The Imperial Sugar Company filed its quarterly report on Form 10-Q for the fiscal 2002 Q1 ended 31 December 2001 with the Securities and Exchange Commission (SEC) on 14 February.
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The company reported a net loss for the quarter of US$0.8m, or US$0.08 per primary share, on net sales of US$322.3m. Included in the Q1 results was a pre-tax gain of US$3.9m from the sale of the company’s King Packaging operation, which closed in early December 2001. For the prior year’s Q1, the company reported a loss before accounting changes of US$12.7m on net sales of US$428.5m.
The largest processor and marketer of refined sugar in the US, Imperial and substantially all of its subsidiaries emerged from chapter 11 bankruptcy protection at the end of August 2001 and applied fresh start accounting principles resulting in a new reporting entity whose results are not fully comparable to periods prior to emergence.
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