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Record results for Diamond Foods
Diamond Foods has reported record financial results for its third quarter of fiscal 2010.
For the three months ended 30 April 2010, non-GAAP diluted earnings (loss) per share (EPS) was $0.30 and non-GAAP net income was $6.2m, 128% above the prior year’s net income.
On a GAAP basis, EPS was $(0.22) compared to $0.16 for the prior year’s comparable period due to costs associated with the acquisition of Kettle Foods.
These costs totalled $12.4m and included M&A advisory fees, bridge financing fees, legal and debt extinguishment costs.
“Our base business performed very well during the quarter and we’ve made excellent progress in integrating Kettle Foods,” said Michael J Mendes, chairman, president and CEO. “Based on our strong overall performance, we have increased guidance for the second half of fiscal year 2010 as well as 2011.”
Source: Diamond Foods
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