Join        Login             Stock Quote

Diamond Foods (DMND) Says To Delay Form 10-Q Filing For 1Q

 December 11, 2012 02:36 PM

(By Balachander) Diamond Foods Inc. (NASDAQ: DMND) said it will not be able to file its Form 10-Q for the fiscal quarter ended October 31, 2012.

The maker of Emerald nuts and Pop Secret popcorn had last week reported a loss for the fourth quarter hit by costs related to an accounting probe over payments to walnut growers.

Early this year, Diamond Foods announced that its audit committee found faults with regard to payments to walnut growers in 2010 and 2011 and that it will be restating its results for these two years.

 The internal enquiry over the scandal caused the ouster of the company's chief executive and chief financial officer and also resulted in the collapse of Diamond's deal to acquire Pringles potato chip unit from Procter & Gamble (NYSE: PG).

[Related -AT&T Inc. (T): Big Prints In AT&T Put Options As Shares Touch Lowest Since January]

The company disclosed it recently completed the restatement of its consolidated financial statements for the fiscal years ended July 31, 2011 and 2010, and certain quarterly periods in such fiscal years.

Diamond has recently filed all required reports including the second amendment to the Annual Report on Form 10-K for fiscal year ended July 31, 2011, Quarterly Reports on Form 10-Q for the periods ended October 31, 2011, January 31, 2012 and April 30, 2012, and its Annual Report on Form 10-K for the fiscal year ended July 31, 2012.

[Related -Stocks Tumble After BOJ Policy Decision; Navistar International Corp (NAV) Drops]

"As a result of the effort required to complete these filings, Diamond is presently not able to file, without unreasonable effort and expense, its Form 10-Q for the fiscal quarter ended October 31, 2012," the company said in a regulatory filing on Tuesday.

DMND shares rose 3.97 percent to trade at $13.73 on Tuesday.



Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageTackling China's Debt Problem: Can Debt-Equity Conversions Help?

China’s high and rising corporate debt problem and how best to address it has received much attention read on...

article imageWill Job Growth Kill The Bear-Market Signal For Stocks?

It’s all about jobs now. Actually, it’s always been about jobs. But the stakes are even higher—perhaps more read on...

article imageAutomating Ourselves To Unemployment

In this current era of central planning, malincentives abound. We raced to frack as fast we could for the read on...

article imageFed: Waiting For June… Or Godot?

The Federal Reserve left interest rates unchanged yesterday, as widely expected. But the possibility of a read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.