USA: Monterey Pasta Company reports highest quarterly sales and operating profit in company history
Sales Increase Of 32% Compared to First Quarter 2000. Sales Up 8% vs. Fourth Quarter 2000. Monterey Pasta Company (Nasdaq:PSTA) yesterday reported net income for the quarter ended April 1, 2001 of $1,225,000, or $0.09 per share, on net revenues of $14,732,000, based on 14.2 million diluted shares outstanding. This compares with a net income of $1,094,000 for the quarter ended March 26, 2000, which resulted in earnings of $0.08 per share, on net revenues of $11,156,000, based on 13.6 million diluted shares outstanding. The 2001 net income number reflects full taxation for book purposes (approximately 39%), while the 2000 net income number includes only nominal taxation (approximately 6%). The Company's cash tax liability for 2001 is expected to be less than 10% of net income because of deferred tax assets, principally related to the expected benefit from utilization of net operating loss carryforwards.
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