American Italian Pasta Company Retains Alvarez & Marsal
29 Setembro 2005 - 6:30PM
PR Newswire (US)
Jim Fogarty of A&M Appointed as Co-Chief Executive Officer
KANSAS CITY, Mo., Sept. 29 /PRNewswire-FirstCall/ -- American
Italian Pasta Company (NYSE:PLB) today announced that it has
retained the management consulting firm Alvarez & Marsal
(A&M). The Company also announced the appointment of Jim
Fogarty of A&M as Co-Chief Executive Officer. The Company also
provided an overview of the Company's current liquidity. Retention
of Alvarez and Marsal: A&M will partner with the Company's
leadership team to evaluate its strategic plan, implement various
business initiatives and drive performance improvement. A focus of
the A&M team will be to improve the performance of the
Company's portfolio of pasta brands and to solidify and improve its
position as a leader in providing food service, industrial and
private label dry pasta products. The Company noted that Mr.
Fogarty and A&M were retained based on their solid record of
assisting in successful financial and operational performance
improvement programs, including their substantial experience in
consumer branded products. Mr. Fogarty joined A&M in 1994 and
currently serves as a Managing Director. He has worked in a variety
of management and advisory roles in several industries, most
recently serving in a senior executive position with Levi Strauss
& Co. and prior to that as a senior executive of the Warnaco
Group. Overview of Company Liquidity: The Company also provided an
overview of its current liquidity and debt position. As of
September 28, 2005, total debt was $281.5 million, including $276.7
million under its bank credit agreement. Total debt, less cash,
stood at $273.4 million. As of September 28, 2005, the company had
liquidity resources totaling approximately $20.9 million,
reflecting availability of approximately $12.8 million under its
revolving credit agreement and cash of approximately $8.1 million.
The Company also noted that amounts owed to its suppliers and
vendors are currently within established credit terms. The Company
continues to expect that net cash flow to be generated from
operations, combined with liquidity resources, will be sufficient
to meet its expected operating needs for the upcoming fiscal year.
In addition, the Company's core operations continued to generate
positive cash flow during the fourth fiscal quarter ending
September 30, 2005, not withstanding incremental costs incurred of
approximately $3.5 million relating to the audit committee
investigation and related matters disclosed by the Company in
August 2005. 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 five plants that are
located in Excelsior Springs, Missouri; Columbia, South Carolina;
Tolleson, Arizona; Kenosha, Wisconsin and Verolanuova, Italy. The
Company has approximately 600 employees located in the United
States and Italy. Alvarez & Marsal (A&M) was founded in
1983 by Tony Alvarez II and Bryan Marsal, and is a global
professional services firm providing specialized problem-solving,
management and advisory services to companies in need of
performance improvement in specific financial and operational
areas. A&M is headquartered in New York City, with 600 people
in 25 offices serving the United States, Europe, Latin America and
Asia. (For more information about Alvarez & Marsal, visit
http://www.alvarezandmarsal.com/ or contact Rebecca Baker,
212-759-4433). The statements made above in "Overview of Company
Liquidity" are forward- looking and based on current expectations.
Actual future results or events could differ materially from those
anticipated by such forward-looking statements. The differences
could be caused by a number of factors, including, but not limited
to, the completion and findings of the investigation being
conducted by the Company's Audit Committee and the willingness of
the Company's lenders to amend the terms of the credit agreement or
provide refinancing of the Company's indebtedness. In addition,
future operating results are impacted by a number of factors,
including but not limited to, our dependence on a limited number of
customers for a substantial portion of our revenue, our ability to
obtain necessary raw materials and minimize fluctuations in raw
material prices, the impact of the highly competitive environment
in which we operate, our reliance exclusively on a single product
category, our ability to attract and retain key personnel, and our
ability to cost-effectively transport our products. For additional
discussion of the principal factors that could cause actual results
to be materially different, refer to our report on Form 10-K dated
December 10, 2004 filed by the Company with the Securities and
Exchange Commission. The Company will not update any
forward-looking statements in this press release to reflect future
events. DATASOURCE: American Italian Pasta Company CONTACT: George
Shadid - EVP & Chief Financial Officer of American Italian
Pasta Company, +1-816-584-5621, Web site: http://www.aipc.com/
http://www.alvarezandmarsal.com/
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