Monterey Pasta Company today [Monday] reported net income for the quarter ended 30 June of US$1.1m, or US$0.07 per share, on net revenues of US$13.794m, based on 14.8 million diluted shares outstanding. This compares with a net income of US$833,000 for the quarter ended 1 July, 2001, which resulted in earnings of US$0.06 per share, on net revenues of US$13,396,000, based on 14.2 million diluted shares outstanding. The 2002 net income number reflects a 12.0% combined State and Federal tax rate for book purposes, while the 2001 before tax income number was taxed for book purposes at 38.5%. Adjusting the 2002 income before tax for the same rates applicable in 2001 results in comparable net income of US$769,000, and earnings per share of US$.05, a decrease of US$.01 per share when compared with second quarter 2001.