Late on Wednesday, food processing company Diamond Foods, Inc. (NASDAQ: DMND) announced that its second-quarter net income rose to $6.14 million, or 37 cents a share, from $2.67 million, or 17 cents a share, in the prior year quarter. Quarterly revenue grew 13% to $150.59 million from $133.8 million. Analysts on average were looking for earnings of 31 cents a share on revenue of $154.20 million for the quarter. Looking ahead to the third quarter, the company expects to earn in the range of 11 cents to 14 per share, which would represent a growth of 57% to 100%. For full fiscal year 2009, the company raised its earnings outlook to a range of $1.27 - $1.34 a share, excluding non-recurring charges of about $0.03 per share. The company expects to report FY09 revenue in the range of $535 million and $565 million. CEO Michael J. Mendes said in a statement
"Our strategy to invest in our brands, while lowering the company's cost structure, enables us to deliver greater value to retail partners and consumers, which is critically important in today's economy."

Teen apparel retailer Hot Topic Inc. (NASDAQ: HOTT) reported that its fourth-quarter net income increased to $14.2 million, or 32 cents a share, from $11.9 million, or 27 cents a share, in the same quarter of 2007. Revenue jumped 7.8% to $238.0 million from $220.7 million. Consensus estimates were for earnings of 31 cents a share on revenue of $235.47 million for the quarter. Shares of the company fell 1.58% in late trading.

ICF International Inc. (NASDAQ: ICFI) reported that fourth quarter net income tumbled to $6.1 million, or 40 cents a share, from $9.62 million, or 64 cents a share, comparable quarter last year. Revenue decreased to $161.93 million from $186.42 million. Analysts on average had forecast earnings of 39 cents a share on revenue of $157.05 million. Commenting on the results, Chairman and CEO Sudhakar Kesavan said, "Core business revenue growth was broad-based, driven by double-digit increases across most of our key markets, and was led by energy; climate change; environment; and health, human services, and social programs. Organic growth for the quarter was 16.0 percent, exclusive of the Simat, Helliesen & Eichner, Inc. (SH&E) and Jones & Stokes acquisitions, reflecting strong demand for ICF's domain expertise." ICF rose 0.84% in post market trading.

Jo-Ann Stores Inc. (NYSE: JAS) reported fourth-quarter net income declined to $20.4 million, or 79 cents a share, from $27.5 million, or $1.10 a share, in the corresponding period last year. Revenue dropped 2.4% to $571.9 million from $585.9 million. Street analysts expected the company to earn 77 cents a share on revenue of $571.90 million for the quarter. Same-store sales declined 2.9% in the fourth quarter compared to a same-store sales increase of 3.3% in last year's fourth quarter.