AIPC sales climb 19% in first quarter

by Eric Schroeder
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KANSAS CITY — American Italian Pasta Co. on Tuesday provided an update on certain financials for the first quarter of fiscal 2008. AIPC said it had sales of $111.7 million in the first quarter ended Dec. 28, up 19% from $94 million in the same period a year ago.

Overall volume increased 0.9% in the first quarter, compared with the first quarter of fiscal 2007.

For the first quarter of fiscal 2008, AIPC had total liquidity resources of $40.5 million, consisting of cash on hand of $15.3 million and $25.2 million available under the company’s $30 million revolving credit facility.

As of Dec. 28, total debt outstanding was $241.9 million. Total debt, net of cash, was $226.6 million, compared with $225.4 million as of Sept. 28, 2007, the company’s fiscal year end.

"We remain focused on the cost pressures associated with the durum wheat market, and are pleased to see increased revenue and solid volume performance in this inflationary environment," said Jack Kelly, chief executive officer. "These results are important as we remain focused on implementing our business initiatives and moving the company forward."

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