IMPERIAL SUGAR CO /NEW/

CIK:0000831327|SEC Filings

Consolidated Statements Of Operations (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012	Mar. 31, 2011
Consolidated Statements Of Operations [Abstract]
Net Sales	$ 203,012	$ 192,166	$ 430,688	$ 419,555
Cost of Sales (includes depreciation of $4,847,000 and $4,954,000 for the three months and $9,415,000 and $10,687,000 for the six months ended March 31, 2012 and 2011, respectively)	(200,714)	(181,869)	(421,361)	(412,950)
Selling, General and Administrative Expense (includes depreciation of $157,000 and $212,000 for the three months and $331,000 and $431,000 for the six months ended March 31, 2012 and 2011, respectively)	(10,419)	(9,667)	(21,256)	(19,316)
Gain on Contribution of Assets to Joint Venture		3,598		3,598
Operating Income (Loss)	(8,121)	4,228	(11,929)	(9,113)
Interest Expense	(1,033)	(435)	(1,984)	(798)
Interest Income	1	386	1	399
Other Income (Loss), Net	2,653	1,266	3,955	581
Income (Loss) before Income Taxes	(6,500)	5,445	(9,957)	(8,931)
Benefit (Provision) for Income Taxes (includes a Valuation Allowance of $2,413,000 and $3,462,000 for the three months and six months ended March 31, 2012)		(1,290)		4,171
Net Income (Loss)	$ (6,500)	$ 4,155	$ (9,957)	$ (4,760)
Basic Earnings (Loss) per Share of Common Stock	$ (0.54)	$ 0.35	$ (0.83)	$ (0.40)
Diluted Earnings (Loss) per Share of Common Stock	$ (0.54)	$ 0.34	$ (0.83)	$ (0.40)
Weighted Average Shares Outstanding:
Basic	12,001,464	11,896,085	11,992,970	11,870,914
Diluted	12,001,464	12,149,210	11,992,970	11,870,914

Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Operating Activities:
Net Loss	$ (9,957)	$ (4,760)
Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities:
Depreciation	9,746	11,118
Deferred Income Taxes		(4,171)
Non-Cash Stock-Based Compensation	529	1,802
Reclassification from Accumulated Other Comprehensive Income (Loss) to Net Loss	(4,237)	(1,654)
Cash (Paid) Received on Change in Fair Value of Derivative Instruments	(4,378)	14,201
Gain on Contribution of Assets to Joint Venture		(3,598)
Equity (Earnings) Loss in Unconsolidated Subsidiaries	(3,957)	85
Reduction of Fair Value of Guarantee		(700)
Excess Tax Benefits from Stock-Based Compensation		290
Other	219	114
Changes in Operating Assets and Liabilities:
Accounts Receivable	7,949	9,645
Inventories	22,621	41,856
Prepaid Expenses and Other Assets	858	14,311
Accounts Payable-Raw Sugar	(16,304)	(67,728)
Accounts Payable-Other Trade	568	(7,884)
Other Liabilities	(2,952)	(5,688)
Net Cash Provided by (Used in) Operations	705	(2,761)
Investing Activities:
Capital Expenditures	(7,382)	(16,801)
Proceeds from Sales of Investments in Unconsolidated Investees	19,737
Other	(63)	(1)
Net Cash Provided by (Used in) Investing Activities	12,292	(16,802)
Financing Activities:
Borrowings (Repayments) under Revolving Credit Line, Net	(12,828)	1,000
Cash Dividends		(578)
Excess Tax Benefits from Stock-Based Compensation		(290)
Other	(25)	(384)
Net Cash Provided by (Used in) Financing Activities	(12,853)	(252)
Increase (Decrease) in Cash and Cash Equivalents	144	(19,815)
Cash and Cash Equivalents, Beginning of Period	134	22,750
Cash and Cash Equivalents, End of Period	278	2,935
Supplemental Non-Cash Items:
Tax Effect of Deferred Gains and Losses		5,707
Purchase of Property, Plant and Equipment on Account	$ 1,427	$ 1,221

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Sep. 30, 2011
ASSETS
Cash and Cash Equivalents	$ 278	$ 134
Marketable Securities	208	206
Accounts Receivable, Net	49,340	55,622
Inventories:
Finished Products	25,833	31,268
Raw and In-Process Materials	3,095	21,966
Supplies	19,040	17,355
Total Inventory	47,968	70,589
Prepaid Expenses and Other Current Assets	17,044	59,155
Total Current Assets	114,838	185,706
Other Investments	21,193	38,577
Property, Plant and Equipment, Net	249,065	251,009
Deferred Income Taxes, Net	11,223	11,034
Other Assets	4,925	4,095
Total	401,244	490,421
LIABILITIES AND SHAREHOLDERS' EQUITY
Raw Sugar	7,157	23,461
Other Trade	14,354	13,367
Total Accounts Payable	21,511	36,828
Borrowing under Revolving Credit Line	69,015	81,843
Deferred Income Taxes, Net	8,313	8,313
Other Current Liabilities	34,158	74,200
Total Current Liabilities	132,997	201,184
Deferred Employee Benefits and Other Liabilities	124,835	127,783
Commitments and Contingencies
Shareholders' Equity:
Preferred Stock, Without Par Value, Issuable in Series; 5,000,000 Shares Authorized, None Issued
Common Stock, Without Par Value; 50,000,000 Shares Authorized; 12,241,618 and 12,223,978 Shares Issued and Outstanding at March 31, 2012 and September 30, 2011	132,076	131,572
Retained Earnings	99,506	109,463
Accumulated Other Comprehensive Loss	(88,170)	(79,581)
Total Shareholders' Equity	143,412	161,454
Total	$ 401,244	$ 490,421