Food Business News - December 20, 2011 - (Page 21)

Earnings filing delay for Diamond Foods February 2012 completion anticipated for audit committee investigation SAN FRANCISCO — Diamond Foods Inc. did not file its Form 10-Q with the Securities and Exchange Commission before the Dec. 12 deadline for the first quarter, the company said on Dec. 12. The delay was announced as part of an update of an ongoing audit committee investigation into accounting for certain crop payments to walnut growers. “Diamond will take steps to file its Form 10-Q for the first quarter as soon as practicable after conclusion of the investigation,” the company said. “The audit committee has dedicated significant resources to its investigation, including the retention of independent legal and accounting advisors, in order to conduct a thorough and expeditious review.” The audit committee anticipates being able to conclude its investigation by the middle of February. Because of the filing delay, Diamond said it expects, consistent with standard Nasdaq procedure, to receive a notice of deficiency from the Nasdaq Listing Qualifications Department, indicating that Diamond is not in compliance with Nasdaq Listing Rule 5250(c)(1). “Diamond intends to submit a plan to regain compliance as quickly as possible,” the company said. “During this process, Diamond’s common stock will continue to be listed and traded on The NASDAQ Global Select Market.” The announcements follow the Nov. 1 disclosure by Diamond that it was investigating “external communication” in connection with the walnut purchases. The following day, the company said it was delaying its planned $1.5 billion acquisition of the Pringles snack business from Cincinnati-based The Procter & Gamble Co. until the end of June 2012. The transaction originally had been expected to close by the end of 2011. FBN December 20, 2011 FOODBUSINESS NEWS ® 21

Table of Contents for the Digital Edition of Food Business News - December 20, 2011

Food Business News - December 20, 2011
Government to decide on B.P.A. ban by March 31
Dairy Business News - Higher prices lead to sluggish fresh milk sales
Commodity, ingredient prices trending lower at year end
Editorial - Food revolution in wake of food truck growth
Food companies alleging egg price fixing from 1999 to 2008
Nestle details progress made on nutrition front
NPD Group: Restaurant traffic flat in 2011
Yum! raises guidance on global strength
Coca-Cola forms partnerships to develop 100% plant-based bottles
Lempert sees economizing as key trend in 2012
Blount buys Cape Cod Chowder Co.
Falconhead Capital acquires Rita’s Water Ice Franchise
Better margins seen in 2012
Sara Lee to buy Dutch cafe store operator
Sara Lee to base North American Meats in Chicago
Clearer picture of local food
Smithfield Foods income falls 16% in second quarter
Earnings filing delay for Diamond Foods
Health and Wellness - Researchers shed light on probiotics benefits
Ingredient Innovations - Oils factor into french fry innovation
Dairy Business News - Dairy Ingredients Symposium to be held in March
Dairy Business News - Cultures increase cottage cheese yield
Dairy Business News - WhiteWave moves ahead on sustainability initiatives
Dairy Business News - Steve Millard to lead Emmi Roth USA
Dairy Business News - October nonfat dry milk output down 12% from year ago
New Product Trends - Local foods, children's nutrition top N.R.A. trends
New Product Trends - Niman Ranch introduces all-natural beef entrees
New Product Trends - Pamela’s Products launches Whenever Bars
New Product Trends - Mission Foods adds Artisan Style Tortillas
New Product Trends - Sunsweet launches Plum Amazins
Food Ingredients Europe
Ingredient Market Trends
Ingredient Markets
Supplier Innovations and News - Cocoa production method wins Fi Europe honor
Supplier Innovations and News - System reduces acrylamide level in coffee
Supplier Innovations and News - Kalsec introduces specialty flavors
Supplier Innovations and News - Vitiva launches Sweet’nVit stevia brand
Supplier Innovations and News - Spicetec hires technical services specialist
Supplier Innovations and News - Ingredient adds shelf life, works in flavor system
Ad Index
Food Business in the News

Food Business News - December 20, 2011