Milling & Baking News - January 31, 2006 - 14

B U S I N E S S

I.B.C. sustains $10.1 million loss
in four-week period
KANSAS CITY - Interstate Bakeries
Corp. sustained a loss of $10,119,904

Interstate Bakeries Corp.
Operating income (loss)
since bankruptcy

- 2004 -

- 2005 -

(for four-week period reporting cycles)
December
November
October
September
August
July
June
May
April
March
February
January
December
November
October

($10,119,904)
($32,534,746)
($18,962,788)
($7,962,855)
($5,189,122)
$1,643,044
($13,008,011)
($2,691,021)
($36,497,495)
($8,533,688)
($13,016,208)
($17,266,307)
($20,704,482)
($1,027,075)
($8,012,310)

Lender's introducing
whole grain bagels in
New York Style line
MOUNTAIN LAKE, N.J. - Pinnacle
Foods Group Inc. has introduced a line
of whole wheat bagels under its Lender's New York Style Bagels brand.
The new line is aimed at "bagel lovers looking to live a healthier lifestyle,"
Pinnacle said. The whole grain varieties include 100% whole wheat, whole
grain-multi-grain, whole grain plain and
whole grain cinnamon raisin.
Also under the Lender's New York Style
Bagels, Pinnacle is introducing an
Everything variety. Existing varieties include plain, cinnamon
raisin and blueberry. Each package
consists of six pre-sliced bagels at a
suggested retail price of $3.19.
"The debut of Lender's New
York Style Bagels, which
are now available in a variety of whole and healthful
grain-flavored styles, is a
direct response to consumers'
demands to maintain a
healthy diet," said James
D'Agosta, category manager
of Lender's bagels. "While
Lender's is a seasoned
brand, it always strives
to stay on top of the current trends and in sync
with
the immediate demands
of its consumers." MBN
14 / Milling & Baking News, January 31, 2006

in the four-week period ended Dec.
10, which compared with a loss of
$32,534,746 in the four-week period
ended Nov. 12, according to an 8-K
filed Jan. 25 with the Securities and
Exchange Commission.
Sales in the four weeks ended Dec. 10
fell to a new low of $223,768,853, down
3% from $231,310,359 in the previous
four-week period. Operating expenses
finished at $120,175,191, down from
$122,642,784 in the previous four-week
period. Restructuring and reorganization expenses during the most recent
period included charges for professional fees of approximately $1,834,000,
key employee retention plan and restructuring bonus accruals of approximately $327,000, severance pay related
to route consolidation of approximately
$1,968,000 and gains on property sales
of approximately $8,913,000.
As of Dec. 10, I.B.C. had not bor-

rowed under its $200 million debtorin-possession credit facility, which is
subject to a borrowing base formula
based on its level of eligible accounts
receivable, inventory, certain real
property and reserves. I.B.C. said the
credit facility was used to support
the issuance of letters of credit primarily in support of the company's
insurance programs.
Also as of Dec. 10, there were $71.4
million of letters of credit outstanding, which were partially collateralized by $31.4 million of restricted cash
as shown on the monthly operating
report. The amount of the credit facility available for borrowing was $102.6
million as of Dec. 10.
In addition, I.B.C. said Mrs. Cubbison's Foods, Inc., a majority-owned
indirect subsidiary, on Jan. 14 filed
a voluntary petition for relief under
Chapter 11 of the U.S. bankruptcy
code in the Western District of Missouri. Mrs. Cubbison's is a maker
of croutons, stuffing and holiday
dressing mixes. MBN

Survey reveals Americans still
unsure of whole grains
ENGLEWOOD, N.J. - In a survey
conducted by the Whole Grains Council and Knorr-Lipton Sides, results
showed 68% of adults are unaware
they should consume at least three
daily servings of whole grains, and
47% are seeking easier and tastier
ways to incorporate whole grain products into the meals they prepare.
More than one-fifth of the public
(22%) was unable to name any of the
benefits of eating whole grains and
over a fourth (28%) of those who prepare food for others admitted they
don't know what makes whole grain

products different from refined ones.
Knorr-Lipton Sides, which recently created a line of whole grain side
dishes, has joined the Whole Grains
Council, a leading consortium of industry experts including scientists and
chefs working with Oldways Preservation Trust, to increase consumption of
whole grains for better nutrition.
In addition to conducting the survey
with the Whole Grains Council, KnorrLipton Sides was the lead sponsor of the
Winter Whole Grains Conference, "Getting Whole Grains to 3," in Orlando,
Fla., which took place Jan. 18-20. MBN

C.B.O.T. will vote March 8 on
electronic trading rule changes
CHICAGO - The board of directors of the Chicago Board of Trade has
called a special meeting March 8 for members to vote on changes to rules
governing electronic trading of agricultural commodities.
Currently, C.B.O.T. rules require approval of exchange members before
agricultural products may be listed on the C.B.O.T.'s electronic trading
platform during the trading day. The board on Jan. 24 approved changes
that eliminate the member approval requirement and would allow the
board of directors to determine the best time and platform for trading of
agricultural products.
The changes to the rules, as well as certain related changes to the
C.B.O.T.'s charter, must be approved by the members of the exchange and
will be voted on at the March 8 meeting. MBN

bakingbusiness.com / world-grain.com

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Milling & Baking News - January 31, 2006

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