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