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Ralcorp Delays Earnings Release Again

May 16, 2012
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St. Louis-based Ralcorp Holdings announced late Tuesday that it would delay the release of its second quarter financial earnings for the second time, as the private label food maker continues reviews of its finances.

Ralcorp said in a news release, some three hours after it was scheduled to announce earnings, that it would delay the release of data and postpone its conference call with analysts, “to conclude both the internal and external in-depth reviews associated with its previously announced financial restatements.”

Ralcorp earlier said that it would postpone its earnings and a filing with the Security and Exchange Commission as it took a second look at an impairment charge that it calculated for the spinoff of its Post brand cereal business.

Morningstar analyst Erin Lash wrote a note Wednesday that said the ongoing review could result in an even larger impairment charge than the $364 million announced, reported.

“Given that the review is ongoing, we contend that the impairment charge is likely to exceed management’s original guidance,” Lash wrote in the note.

Ralcorp did not announce a new earnings release date in its statement Tuesday.

Separately, in an SEC filing Wednesday, Ralcorp announced that it gained access to a $300 million revolving credit facility through May 1, 2017. Those funds could be used for working capital and operating activities, including future acquisitions, the company said in the filing.

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