Embattled US-based pasta maker American Italian Pasta Co. has seen annual sales rise over 8%.
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The company, which saw trading in its shares suspended last year following a failure to file accounts for the last two fiscal years on time, issued sales numbers for the 12 months to 28 September.
Revenue reached US$397.8m, up 8.5% on a year earlier. Volumes inched up 1.9%, American Italian Pasta said. The company has changed how it reports revenue and now treats promotional expenses as a fall in revenue, rather than selling and marketing costs.
CEO Jim Fogarty said: “These results are important as we remain focused on implementing our business initiatives and moving the company forward.”
In October, American Italian Pasta settled a shareholder lawsuit over alleged securities law violations to the tune of $25m.
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By GlobalDataThe pasta firm agreed to pay $11m in cash – which will be stumped up by the company’s insurers – and $14m in shares in the company.
The alleged wrongdoing dates back to August 2005 when American Italian Pasta said it was delaying the filing of its financial accounts to US share watchdog, the US Securities and Exchange Commission.
The company also warned it may have to raise prices on its products amid a depleted global supply of durum wheat.
