Imperial Sugar: Insurance Coverage Adequate to Rebuild

Imperial Sugar (IPSU) recently reported second quarter revenues of $145 million, resulting in a $15.5 million loss (see conference call transcript). <!---->The loss was attributed to softer refined sugar prices, but was mainly due to the explosion and shutdown of its Port Wentworth refinery. The company disclosed that the accident and subsequent fire caused $28 million of property damage and that its insurance proceeds for the quarter were $15.9 million, resulting in a one time charge against earnings of $12.1 million.