Diamond says late annual report cited by Nasdaq
SAN FRANCISCO (AP) — Nasdaq has told Diamond Foods Inc. that its failure to file its latest annual report on time is another factor that could lead to the delisting of the snack maker's shares from the Nasdaq Stock Market.
The company, whose brands include Kettle Chips, Emerald nuts and Pop Secret popcorn, faced possible delisting in June after missing a deadline to file three quarterly reports. But Diamond received an extension from Nasdaq allowing the company to remain listed on condition it gets current in its financial report filings by Dec. 7 and holds its annual meeting by Jan. 14.
The company said Friday it intends to file all its late reports, including the annual report for the fiscal year ended July 31, "as promptly as practicable."
San Francisco-based Diamond has faced several challenges after a scandal broke late last year over its payments to walnut growers.
The company's audit committee found that some payments to the growers had been booked in the wrong periods. The payments — an estimated $20 million in 2010 and $60 million in 2011 — skewed Diamond's financial results. Diamond also had to restate its full fiscal 2010 and 2011 results.
The accounting problems led to the collapse of Diamond's proposed buyout of the Pringles brand from Procter & Gamble Co. Instead, Kellogg Co. wound up buying Pringles in a $2.7 billion deal.
Diamond also shook up its top management in the wake of the walnut-payments controversy.
Diamond shares fell 31 cents to end at $18.91 in regular trading Friday. They lost another 6 cents in after-hours trading, at $18.85.