American Italian Pasta Company Files Quarterly Reports on Form 10-Q for Fiscal Year 2008
COMPANY BECOMES CURRENT ON ALL SEC REPORTING REQUIREMENTS KANSAS CITY, Mo., Aug. 6 /EMWNews/ -- American Italian Pasta Company (Pink Sheets: AITP), the largest producer of dry pasta in North America, today announced that it has filed its Form 10-Q quarterly reports with the U.S. Securities and Exchange Commission for the quarters ended December 2007, March 2008, and June 2008. With the filing of these statements, the Company is current on all quarterly and annual SEC financial reporting requirements. The Company also announced operating results for the nine-month period ended June 27, 2008. THIRD FISCAL QUARTER OF 2008 Revenues for the nine-month period ended June 27, 2008, increased 41.3% to $407.1 million, including a 37.7% increase in revenue growth in the retail market and a 53.2% increase in the institutional market. During the fiscal 2008 nine-month period, volume increased 1.3%, as compared to the same period of fiscal 2007. Net income for the first nine months of fiscal 2008 increased $8.3 million to $11.8 million, or $0.62 per diluted share, versus a net income of $3.5 million, or $0.18 per diluted share, during the first nine months of fiscal 2007. Operational Highlights -- Retail Revenues: The Company's retail revenues increased $82.9 million, or 37.7%, to $302.8 million for the nine-months ended June 27, 2008, from $219.9 million for the nine months ended June 29, 2007. Revenues increased $3.8 million, or 1.8%, due to volume increase, and increased $77.4 million, or 29.1%, due to higher average selling prices. Revenues increased by $1.7 million due to an increase in payments received from the U.S. Government under the Continued Dumping and Subsidy Offset Act of 2000. -- Institutional Revenues: The Company's institutional market (which includes the food service channel) increased $36.2 million, or 53.2%, to $104.3 million for the nine months ended June 27, 2008. There was a negligible increase due to volume, with increases in higher average selling prices and changes in sales mix accounting for the change. -- Cost of Goods Sold: The Company continued to encounter significantly higher durum prices and higher commodity and transportation costs during the nine-month period ended June 27, 2008, as opposed to the same period of the prior fiscal year. Cost of goods sold increased 46.4% to $325.6 million for the nine months ended June 27, 2008, from $222.4 million for the nine-month period ended June 29, 2007. As a percentage of revenues, costs of goods sold increased to 80.0% for the nine-month period ended June 27, 2008, from 77.2% for the nine-month period ended June 29, 2007. These increased costs were partially offset by higher selling prices. CEO COMMENTS "This is another important milestone for the Company," said Jack Kelly, CEO of AIPC. "We are pleased that, in bringing our SEC filings up to date, we are also able to report solid results for the first nine months of our fiscal year. We look forward to the future and continued execution of our business plans." ABOUT AIPC Founded in 1988 and based in Kansas City, Missouri, American Italian Pasta Company is the largest producer of dry pasta in North America. The Company has four plants that are located in Excelsior Springs, Missouri; Columbia, South Carolina; Tolleson, Arizona and Verolanuova, Italy. The Company has approximately 600 employees located in the United States and Italy.
AMERICAN ITALIAN PASTA COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited (in thousands, except per share amounts) Nine Months Ended Nine Months Ended June 27, 2008 June 29, 2007 Change Revenues $407,135 $288,056 $119,079 Cost of goods sold 325,563 222,357 103,206 Gross profit 81,572 65,699 15,873 Gross profit as a percent of revenues 20.0% 22.8% Selling and marketing expense 19,250 15,337 3,913 General and administrative expense 29,833 24,918 4,915 (Gains) losses related to long-lived assets 344 (68) 412 Operating profit 32,145 25,512 6,633 Operating profit (loss) as a percent of revenues 7.9% 8.9% Interest expense, net 20,706 22,215 (1,509) Other (income) expense, net 224 (195) 419 Income before income taxes 11,215 3,492 7,723 Income tax (benefit) (601) (3) (598) Net income $11,816 $3,495 $8,321 EARNINGS PER COMMON SHARE Net income per common share $0.62 $0.19 Weighted-average common shares outstanding 18,988 18,671 EARNINGS PER COMMON SHARE - ASSUMING DILUTION Net income per common share $0.62 $0.18 Weighted-average common shares outstanding (including dilutive securities) 19,172 18,958 AMERICAN ITALIAN PASTA COMPANY CONSOLIDATED BALANCE SHEET Unaudited (in thousands, except share amounts) June 27, 2008 ASSETS Current assets: Cash and cash equivalents $6,398 Short-term investments 3,406 Trade and other receivables, net 52,637 Inventories 72,367 Prepaid expenses and other current assets 7,322 Deferred income taxes 1,952 Total current assets 144,082 Property, plant and equipment, net 311,525 Brands and trademarks 83,876 Other assets 18,587 Total assets $558,070 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $30,861 Accrued expenses 31,582 Current portion of deferred revenues 99 Income taxes payable - Current maturities of long-term debt 2,174 Total current liabilities 64,716 Long-term debt, less current maturities 239,900 Income taxes payable 1,858 Deferred income taxes 35,078 Litigation settlement 23,000 Deferred revenue, less current portion 322 Total liabilities 364,874 Commitments and contingencies Stockholders' equity: Preferred stock, $.001 par value: Authorized shares - 10,000,000 - Issued and outstanding shares - none Class A common stock, $.001 par value: Authorized shares - 75,000,000 22 Issued and outstanding shares - 21,550,433 and 19,387,259 Class B common stock, par value $.001 Authorized shares - 25,000,000 - Issued and outstanding - none Additional paid-in capital 252,193 Treasury stock, 2,163,174 shares (52,059) Accumulated other comprehensive income 20,810 Accumulated deficit (27,770) Total stockholders' equity 193,196 Total liabilities and stockholders' equity 558,070
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