Diamond Foods Releases Recent Market Share Data
November 28 2011 - 4:31PM
Diamond Foods, Inc. (Nasdaq:DMND) today released the U.S. Nielsen
retail scanner performance data across all of its brands for the
most recent twelve-week period.
Emerald snack nuts grew 25 percent while the category was up two
percent during the twelve-week period, gaining 220 basis points of
market share. 1 Pop Secret grew three percent while the category
was down one percent during the twelve-week period, gaining 130
basis points of market share. 1 Kettle U.S. was up five percent
while the category was up four percent during the twelve-week
period, maintaining the same level of market share.1 Diamond
of California brand culinary nuts grew two percent while the
category was flat during the twelve-week period, gaining 70 basis
points of market share.1
Sources: 1. Nielsen US Food dollar sales for 12-week period
ending October 29, 2011. All comparisons in this paragraph are
to the same measured period in the prior year.
"We are very pleased with the recent performance of our brands,
which we believe results from our long-term strategy to invest in
product innovation, brand development and consumer support," said
Michael J. Mendes, Chairman, President and CEO of Diamond.
Accounting Investigation Update
As previously announced, Diamond's Audit Committee is performing
an investigation of Diamond's accounting for certain crop payments
to walnut growers. The Audit Committee is committed to a
thorough and expeditious process, and earlier this month, the Audit
Committee retained Gibson, Dunn & Crutcher LLP and KPMG LLP to
assist in the investigation. "While we understand that the
investment community would like the company to be providing
additional detail about the investigation, we support the Audit
Committee in its process, which includes refraining from public
comment regarding these matters until the investigation has been
completed," said Mr. Mendes.
Additional information about risk factors that could adversely
affect Diamond can be found in the Current Report on Form 8-K filed
with the SEC concurrently with the issuance of this press
release.
About Diamond
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. Diamond's products are distributed in a wide
range of stores where snacks and culinary nuts are sold. For more
information visit our corporate web site: www.diamondfoods.com.
The Diamond Foods, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6112
Note regarding forward-looking statements
Statements in this press release that relate to future results
and events, including statements about Diamond's brand performance
and those related to the Audit Committee investigation, are
forward-looking statements based on Diamond's current expectations
and may be subject to significant adjustment. Actual results may
differ materially from those estimated in these forward-looking
statements because of many risks and uncertainties, including:
general economic, business and industry conditions; the duration of
the Audit Committee's investigation into Diamond's accounting for
certain crop payments to walnut growers and the potential outcomes
of such investigation, including a conclusion that there is a
material weakness in Diamond's internal control over financial
reporting, that disclosure controls and procedures are not
effective, that a restatement of Diamond's financial statements is
required, any inability to timely file required periodic reports
under the Securities Exchange Act of 1934, as amended, and any
resulting NASDAQ delisting proceedings for Diamond's common stock;
risks relating to Diamond's credit facilities, including compliance
with existing debt covenants and the availability of financing
after the expiration on March 1, 2012 of commitments under
Diamond's Credit Agreement dated October 5, 2011 required in
connection with the proposed acquisition of the Pringles snack
business from P&G; litigation and potential governmental
investigations or proceedings arising out of or related to
accounting and financial reporting matters. Additional discussion
of these and other factors affecting Diamond's business and
prospects is described under "Part I – Item 1A. Risk Factors" in
Diamond's Annual Report on Form 10-K for the fiscal year ended July
31, 2011, under "Risk Factors" in Diamond's registration statement
on Form S-4 filed with the SEC in conjunction with the proposed
acquisition of the Pringles snack business from P&G, which
registration statement has not yet become effective, and under
"Additional Risk Factors" in Diamond's Current Report on Form 8-K
filed with the SEC concurrently with the issuance of this press
release.
Additional Information
In connection with the proposed transaction between Diamond and
P&G, Diamond has filed a registration statement on Form S-4
with the SEC, which registration statement has not yet become
effective. Investors are urged to read the registration statement
and any other relevant documents when they become available because
they will contain important information about Diamond, Pringles and
the proposed transaction. The registration statement and other
documents relating to the proposed transaction can be obtained free
of charge from the SEC's website at www.sec.gov. The documents can
also be obtained free of charge from Diamond upon written request
to Diamond Foods, Inc., Investor Relations, 600 Montgomery Street,
San Francisco, California 94111 or by calling (415) 445-7444,
or from P&G upon written request to The Procter &
Gamble Company, Shareholder Services Department, P.O. Box 5572,
Cincinnati, Ohio 45201-5572 or by calling (800) 742-6253.
CONTACT: Investors:
Linda Segre
SVP, Corporate Strategy
Diamond Foods
415-445-7444
lsegre@diamondfoods.com
Media:
Paul Kranhold
pkranhold@sardverb.com
John Christiansen
jchristiansen@sardverb.com
Sard, Verbinnen & Co.
415-618-8750
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