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May 12, 2006

US: American Italian Pasta again stalls financial report

The American Italian Pasta Co yesterday (11 May) told the US Securities and Exchange Commission that it was unable to file the its second quarter financial report due to a continuing internal audit that the company undertook last summer.

The American Italian Pasta Co yesterday (11 May) told the US Securities and Exchange Commission that it was unable to file the its second quarter financial report due to a continuing internal audit that the company undertook last summer. The deadline for the financial update had been Wednesday.

“The company’s Audit Committee is conducting an internal investigation of certain accounting procedures and practices and certain other matters,” the filing stated. “The outcome of the Audit Committee’s investigation and the impact these financial statement adjustments will have on the company’s financial statements for the period ended March 31, 2006 or on prior period financial statements has not yet been determined.”

The company gave no indication of when the investigation into questionable accounting procedures will be completed.

The Kansas-based pasta manufacturer has failed to file quarterly or annual financial reports since May 2005 and first reported the investigation in August 2005. The company has since warned investors not to rely on financial reports issued as far back as 2002.

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