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Archive for Thursday, December 29, 2005

Interstate Bakeries reports monthly loss

December 29, 2005

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Interstate Bakeries Corp., the maker of Hostess Twinkies and Wonder Bread, announced Wednesday that it lost $32.5 million last month, its largest one-month drop since filing for bankruptcy last year.

The company also reduced its retained earnings for the prior fiscal year by $331.5 million, including a $229 million reduction in the value of intangible assets. It also set aside $66 million to cover what it must contribute to pension plans.

Interstate Bakeries said in October it was unable to file long-overdue financial reports because of disagreements with the American Bakers Assn. over contributions to retirement plans.

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