USA: American Italian Pasta Co sees Q3 EPS up 28%
Kansas City, Missouri-based dry pasta producer American Italian Pasta Company (AIPC) has posted record EPS of US$0.59 for its Q3 2002, ended 28 June 2002, up 28% over last year. Q3 revenues rose 19% to US$91.8m year on year, on 17% volume growth. Volumes were up in all business units, with retail unit volumes up 20%, and institutional and international unit volumes up 12%. Gross margin expanded to 35.4%, up from 32.7% a year ago, due to lower unit costs and the higher margins associated with the branded acquisitions of July 2001. Selling and marketing expenses increased by 46%, due in large part to the higher marketing support associated with the branded products. Operating profit increased 24% to US$18.8m from US$15.1m for the comparable quarter a year ago. Net income increased 30% to US$11m versus US$8.5m a year ago.
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