This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Diamond Foods Reports First Quarter Fiscal Year 2014 Financial Results

SAN FRANCISCO, Dec. 5, 2013 (GLOBE NEWSWIRE) -- Diamond Foods, Inc. (Nasdaq:DMND) ("Diamond") today reported financial results for its fiscal 2014 first quarter ended October 31, 2013.

First Quarter Fiscal 2014 Highlights
  • Net sales decreased 9.2% to $234.7 million
  • Snacks sales increased 1.2% to $112.6 million and Nuts sales decreased 17.1% to $122.1 million
  • Gross margin was 24.7% compared to 22.7%
  • Net loss was $42.2 million and non-GAAP net income was $5.0 million
  • Adjusted EBITDA decreased 6.1% to $29.1 million

(All comparisons above are to the first quarter fiscal year 2013. Non-GAAP financial measures are reconciled in the tables below)

"Our first quarter financial results were in line with our expectations and reflect the headwinds we anticipated from lower walnut supply and Emerald re-launch costs," said Brian Driscoll, President and CEO. "We continue to focus on gross margin improvement strategies as well as investing in brand building and innovation as we seek to achieve long-term sustainable growth. Looking ahead, we expect to benefit from the improved foundation of our business, and remain confident that we are on track to achieve earnings improvement in fiscal 2014."

First Quarter Fiscal 2014

Net sales decreased 9.2% to $234.7 million compared to $258.5 million in the prior year period and gross profit as a percent of net sales was 24.7% compared to 22.7% last year.

Net loss was $42.2 million, or a loss of $1.92 per share on a fully diluted basis. During the quarter, Diamond incurred $23.5 million in expenses for the mark to market adjustments related to shares issuable in connection with the settlement of the securities class action lawsuit, a $5.0 million expense associated with the Company's estimated future impact from a potential resolution of the Securities and Exchange Commission investigation and a $17.0 million charge related to a change in the fair value of the Oaktree warrant liability. Excluding these charges, non-GAAP net income for the first quarter was $5.0 million and non-GAAP fully diluted earnings per share was $0.18. Adjusted EBITDA was $29.1 million compared to $31.0 million in the prior year period. Adjusted 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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs