Milling & Baking News - May 19, 2009 - 19

Financial Results

AIPC earnings rise sharply
in second quarter
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Bromate
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REPCO® Ascorbic
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REPCO® ZYME 5000 Barley or wheat malt replacer
Calcium Propionate Mold inhibitor

KANSAS CITY - Earnings at American Italian Pasta Co.
surged 177% in the second quarter, boosted by a 16% gain
in sales and 12% increase in volumes. Net income for the
second quarter ended April 3 was $26,196,000, equal to
$1.27 per share on the common stock, up sharply from
$9,444,000, or 50c per share, in the same period a year ago.
Revenues climbed to $162,325,000, which compared with
$139,568,000 in the previous year.
"Clearly, our strategy and great execution by the entire
AIPC employee team are paying off," said Jack Kelly, chief
executive officer. "Volume was a key factor in our overall
revenue growth, handily outpacing the industry's overall
growth rate. Moving forward, we are well positioned to
capitalize on what we believe will be a lasting upward trajectory in consumption, given pasta's value, versatility and
nutritional benefits."
Institutional revenues increased 3% to $34.7 million during the second quarter, primarily due to an 11% increase in
volume, partially offset by an 8% decrease in average selling prices. Retail revenues increased 21% to $127.6 million,
primarily because of an 11% increase related to higher average selling prices and a 10% increase in volumes.
For the six months ended April 3, net income was
$52,224,000, or $2.56 per share, up from $10,838,000, or 58c
per share. Net sales were up 33% to $333,531,000.
In a separate announcement, the board of directors of
AIPC named Cathleen S. Curless as a director to serve a
term through the company's 2012 annual meeting. The
move increases the AIPC board membership to 10, including 9 outside directors.
Ms. Curless, a faculty member at the University of Kansas School of Business, is an expert in strategic planning
and information technology systems integration and implementation. Earlier, she was with Payless Shoesource Worldwide from 1987-2007, most recently as chief information officer from 2001-07. She also worked at Payless as director
of merchandising information systems and vice-president
of systems development. Prior to joining Payless, Ms. Curless was a consultant at Arthur Andersen Consulting, now
known as Accenture, for 10 years.
She received a bachelor's degree in microbiology and
a master's degree in finance, both from the University of
Kansas. MBN

Cosi quarterly loss widens

WWWRESEARCHPRODCOMs

20 / May 19, 2009

Milling & Baking News

DEERFIELD, ILL. - Cosi Inc. sustained a loss of
$3,326,000 in the first quarter ended March 30, which
compared with a loss of $3,028,000 in the same period
a year ago.
Total revenues fell 14% to $28,666,000, which compared with $33,191,000 during the previous year.
Cosi said the 11.3% decline in restaurant sales to
$28,124,000 from $32,459,000 reflected a 9.3 percentage point decrease in traffic and a 2 point decrease in
average check.
James Hyatt, president and chief executive officer,
said the company is contending with a "very difficult
environment for Cosi and the restaurant industry in
general." MBN

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Milling & Baking News - May 19, 2009

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