Capital expenditures were $2.9 million for the first quarter of fiscal 2013.
Adjusted EBITDA was $31.0 million in the first quarter of fiscal 2013 compared to $29.8 million in the same quarter in the prior year. Please refer to the 'Reconciliation of US GAAP net income (loss) to Adjusted EBITDA' table for a reconciliation of non-GAAP information.
As of October 31, 2012, on a GAAP basis, net debt outstanding was $596.9 million.
Cash and availability on Diamond's bank revolving line of credit on December 14, 2012 was approximately $95 million.Brand Performance In the most recent 12-week Nielsen tracking period, which ended November 24, 2012, retail sales results reflect Diamond's recent changes in brand strategy direction. For both Emerald and Kettle brands, Diamond has reduced trade promotion spend to improve net price realization and leverage brand equity rather than use discounting as a means to drive sales. While Emerald snack nuts and Kettle Brand potato chips experienced retail sales declines and lost share as a result of planned reductions in promotional spending, non-promoted sales for both brands outpaced non-promoted category growth. Emerald Breakfast on the go! and Pop Secret outgrew their respective categories and gained share. Diamond of California culinary sales declined primarily due to volume declines following price increases, which resulted in lost share in the category. Diamond's U.S. Nielsen retail scanner performance along with category data for the 12-week period ended November 24, 2012 (U.S. Expanded All Outlets Combined) compared to the similar prior year period was as follows:
|Brand YoY||Category YoY||Market Share||Diamond Non-Promoted|
|Emerald snack nuts||-16.7%||+5.5%||-150 basis points||+29.8%|
|Emerald Breakfast on the go!||+21.9%||+1.1%||+20 basis points||N/A|
|Pop Secret||+8.7%||-1.3%||+210 basis points||+18.1%|
|Kettle U.S.||-11.5%||+3.9%||-40 basis points||+7.6%|
|Diamond of California||-7.4%||+5.8%||-350 basis points||-3.5%|
|Source: Nielsen Expanded All Outlets Combined sales for 12-week period ended November 24, 2012. All comparisons in this table are to the same measured period in the prior year.|
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts