Diamond Foods receives notice of late filing on its Form 10-Q; Diamond granted extension until June 11 to file its quarterly earnings

SAN FRANCISCO , March 19, 2012 (press release) – Diamond Foods, Inc. (Nasdaq:DMND - News) ("Diamond") today announced that it received a notice on March 15, 2012 from the Nasdaq Stock Market ("Nasdaq") regarding noncompliance with Nasdaq Listing Rule 5250(c)(1) as a result of not timely filing its Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2012. This press release is being issued in accordance with Nasdaq Listing Rule 5810(b).

Based on a plan previously submitted by Diamond, Nasdaq granted Diamond an extension to June 11, 2012 to file its Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2011. The Company will submit an updated plan to Nasdaq by April 16, 2012 to note that Diamond will seek to file the January 31, 2012 10-Q by the June 11 extension date. During this process, Diamond's common stock will continue to be listed and traded on The Nasdaq Global Select Market.

About Diamond

Diamond Foods is an innovative packaged food company focused on building, acquiring and energizing brands including Kettle(R) Chips, Emerald(R) snack nuts, Pop Secret(R) popcorn, and Diamond of California(R) nuts. Diamond's products are distributed in a wide range of stores where snacks and culinary nuts are sold. For more information visit our corporate web site: www.diamondfoods.com.

The Diamond Foods, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6112

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