USA: Monterey Pasta Company reports eighteenth consecutive profitable quarter
Monterey Pasta Quarterly Sales Increase of 23% Compared to Third Quarter 2000 Year-to-date Sales up 27% vs. 2000 Third Quarter EPS up $.02 vs. Second Quarter 2001 Monterey Pasta Company (Nasdaq:PSTA) yesterday reported net income for the third quarter ended September 30, 2001 of $1,099,000, or $.08 per share, on net revenues of $14,929,000, based on 14.4 million diluted shares outstanding. This compares with a net income of $1,825,000 for the quarter ended September 24, 2000, which resulted in earnings of $.13 per share, on net revenues of $12,161,000, based on 13.9 million diluted shares outstanding. The 2001 net income results are stated at full taxation for book reporting purposes, while the 2000 numbers reflect only nominal taxation, due to the deferral of taxes resulting from the Company's Net Operating Loss carryforwards. Applying a level of taxation to the 2000 net income, consistent with the 2001 rate, results in a proforma 2000 net income of $984,000 or $.07 per share. After adjusting for consistent taxation, the third quarter 2001 net income of $.08 per diluted share represents an increase of $.01 per share compared with the third quarter 2000.
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