Diamond Foods (DMND $13.54 -1.27) reported fourth quarter earnings of $0.05 per share, which may not compare to the Capital IQ Consensus Estimate of $0.07. Revenues fell 5% year over year to $223.9 million versus the $219.12 million consensus. Cash and availability on Diamond's bank revolving line of credit on November 30, 2012 was approximately $88 million. "Diamond continues to make progress towards implementing our recently announced cost savings and operational effectiveness initiatives," said Diamond's Chief Executive Officer Brian J. Driscoll. "The 2012 financial results do not reflect our recent change in strategic direction with a focus on sustainable growth of our brands based on innovation and differentiation, improving our cost structure and rebuilding our walnut supply. Diamond is moving aggressively to execute against our objectives as we seek to better position the Company for long-term success."






