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Diamond Foods Reports Fourth Quarter And Fiscal Year 2013 Financial Results

SAN FRANCISCO, Sept. 30, 2013 (GLOBE NEWSWIRE) -- Diamond Foods, Inc. (Nasdaq:DMND) ("Diamond") today reported financial results for its fiscal 2013 fourth quarter and year ended July 31, 2013.

Fourth Quarter Fiscal 2013 Highlights

  • Net sales decreased 10.8% to $199.8 million
  • Snacks sales increased 3.3% to $117.1 million and Nuts sales decreased 25.2% to $82.7 million
  • Gross margin was 26.6% compared to 18.9%
  • Net loss was $147.1 million and non-GAAP net income was $2.3 million*
  • Adjusted EBITDA increased 12.5% to $24.6 million

Fiscal 2013 Highlights

  • Net sales decreased 12.0% to $864.0 million
  • Snacks sales increased 3.0% to $438.0 million and Nuts sales decreased 23.4% to $426.1 million
  • Gross margin was 23.8% compared to 18.3%
  • Net loss was $163.2 million and non-GAAP net income was $9.7 million*
  • Adjusted EBITDA increased 28.2% to $101.7 million

(All comparisons above are to the fourth quarter and fiscal year 2012/* non-GAAP financial measures are reconciled in the table below)

"Our cost savings and net price realization strategies helped us generate improved results for the fourth quarter and fiscal year," said Brian Driscoll, President and CEO. "We remain intently focused on these productivity initiatives to help support our future brand innovation and to address potential commodity headwinds in fiscal 2014. In addition, we believe the proposed settlement of the securities class action lawsuit is an important first step in our ability to normalize our capital structure."

Fourth Quarter Fiscal 2013

Net sales decreased 10.8% to $199.8 million compared to $224.0 million in the prior year period and gross profit as a percent of net sales was 26.6% compared to 18.9% last year.

Net loss was $147.1 million, a loss of $6.71 per share on a fully diluted basis. During the quarter, Diamond incurred $96.1 million in expenses related to the settlement of the securities class action lawsuit, a $36.0 million non-cash impairment to Kettle U.S. other intangible assets, a $20.6 million charge related to a change in the fair value of the Oaktree warrant liability and $6.6 million for consulting and legal expenses. Excluding these charges, non-GAAP net income for the fourth quarter was $2.3 million and non-GAAP fully diluted earnings per share was $0.09. Adjusted EBITDA was $24.6 million compared to $21.8 million in the prior year period, an increase of 12.5%. EBITDA is a non-GAAP financial measure. Please refer to the tables in this press release for a reconciliation of all non-GAAP financial measures.

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