“SAN FRANCISCO (AP) — Snack foods maker Diamond Foods Inc. said Monday that it turned a profit in its fiscal second quarter after taking a loss on one-time charges a year ago.
For the three months ended Jan. 31, net income totaled $10.1 million, or 43 cents per share. A year ago it took a loss of $20.2 million, or 93 cents per share. Excluding one-time items, Diamond earned 5 cents per share. Revenue fell 16 percent, to $220.8 million, as sales of Emerald Nuts decreased.
Analysts expected net income of 6 cents per share on $239.2 million in revenue, according to FactSet.
Diamond reported a gain of $18.6 million in the recent quarter as its share price fell more than 20 percent in late 2012 and early 2013. That decreased its warrant liability. A year ago the company’s results included a $12.1 million charge related to a failed attempt to buy the Pringles brand from Procter & Gamble and $10.7 million related to an audit committee investigation.
Diamond Foods disclosed in early 2012 that it would have to restate two years of earnings because it had not properly accounted for payments to walnut growers. The company replaced its CEO and chief financial officer, and its bid for Pringles collapsed. Procter& Gamble Co. ultimately sold Pringles to Kellogg Co. for $2.7 billion….”
If you enjoy the content at iBankCoin, please follow us on Twitter
