Color image demosaicking is a key process in the digital imaging pipeline. In this paper, we present a rigorous treatment of a classical demosaicking algorithm based on alternating projections (AP). Since its publication, the AP algorithm has been widely cited and served as a benchmark in a flurry of papers in the demosaicking literature. Despite its impressive performances, a relative weakness of the AP algorithm is its high computational complexity. In our work, we provide a rigorous analysis of the convergence of the AP algorithm based on the concept of contraction mapping. Furthermore, we propose an efficient noniterative implementation of the AP algorithm in the polyphase domain. Numerical experiments show that the proposed noniterative implementation achieves the same results obtained by the original AP algorithm at convergence, but is about an order of magnitude faster than the latter.