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Diamond Reports Third Quarter Fiscal 2013 Financial Results

  • Consolidated net sales were $184.9 million, down from $207.7 million.
  • Snacks segment net sales grew 1.6 percent.
  • Nuts segment net sales declined 23.2 percent.
  • Gross profit was $43.4 million, up from $34.2 million.
  • Gross margin was 23.4 percent, up from 16.5 percent.
  • GAAP net loss was $15.6 million, compared to a GAAP net loss of $44.0 million.
  • Adjusted EBITDA was $23.2 million, up from $11.2 million.
  • Restates GAAP diluted EPS for Q2 and YTD Q2 of fiscal 2013.

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

SAN FRANCISCO, June 10, 2013 (GLOBE NEWSWIRE) -- Diamond Foods, Inc. (Nasdaq:DMND) ("Diamond") today reported financial results for its fiscal 2013 third quarter, which ended April 30, 2013.

In the third quarter of fiscal 2013, Diamond's GAAP net loss was $15.6 million and its GAAP diluted loss per share ("EPS") was ($0.71). GAAP results for the quarter included $12.9 million of certain SG&A expenses described below and a $1.9 million non-cash charge related to a change in the fair value of the Oaktree warrant liability. Excluding these items, Diamond's non-GAAP net income for the third quarter of fiscal 2013 was $1.1 million and non-GAAP diluted EPS was $0.05.

"The progress we are making with our efforts to revitalize the Company is reflected in our results this quarter," said Diamond's Chief Executive Officer Brian J. Driscoll. "The improvement in gross margins reflects both an increase in net price realization in our portfolio and results of our cost saving efforts that are materializing in our operations and supply chain. While we still have difficult and important challenges to tackle, we continue to track toward an operating model that is designed to create sustainable growth."

Financial Review

(All comparisons below are to the third quarter of fiscal 2012 unless specified otherwise)

Consolidated net sales during the quarter decreased 11.0 percent, to $184.9 million, compared to the same quarter of the prior year. Gross profit was $43.4 million, or 23.4 percent of net sales, for the third quarter of fiscal 2013, compared to $34.2 million, or 16.5 percent of net sales, for the same quarter in the prior year.

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