VendingMarketWatch.com |

Interstate Bakeries Corp. reported net revenues of $689.8 million for the 12 weeks ended Aug. 25, 2007, up from $684.2 million during the same period in the previous year. IBC incurred an operating loss of $0.3 million for the quarter, compared with an operating loss of $7.8 million in the same period a year ago. The company noted that operating results in the first quarter of the current fiscal year included a non-cash asset impairment charge of $10.2 million associated with its decision to close bread operations in the Southern California market. IBC reported a net loss of $16.0 million for the quarter, compared with a net loss of $26.3 million during the same quarter a year ago.

"Our improvement in results during our first quarter reflect both tactical operating changes underway that are designed to improve IBC's efficiency and profitability, and the continuing hard work of 25,000 dedicated employees," said Craig Jung, CEO, in a prepared statement.

"Our results are on-track and encouraging. At the same time, we recognize we have a long way to go in building operating capability and lowering our cost structure to ensure the company's long-term survival and success. Critical to that success is a mutually acceptable agreement with the International Brotherhood of Teamsters that will enable IBC to secure rational financing and fund our business plan. We remain open to constructive discussions with the Teamsters," Jung said.