AIPC financial update shows narrow gain in first-quarter revenues
February 02, 2007
by Eric Schroeder
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.