Exhibit 99.1

-------------------------------------------------------------------------
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 FISCAL 2008 RESULTS

         TOTAL REVENUE OF $569 MILLION; OPERATING INCOME OF $43 MILLION

                 WALT GEORGE PROMOTED TO CHIEF OPERATING OFFICER

KANSAS  CITY,  MO.,   December  10,  2008  --  American  Italian  Pasta  Company
(NASDAQ:AIPC),  the  largest  producer  of dry  pasta  in North  America,  today
announced results for the fiscal year ended September 26, 2008 and the filing of
its Annual Report on Form 10-K for fiscal 2008 with the  Securities and Exchange
Commission.

FISCAL 2008 FINANCIAL RESULTS Revenues for the year increased $171.1 million, or 43.0%, to $569.2 million, led by a 39.7% increase in revenue growth in the retail market and a 53.4% increase in the institutional market. Net income for fiscal 2008 increased $13.8 million, or 260%, to $19.1 million, or $0.99 per diluted share, versus net income of $5.3 million, or $0.28 per diluted share, in fiscal 2007. Revenues for the fourth quarter increased $52.0 million, or 47.2%, to $162.1 million, led by a 46.4% increase in the retail market and a 49.8% increase in the institutional market. Net income for the fourth quarter increased $5.4 million, or 284%, to $7.3 million, or $0.36 per diluted share, versus a net income of $1.9 million, or $0.10 per diluted share, in the fourth quarter of fiscal 2007. "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 CEO. "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." Operational Highlights • Retail Revenues: Retail revenues increased $121.1 million, or 39.7%, to $425.5 million for fiscal year 2008, from $304.4 million for fiscal year 2007. The revenue increase is primarily the result of a $117.0 million, or 38.4%, increase related to higher average selling prices, a $2.4 million, or 0.8%, increase in volume, and a $1.7 million, or 0.1%, increase in payments received



American Italian Pasta Co.,
December 10, 2008
Page 2

     from the U.S. government under the Continued Dumping and Subsidy Offset Act
     of 2000.  Retail  revenues  increased  $38.9 million,  or 46.4%,  to $122.7
     million for the fourth  quarter of 2008,  from $83.8 million for the fourth
     quarter of 2007.  The revenue  increase is  primarily  the result of higher
     average selling prices of 48.4%, partly offset by volume decreases of 2.0%.

•    Institutional Revenues:  Institutional revenues increased $50.0 million, or
     53.4%,  to $143.7  million  for fiscal  year 2008,  from $93.7  million for
     fiscal year 2007.  The revenue  increase is primarily the result of a $53.5
     million,  or 57.1%,  increase due to higher average selling prices,  partly
     offset  by  a  $3.5  million,  or  3.7%,  decrease  due  to  lower  volume.
     Institutional  revenues increased $13.1 million, or 49.8%, to $39.4 million
     for the fourth  quarter of 2008,  from $26.3 million for the fourth quarter
     of 2007.  The revenue  increase is primarily the result of a $16.6 million,
     or 63.2%, increase due to higher average selling prices, partly offset by a
     $3.5 million,  or 13.4%,  decrease due to lower volume. The volume decrease
     is  primarily  due to bid  eligibility  changes  requiring  small  business
     participation in certain government contracts.

•    Cost of Goods Sold: Cost of goods sold increased $138.1 million,  or 44.7%,
     to $446.9 million for fiscal year 2008, from $308.8 million for fiscal year
     2007.  As a percentage  of revenues,  cost of goods  increased to 78.5% for
     fiscal year 2008,  from 77.6% for fiscal year 2007. For the fourth quarter,
     cost of goods sold increased  $34.9 million,  or 40.3%,  to $121.3 million,
     from $86.5  million for the prior year fourth  quarter.  As a percentage of
     revenues,  cost of goods  decreased to 74.9% for the fourth  quarter,  from
     78.6% for prior year fourth quarter. Our raw materials, transportation, and
     other input costs were unfavorable to prior year and fourth quarter but the
     effect of the increase was substantially offset by higher selling prices.

•    Gross profit:  Gross profit  increased  $33.0 million,  or 37.0%, to $122.3
     million  for fiscal  year 2008,  from $89.3  million  for fiscal year 2007.
     Gross profit, as a percentage of revenues, decreased to 21.5% during fiscal
     2008,  compared to 22.4% during fiscal 2007.  Gross profit  increased $17.1
     million,  or 72.6%,  to $40.7 million for the fourth quarter of 2008,  from
     $23.6 million for the fourth quarter of 2007. Gross profit, as a percentage
     of  revenues,  increased to 25.1%  during the fourth  quarter,  compared to
     21.4% during the fourth quarter of 2007.

•    Selling and marketing expense: Selling and marketing expense increased $6.2
     million,  or 28.9%,  to $27.7  million  for fiscal  year  2008,  from $21.5
     million  for  fiscal  year  2007.  Selling  and  marketing  expense,  as  a
     percentage  of revenue,  decreased to 4.9% for fiscal year 2008,  from 5.4%
     for fiscal year 2007. Selling and marketing expense increased $2.3 million,
     or 37.5%, to $8.5 million for the fourth quarter of 2008, from $6.2 million
     for the  fourth  quarter  of 2007.  Selling  and  marketing  expense,  as a
     percentage  of revenue,  decreased to 5.2% for the fourth  quarter of 2008,
     from 5.6% for the fourth quarter of 2007.

•    General and  administrative  expense:  General and  administrative  expense
     increased  39.1% to $46.7 million for fiscal year 2008,  from $33.5 million
     for fiscal year 2007. General and administrative  expenses, as a percentage
     of revenues,  decreased to 8.2% for fiscal year 2008,  from 8.4% for fiscal
     year 2007.  General and  administrative  expense  increased  95.0% to $16.8
     million for the fourth  quarter of 2008,  from $8.6  million for the fourth
     quarter of 2007.  General and administrative  expenses,  as a percentage of
     revenues,  increased to 10.4% for the fourth quarter of 2008, from 7.8% for
     the fourth  quarter of 2007.  During  fiscal  year 2008,  $17.5  million of
     professional  fees  related  to the  restatement  of  historical  financial
     statements  and pending  legal  matters  were  recorded,  compared to $13.3
     million  during fiscal year 2007.  Included in the





American Italian Pasta Co.,
December 10, 2008
Page 3

     fourth  quarter  of fiscal  2008  amount is the  monetary  penalty  of $7.5
     million to the U.S. Department of Justice.

•    Impairment  of brands:  We completed  our annual review of fiscal year 2008
     brand intangible values based on the 2009 fiscal year business plan and our
     forecast  available in the fourth quarter of fiscal year 2008. Based on our
     review in the  fourth  quarter  of fiscal  2008,  we have  recorded  a $3.7
     million non-cash impairment charge on two of our brands.

•    Operating profit:  Operating profit for fiscal year 2008 was $43.1 million,
     an increase of $8.7  million,  as compared to $34.4  million  reported  for
     fiscal year 2007. Operating profit decreased as a percentage of revenues to
     7.6% for fiscal year 2008, from 8.6% for fiscal year 2007. Operating profit
     for the  fourth  quarter of 2008 was $11.0  million,  an  increase  of $2.2
     million,  as  compared  to $8.8  million  for the  fourth  quarter of 2007.
     Operating  profit  decreased  as a  percentage  of revenues to 6.8% for the
     fourth quarter of 2008, from 8.0% for the fourth quarter of 2007.

WALT GEORGE PROMOTED TO CHIEF OPERATING OFFICER

The Company  announced that Walt George has been named Chief Operating  Officer.
Mr. George, who joined the Company in 2001, will continue his responsibility for
all  manufacturing  operations and will also manage the Company's  institutional
business,  including its food service and ingredient sales. "We are very pleased
to promote Walt into this position. He has and continues to lead improvements in
our supply chain and we are confident that his experience translates well to our
institutional  business as we remain  focused on delivering the highest level of
quality and service to our valued customers", added Mr. Kelly.

ABOUT AIPC

Founded  in 1988 and based in Kansas  City,  Missouri,  American  Italian  Pasta
Company is the largest  producer of dry pasta in North America.  The Company has
four plants that are located in Excelsior  Springs,  Missouri;  Columbia,  South
Carolina;   Tolleson,   Arizona  and   Verolanuova,   Italy.   The  Company  has
approximately 600 employees located in the United States and Italy.

When used in this  release,  the  words  "anticipate,"  "projected,"  "believe,"
"estimate,"  and  "expect"  and  similar  expressions  are  intended to identify
forward-looking statements, but are not the exclusive means of identifying these
statements.  The statements by the Company  regarding the pasta market,  cost of
goods, and financial  performance are forward  looking.  If any of the Company's
assumptions  prove incorrect or should  unanticipated  circumstances  arise, the
Company's actual results could materially  differ from those anticipated by such
forward-looking  statements. For a discussion of factors that could cause actual
results to materially  differ from those  anticipated,  see the risk factors set
forth in item 1A of the Company's Form 10-K for the fiscal year ended  September
26, 2008.  The Company will not update any  forward-looking  statements  in this
press release to reflect future events.


                                      # # #





American Italian Pasta Co.,
December 10, 2008
Page 4

                         AMERICAN ITALIAN PASTA COMPANY
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                    (in thousands, except per share amounts)



                                                      Three Months Ended (unaudited)                        Year Ended
                                                 --------------------- -------------------    ------------------- ------------------
                                                  September 26, 2008   September 28, 2007     September 26, 2008  September 28, 2007
                                                  ------------------   ------------------     ------------------  ------------------
Revenues                                                $ 162,061           $ 110,066              $ 569,196            $ 398,122
Cost of goods sold                                        121,328              86,462                446,891              308,819
                                                        ---------           ---------              ---------            ---------
Gross profit                                               40,733              23,604                122,305               89,303

          Gross profit as a percent of revenues             25.1%               21.4%                  21.5%                22.4%

Selling and marketing expense                               8,477               6,166                 27,727               21,503
General and administrative expense                         16,830               8,630                 46,663               33,548
Impairment charges to brands                                3,654                   -                  3,654                    -
(Gain) loss related to long-lived assets                      795                (41)                  1,139                (109)
                                                        ---------           ---------              ---------            ---------
Operating profit                                           10,977               8,849                 43,122               34,361

          Operating profit as a percent of revenues          6.8%                8.0%                   7.6%                 8.6%

Interest expense, net                                       5,534               7,206                 26,240               29,421
Other (income) expense, net                                 (132)                (50)                     92                (245)
                                                        ---------           ---------              ---------            ---------

Income before income taxes                                  5,575               1,693                 16,790                5,185
Income tax benefit                                        (1,720)               (160)                (2,321)                (163)
                                                        ---------           ---------              ---------            ---------
Net income                                               $  7,295            $  1,853              $  19,111             $  5,348
                                                        =========           =========              =========             ========

EARNINGS PER COMMON SHARE
Net income per common share                              $   0.37            $   0.10               $   1.00             $   0.29

Weighted-average common shares outstanding                 19,507              18,677                 19,118               18,673
                                                        =========           =========              =========             ========

EARNINGS PER COMMON SHARE - ASSUMING DILUTION
Net income per common share                              $   0.36            $   0.10               $   0.99             $   0.28

Weighted-average common shares outstanding
  (including dilutive securities)                          20,127              18,929                 19,384               18,951
                                                        =========           =========              =========             ========





American Italian Pasta Co.,
December 10, 2008
Page 5

                         AMERICAN ITALIAN PASTA COMPANY
                           CONSOLIDATED BALANCE SHEETS
                      (in thousands, except share amounts)
                                                                                   September 26, 2008   September 28, 2007
ASSETS
Current assets:
     Cash and cash equivalents                                                             $ 38,623             $  16,635
     Short-term investments                                                                   2,370                     -
     Trade and other receivables, net                                                        49,197                38,279
     Inventories                                                                             66,026                44,443
     Other current assets                                                                     5,819                 7,629
     Deferred income taxes                                                                    2,126                 2,381
                                                                                          ---------             ---------
Total current assets                                                                        164,161               109,367

Property, plant and equipment, net                                                          303,503               316,109
Brands                                                                                       79,769                83,282
Other assets                                                                                  5,591                19,205
                                                                                          ---------             ---------
Total assets                                                                              $ 553,024             $ 527,963
                                                                                          =========             =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
     Accounts payable                                                                     $  29,541             $  19,195
     Accrued expenses                                                                        37,258                31,523
     Other                                                                                       99                 1,181
     Short term debt and current maturities of long term debt                                24,913                 1,963
                                                                                          ---------             ---------
Total current liabilities                                                                    91,811                53,862
Long term debt, less current maturities                                                     217,000               240,000
Income tax payable                                                                            1,783                     -
Deferred income taxes                                                                        34,054                35,286
Litigation settlement                                                                             -                26,500
Other long term liabilities                                                                   2,405                   397
                                                                                          ---------             ---------
Total liabilities                                                                           347,053               356,045
Commitments and contingencies
Stockholders' equity:
     Preferred stock, $.001 par value:
         Authorized shares - 10,000,000                                                           -                     -
         Issued and outstanding shares - none
     Class A common stock, $.001 par value:
         Authorized shares - 75,000,000                                                          22                    21
         Issued and outstanding shares - 22,454,145 and 20,259,060, respectively, a
             September 26, 2008 and 20,832,627 and 18,674,628, respectively, at September
             28, 2007
          Class B common stock, par value $.001
              Authorized shares - 25,000,000; Issued and outstanding - none                       -                     -
          Additional paid-in capital                                                        261,772               247,492
          Treasury stock, 2,195,085 shares in 2008 and                                     (52,076)              (52,029)
              2,157,999 shares in 2007, at cost

          Accumulated other comprehensive income                                             16,728                15,352

          Accumulated deficit                                                              (20,475)              (38,918)
                                                                                          ---------             ---------
     Total stockholders' equity                                                             205,971               171,918
                                                                                          ---------             ---------
     Total liabilities and stockholders' equity                                           $ 553,024             $ 527,963
                                                                                          =========             =========



The following information was filed by American Italian Pasta Co on Wednesday, December 10, 2008 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate American Italian Pasta Co's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by American Italian Pasta Co.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account