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Diamond Reports Second Quarter Fiscal 2013 Financial Results

  • Consolidated net sales were $220.8 million, down from $262.4 million
  • Snacks segment net sales grew 7.2 percent and Nuts segment net sales declined 29.6 percent
  • Gross profit was $50.6 million, up from $41.9 million
  • Gross margin was 22.9 percent, up from 16.0 percent
  • GAAP net income was $10.1 million, compared to a GAAP net loss of $20.2 million
  • Adjusted EBITDA was $22.9 million, up from $16.6 million

(All comparisons above are to the second quarter of fiscal 2012)

SAN FRANCISCO, March 11, 2013 (GLOBE NEWSWIRE) -- Diamond Foods, Inc. (Nasdaq:DMND) ("Diamond") today reported financial results for its fiscal 2013 second quarter ended January 31, 2013.

In the second quarter of fiscal 2013, Diamond's GAAP net income was $10.1 million and GAAP diluted earnings per share (EPS) was $0.43. GAAP results for the quarter included $6.7 million of net charges primarily for audit committee investigation, restatement-related expenses, consulting fees, retention, severance and accrued contract termination expenses, offset in part by the clawback of bonuses previously paid to the former CEO and the reversal of certain previously recorded stock compensation expenses associated with former executives. GAAP results also included an $18.6 million gain related to a change in the fair value of the Oaktree warrant liability. Excluding these net charges and gain, Diamond's non-GAAP net income for the second quarter of fiscal 2013 was $1.1 million and non-GAAP diluted EPS was $0.05.

"Our second quarter results reflect continued progress against our key initiatives, which are aimed at driving margin expansion and a more sustainable topline growth profile over time," said Diamond's Chief Executive Officer Brian J. Driscoll.

Financial Review

During the second quarter of fiscal 2013, the Company changed its operating and reportable segments. While the Company previously had one operating and reportable segment, it now aggregates its operating segments into two reportable segments, which are Snacks and Nuts. The Snacks segment includes products sold under the Kettle U.S., Kettle U.K. and Pop Secret brands. The Nuts segment includes products sold under the Diamond of California and Emerald brands.

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