November 10, 2011 / 11:45 AM / in 7 years

UPDATE 1-Arctic Glacier swings to Q3 profit

Nov 10 (Reuters) - Canadian packaged ice maker Arctic Glacier Income Fund swung to a third-quarter profit helped by favorable weather in many of its markets and the debt-ridden company said it was in talks with its lenders to restructure debt.

Arctic said its highest priority remains ongoing discussions with its lenders to secure a financing solution for its revolving term credit and term loan facilities.

Arctic Glacier has racked up massive debt battling lawsuits and government investigations into the packaged-ice market’s practices.

In mid-August, Arctic Glacier had said its ability to continue as a going concern was heavily dependent on it getting waivers for credit covenants from lenders.

The company posted July-September net earnings of $21.6 million, or 2 cents per unit, compared with a loss of $45.7 million, or $1.17 per unit, a year ago. On an adjusted basis, it earned 11 cents per unit.

Sales in the third quarter rose 7 percent to $111.8 million.

Arctic Glacier’s shares closed at 90 Canadian cents on the Toronto Stock Exchange. The Toronto Stock Exchange has begun a delisting review of the fund’s units. (Reporting by Swetha Gopinath in Bangalore; Editing by Viraj Nair)

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