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Imperial Sugar Has Taken It's Lumps
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Back in February I sold my favorite stock, Imperial Sugar, because of the explosion at their Georgia refining plant. I expected a short-time hit due to the business problems that the explosion would create for them. Imperial Sugar has taken their hit. Due to the explosion they showed a 2nd quarter loss and as I feared were not able to meet all of their supply committments. The stock has suffered a $5.00+ loss in per share price since that time. I believe it is time to re-enter the market for this stock. All of the things that I love about Imperial Sugar are still true. They have no debt. Their book value is now higher than the current share price. The price could continue south a bit more, but I do not expect that to happen. I believe that their next quarter figures will show that they are adjusting to the situation and that they will do a better job of meeting their supply committments as a result. This is a solid proven company which has produced consistent cash flow and returned value to their investors over the years. They took a left hook on the chin with the explosion and subsequent damage to their business, but like a good fighter they will begin to recover from the blow and get back into the fight. Sugar prices are stable though not really setting any price records. I have added a small monitoring position to my personal portfolio. | ||
