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Diamond Foods Reports Second Quarter Fiscal Year 2014 Financial Results

SAN FRANCISCO, March 11, 2014 (GLOBE NEWSWIRE) -- Diamond Foods, Inc. (Nasdaq:DMND) ("Diamond") today reported financial results for its fiscal 2014 second quarter and six months ended January 31, 2014.

Second Quarter Fiscal 2014 Highlights

  • Net sales were approximately flat year-over-year at $220.6 million
  • Snacks sales increased 10.8% to $116.8 million and Nuts sales decreased 10.1% to $103.8 million
  • Gross margin was 25.4% compared to 22.9%
  • Net loss was $15.1 million and non-GAAP net income was $2.6 million
  • Adjusted EBITDA increased 24.4% to $28.6 million

Year-to-Date Fiscal 2014 Highlights

  • Net sales decreased 5.0% to $455.2 million
  • Snacks sales increased 5.9% to $229.3 million and Nuts sales decreased 14.0% to $225.9 million
  • Gross margin was 25.0% compared to 22.8%
  • Net loss was $57.2 million and non-GAAP net income was $7.6 million
  • Adjusted EBITDA increased 6.9% to $57.7 million

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

"Overall we are pleased with our second quarter performance. Our consolidated gross margin improved 250 basis points reflecting strong sales growth and gross margin expansion in our Snacks segment. These results, however, were weighed down by lower sales and gross margin compression in the Nuts segment due to higher tree nut costs," said Brian Driscoll, President and CEO. "While we expect to face further headwinds in the Nuts segment in the second half of fiscal 2014, our team remains focused on the execution of our multi-year turnaround strategy and we are confident that we are taking the right steps to position our business for long-term sustainable growth."

Second Quarter Fiscal 2014

Net sales were comparable to the prior year at $220.6 million and gross profit as a percent of net sales was 25.4% compared to 22.9% last year.

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