American Italian Pasta Company Provides Certain Revenue and Liquidity Information; Announces Resignation of CFO; Updates Restat
15 8월 2006 - 7:30AM
PR Newswire (US)
KANSAS CITY, Mo., Aug. 14 /PRNewswire-FirstCall/ -- American
Italian Pasta Company (NYSE:PLB), the largest producer and marketer
of dry pasta in North America, today provided certain revenue and
liquidity information and commented on industry-wide trends in the
durum wheat commodity market. The company also provided updates on
its restatement process and announced the resignation of chief
financial officer George D. Shadid, who has accepted a position
with another company. REVENUE INFORMATION Total revenues were $92.7
million in the third fiscal quarter ended June 30, 2006, increasing
2.8% from $90.2 million in the comparable fiscal quarter in the
2005 fiscal year. Overall volume increased 1.5% during the
quarterly period, as compared to the previous fiscal year's
quarter. On a year-to-date basis, total revenues were $289.7
million, increasing 0.1% from $289.4 million and overall volume
decreased 0.6%. Significant components of revenue performance for
the third quarter of fiscal year 2006 and on a year-to- date basis
include: Retail revenues: The Company's retail revenues increased
by $5.4 million, or 8.4%, as compared to the same quarterly period
in the 2005 fiscal year. Retail volume increased during the fiscal
quarter by 9.8% as compared to the prior fiscal year quarter. The
Company's retail revenues increased by $4.2 million, or 2.0%, as
compared to the prior fiscal year-to-date period. Retail volume
increased 2.6%, as compared to the prior fiscal year-to-date
period. Institutional revenues: The Company's institutional
revenues decreased by $2.9 million, or 11.2%, as compared to the
same quarterly period in the 2005 fiscal year. Institutional volume
declined during the fiscal quarter by 13.8%, as compared to the
prior fiscal year quarter. The Company's institutional revenues
decreased by $3.9 million, or 5.3%, and institutional volume
decreased 7.1%, as compared to the prior fiscal year-to-date
period. The Company noted that all historical revenue amounts
outlined above are unaudited and are subject to adjustments
resulting from the continuing, previously announced Audit Committee
investigation. LIQUIDITY Total debt outstanding on June 30, 2006
was $266.8 million. Total debt, net of cash, was $255.3 million at
June 30, 2006, compared to $267.5 million as of September 30, 2005.
For the nine-month period ended June 30, 2006, the Company's cash
outflows included the following items of significance: interest
costs of $17.0 million; capital expenditures of $ 7.1 million;
professional fees of $5.8 million relating to the audit committee
investigation, shareholder litigation and related matters;
management consulting fees of $ 6.1 million; and costs associated
with the Company's debt refinancing and bank waiver of $7.3
million. During this period when such expenditures were incurred,
the Company had sufficient cash generation and liquidity to meet
its obligations and, as noted above, reduce its net debt position
by $12.2 million. As of August 11, 2006, the Company had total
liquidity resources of $40.1 million, consisting of cash on hand of
$11.6 million and $28.5 million available under the Company's $30.0
million revolving credit facility. Total debt outstanding on August
11, 2006 was $262.3 million, reflecting net reduction of $4.5
million from June 30, 2006, and total debt, net of cash, was $250.7
million. The Company has recently completed the divestments of the
Kenosha, Wis. facility and the Company's specialty pasta brands.
The closing of these transactions (which include the sale of
certain plant assets, the specialty brands and the related
inventory) resulted in the Company generating net cash proceeds
(sales price less costs of disposition) of approximately $7.7
million, of which $4.5 million was utilized to reduce the Company's
borrowings under its credit facility. DURUM WHEAT MARKET OUTLOOK
The Company noted that the current market outlook for durum wheat,
which is a significant component of its overall production costs,
has been negatively impacted by recent extreme weather conditions
during July and August leading up to the current crop harvest. In
addition, the market outlook has been impacted by reduced crop
plantings during the current crop cycle. The supply of durum wheat
and overall crop yields are escalating durum prices for the
industry. The Company will be seeking to offset some of this cost
inflation through price increases, however, the potential impact on
margins and earnings is difficult to predict and dependent on,
among other things, the competitive environment. RESIGNATION OF
CHIEF FINANCIAL OFFICER Mr. Shadid, who joined AIPC as a consultant
in June of 2004 and was appointed CFO in September of that year,
has decided to leave the company to accept a position with a
privately-held company in the Kansas City area. He will continue
with AIPC through September 1, 2006. Paul Geist, vice president and
corporate controller, has been appointed principal accounting
officer. He and Jeff Johnson, vice president of finance, will
report to chief executive officer Jim Fogarty. Mr. Fogarty
commented: "We thank George for his service as AIPC has worked to
chart a positive course forward and wish him well in his new
endeavors. Our audit committee investigation into the company's
historic financial statements is in a late stage. We have a
talented team in place to ensure a smooth transition in our finance
function and to continue our work on the restatement process. In
addition, as we continue to make good progress executing on our
business plan, a search for a permanent CEO is underway and the
timing of this transition should, importantly, allow the company's
new CEO to participate in the selection of a new CFO. The AIPC team
and I continue to be hard at work implementing our key business
initiatives and preparing the company for the future." "American
Italian Pasta Company has achieved a number of important milestones
in the face of significant challenges," said Mr. Shadid. "AIPC has
a team of dedicated and talented employees and I wish the company
much success in the future." RESTATEMENT UPDATE The Company noted
that it did not file its Form 10-Q for the third fiscal quarter
ended June 30, 2006 on the due date of August 9, 2006. As
previously disclosed, the Company has also not filed its Form 10-Qs
for the first and second fiscal quarters of fiscal 2006 and for the
third fiscal quarter of fiscal 2005, as well as its Form 10-K for
the fiscal year ended September 30, 2005. The Audit Committee
investigation is in a late stage. The Company and the Audit
Committee advisors continue to review several issues. The Company
currently plans to complete its restatement and re-filing of
financial statements by the end of December 2006 and expects to be
current in its delinquent filings by the end of the first calendar
quarter of 2007. Founded in 1988 and based in Kansas City,
Missouri, American Italian Pasta Company is the largest producer
and marketer 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," "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 expected revenues for
the third fiscal quarter of fiscal year 2006 and the durum wheat
outlook are forward- looking. Actual future results or events could
differ materially from those anticipated by such forward-looking
statements. The differences could be caused by a number of factors,
including, but not limited to, the completion and findings of the
Audit Committee investigation, the Company's review of its
financial statements, a review and/or audit of the Company's
financial statements by its independent registered public
accounting firm, the SEC staff review, the conclusions reached
regarding financial reporting, and the overall durum wheat market
and harvest. The Company will not update any forward- looking
statements in this press release to reflect future events.
DATASOURCE: American Italian Pasta Company CONTACT: Paul Geist,
Vice President & Corporate Controller, of American Italian
Pasta Company, +1-816-584-5611 Web site: http://www.aipc.com/
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