Imperial Sugar (Nasdaq:IPSU) vastly improved its performance over last year, but still are struggling with managing costs, and in getting their damaged refinery online to return to full production.
Earnings for the latest quarter came in at a loss of $5.7 million, or 48 cents a share, an improvement over the $10.5 million, or 89 cents loss a share, in the same quarter in 2009.
Revenue increased to $261 million, or 83 percent, gaining from the $142.3 million year over year.
They continue to struggle with bringing production to full levels at their Port Wentworth, Ga., refinery, where a 2008 explosion ended the lives of 14 employees, and causing heavy damage to the facility.
Some progress is being made though, as the refinery has returned to about 90 percent of its full production capacity.
News it was at 90 percent caused investors to punish the stock today, as it has plunged by higher than 15 percent at one point in the trading session, and stands at $11.80, a drop of $1.79, or 13.17 percent as of 1:50 PM EDT.
CEO John Sheptor said, "Equipment and process improvements led to better production volumes in the quarter, but the average production rate remains below our potential."
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