For the three months ended 31 July 2010, net income grew 60% to $6.7m and fully diluted earnings per share (EPS) grew 20% over the prior year’s quarter to $0.30, despite a 34% higher share count.
Excluding $1.3m in acquisition and integration costs related to the purchase of Kettle Foods in March, non-GAAP EPS was up 36% to $0.34 compared to $0.25 for the prior year’s quarter.
For the 12 months ended 31 July 2010, net income grew 10% over the prior year period to $26.2m and EPS was $1.36. Excluding $14.1m, net of tax credits, in acquisition, integration and debt retirement costs primarily related to the purchase of Kettle Foods in March, non-GAAP earnings grew 52% to $36.8m, and non-GAAP EPS grew 32% to $1.91.
“We successfully acquired and integrated Kettle Foods while driving strong organic growth in our base business, delivering 52% earnings growth for the year,” said Michael J Mendes, chairman, president and CEO. “For 2010, our snack sales grew 70% and are projected to exceed $540m this year, 25 times larger than when we went public in 2005.”
Read the full Diamond Foods financial statement at this link.
Source: Diamond Foods
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