Diamond Reports Record 2011 Results and Raises Guidance for Fiscal 2012

Snack sales grew 16 percent in the fourth quarter and 72 percent for the fiscal year;
Non-GAAP Earnings Per Share (EPS) increased 37 percent for the fiscal year;
Raising sales and EPS guidance for fiscal 2012.






Diamond Foods, Inc. (NasdaqMND) reported record financial results for its fiscal 2011 fourth quarter and full year.

For the three months ended July 31, 2011, the first full comparable quarter since the acquisition of Kettle Foods, non-GAAP net income grew 58 percent to $11.9 million and non-GAAP fully diluted earnings per share (EPS) grew 53 percent over the prior year's quarter to $0.52. During the quarter, the Company incurred $9.4 million in acquisition and integration costs related to the purchase of Kettle Foods in 2010 and the pending acquisition of Pringles. Including these charges, GAAP net income grew 27 percent to $8.5 million and GAAP fully diluted EPS was $0.37, up 23 percent.

For the twelve months ended July 31, 2011, non-GAAP net income grew 61 percent over the prior year period to $59.0 million and non-GAAP EPS grew 37 percent to $2.61. Including $16.8 million in acquisition and integration costs related to the purchase of Kettle Foods in 2010 and the pending acquisition of Pringles, GAAP earnings grew 92 percent to $50.2 million, and GAAP EPS grew 63 percent to $2.22.

"Our base Diamond business delivered record financial results this quarter, with our snack portfolio up a solid 16 percent on an organic basis," said Michael J. Mendes, Chairman, President and CEO. "We're particularly pleased that we could achieve such strong performance while effectively managing the Pringles integration."

Diamond Foods is an innovative packaged food company focused on building, acquiring and energizing brands including Kettle® chips, Emerald® snack nuts, Pop Secret® popcorn, and Diamond of California® nuts. The Company's products are distributed in a wide range of stores where snacks and culinary nuts are sold.

Corporate Web Site: www.diamondfoods.com

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