-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FGKC+zocG7O3kW94sHZG1d1s8sq57nX6GgywtNAZEsQlMXlh6zp+xnISFW6DLs1O /0YpvwSe/8nI2ANCv5ctkg== 0000922907-06-000545.txt : 20061128 0000922907-06-000545.hdr.sgml : 20061128 20061128164105 ACCESSION NUMBER: 0000922907-06-000545 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20061121 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061128 DATE AS OF CHANGE: 20061128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN ITALIAN PASTA CO CENTRAL INDEX KEY: 0000849667 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS FOOD PREPARATIONS & KINDRED PRODUCTS [2090] IRS NUMBER: 841032638 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13403 FILM NUMBER: 061242594 BUSINESS ADDRESS: STREET 1: 4100 N MULBERRY DRIVE SUITE 200 CITY: KANSAS CITY STATE: MO ZIP: 64116 BUSINESS PHONE: 8165026000 MAIL ADDRESS: STREET 1: 4100 N MULBERRY DRIVE SUITE 200 CITY: KANSS CITY STATE: MO ZIP: 64116 8-K 1 form8k_112806.htm FORM 8-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

 

 

Date of Report (Date of earliest event reported)

November 21, 2006

 

 

AMERICAN ITALIAN PASTA COMPANY

(Exact name of registrant as specified in its charter)

 

 

Delaware

001-13403

84-1032638

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Indentification No.)

 

 

4100 N. Mulberry Drive, Suite 200, Kansas City, Missouri

64116

(Address of principal executive offices)

(Zip Code)

 

 

Registrant’s telephone number, including area code

(816) 584-5000

 

 

Not Applicable

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Item 2.02 Results of Operations and Financial Condition.

 

On November 21, 2006, American Italian Pasta Company (the “Company”) issued a press release providing certain liquidity and revenue information for fiscal year 2006. The press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.

 

Item 8.01 Other Events.

 

 

The press release also provided an update on the Audit Committee investigation.

 

Item 9.01 Financial Statements and Exhibits.

 

 

(d)

Exhibits.

 

 

99.1

Press release dated November 21, 2006.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date:  November 28, 2006

 

AMERICAN ITALIAN PASTA COMPANY

 

 

 

 

By: 


/s/  Paul R. Geist

 

 

 

Paul R. Geist

 

 

 

Vice President and Corporate Controller

 

 

EXHIBIT INDEX

 

 

Exhibit Number

Description

 

99.1

 

Press release dated November 21, 2006.

 

 

 

 EX-99 2 form8kexh991_112806.htm EXHIBIT 99.1

 

 

AMERICAN ITALIAN PASTA COMPANY

NEWS

RELEASE

 

Contact:

Paul Geist –

Vice President & Corporate Controller

816-584-5611


 

FOR IMMEDIATE RELEASE

 

AMERICAN ITALIAN PASTA COMPANY PROVIDES CERTAIN

LIQUIDITY AND REVENUE INFORMATION

 

KANSAS CITY, MO, November 21, 2006 – American Italian Pasta Company (NYSE:PLB), the largest producer and marketer of dry pasta in North America, today provided certain liquidity and revenue information.

 

LIQUIDITY

 

As of fiscal year end September 29, 2006, the Company had total liquidity resources of $51.4 million, consisting of cash on hand of $22.9 million and $28.5 million available under the Company's $30.0 million revolving credit facility.

 

Total debt outstanding on September 29, 2006 was $262.3 million. Total debt, net of cash, was $239.3 million, compared to $267.5 million as of September 30, 2005, reflecting a reduction in net debt of $28.2 million.

 

For the fiscal year ended September 29, 2006, the Company's cash flows included the following items of significance: net cash interest of $22.0 million; cash taxes paid of $0.7 million; capital expenditures of $12.6 million; professional fees of $8.4 million relating to the audit committee investigation, shareholder litigation and related matters; management consulting fees of $7.3 million; costs associated with the Company's bank waivers and debt refinancing of $7.3 million; and net proceeds from the sale of certain assets totaling $10.0 million.

 

The Company noted that all historical liquidity amounts outlined above are unaudited and are subject to adjustments resulting from the continuing, previously announced Audit Committee investigation.

 

American Italian Pasta Co.

November 21, 2006

Page 2

 

RETIREMENT OF DEBT

 

The Company also noted that on October 20, 2006, the Company used a portion of its excess liquidity to retire $8.0 million of debt. With this payment, gross debt was reduced from $262.3 million to $254.3 million.

 

REVENUE INFORMATION

 

As part of the ongoing financial restatement process, the Company has determined to change its reporting of revenues. Historically, the Company reported certain promotional expenses as selling expenses, which were included in selling and marketing expense on the Company’s statements of operations. The Company has now determined that such expenses are more appropriately classified as a reduction in revenues. Reclassification of these expenses will result in an approximate reduction of $26 million in revenue for the fiscal year ended September 29, 2006 and $26 million for the fiscal year ended September 30, 2005. It is important to note that while this reclassification reduces reported revenues, it does not change reported net income (loss). The information below reflects this reclassification in both the 2005 and 2006 data:

 

For fiscal year ended September 29, 2006, total revenues were $365.9 million, increasing 0.8% from $363.0 million in the fiscal year ended September 30, 2005. Overall volume increased 0.6% during that same period. Excluding liquidation sales of $1.5 million and $0.9 million in fiscal years 2006 and 2005, respectively, revenue increased 0.6% and volume decreased 0.4% compared to the fiscal year ended September 30, 2005.

 

Total revenues were $95.6 million in the fourth fiscal quarter ended September 29, 2006, increasing 2.7% from $93.1 million in the fourth fiscal quarter ended September 30, 2005. Overall volume increased 4.1% during the quarterly period, as compared to the previous fiscal year's quarter. Excluding liquidation sales of $0.04 million and $0.5 million in the fourth quarter of fiscal years 2006 and 2005, respectively, revenue increased 3.2% and volume increased 4.7% compared to the previous fiscal year’s quarter.

 

In addition to the promotional expense reclassification, the Company’s continued review of its historical financial statements has identified other necessary revenue adjustments related to promotional expenses, accounting period cutoff, and other related revenue recognition issues. The impact of these items has not been, as yet fully determined. The Company also noted that all historical revenue amounts outlined above are unaudited and are subject to adjustments resulting from the continuing, previously announced Audit Committee investigation.

 

AUDIT COMMITTEE INVESTIGATION

 

The Audit Committee’s legal advisors have completed their fact finding investigation and are continuing to review the information with the forensic accountants and the Company’s auditors. At the direction of the Audit Committee, the advisors are working with the Company to assist in identifying the appropriate treatment of certain items in the Company’s

 

 

American Italian Pasta Co.

November 21, 2006

Page 3

 

restatement. The Company currently anticipates that upon completion of that process, the Committee will conclude its investigation.

 

CEO COMMENTS

 

“Through the efforts of the talented and dedicated team at AIPC, we continue to make important progress executing on our business plan,” said Jim Fogarty, CEO of AIPC. “We are pleased with our full year and fourth quarter revenue performance and the strong cash flow we have generated this year, and we remain focused on implementing our business initiatives and preparing the Company for the future.”

 

ABOUT AIPC

 

Founded in 1988 and based in Kansas City, Missouri, American Italian Pasta Company is the largest producer and marketer of dry pasta in North America. The Company has four plants that are located in Excelsior Springs, Missouri; Columbia, South Carolina; Tolleson, Arizona and Verolanuova, Italy. The Company has approximately 600 employees located in the United States and Italy.

 

When used in this release, the words "anticipate," "believe," "estimate," and "expect" and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying these statements. The statements by the Company regarding the expected liquidity position and revenues for the fourth fiscal quarter and the full year of fiscal year 2006 and for the corresponding fiscal year 2005 periods are forward-looking. Actual results or events could differ materially. The differences could be caused by a number of factors, including, but not limited to, the completion and findings of the Audit Committee investigation, the Company's review of its financial statements, a review and/or audit of the Company's financial statements by its independent registered public accounting firm, the SEC staff review, and the conclusions reached regarding financial reporting. The Company will not update any forward-looking statements in this press release to reflect future events.

 

# # #

 

 

 

 

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