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Imperial Sugar Co. Message Board

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  • shorthighcoverlower shorthighcoverlower Aug 6, 2010 8:44 AM Flag

    Cash position up 50%

    yes.but they used cash to pay the dividend and to procure additional capital improvements!

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    • The dividend and capex should be funded by operating income, not by liquidating inventory. But here there is no operating income.

      I keep coming back to the bottom line that even with $10.7m in hedging gains, they still reported a huge loss. Yes the plant was (only) 90%. But isn't this supposed to be the newest, most efficient plant in the business? If at 90% capacity in a state of the art plant, with the highest industry spreads in memory they still can't make money, something is very wrong.

      • 1 Reply to dwy000
      • They spent $7.6 million on capital improvements for the third quarter and expect to spend an additional $10-15 million in this category in their fourth quarter.They have spent $230 million of insurance dollars rebuilding Port Wentworth, and expect about $10 million necessary to complete the project.Hmmm.... the company is currently worth $150 million by the stock market and they put in more than that just to repair one plant..I smell a disconnect here...