AIPC fiscal year net income jumps to $19.1 million

by Jeff Gelski
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KANSAS CITY — American Italian Pasta Co.’s net income for the fiscal year ended Sept. 26 rose to $19,111,000, equal to $1 per share on the common stock, up 260% from $5,348,000, or 29c per share, in the previous fiscal year. Revenues increased 43% to $569,196,000, which compared to $398,122,000 in the previous fiscal year.

"The strong results illustrate the expertise and hard work of our employees, coupled with AIPC’s strategic focus on the fast-growing customer brand pasta markets," said Jack Kelly, president and chief executive officer. "While we’re proud of our financial performance in fiscal 2008, much work remains to be done to profitably grow our business in light of the economy and ongoing fluctuations in the cost of raw materials that impact high-quality pasta manufacturing, adequate supply and great customer service."

Institutional revenues increased more than 53%to $143.7 million for the fiscal year primarily because of higher average selling prices, which were offset partially by a 3.7% decrease due to lower volume. Retail revenues increased nearly 40% to $425.5 million, primarily because of more than a 38% increase related to higher average selling prices, a 0.8% increase in volume and a 0.1% increase in payments received from the U.S. government under the Continued Dumping and Subsidy Offset Act of 2008.

In the fourth quarter, Kansas City-based AIPC posted net income of $7,295,000, or 37c per share, which compared with $1,853,000, or 10c per share, in the previous fourth quarter. Revenues in the fourth quarter increased more than 47% to $162,061,000, which included nearly a 50% increase in the institutional market.

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