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The Sugar Land, Texas-based company released its fiscal 2008 earnings Monday.
"2008 has been clouded by the Port Wentworth event," said John Sheptor, Imperial's president and CEO. "The losses reported ... are disappointing and not representative of the strength of the company."
Imperial Sugar's income for the year that ended Sept. 30 dropped from a net income of $43.6 million in 2007 to a net loss of $21.2 million in 2008.
The loss was attributed primarily to the Feb. 7 tragedy, which left the company with less sugar to sell even as the cost of raw sugar was going up.
Despite the losses, the company is in a strong financial position because of its liquidity and lack of debt, Sheptor said.
Imperial Sugar (NASDAQ: IPSU | Quote | Chart | News | PowerRating) closed at $12.85 on Monday, up 4.6 percent from Friday.
Net sales for the fiscal year were $592.4 million, a 32 percent drop from $875.6 million a year earlier.
The company "continues to be impacted by the Port Wentworth accident, both by restricted volume and higher costs," said Hal Mechler, the company's CFO.
The company has incurred $63.3 million in charges related to the Port Wentworth explosion and fires, which has been partially offset by $36.1 million in insurance recoveries, according to the company's annual report.
Rebuilding the damaged portions of the Port Wentworth facility is expected to cost between $200 million and $220 million. The company broke ground on a new packaging warehouse Nov. 20 and on Nov. 25 shipped the first load of sugar since the explosion.
Company officials expect production of bulk granulated sugar to begin in early 2009 and the packaging facility to be restored next fall.
Imperial Sugar is involved in 19 lawsuits, 17 by employees and two by third parties or their families, for injuries and loss of life from the Feb. 7 incident.
Company officials declined to elaborate on the pending litigation.
The company is in the early stages of contesting citations issued July 25 by the Occupational Safety and Health Administration. The citations propose penalties of $8.8 million for safety violations and other issues.
Imperial Sugar is in discussions with Louisiana Sugar Refinery LLC, which is owned by Cargill Inc. and Sugar Growers and Refiners Inc., to jointly build and operate a new sugar refinery.
The new refinery would be built adjacent to Imperial's existing facilities in Gramercy, La.
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