AIPC financial update shows narrow gain in first-quarter revenues

by Eric Schroeder
Share This:

KANSAS CITY — American Italian Pasta Co. on Friday provided an update on certain financials for the first quarter of fiscal 2007. Net revenues in the period ended Dec. 30, 2006, totaled $94 million, up narrowly from $93.7 million in the first quarter of fiscal 2006.

AIPC recently changed the way it reports revenues regarding certain promotional expenses and now treats them as a reduction in revenue as opposed to selling and marketing expenses on the company’s statement of operations.

Overall volume decreased 3% in the quarter, compared with the first quarter of 2006.

Excluding liquidation sales of $10,000 and $700,000 in the first quarter of fiscal years 2007 and 2006, respectively, revenue increased 1% and volume decreased 2% in the first quarter of fiscal 2007.

For the first quarter of fiscal 2007, AIPC had total liquidity resources of $50.5 million, consisting of cash on hand of $22.8 million and $27.7 million available under the company’s $30 million revolving credit facility.

As of Dec. 29, total debt outstanding was $254.3 million. Total debt, net of cash, was $231.5 million, compared with $239.3 million as of Sept. 29, 2006.

Comment on this Article
We welcome your thoughtful comments. Please comply with our Community rules.

The views expressed in the comments section of Food Business News do not reflect those of Food Business News or its parent company, Sosland Publishing Co., Kansas City, Mo. Concern regarding a specific comment may be registered with the Editor by clicking the Report Abuse link.