Published:
American Italian Pasta Company Reports Second Quarter and First Half of Fiscal Year 2008 Financial Data
KANSAS CITY, Mo., May 16 /PRNewswire-FirstCall/ -- American Italian Pasta
Company (Pink Sheets: AITP), the largest producer of dry pasta inNorth
America, today reported certain preliminary, unaudited financial information
for the second quarter and first half of the fiscal year ended March 28, 2008.
SECOND QUARTER FISCAL YEAR 2008
Operating results
Net revenue for the period ended March 28, 2008 was $139.6 million.
Revenues were up 44.2% as compared to the second quarter of fiscal year 2007.
Revenues were significantly impacted by general price increases implemented in
the period and were partially offset by a volume decline of 1.3%, as compared
to the second quarter of fiscal year 2007.
Gross profit for the period was $32.3 million, reflecting $107.3 million
cost of goods sold. Cost of goods sold included $5.2 million of depreciation
and also reflected increased durum costs.
Selling and marketing expenses totaled $6.2 million, general and
administrative expenses totaled $9.3 million, and loss on disposition of
long-lived assets totaled $0.2 million, for an operating profit of
$16.6 million. Selling and marketing expenses included $0.3 million of
package design amortization. General and administrative expenses included
professional fees related to the Company's restatement (legal, accounting and
management consulting) of $3.2 million, and $0.6 million of depreciation and
amortization.
Results preliminary
The Company noted that all of the above financial data are unaudited and
subject to adjustment, and that its final financial statements could differ
materially from this preliminary data. Possible adjustments relate to
promotional expenses, accounting period cutoff procedures, equity-based
compensation accounting, and other issues resulting from the previously
announced Audit Committee investigation.
FIRST HALF FISCAL YEAR 2008
Operating results
Net revenue for the period ended March 28, 2008 was $251.3 million,
including $4.6 million of payments received pursuant to the Continued Dumping
and Subsidy Offset Act of 2000 (CDSOA). Revenues were up 31.6% as compared to
the first half of fiscal year 2007. Revenues were significantly impacted by
general price increases implemented in the period and were partially offset by
a volume decline of 0.2%, as compared to the first half of fiscal year 2007.
Gross profit for the period was $56.6 million, reflecting $194.7 million
cost of goods sold. Cost of goods sold included $10.3 million of depreciation
and also reflected increased durum costs.
Selling and marketing expenses totaled $12.3 million, general and
administrative expenses totaled $19.5 million, and a loss on disposition of
long-lived assets totaled $0.2 million, for an operating profit of
$24.6 million. Selling and marketing expenses included $0.7 million of
package design amortization. General and administrative expenses included
professional fees related to the Company's restatement (legal, accounting and
management consulting) of $7.2 million, and $1.2 million of depreciation and
amortization.
Results preliminary
The Company noted that all of the above financial data are unaudited and
subject to adjustment, and that its final financial statements could differ
materially from this preliminary data. Possible adjustments relate to
promotional expenses, accounting period cutoff procedures, equity-based
compensation accounting, and other issues resulting from the previously
announced Audit Committee investigation.
ABOUT AIPC
Founded in 1988 and based inKansas City, Missouri, American Italian Pasta
Company is the largest producer of dry pasta inNorth America. The Company
has four plants that are located inExcelsior Springs, Missouri;Columbia,
South Carolina;Tolleson, Arizona and Verolanuova,Italy. The Company has
approximately 600 employees located inthe United States andItaly.
When used in this release, the words "anticipate," "believe," "estimate,"
and "expect" and similar expressions are intended to identify forward-looking
statements, but are not the exclusive means of identifying these statements.
The statements by the Company regarding operating results for the second
quarter and first half of its fiscal year 2008 are forward-looking. Actual
results or events could differ materially. The differences could be caused by
a number of factors, including, but not limited to, the findings of the Audit
Committee investigation, the Company's review of its financial statements, a
review and/or audit of the Company's financial statements by its independent
registered public accounting firm, the SEC staff review, and the conclusions
reached regarding financial reporting. The Company will not update any
forward-looking statements in this press release to reflect future events.
SOURCE American Italian Pasta Company
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Copyright © 2008, NewsBlaze,
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