Henderson bakery owner delays annual report

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Wednesday, Aug. 11, 2004 | 11:17 a.m.

BLOOMBERG NEWS

KANSAS CITY, Mo. -- Interstate Bakeries, the maker of Wonder Bread and Hostess Twinkies and operator of a plant in Henderson, is delaying the filing of its annual report with the Securities and Exchange Commission because it is restating earnings for its fiscal-second and third quarters.

Interstate will seek a 15-day extension to file the report for the year ended May 29, the company said in a statement.

Interstate said Monday it would reduce earnings for the quarters ended Nov. 15, 2003, and March 6, 2004, to reflect a $40 million charge for increased expenses related to workers' compensation insurance. The decision followed an investigation by its audit committee's independent counsel.

In late July, Interstate said the SEC started an inquiry after the company hired attorneys to review the workers' compensation reserves. The SEC review is informal, the company said.

Interstate's shares fell 14 cents to $9.04 as of 10:02 a.m. in New York Stock Exchange composite trading today. Earlier, the shares fell to a 52-week low of $9.02. They have dropped 36 percent this year.