October 25, 2012 / 8:45 PM / in 5 years

Diamond Foods adds two quarters to restatement

Oct 25 (Reuters) - Snack food maker Diamond Foods Inc said it will include the second and third quarters of fiscal 2010 to its financial restatements to adjust for walnut cost estimates, in a bid to stay listed on the Nasdaq.

The maker of Emerald snack nuts and Kettle Chips is in the process of restating its financial statements for fiscal 2010 and 2011 after an internal investigation uncovered improper accounting for payments to walnut growers.

The company had earlier planned to restate financial statements for fiscal years 2010 and 2011, all interim periods in fiscal 2011 and the fourth quarter of 2010.

The company has until Dec. 7 to file its reports and until Jan. 14, 2013 to hold its annual shareholder meeting, to stay listed on the Nasdaq.

“We are nearing the point of completion and look forward to being in a position to file our restated results,” Interim CFO Mike Murphy said.

Diamond has been trying to recover from the accounting scandal that claimed the jobs of top executives and scuttled its plan to acquire Pringles potato chips.

Shares of the company closed at $18.57 on Thursday on the Nasdaq. They were up slightly after the bell.

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