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Diamond Foods Reports Third Quarter Fiscal 2014 Financial Results

Stocks in this article: DMND

SAN FRANCISCO, June 5, 2014 (GLOBE NEWSWIRE) -- Diamond Foods, Inc. (Nasdaq:DMND) ("Diamond") today reported financial results for its fiscal 2014 third quarter and nine months ended April 30, 2014.

Third Quarter Fiscal 2014 Highlights

  • Net sales were $190.9 million, up 3.2% year-over-year
  • Snacks segment sales increased 9.6% to $114.3 million and Nuts segment sales decreased 5.0% to $76.6 million
  • Gross margin was 23.6% compared to 23.4%
  • GAAP loss per share was $3.63 primarily attributable to the extinguishment of the Oaktree debt; non-GAAP earnings per share (EPS) was $0.11
  • Adjusted EBITDA increased 1.5% to $23.5 million

Year-to-Date Fiscal 2014 Highlights

  • Net sales decreased 2.7% to $646.1 million
  • Snacks segment sales increased 7.1% to $343.6 million and Nuts segment sales decreased 11.9% to $302.5 million
  • Gross margin was 24.6% compared to 23.0%
  • GAAP loss per share was $6.69; non-GAAP EPS was $0.44
  • Adjusted EBITDA increased 5.3% to $81.2 million

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

"We are very pleased with the overall performance of our Snacks segment in the third quarter, as we continued to deliver solid year-over-year sales growth and gross margin expansion," said Brian J. Driscoll, President and CEO. "While these results reflect strong progress against our overall turnaround plan, in the Nuts segment a walnut cost increase this quarter impacted our results by $2.2 million."

Third Quarter Fiscal 2014

Consolidated net sales during the quarter increased 3.2%, to $190.9 million, compared to the same quarter of the prior year. Gross profit was $45.1 million, or 23.6% of net sales, for the third quarter of fiscal 2014, compared to $43.4 million, or 23.4% of net sales, for the same quarter in the prior year.

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