Salinas, (Monterey County) California-based Monterey Pasta Company (MPC) has posted net income for the Q1 ended 31 March 2002 of US$1.98m, compared to US$1.22m for the Q1 ended 1 April 2001. Q1 net revenues reached US$16.06m, up from US$14.18m year on year. The 2002 net income number reflects a 12% combined State and Federal tax rate for book purposes, while the 2001 before tax income number was taxed for book purposes at 38.5%. The company's tax liability for 2002 is expected to be about 12% of net income because of the expected benefit from utilisation of net operating loss carryforwards.