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Pasta Maker in Hot Water

A delisted pasta company waits for the results of an accounting probe, which could further delay its SEC filings. Meanwhile, a board member resigns...
Stephen TaubAugust 6, 2007

A company that was earlier delisted for not filing its financial reports on time said it will further delay the delinquent filings. In May, American Italian Pasta Co. said it would file its annual reports for the fiscal year ended September 30, 2005, and for its fiscal year ended September 29, 2006, in the last half of August.

But the company noted in an press release issued on August 2, that while it does expect to meet the deadline for completing the internal preparation of the two annual reports, it cannot currently predict when the review process by its independent accounting firm will be complete. As a result, until the review is completed, AIPC will be unable to file the reports with the SEC. The company had delayed the filings based on several accounting problems.

The pasta maker added that completing and filing the financial statements and annual reports are subject to a number of factors, including ongoing investigations in which the company is cooperating, the review and continued analysis of issues by the company’s accounting firm, and any regulatory review that is needed by the company’s restatement process. In March, the company announced that an internal investigation revealed that it would have to restate financial results for fiscal year 2004 and prior periods. Details of the restatement were not released.

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The company also said that Raymond Silcock resigned from the board of directors after accepting the position of senior vice president and chief financial officer of UST Inc. He said with the new job, he will not be able to meet the time commitments of the AIPC board, according to the company.

In December, the NYSE suspended trading in shares of AIPC after having given the company a six-month extension on June 23, 2006.