US pasta maker American Italian Pasta Company has announced that it has determined that certain of its historical financial statements should no longer be relied upon.


The company also announced that as soon as practical after conclusion of its ongoing audit committee investigation, it anticipates filing restated financial statements for the affected periods.


The company said it has concluded that its previously issued audited consolidated financial statements for the fiscal years ended 1 October 2004, 3 October 2003 and 27 September 2002, and its unaudited consolidated financial statements for each of the fiscal quarters during such years, should no longer be relied upon.


In addition, the company has concluded that its unaudited financial statements for the first two quarters of fiscal year 2005 should also no longer be relied upon.


American Italian Pasta said that this results from its conclusion, based on its ongoing review, that errors relating to the accrual of allowances for product promotions and capitalisation of certain overhead costs, when combined with certain uncorrected immaterial errors, had a material impact on the company’s financial statements.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now