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Imperial Sugar Company Announces Strong Fiscal 2006 Financial Results and Declares $3.00 Special Dividend
Tuesday December 12, 7:30 am ET


SUGAR LAND, Texas--(BUSINESS WIRE)--Imperial Sugar Company (NASDAQ:IPSU - News) today announced financial results for its fourth quarter and fiscal year ended September 30, 2006, and announced the declaration of a special dividend of $3.00 per share payable January 5, 2007, to shareholders of record December 26, 2006.
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For the fiscal year ended September 30, 2006, the Company reported income from continuing operations of $48.4 million, or $4.31 per diluted share, compared to a loss from continuing operations for fiscal 2005 of $5.4 million, or $0.52 per diluted share. The Company reported a net income of $50.1 million, or $4.45 per diluted share, for fiscal 2006, compared to a net loss of $19.3 million, or $1.84 per diluted share for fiscal 2005. The prior year's results include a loss from discontinued operations of $13.9 million.

"We are very pleased with our financial results for fiscal 2006," said Robert A. Peiser, Imperial's president and chief executive officer. "Industry dynamics were very favorable to us and enabled us to improve margins across all channels to very acceptable levels. We are also very proud of the internal improvements that we have made, including significant investments to our systems and enhancements to our internal processes, all aimed at improving our customer service capabilities and metrics. Finally, we continued to aggressively promote our new consumer products. While this is a relatively small part of our overall business, it does position Imperial as a leading innovator in the category.

"Looking into our 2007 fiscal year, we have seen reduced market prices and margins in the industrial channel and parts of the foodservice channel. At the same time, other areas have yet to be significantly affected by this softening. In addition, full impact of the industrial pricing and margin reductions will be delayed because of our industrial contracted position as many customers contract with us before the beginning of the fiscal year for periods of up to a full year. Nevertheless, while it is not possible to predict the magnitude or duration of sugar pricing trends, fiscal 2007 prices and margins are expected to be below 2006 levels. To some extent, we expect these dynamics to be offset by reduced costs of raw sugar and lower energy costs relative to fiscal 2006. As a result of the combination of these factors, we continue to believe we can maintain a profit outlook that is superior to historical averages.

"In recognition of these very strong operating results and our strong financial position, including a substantial amount of cash and large inventory levels that are expected to be reduced during the current quarter, our Board of Directors has declared a $3.00 special dividend payable January 5, 2007, to shareholders of record December 26, 2006. This is in addition to our regular quarterly dividend program and is the second special dividend we have paid in the past fourteen months. We are pleased to be able to once again demonstrate to our investors our commitment towards enhancing stockholder value while retaining a very strong balance sheet with ample liquidity to both manage our business in this volatile domestic sugar industry and provide sufficient flexibility for appropriate strategic initiatives."

For the year ended September 30, 2006, revenues from continuing operations increased to $946.8 million from $803.8 million in fiscal 2005, because of sales prices, which were 17.5% higher for domestic sales in 2006. Gross margin as a percent of sales increased to 13.8% in 2006 compared to 5.3% in fiscal 2005, as a result of the higher sales prices, offset in part by higher energy, raw sugar, transportation and manufacturing costs.

Selling, general and administrative expense for fiscal 2006, increased $1.0 million from fiscal 2005, primarily due to increased incentive compensation and advertising and promotion costs, offset in part by lower salary and benefit costs.

For the fourth fiscal quarter ended September 30, 2006, the Company reported income from continuing operations of $15.5 million, or $1.34 per diluted share, compared to a loss of $2.8 million or $0.26 per diluted share during the same quarter last year. Net sales from continuing operations for the fiscal 2006 fourth quarter were $240.3 million, compared to $226.6 million for the fourth fiscal quarter last year due primarily to an increase in domestic sugar price. Gross margin as a percentage of revenue increased to 15.5% in the fourth fiscal quarter from 4.7% in the same quarter of the previous year. This margin improvement was primarily attributable to higher sales prices offset by higher energy, freight and raw sugar costs in the fourth quarter of fiscal 2006.

As previously announced, Company officials will discuss Imperial Sugar's operating results for the quarter and year ended September 30, 2006, its current financial position and its business strategies on a call and webcast to be held at 11:00 a.m. EST on Tuesday, December 12, 2006. Participants wishing to listen and participate in a brief question-and-answer session after the presentation can dial 866-383-8119 and enter the Passcode: 92833040. The conference call also can be accessed via live audio webcast by visiting Imperial Sugar's web site at http://www.imperialsugar.com and clicking on the "Q4 2006 Imperial Sugar Earnings Conference Call" icon under "Investor Relations." For those who are unable to listen to the call during its live broadcast, a replay of the entire presentation will be available on the company's web site beginning one hour following the conclusion of the call. In addition to the webcast replay, a telephone replay will also be available beginning one hour following the conclusion of the call that can be accessed by dialing 888-286-8010 and entering the Passcode: 90283956. Both replays will be available through January 11, 2007.

About Imperial Sugar

Imperial Sugar Company is one of the largest processors and marketers of refined sugar in the United States to food manufacturers, retail grocers and foodservice distributors. With packaging and refining facilities across the U.S., the Company markets products nationally under the Imperial®, Dixie Crystals® and Holly® brands. For more information about Imperial Sugar, visit www.imperialsugar.com.

Statements regarding future market prices and margins, future energy costs, future operating results, future availability of raw sugar, operating efficiencies, future government and legislative action, future cost savings, future benefit costs, our liquidity and ability to finance our operations, and other statements that are not historical facts contained in this release are forward-looking statements that involve certain risks, uncertainties and assumptions. These include, but are not limited to, market factors, energy costs, the effect of weather and economic conditions, farm and trade policy, our ability to realize planned cost savings, the available supply of sugar, actual or threatened acts of terrorism or armed hostilities, legislative, administrative and judicial actions and other factors detailed in the Company's Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.

IMPERIAL SUGAR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
(Unaudited)



Three Months Ended Year Ended
September 30, September 30,
2006 2005 2006 2005
--------- --------- --------- ---------

Net Sales $240,279 $226,551 $946,823 $803,774
Cost of Sales 203,100 215,801 816,371 761,532
--------- --------- --------- ---------
Gross Margin 37,179 10,750 130,452 42,242

Selling, General and
Administrative Expense 10,732 12,062 44,149 43,123
Depreciation 3,816 3,275 14,499 12,739
Loss (Gain) on Operating Asset
Sales - 441 116 (2,931)
--------- --------- --------- ---------
Operating Income (Loss) 22,631 (5,028) 71,688 (10,689)

Interest Expense (530) (1,211) (2,156) (2,909)
Gain on Non-Operating Asset
Sales - - - 1,854
Other 1,190 2,004 4,166 3,683
--------- --------- --------- ---------

Income (Loss) from Continuing
Operations Before Income
Taxes 23,291 (4,235) 73,698 (8,061)
Provision (Benefit) for Income
Taxes 7,835 (1,479) 25,286 (2,618)
--------- --------- --------- ---------
Income (Loss) from Continuing
Operations 15,456 (2,756) 48,412 (5,443)

Income (Loss) from
Discontinued Operations 275 (17,526) 1,647 (13,865)
--------- --------- --------- ---------

Net Income (Loss) $ 15,731 $(20,282) $ 50,059 $(19,308)
========= ========= ========= =========

Basic Earnings
Per Share of Common Stock:
Income (Loss) from
Continuing Operations $ 1.39 $ (0.26) $ 4.44 $ (0.52)
Income (Loss) from
Discontinued Operations 0.02 (1.66) 0.15 (1.32)
--------- --------- --------- ---------
Net Income (Loss) $ 1.41 $ (1.92) $ 4.59 $ (1.84)
========= ========= ========= =========

Diluted Earnings
Per Share of Common Stock:
Income (Loss) from
Continuing Operations $ 1.34 $ (0.26) $ 4.31 $ (0.52)
Income (Loss) from
Discontinued Operations 0.02 (1.66) 0.14 (1.32)
--------- --------- --------- ---------
Net Income (Loss) $ 1.36 $ (1.92) $ 4.45 $ (1.84)
========= ========= ========= =========

IMPERIAL SUGAR COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands of Dollars)
(Unaudited)

September 30, September 30,
2006 2005
------------- -------------

Cash and Temporary Investments $ 56,250 $ 49,179
Accounts Receivable 54,192 52,233
Inventory 136,999 95,647
Other Current Assets 12,625 16,972
------------- -------------
Current Assets 260,066 214,031
Plant Property & Equipment 90,449 96,818
Deferred Income Taxes 15,073 40,338
Other Assets 5,555 8,604
------------- -------------
Total $ 371,143 $ 359,791
============= =============

Accounts Payable $ 67,574 $ 69,142
Current Maturities of Long Term Debt 2,665 2,346
Other Current Liabilities 30,214 23,386
------------- -------------
Current Liabilities 100,453 94,874
Long-Term Debt 4,165 6,707
Current Maturities of Long-Term Debt (2,665) (2,346)
------------- -------------
Long-Term Debt - Net of Current
Maturities 1,500 4,361
Other Liabilities 83,305 111,084
Shareholders' Equity 185,885 149,472
------------- -------------
Total $ 371,143 $ 359,791
============= =============

Shares of Common Stock Outstanding 11,292,449 10,561,017



Contact:
Imperial Sugar Company
H. P. Mechler, Senior Vice President & CFO, 281-490-9652

--------------------------------------------------------------------------------
Source: Imperial Sugar Company

[scopus]

3$ special dividend

"In recognition of these very strong operating results and our strong financial position, including a substantial amount of cash and large inventory levels that are expected to be reduced during the current quarter, our Board of Directors has declared a $3.00 special dividend payable January 5, 2007, to shareholders of record December 26, 2006. This is in addition to our regular quarterly dividend program and is the second special dividend we have paid in the past fourteen months. We are pleased to be able to once again demonstrate to our investors our commitment towards enhancing stockholder value while retaining a very strong balance sheet with ample liquidity to both manage our business in this volatile domestic sugar industry and provide sufficient flexibility for appropriate strategic initiatives."