USA: Monterey Pasta says results on track
Monterey Pasta Company yesterday reported net income for the quarter ended 30 December, 2001 of US$1,272,000, or US$0.09 per share, on net revenues of US$15,547,000 based on 13.7 million primary and 14.4 million diluted shares outstanding. This compares with a net income of US$1,910,000 for the quarter (fourteen weeks) ended 31 December, 2000 which resulted in earnings of US$0.14 per share, based on 13.3 million primary and 14.1 million diluted shares outstanding. The 2001 net income results are stated at full taxation for book reporting purposes, while the 2000 numbers reflect a small tax benefit, 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 US$1,055,000 or US$.08 per share. Therefore, after adjusting for consistent taxation, the fourth quarter 2001 net income of US$.09 per diluted share represents an increase of US$.01 per share compared with the fourth quarter 2000. The fourth quarter 2001 results also included a year-to-date increase in estimated income tax of US$70,000, and a non-cash charge of US$155,000 related to performance-based stock options.
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