Diamond Foods full-year income up 75%

by FoodBusinessNews.net Staff
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SAN FRANCISCO — For the full-year 2008, Diamond Foods, Inc. posted income of $14,756,000, equal to 92c per share on the common stock, up 75% from $8,433,000, or 53c per share, during the previous year. Sales for the year were $531,492,000, up 2% from $522,585,000 during the previous year.

"We delivered exceptional profit growth during a year in which input costs were at record levels," said Michael J. Mendes, president and chief executive officer. "In addition, we took a number of steps to better position our snack business for profitable growth, including the launch of several promising new products and the addition of new distribution in key retail accounts."

For the fourth quarter ended July 31 Diamond Foods posted net income of $2,634,000, or 16c per share, up significantly from $774,000, or 5c per share, during the same quarter of the previous year. Sales for the quarter were $113,148,000, up 1% from $112,435,000 during the same quarter of the previous year.

For the quarter ending Oct. 31, the company said it expects net sales in the range of $190 million to $205 million and earnings per share in the range of 60c to 63c. For the full-year fiscal 2009, the company expects net sales in the range of $585 million to $615 million and earnings per share in the range of $1.20 to $1.27.

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