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US Diamond Foods reports USD33m loss in Q4  Join our daily free Newsletter

MENAFN - 08/12/2012

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(MENAFN) San Francisco-based Diamond Foods Inc. reported a quarterly loss, excluding costs related to an accounting probe and earnings restatement, AP reported.

The company said it incurred USD32.9 million net loss in its fiscal fourth quarter, versus USD2.8 million profit a year earlier.

The maker of Emerald nuts, Pop Secret popcorn and Kettle chips also reported a 5 percent decline in quarterly revenue to USD224 million on weaker sales to food service companies and other non-retail customers.

Diamond Foods is still struggling with the impact of some incorrect accounting. The company disclosed last year that an internal investigation found that it improperly accounted for payments to walnut growers, which skewed its financial results. As a result Diamond had to restate financial results for two years in November, which erased USD56.5 million of profits.

Diamond CEO Brian Driscoll is trying to save the company from further sinking as it invests in its brands, cuts costs and rebuilds its walnut supply.

 






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