Date: Thu, 18 Dec 1997 06:37:53 GMT Server: Apache/1.1.1 Content-type: text/html Content-length: 3064 Last-modified: Wed, 08 Oct 1997 18:45:41 GMT
Press Release
Imperial Holly Corporation
Sugarland, Texas
IMPERIAL HOLLY CORPORATION REPORTS THIRD QUARTER RESULTS
IMPERIAL HOLLY CORPORATION
REPORTS THIRD QUARTER RESULTS
Sugar Land, Texas - January 31, 1997 - Imperial Holly Corporation (AMEX: IHK) reported earnings of $1,496,000 or $0.11 per share on revenues of $189,935,000 for its third fiscal quarter ended December 31, 1996 compared to a loss before extraordinary item for last year's third quarter of $419,000 or $0.04 per share on revenues of $171,569,000. Current months year-to-date results are revenues of $583,890,000 and earnings of $8,573,000 or $0.71 per share compared to the prior fiscal year's loss before extraordinary item of $1,183,000 or $0.12 per share on revenues of $486,179,000. The current year results include pre-tax gains on sales of marketable securities totaling $41,000 for the three months and $435,000 for the nine month periods, compared to gains in the prior year of $2,226,000 and $5,390,000 for the three and nine month periods, respectively. Additionally, the Company reported extraordinary gains in the prior year's periods of $224,000 or $0.02 per share for the quarter and $604,000 or $0.06 per share for the nine month period. The extraordinary items represented the gains, net of tax, realized from the acquisition and retirement of a portion of the Company's 8 3/8% Senior Notes due in 1999.
The Company's operating results continue to be positively impacted by higher sales prices for refined sugar and by-products and increases in shipments of refined sugar at its Imperial Sugar refinery. Refined beet sugar sales volumes for the quarter were down somewhat from the year earlier's level. Reduced sugar beet acreage supplying two of the Company's beet sugar factories, and higher natural gas costs put upward pressure on manufacturing costs, however unit sales margins continued to expand.
The statements regarding future market prices and the other statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including, but not limited to, market factors, the effect of weather and economic conditions, farm and trade policy, the available supply of sugar and other factors detailed in the Company's Securities and Exchange Commission filings.
For more information please contact:
William F. Schwer
Imperial Holly Corporation
281/491-9181