Diamond Foods: Our 2012 losses do not reflect our recent change in strategic direction
Published: 2012-12-10 Authour: Elaine WATSON Views:
17
Core Tip: Premium nuts and snacks maker Diamond Foods has reported an $86.3m net loss on a 2% rise in sales to $981.4m for the year to July 31, but stressed that the results do not reflect its recent change in strategic direction.
Chief executive Brian Driscoll blamed the losses on costs related to the high-profile audit committee investigation into its walnut accounting issues coupled with a $10.4m charge related to a change in the fair value of investor Oaktree Capital Management’s warrant liability, plus a $10.1m charge related to asset impairment at a plant in Indiana.
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