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SAN FRANCISCO, March 19, 2012 (GLOBE NEWSWIRE) -- Diamond Foods, Inc. (Nasdaq:DMND) ("Diamond") today announced that it received a notice on March 15, 2012 from the Nasdaq Stock Market ("Nasdaq") regarding noncompliance with Nasdaq Listing Rule 5250(c)(1) as a result of not timely filing its Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2012. This press release is being issued in accordance with Nasdaq Listing Rule 5810(b).
Based on a plan previously submitted by Diamond, Nasdaq granted Diamond an extension to June 11, 2012 to file its Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2011. The Company will submit an updated plan to Nasdaq by April 16, 2012 to note that Diamond will seek to file the January 31, 2012 10-Q by the June 11 extension date. During this process, Diamond's common stock will continue to be listed and traded on The Nasdaq Global Select Market.
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, events and expectations, including statements about our ability to complete and file our quarterly reports on Form 10-Q for the quarterly periods ended October 31, 2011 and January 31, 2012; the impact of the late filings of our Form 10-Qs on our business operations; the results of any litigation or other proceedings brought by private parties or regulatory bodies; and our expectations regarding the Nasdaq notice of non-compliance with listing rules, our response to that notice and the continued listing of our common stock on Nasdaq. Actual results may differ materially from what we currently expect because of many risks and uncertainties, including: uncertainty about the timing and scope of our financial restatement; risks relating to our credit facility, including compliance with existing debt covenants and obtaining forbearance from our lenders; increase in the cost of debt; ability to raise additional capital and possible dilutive impact of raising such capital; risks relating to litigation; relations with growers; availability and cost of walnuts and other raw materials; increasing competition and possible loss of key customers; and general economic and capital markets conditions. Risk factors affecting our business and prospects are described under "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended July 31, 2011, and under "Additional Risk Factors" in our Current Report on Form 8-K filed with the SEC on November 28, 2011. All forward-looking statements and reasons why results might differ included in this press release are made as of the date of this press release, based on information currently available to Diamond's management, and we assume no obligation to update any forward-looking statement or reasons why results might differ.
SVP, Corporate Strategy
Sard Verbinnen & Co for Diamond Foods
Paul Kranhold/Lucy Neugart
Image: Company Logo Diamond Foods, Inc.