Diamond Foods Q4 net income increases

Fri. October 02, 2009; Posted: 09:04 AM

Oct 02, 2009 (Datamonitor via COMTEX) -- DMND | Quote | Chart | News | PowerRating -- Diamond Foods has reported a net income of $4.2 million, or $0.25 earnings per diluted share, for the fourth quarter ended July 31, 2009, compared to $2.63 million, or $0.16 per diluted share, for the fourth quarter ended July 31, 2008.

Net sales for the fourth quarter of fiscal 2009 were $113.82 million, compared to $113.15 million in the corresponding period of fiscal 2008.

Net income for fiscal 2009 increased 61% to $23.74 million, or $1.44 per diluted share, compared to $14.76 million, or $0.91 per diluted share for fiscal 2008. For fiscal 2009, net sales increased 7% to $570.94 million, compared to $531.49 million for fiscal 2008.

Michael Mendes, president and CEO, of Diamond Foods, said: "By focusing on growing our branded retail business, we achieved significant retail sales, margin and profitability improvements in fiscal 2009 that position us for continued growth as we head into fiscal 2010. Today, we are increasing full-year fiscal 2010 guidance that projects GAAP earnings will expand 18% to 25% over fiscal 2009.

"Our snack brands performed exceptionally well during the fiscal year, with both Emerald and Pop Secret exceeding our projections. In order to continue this momentum, on October 1, 2009 we will launch our first-ever marketing initiative that integrates all three of our brands."

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For full details on Diamond Foods Inc (DMND) click here. Diamond Foods Inc (DMND) has Short Term PowerRatings of 7. Details on Diamond Foods Inc (DMND) Short Term PowerRatings is available at This Link.

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