Interstate Bakeries Corporation (NYSE:IBC), the nation's largest baker and distributor of fresh branded bread and cake, today reported lower operating income and earnings per share for its 16-week third quarter ended March 10, 2001. The Company's operating income was $28,989,000, compared to the previous year's $41,336,000, while earnings per share on a diluted basis were $0.15, compared to the prior year's $0.30.