The Missouri-based pasta producer American Italian Pasta Company has restated its revenues for the first quarter to 29 December. Revenues for the quarter were US$94.0m, up 0.3% from $93.7m in the corresponding quarter of 2005.
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AIPC has changed its reporting system for revenues, with certain promotional expenses now being treated as a reduction in revenue as opposed to selling and marketing expense on the company’s statements of operations. The reclassification does not affect reported net income (loss).
The company also gave an update on its progress in completing the restatement of its historical financial statements, and said it is working to complete this process as soon as practicable.
With regard to liquidity and debt, AIPC said for the first quarter of the current fiscal year, the company had total liquidity resources of $50.5m, consisting of cash on hand of $22.8m and $27.7m available under its $30.0m revolving credit facility. Total debt outstanding on 29 December, 2006 was $254.3m, the company added.
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