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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).

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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.

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"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.

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