Diamond of California Announces Banner Fiscal Year: Sales Up 15 Percent; Leader in Culinary and Inshell Nuts Poised for Further Growth in FY `02.Business Editors STOCKTON, Calif.--(BUSINESS WIRE)--March 19, 2002 Diamond of California, the world leader in culinary and inshell nuts, today announced banner results for its fiscal year ending July 31, 2001. The company experienced record growth with gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. of $307 million; an increase of 15 percent over last year, marking the third consecutive year Diamond of California has seen double-digit growth. Contributing factors are expanded product offerings, marketing initiatives to build demand and continued commitment to excellence. "Diamond of California has quietly grown over the past 90 years to become the world leader in culinary and inshell nuts," said Michael Mendes, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Diamond of California. "In addition to maintaining high-quality sales and distribution for our established product lines and effective cost management, we launched new products in our Glazed and Harvest Reserve extensions. They are earning rave reviews. We are at a great starting point Noun 1. starting point - earliest limiting point terminus a quo commencement, get-go, offset, outset, showtime, starting time, beginning, start, kickoff, first - the time at which something is supposed to begin; "they got an early start"; "she knew from the for more success in the coming year." Diamond of California's net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the year were up 15 percent to $280 million, versus $244.5 million in 2000. Similarly, net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). for 2001 were $133 million, versus $125 million in 2000. Earnings to grower-owners increased 32 percent on a price-per-pound basis versus last year. The undisputed leader in culinary nut sales, Diamond of California's total retail sales for the segment increased 31 percent. Also, Diamond's U.S. food service and ingredient segment grew 41 percent and international ingredient sales increased 53 percent over the previous year. One in every two walnuts sold in the U.S. is a Diamond of California walnut. For more information on Diamond of California's products, visit its newly re-launched website at www.diamondnuts.com. About Diamond of California Formed in 1912 by a group of California walnut farmers, Diamond of California has evolved into one of the state's largest grower cooperatives with 2,000 grower-members and 400 full-time employees. Headquartered in Stockton, California Stockton is a city in California and the seat of San Joaquin County (the 5th largest agricultural county in the United States). According to 2007 estimates by the California Department of Finance, Stockton has a population of 289,789 (689,689 MSA) and is the 13th largest city in , Diamond adheres to exacting standards and utilizes innovative processing technology to produce a full product line of culinary nuts. The company operates the largest and most technologically advanced walnut processing and packing plant packing plant a complete meat production unit including facilities for slaughtering animals, processing of meat and offal, boning out, making up of blocks of carcasses, chilling, freezing, storing of the meat, preparation of by-products. in the world, a 550,000 square-foot production facility in Stockton, situated on 75 acres. Diamond also has four centrally located collecting stations throughout California where walnuts are hulled, washed and dried. In addition to walnuts, Diamond markets an 18-item line of packaged ingredient nuts ranging from chopped hazelnuts to pine nuts, macadamia macadamia (măk'ədā`mēə), name for the nut of the Macadamia ternifolia, an evergreen tree native to Australia, but cultivated in Hawaii. The nuts, also called Queensland nuts, are eaten roasted or raw. nuts and slivered almonds, in addition to many forms of walnuts. |
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