Reddy Ice first-quarter loss from operations shrinks to $21.03 million

By Caroline Salls

Pittsburgh, May 14 - Reddy Ice Holdings, Inc. reported a $21.03 million loss from operations for the three months ended March 31 on $44.28 million in revenues, according to a 10-Q filed Monday with the Securities and Exchange Commission.

The figures showed improvement over the $21.71 million net loss posted for the three months ended March 31, 2011 on $40.75 million in revenues.

According to the 10-Q, the increase in revenues resulted primarily from a percentage increase in packaged ice volume sales in the mid-single digits related to improved weather patterns in most of Reddy Ice's markets, stabilized economic conditions and the addition of new customers through both acquisitions and organic growth.

The company said these factors were partially offset by the effects of lost customers as a result of competitive activity.

The net loss for the first quarter of 2012 was $44.34 million, widening from a $39.1 million net loss for the same period of 2011.

The company had $5.39 million in cash and cash equivalents at March 31, down from $9.94 million at Dec. 31.

Reddy Ice, a Dallas-based manufacturer and distributor of packaged ice, filed for bankruptcy on April 12 in the U.S. Bankruptcy Court for the Northern District of Texas. The Chapter 11 case number is 12-32349.

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