AMERICAN ITALIAN PASTA COMPANY
NEWS
RELEASE
 
Contact:
 
Paul R. Geist
EVP & Chief Financial Officer
 816-584-5228
pgeist@aipc.com
 
For Immediate Release
 
 
AMERICAN ITALIAN PASTA COMPANY REPORTS FIRST QUARTER 2010 RESULTS
 
TOTAL REVENUE OF $148.9 MILLION
 
QUARTERLY EPS OF $0.95 PER DILUTED SHARE
 
KANSAS CITY, MO., February 4, 2010 -- American Italian Pasta Company (NASDAQ:AIPC), the largest producer of dry pasta in North America, today announced results for its first quarter of fiscal year 2010, which ended January 1, 2010.
 
The first quarter of fiscal year 2010 contained 13 weeks, one week less than the Company’s comparative first quarter of fiscal year 2009 which contained 14 weeks.  Thus, all year-over-year comparisons reflect a 13-week first quarter for fiscal year 2010 and a 14-week first quarter for fiscal year 2009.  The Company reports on a 52/53 week basis with the extra week occurring approximately every six years.  Fiscal year 2009 was a 53-week fiscal year and ended on October 2, 2009.  Fiscal year 2010 is a 52-week year ending on October 1, 2010.
 
FIRST QUARTER FINANCIAL HIGHLIGHTS
 
"We are very pleased with these results," said Jack Kelly, CEO of AIPC. "Even as we implemented our strategy to extract our proprietary brands from underperforming markets, we were able to increase our penetration of proprietary and customer brands in strategic markets.  As a result, on a weekly average basis, to adjust for the difference in weeks contained in the periods, we were able to increase our volume by 2%."
 
The Company noted gross profit increased to 33.5% of revenue, or nearly $50 million, for the 13-week first quarter of 2010 compared with 28.5% of revenue, or $48.8 million, for the 14-week first quarter of 2009.
 
Income before taxes increased $5.7 million to $32.2 million, or 21.6% of revenue, for the 13-week first quarter of 2010 compared with $26.5 million, or 15.5% of revenue, for the 14-week first quarter of 2009.
 
Tax expense increased $11 million as the Company’s sustained profitability returned it to a normal effective tax rate.  During the first quarter of 2009, the Company’s tax expense was reduced due to the release of valuation reserves related to net operating loss carryforwards.
 
Net income decreased $5.3 million to $20.7 million and earnings per diluted share decreased to $0.95 per diluted share from $1.23 per diluted share as the Company’s favorable results at the income before taxes level were offset by the $11 million ($0.50 per diluted share) increase in tax expense.
 

 
 

The following information was filed by American Italian Pasta Co on Thursday, February 4, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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