AMERICAN ITALIAN PASTA COMPANY REPORTS SECOND QUARTER AND YEAR-TO-DATE 2010 RESULTS
SECOND QUARTER 2010 EARNINGS BEFORE TAXES UP $11.4 MILLION TO $35.9 MILLION;
YEAR-TO-DATE EARNINGS BEFORE TAXES UP $17.1 MILLION TO $68.1 MILLION
KANSAS CITY, MO., May 6, 2010 -- American Italian Pasta Company (NASDAQ:AIPC), the largest producer of dry pasta in North America, today announced its second quarter and year-to-date fiscal year 2010 results for the period ended April 2, 2010.
The second quarters of fiscal year 2010 and 2009 contain 13 weeks of operation. The year-to-date fiscal year 2010 contains 26 weeks of operations compared to 27 weeks of operations for fiscal year 2009. The Company reports on a 52/53-week basis with the extra week occurring approximately every six years. Fiscal year 2010 will be a 52-week fiscal year and ends on October 1, 2010. Fiscal year 2009 was a 53-week year that ended on October 2, 2009.
Net income for the second quarter increased $7.4 million, or 47%, to $23.2 million from an adjusted net income of $15.8 million in the comparable quarter of the prior year. Earnings per share, on a diluted basis, increased 44% to $1.05 per share from an adjusted earnings per share of $0.73 per share in the comparable prior quarter. Net income for fiscal 2010 year to date increased $11.0 million, or 33%, to $43.9 million from $32.9 million through the second quarter of fiscal 2009. Earnings per share, on a diluted basis, increased 30% to $2.00 per share year to date, from an adjusted earnings per share of $1.54 per share in the same period the year prior.
The non-GAAP adjustment to the 2009 numbers refers to tax benefits recorded in fiscal 2009 related to the reversal of certain tax reserves and the calculation of the prior year tax expense at the current year rate. The Company believes investors gain additional perspective of underlying business trends and results by calculating a measure of net earnings and diluted net earnings per share for fiscal 2009 that provides a consistent effective tax rate in order to evaluate ongoing business operations. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found after the financial statements included below.
Net income for the second quarter decreased $3.0 million, or 11%, to $23.2 million from reported net income of $26.2 million in the comparable prior quarter. Earnings per share, on a diluted basis, decreased 13% to $1.05 per share from $1.21 per share in the comparable prior quarter. Year to date net income for fiscal 2010 decreased $8.3 million, or 16% to $43.9 million from reported net income of $52.2 million. Earnings per share, on a diluted basis, decreased 18% to $2.00 per share year to date, from $2.44 per share in the same period of the prior year.
The following information was filed by American Italian Pasta Co on Thursday, May 6, 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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CIK: 849667 Form Type:10-Q Quarterly Report Accession Number: 0000922907-10-000274 Submitted to the SEC: Wed May 05 2010 6:45:20 PM EST Accepted by the SEC: Thu May 06 2010 Period: Friday, April 2, 2010 Industry: Miscellaneous Food Preparations And Kindred Products