American Italian Pasta Co. (AIPC) today (24 November) said it was “proud” of its results as it posted a surge in full-year profits.
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Net income for the 53-week period reached US$88.3m, an increase on $19.1m recorded in the comparable period of 2008.
Total revenues for the year increased $59m, or 10% to reach $628.2m, led by a 17% increase in revenue growth in the retail market, offset by an 8% decrease in the institutional market.
Overall volume increased approximately 6%, while operating profit reached, $113.4m, an increase of $70.3m on the prior year.
“We’re very proud both of our financial results for the year and the continued dedication and hard work of our employees that created these strong financial results,” said Jack Kelly, president and CEO.
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By GlobalDataHe added: “Our ability to grow our market share while simultaneously making significant improvements in our key indicators of financial strength, such as gross profit margin, net income, operating cash flow, net debt, and EBITDA, is a reflection that our strategic decision to pursue long term profitable growth by focusing on customer brands and on our strongest proprietary brands was the right decision.”
