Reddy Ice Holdings, Inc. reported a net loss of $2.0 million, or $0.09 per share, in the fourth quarter of 2009. This was an improvement from the net loss of $9.8 million, or $0.44 per share, in the same quarter of 2008.
Revenues also declined on a year over basis, from $57.9 million in the fourth quarter of 2008, to $54.7 million in the fourth quarter of 2009.
Reddy Ice Holdings, Inc. saw its earnings boosted in the fourth quarter by a $5.0 million payment due to an insurance recovery.
Management of Reddy Ice Holdings, Inc. attributed the loss to the recession. “Our fourth quarter results continued to be adversely impacted by general economic conditions and unfavorable weather patterns. However, we are continuing to pursue growth and efficiency opportunities and expect those efforts to contribute to our results in 2010,” said Gilbert M. Cassagne, the CEO of Reddy Ice Holdings, Inc.
Reddy Ice Holdings, Inc. is a manufacturer and distributor of packaged ice to residential and commercial customers. The company has 57 ice facilities and does business in 31 states and the District of Columbia. Reddy Ice Holdings, Inc. distributes 1.8 million tons of ice per year.