discussion with its lenders to amend current financial covenants because the company’s recent performance raised the possibility that some requirements might not be satisfied going forward. To avoid this possibility, the company said it is working with its lenders to amend the credit facility for future flexibility.
