AIPC to take $55.1 million in additional charges

by Eric Schroeder
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KANSAS CITY — American Italian Pasta Co. announced that the audit committee of its board of directors has completed an internal accounting review, determining the pasta maker should take an additional $55.1 million in charges for the fourth quarter of fiscal 2005 and all of fiscal 2006.

According to AIPC, the company will record a total pre-tax impairment charge of $89.2 million in fiscal 2005, including a $35.1 million charge previously announced. The company also will take a $1 million impairment charge for fiscal 2006 related to one of its brands.

AIPC said it has completed the internal preparation of its restated financial statements for fiscal 2004 and earlier periods, as well as its financial statements and annual report for fiscal 2005 and 2006. All the documents have been turned over to its accounting firm, Ernst & Young, for completion of their review and audit.

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