Hain Celestial Announces Financial Results and Expands Strategic Plan to Deliver Enhanced Shareholder Value
Hain Celestial Announces Financial Results and Expands Strategic Plan to Deliver Enhanced Shareholder Value
Completes Accounting Review and Audit Process
No Material Changes to Previously Reported Financial Statements
Provides Fourth Quarter and Fiscal Year 2017 Guidance and Initial Fiscal 2018 Outlook
Expects to Deliver $350 Million in Cost Savings Through Fiscal 2020
Generates Strong Operating Cash Flow of $148 Million in First Nine Months of Fiscal 2017
Authorizes New $250 Million Share Repurchase Program
PR Newswire
LAKE SUCCESS, N.Y., June 22, 2017
LAKE SUCCESS, N.Y., June 22, 2017 /PRNewswire/ -- The Hain Celestial Group, Inc. (NASDAQ: HAIN) ("Hain Celestial" or the "Company"), a leading organic and natural products company with operations in North America, Europe and India providing consumers with A Healthier Way of Life™, today announced the completion of its internal accounting review and audit process for its fiscal year ended June 30, 2016. In connection with the completion of its internal accounting review, the Company has concluded that its previously-issued consolidated financial statements are fairly stated in all material respects in accordance with generally accepted accounting principles in the United States. Today, the Company will file its Annual Report on Form 10-K for the fiscal year ended June 30, 2016 (the "Form 10-K"), which includes immaterial revisions to its results for fiscal years 2016, 2015 and 2014, as well as its Quarterly Reports on Form 10-Q for the first three quarters of its fiscal year 2017. Upon the filing of these outstanding reports, the Company will be current with all of its reporting obligations with the Securities and Exchange Commission.
"The accounting review is complete, and we are pleased to report our financial results, which reflect no material changes to any prior reported periods. We have also implemented greater and more effective internal controls and enhanced oversight for our financial reporting and business units. The changes we are announcing today strengthen Hain Celestial globally on a go-forward basis," said Irwin D. Simon, Founder, President and Chief Executive Officer of Hain Celestial. "We appreciate the efforts of our employees and the support of our customers, lenders and stockholders throughout this process."
Irwin Simon continued, "We have made significant progress to build upon our strategic plan, Project Terra, identifying substantial cost-savings, enhancing customer-centric, go-to market initiatives and fueling innovation to improve our performance. Our team is energized and focused on the continued execution of our strategic initiatives as we position our business for long-term growth, success and enhanced shareholder value."
Financial Highlights1
For the first nine months of fiscal year 2017, the Company reported:
- Net sales of $2.1 billion, relatively flat on a year-over-year basis, or a 4% increase on a constant currency basis. Net sales were impacted by $96.2 million from foreign exchange rate movements versus the prior year period.
- Hain Celestial United States net sales of $882.3 million, a decrease of 6% on a year-over-year basis reflecting the impact of inventory realignment at certain customers and product rationalization of $55 million.
- Hain Celestial United Kingdom net sales of $573.5 million, a 3% increase, or an 18% increase on a constant currency basis, compared to the prior year period.
- Hain Pure Protein net sales of $387.4 million, a 2% increase over the prior year period.
- Hain Celestial Canada net sales of $111.2 million, an 8% increase.
- Hain Celestial Europe net sales of $127.8 million, a 15% increase.
- Net income of $67.1 million; adjusted net income of $82.7 million.
- EBITDA of $157.2 million compared to $278.5 million in the prior year period; adjusted EBITDA of $189.8 million compared to $287.8 million in the prior year period.
- Operating income of $102.2 million, or 4.8% of net sales; adjusted operating income of $134.8 million, or 6.3% of net sales.
- Earnings per diluted share of $0.64; adjusted earnings per diluted share of $0.79. Foreign currencies impacted reported earnings results by $0.09 per diluted share.
- Operating cash flow of $148.0 million.
For fiscal year 2016, the Company reported:
- Net sales of $2.9 billion, an 11% increase or 13% on a constant currency basis, compared to fiscal 2015 net sales of $2.6 billion. Net sales were impacted by $69.2 million in foreign exchange rate movements versus the prior year.
- Net income of $47.4 million; adjusted net income of $192.9 million.
- EBITDA of $361.5 million compared to $311.9 million in fiscal 2015; adjusted EBITDA of $379.1 million compared to $371.7 million in fiscal 2015.
- Operating income of $150.4 million, adjusted operating income $305.5 million.
- Included in the Company's fiscal 2016 results was a non-cash impairment charge of $124.2 million, which included a goodwill impairment charge of $84.5 million related to the Hain Daniels reporting unit within the United Kingdom segment as well as a trademark impairment charge of $39.7 million, which relates to trademarks in both the United Kingdom and United States segments.
- Earnings per diluted share of $0.46, adjusted earnings per diluted share of $1.85. Foreign currencies impacted reported earnings results by $0.04 per diluted share.
- Operating cash flow of $206.6 million, an increase of 11.4% compared to fiscal 2015.
Update on Strategic Plan
The Company continues to execute on its strategic plan, which expands upon Project Terra announced in fiscal 2016, to drive long-term growth and profitability. These initiatives to drive net sales growth and margin expansion include:
- Investing in top brands and capabilities to grow globally;
- Expanding Project Terra cost-savings programs, which are expected to deliver $350 million in total cost savings through fiscal 2020 including annual productivity;
- Building a global management team with deep sector and operating expertise–including key hires in marketing, sales, and operations–to drive innovation and distribution expansion, as well as
- Pursuing a capital allocation strategy that includes a new $250 million share repurchase authorization.
1 This press release includes certain non‐GAAP financial measures, referred to as "adjusted", which are intended to supplement, not substitute for, comparable GAAP financial measures. Reconciliations of non‐GAAP financial measures to GAAP financial measures are provided herein.
Fourth Quarter and Full Fiscal 2017 Guidance
The Company provided the following fourth quarter and full fiscal 2017 guidance expectations:
|
Fourth Quarter 2017 |
Full Year 2017 | |||
|
Net Sales |
$715 million to $735 million |
$2.84 to $2.86 billion | ||
|
Adjusted EBITDA |
$80 million to $85 million |
$270 million to $275 million | ||
|
Adjusted EPS |
$0.40 to $0.43 |
$1.19 to $1.22 |
For the fourth quarter of fiscal 2017, the Company's projected net sales reflects an estimate of approximately 1% year-over-year decline in U.S. dollars and approximately 4% year-over-year growth on a constant currency basis.
Irwin Simon concluded, "We have continued to make significant progress across key areas of our business, and while our financial results were impacted by a challenging operating environment during the first three quarters of 2017, we believe that we have reached an inflection point in the fourth quarter, with the Company well-positioned for long-term growth and profitability."
Guidance is provided on a non-GAAP or adjusted basis, which excludes acquisition-related expenses, integration and restructuring charges, start-up costs, unrealized net foreign currency gains or losses, reserves for litigation matters and other non-recurring items that have been or may be incurred during the Company's fiscal year 2017, which the Company will continue to identify as it reports its future financial results. Guidance excludes the impact of any future acquisitions.
The Company has not reconciled its expected Adjusted EBITDA to net income or Adjusted EPS to earnings per share under "Fourth Quarter and Full Fiscal 2017 Guidance" and "Fiscal Year 2018 Outlook" because it has not finalized calculations for several factors necessary to provide the reconciliations, including net income, interest expense and income tax expense. In addition, certain items that impact net income and other reconciling metrics are out of the Company's control and/or cannot be reasonably predicted at this time.
Initial Fiscal Year 2018 Outlook
The Company also announced the following financial targets:
- Total net sales growth of 4% to 6%
- Adjusted EBITDA of $350 million to $375 million.
Appoints Lead Director
Effective May 23, 2017, the Company's Board of Directors appointed Andrew R. Heyer, a Director since 2012 and Chairperson of the Audit Committee, as Lead Independent Director.
Announces New Chief Financial Officer
In a separate press release today, the Company announced that James Langrock has been appointed as Executive Vice President and Chief Financial Officer, effective June 23, 2017.
Returning Capital to Shareholders
The Company's Board of Directors has authorized the repurchase of up to $250 million of the Company's issued and outstanding common stock. The extent to which the Company repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations including the Company's historical strategy of pursuing accretive acquisitions.
Segment Results
For fiscal 2016, the Company's operations were managed into the following reportable segments: United States, United Kingdom, Hain Pure Protein and Rest of World (comprised of Canada and Continental Europe).
For fiscal 2017, changes in the Company's internal management and reporting structure resulted in a change in operating segments. Certain brands previously included within the United States operating segment were moved to the new Cultivate operating segment, which is now included in the Rest of World reportable segment.
|
(dollars in thousands) |
United States |
United Kingdom |
Hain Pure Protein |
Rest of World |
Corporate/ |
Total |
|
NET SALES |
||||||
|
Net sales - Nine months ended 03/31/17 |
$ 882,273 |
$ 573,542 |
$ 387,412 |
$ 284,799 |
$ - |
$ 2,128,026 |
|
Net sales - Nine months ended 03/31/16 (revised) (1) |
$ 942,700 |
$ 558,269 |
$ 379,460 |
$ 267,398 |
$ - |
$ 2,147,827 |
|
% change - FY'17 net sales vs. FY'16 net sales (revised) |
-6.4% |
2.7% |
2.1% |
6.5% |
-0.9% | |
|
OPERATING INCOME |
||||||
|
Nine months ended 03/31/17 |
||||||
|
Operating income |
$ 111,453 |
$ 22,792 |
$ (31) |
$ 21,894 |
$ (53,890) |
$ 102,218 |
|
Non-GAAP Adjustments (2) |
$ 6,193 |
$ 3,754 |
$ - |
$ (110) |
$ 22,741 |
$ 32,578 |
|
Non-GAAP operating income |
$ 117,646 |
$ 26,546 |
$ (31) |
$ 21,784 |
$ (31,149) |
$ 134,796 |
|
Non-GAAP operating income margin |
13.3% |
4.6% |
0.0% |
7.6% |
6.3% | |
|
Nine months ended 03/31/16 |
||||||
|
Operating income (revised) (1) |
$ 148,828 |
$ 44,093 |
$ 31,078 |
$ 17,646 |
$ (26,147) |
$ 215,498 |
|
Non-GAAP Adjustments (2) |
$ 2,965 |
$ 1,020 |
$ 3,940 |
$ 514 |
$ 9,909 |
$ 18,348 |
|
Non-GAAP operating income (revised) |
$ 151,792 |
$ 45,113 |
$ 35,018 |
$ 18,160 |
$ (16,238) |
$ 233,847 |
|
Non-GAAP operating income margin (revised) |
16.1% |
8.1% |
9.2% |
6.8% |
10.9% | |
|
(1) See bridge from previously reported to revised amounts on the accompanying tables "Net Sales by Segment" and "Operating Income by Segment" | ||||||
|
(2) See accompanying table of "Reconciliation of GAAP Results to Non-GAAP Measures" |
||||||
|
(dollars in thousands) |
United States |
United Kingdom |
Hain Pure Protein |
Rest of World |
Corporate/ |
Total |
|
NET SALES |
||||||
|
Net sales - Twelve months ended 06/30/16(1) |
$ 1,321,547 |
$ 774,877 |
$ 492,510 |
$ 296,440 |
$ - |
$ 2,885,374 |
|
Net sales - Twelve months ended 06/30/15 (revised) (2) |
$ 1,325,996 |
$ 722,830 |
$ 337,197 |
$ 223,590 |
$ - |
$ 2,609,613 |
|
Non-GAAP Adjustments (3) |
$ 15,773 |
$ - |
$ - |
$ 928 |
$ - |
$ 16,701 |
|
Non-GAAP net sales - Twelve months ended 06/30/15 (revised) |
$ 1,341,769 |
$ 722,830 |
$ 337,197 |
$ 224,518 |
$ - |
$ 2,626,314 |
|
% change - FY'16 net sales vs. FY'15 Non-GAAP net sales (revised) |
-1.5% |
7.2% |
46.1% |
32.0% |
9.9% | |
|
OPERATING INCOME |
||||||
|
Twelve months ended 06/30/16 |
||||||
|
Operating income |
$ 209,099 |
$ 56,000 |
$ 31,558 |
$ 22,280 |
$ (168,577) |
$ 150,360 |
|
Non-GAAP Adjustments (3) |
$ 6,388 |
$ 2,081 |
$ 4,734 |
$ 908 |
$ 141,012 |
$ 155,123 |
|
Non-GAAP operating income |
$ 215,486 |
$ 58,081 |
$ 36,292 |
$ 23,188 |
$ (27,566) |
$ 305,483 |
|
Non-GAAP operating income margin |
16.3% |
7.5% |
7.4% |
7.8% |
10.6% | |
|
Twelve months ended 06/30/15 |
||||||
|
Operating income (revised) (2) |
$ 188,054 |
$ 44,985 |
$ 28,685 |
$ 15,210 |
$ (43,072) |
$ 233,862 |
|
Non-GAAP Adjustments (3) |
$ 37,442 |
$ 15,258 |
$ 259 |
$ 2,187 |
$ 15,642 |
$ 70,788 |
|
Non-GAAP operating income (revised) |
$ 225,496 |
$ 60,243 |
$ 28,944 |
$ 17,397 |
$ (27,430) |
$ 304,649 |
|
Non-GAAP operating income margin (revised) |
16.8% |
8.3% |
8.6% |
7.7% |
11.6% | |
|
(1) There were no Non-GAAP adjustments to net sales for the twelve months ended 06/30/16 |
||||||
|
(2) See bridge from previously reported to revised amounts on the accompanying tables "Net Sales by Segment" and "Operating Income by Segment" | ||||||
|
(3) See accompanying table of "Reconciliation of GAAP Results to Non-GAAP Measures" |
||||||
Accounting Review
As previously announced on August 15, 2016, during the fourth quarter of fiscal year 2016, Hain Celestial identified the practice of granting additional concessions to certain distributors in the United States and commenced an internal accounting review in order to (i) determine whether the revenue associated with those concessions was accounted for in the correct period and (ii) evaluate the Company's internal control over financial reporting. The Audit Committee of its Board of Directors separately conducted an independent review of these matters and retained independent counsel to assist in their review. The comprehensive review concluded there was no evidence of intentional wrongdoing in connection with the preparation of the Company's financial statements. Although the initial focus of the Company's internal accounting review pertained to the evaluation of the timing of the recognition of the revenue associated with the practice of granting additional concessions to certain distributors, the Company subsequently expanded its internal accounting review and performed an analysis of previously-issued financial statements in order to identify and assess other potential errors. Based upon this review, the Company identified certain immaterial errors relating to its previously-issued financial statements which resulted in revisions to its previously-issued financial statements, as disclosed in its Form 10-K.
The revisions made were immaterial to the Company's consolidated financial statements for the aforementioned periods and had no effect on the validity of the underlying transactions. In addition, the revisions made had no impact on cash flows or cash balances. Furthermore, the Company's independent auditor has maintained its previously issued opinion with respect to the financial results for the aforementioned periods.
In addition, the Company has enhanced its internal control over financial reporting, as further detailed in the Company's Form 10-K.
Revised Results
The Company identified immaterial accounting revisions for the fiscal years 2014 and 2015 and the first nine months of fiscal 2016. Please refer to accompanying tables "Consolidated Statements of Income – Fiscal 2016" and "Consolidated Statements of Income – Fiscal 2015," as well as the Company's Form 10-K, for a summary of the revisions.
Webcast and Accompanying Presentation
Hain Celestial will host a conference call and webcast today at 8:00 AM Eastern Time to discuss its results and business outlook. The webcast and accompanying presentation are available under the Investor Relations section of the Company's website at www.hain.com.
About The Hain Celestial Group, Inc.
The Hain Celestial Group (Nasdaq: HAIN), headquartered in Lake Success, NY, is a leading organic and natural products company with operations in North America, Europe and India. Hain Celestial participates in many natural categories with well-known brands that include Celestial Seasonings®, Earth's Best®, Ella's Kitchen®, Terra®, Garden of Eatin'®, Sensible Portions®, Health Valley®, Arrowhead Mills®, MaraNatha®, SunSpire®, DeBoles®, Casbah®, Rudi's Organic Bakery®, Hain Pure Foods®, Spectrum®, Spectrum Essentials®, Imagine®, Almond Dream®, Rice Dream®, Soy Dream®, WestSoy®, The Greek Gods®, BluePrint®, FreeBird®, Plainville Farms®, Empire®, Kosher Valley®, Yves Veggie Cuisine®, Europe's Best®, Cully & Sully®, New Covent Garden Soup Co.®, Yorkshire Provender™, Johnson's Juice Co.®, Farmhouse Fare®, Hartley's®, Sun-Pat®, Gale's®, Robertson's®, Frank Cooper's®, Linda McCartney®, Lima®, Danival®, Joya®, Natumi®, GG UniqueFiber®, Tilda®, JASON®, Avalon Organics®, Alba Botanica®, Live Clean® and Queen Helene®. Hain Celestial has been providing A Healthier Way of Life™ since 1993. For more information, visit www.hain.com.
Safe Harbor Statement
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are predictions based on expectations and projections about future events, and are not statements of historical fact. You can identify forward-looking statements by the use of forward-looking terminology such as "plan", "continue", "expect", "anticipate", "intend", "predict", "project", "estimate", "likely", "believe", "might", "seek", "may", "will", "remain", "potential", "can", "should", "could", "future" and similar expressions, or the negative of those expressions, or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical facts. You can also identify forward-looking statements by discussions of guidance for the remainder of the fourth quarter of fiscal year 2017 and the fiscal year 2018 outlook, strategy, plans or intentions related to our capital resources, performance and results of operations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, levels of activity, performance or achievements of the Company, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and may not be able to be realized. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). Such factors, include, among others, the Company's beliefs or expectations relating to (i) the Company's guidance for the Fourth Quarter of 2017 and Fiscal Year 2018 Outlook; (ii) the Company's strategic plan and execution against such plan and (iii) the Company's ability to deliver significant shareholder value creation; and the other risks detailed from time-to-time in the Company's reports filed with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended June 30, 2016, and our quarterly reports. As a result of the foregoing and other factors, no assurance can be given as to the future results, levels of activity and achievements of the Company, and neither the Company nor any person assumes responsibility for the accuracy and completeness of these statements. All forward-looking statements contained herein apply as of the date hereof or as of the date they were made and, except as required by applicable law, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflects changes in underlying assumptions or factors of new methods, future events or other changes.
Non-GAAP Financial Measures
This press release and the accompanying tables include non-GAAP financial measures, including net sales excluding the impact of foreign currency (defined below), adjusted operating income, adjusted net income, adjusted earnings per diluted share, adjusted EBITDA (defined below) and operating free cash flow (defined below). The reconciliations of these non-GAAP financial measures to the comparable GAAP financial measures are presented in the tables "Reconciliation of GAAP Results to Non-GAAP Measures" for the three months and nine months ended March 31, 2017 and 2016 and in the paragraphs below. Management believes that the non-GAAP financial measures presented provide useful additional information to investors about current trends in the Company's operations and are useful for period-over-period comparisons of operations. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures. In addition, these non-GAAP measures may not be the same as similar measures provided by other companies due to potential differences in methods of calculation and items being excluded. They should be read only in connection with the Company's Consolidated Statements of Income presented in accordance with GAAP.
The Company defines Operating Free Cash Flow as cash provided from or used in operating activities (a GAAP measure) less capital expenditures. The Company views operating free cash flow as an important measure because it is one factor in evaluating the amount of cash available for discretionary investments. For the nine months ended March 31, 2017 and 2016, operating free cash flow was calculated as follows:
|
Nine Months Ended | |||
|
03/31/2017 |
03/31/2016 | ||
|
(dollars in thousands) | |||
|
Cash flow provided by operating activities |
$ 147,952 |
$ 131,854 | |
|
Purchase of property, plant and equipment |
(44,064) |
(58,022) | |
|
Operating free cash flow |
$ 103,888 |
$ 73,832 | |
The Company's operating cash flow was $148.0 million for the nine months ended March 31, 2017, an increase of 12.2% from the nine months ended March 31, 2016. The Company's operating free cash flow was $103.8 million for the nine months ended March 31, 2017, an increase of 40.7% from the nine months ended March 31, 2016.
The Company believes presenting net sales at constant currency provides useful information to investors because it provides transparency to underlying performance in the Company's consolidated net sales by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given the volatility in foreign currency exchange markets. To present this information for historical periods, current period net sales for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average monthly exchange rates in effect during the corresponding period of the prior fiscal year, rather than at the actual average monthly exchange rate in effect during the current period of the current fiscal year. As a result, the foreign currency impact is equal to the current year results in local currencies multiplied by the change in average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year.
The Company defines adjusted EBITDA as net income (a GAAP measure) before income taxes, net interest expense, depreciation and amortization, impairment of long lived assets, equity in the earnings of non-consolidated affiliates, stock based compensation, acquisition-related expenses, including integration and restructuring charges, and other non-recurring items. The Company's management believes that this presentation provides useful information to management, analysts and investors regarding certain additional financial and business trends relating to its results of operations and financial condition. In addition, management uses this measure for reviewing the financial results of the Company and as a component of performance-based executive compensation.
For the nine months ended March 31, 2017 and 2016 and the twelve months ended June 30, 2016 and 2015, adjusted EBITDA was calculated as follows:
|
9 Months Ended |
12 Months Ended | ||||||
|
3/31/2017 |
3/31/2016 |
6/30/2016 |
6/30/2015 | ||||
|
(dollars in thousands) | |||||||
|
Net Income |
$ 67,117 |
$ 136,026 |
$ 47,429 |
$ 164,962 | |||
|
Provision for income taxes |
19,322 |
59,846 |
70,932 |
48,535 | |||
|
Interest expense, net |
13,523 |
17,365 |
22,231 |
23,174 | |||
|
Depreciation and amortization |
51,299 |
48,099 |
65,622 |
57,380 | |||
|
Equity in net loss (income) of equity method investees |
(45) |
108 |
47 |
(628) | |||
|
Stock based compensation expense |
7,519 |
10,005 |
12,688 |
12,197 | |||
|
Fixed asset impairment |
- |
- |
3,476 |
1,004 | |||
|
Goodwill impairment |
- |
- |
84,548 |
- | |||
|
Intangibles impairment |
- |
- |
39,724 |
- | |||
|
Unrealized currency gains and losses |
(1,486) |
7,090 |
14,831 |
5,324 | |||
|
EBITDA |
157,249 |
278,539 |
361,528 |
311,948 | |||
|
Acquisition, restructuring, integration, severance, and other charges |
3,599 |
10,239 |
12,393 |
11,884 | |||
|
Contingent consideration expense, net |
- |
1,511 |
1,511 |
(253) | |||
|
Nut butter recall |
- |
- |
- |
30,110 | |||
|
European non-dairy beverage withdrawal |
- |
- |
- |
2,187 | |||
|
HPPC production interruption related to chiller breakdown and factory start-up costs |
- |
4,111 |
4,705 |
- | |||
|
Inventory costs for products discontinued or with redesigned packaging |
5,360 |
- |
3,050 |
- | |||
|
Costs incurred due to co-packer default |
- |
- |
770 |
- | |||
|
UK deferred synergies due to CMA Board decision |
918 |
- |
949 |
- | |||
|
Ashland factory and related expenses |
- |
- |
- |
4,146 | |||
|
UK factory start-up costs |
- |
743 |
743 |
11,407 | |||
|
US warehouse consolidation project |
- |
426 |
623 |
- | |||
|
Fakenham inventory allowance for fire |
- |
- |
- |
900 | |||
|
Foxboro roof collapse |
- |
- |
- |
532 | |||
|
Recall and other related costs |
809 |
- |
- |
- | |||
|
Accounting review costs |
20,089 |
- |
- |
- | |||
|
Litigation expenses |
- |
- |
1,200 |
7,203 | |||
|
Celestial Seasonings marketing support related |
- |
1,000 |
1,000 |
- | |||
|
Tilda fire insurance recovery costs and other start-up/ integration costs |
- |
230 |
342 |
1,666 | |||
|
Luton closure costs |
1,804 |
- |
- |
- | |||
|
Gain on Tilda fire related fixed asset |
- |
(9,013) |
(9,752) |
- | |||
|
Gain on pre-existing investment in HPPC and Empire Kosher |
- |
- |
- |
(9,669) | |||
|
Gain on disposal of investment held for sale |
- |
- |
- |
(314) | |||
|
Adjusted EBITDA |
$ 189,828 |
$ 287,786 |
$ 379,062 |
$ 371,747 | |||
|
THE HAIN CELESTIAL GROUP, INC. | |||||
|
Consolidated Balance Sheets | |||||
|
(In thousands) | |||||
|
March 31, |
June 30, | ||||
|
(Unaudited) |
|||||
|
ASSETS |
|||||
|
Current assets: |
|||||
|
Cash and cash equivalents |
$ 162,642 |
$ 127,926 | |||
|
Accounts receivable, net |
241,738 |
278,933 | |||
|
Inventories |
435,651 |
408,564 | |||
|
Prepaid expenses and other current assets |
65,017 |
84,811 | |||
|
Total current assets |
905,048 |
900,234 | |||
|
Property, plant and equipment, net |
377,190 |
389,841 | |||
|
Goodwill, net |
1,032,583 |
1,060,336 | |||
|
Trademarks and other intangible assets, net |
567,425 |
604,787 | |||
|
Investments and joint ventures |
18,976 |
20,244 | |||
|
Other assets |
32,361 |
32,638 | |||
|
Total assets |
$ 2,933,583 |
$ 3,008,080 | |||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||
|
Current liabilities: |
|||||
|
Accounts payable |
$ 237,188 |
$ 251,712 | |||
|
Accrued expenses and other current liabilities |
101,027 |
78,803 | |||
|
Current portion of long-term debt |
8,457 |
26,513 | |||
|
Total current liabilities |
346,672 |
357,028 | |||
|
Long-term debt, less current portion |
780,868 |
836,171 | |||
|
Deferred income taxes |
123,954 |
131,507 | |||
|
Other noncurrent liabilities |
16,566 |
18,860 | |||
|
Total liabilities |
1,268,060 |
1,343,566 | |||
|
Stockholders' equity: |
|||||
|
Common stock |
1,080 |
1,075 | |||
|
Additional paid-in capital |
1,135,788 |
1,123,206 | |||
|
Retained earnings |
868,509 |
801,392 | |||
|
Accumulated other comprehensive loss |
(240,871) |
(172,111) | |||
|
Subtotal |
1,764,506 |
1,753,562 | |||
|
Treasury stock |
(98,983) |
(89,048) | |||
|
Total stockholders' equity |
1,665,523 |
1,664,514 | |||
|
Total liabilities and stockholders' equity |
$ 2,933,583 |
$ 3,008,080 | |||
|
THE HAIN CELESTIAL GROUP, INC. | ||||||||
|
Consolidated Statements of Income | ||||||||
|
(in thousands, except per share amounts) | ||||||||
|
Three Months Ended March 31, |
Nine Months Ended March 31, | |||||||
|
2017 |
2016 Revised (a) |
2017 |
2016 Revised (a) | |||||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) | |||||
|
Net sales |
$ 706,563 |
$ 736,663 |
$ 2,128,026 |
$ 2,147,827 | ||||
|
Cost of sales |
563,170 |
576,755 |
1,736,373 |
1,683,777 | ||||
|
Gross profit |
143,393 |
159,908 |
391,653 |
464,050 | ||||
|
Selling, general and administrative expenses |
82,576 |
78,890 |
252,730 |
223,421 | ||||
|
Amortization of acquired intangibles |
4,543 |
4,553 |
13,964 |
13,896 | ||||
|
Acquisition related expenses, restructuring and |
2,083 |
5,317 |
2,652 |
11,235 | ||||
|
Accounting review costs |
7,124 |
- |
20,089 |
- | ||||
|
Operating income |
47,067 |
71,148 |
102,218 |
215,498 | ||||
|
Interest and other expenses, net |
7,511 |
(1,715) |
15,824 |
19,518 | ||||
|
Income before income taxes and equity in earnings of |
39,556 |
72,863 |
86,394 |
195,980 | ||||
|
Provision for income taxes |
8,051 |
23,914 |
19,322 |
59,846 | ||||
|
Equity in net loss (income) of equity-method investees |
177 |
161 |
(45) |
108 | ||||
|
Net income |
$ 31,328 |
$ 48,788 |
$ 67,117 |
$ 136,026 | ||||
|
Net income per common share: |
||||||||
|
Basic |
$ 0.30 |
$ 0.47 |
$ 0.65 |
$ 1.32 | ||||
|
Diluted |
$ 0.30 |
$ 0.47 |
$ 0.64 |
$ 1.31 | ||||
|
Weighted average common shares outstanding: |
||||||||
|
Basic |
103,687 |
103,265 |
103,584 |
103,030 | ||||
|
Diluted |
104,246 |
104,087 |
104,232 |
104,168 | ||||
|
(a) See bridge from previously reported to revised amounts in the accompanying table "Consolidated Statements of Income - Fiscal 2016." | ||||||||
|
THE HAIN CELESTIAL GROUP, INC. | ||||||||
|
Consolidated Statements of Income | ||||||||
|
(in thousands, except per share amounts) | ||||||||
|
Three Months Ended December 31, |
Three Months Ended September 30, | |||||||
|
2016 |
2015 Revised (a) |
2016 |
2015 Revised (a) | |||||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) | |||||
|
Net sales |
$ 739,999 |
$ 743,437 |
$ 681,464 |
$ 667,727 | ||||
|
Cost of sales |
601,606 |
577,176 |
571,597 |
529,846 | ||||
|
Gross profit |
138,393 |
166,261 |
109,867 |
137,881 | ||||
|
Selling, general and administrative expenses |
85,187 |
68,981 |
84,967 |
75,550 | ||||
|
Amortization of acquired intangibles |
4,693 |
4,704 |
4,728 |
4,639 | ||||
|
Acquisition related expenses, restructuring and |
108 |
2,498 |
461 |
3,420 | ||||
|
Accounting review costs |
7,005 |
- |
5,960 |
- | ||||
|
Operating income |
41,400 |
90,078 |
13,751 |
54,272 | ||||
|
Interest and other expenses, net |
3,744 |
9,365 |
4,569 |
11,868 | ||||
|
Income before income taxes and equity in earnings of |
37,656 |
80,713 |
9,182 |
42,404 | ||||
|
Provision for income taxes |
10,509 |
22,602 |
762 |
13,330 | ||||
|
Equity in net loss (income) of equity-method investees |
(38) |
31 |
(184) |
(84) | ||||
|
Net income |
$ 27,185 |
$ 58,080 |
$ 8,604 |
$ 29,158 | ||||
|
Net income per common share: |
||||||||
|
Basic |
$ 0.26 |
$ 0.56 |
$ 0.08 |
$ 0.28 | ||||
|
Diluted |
$ 0.26 |
$ 0.56 |
$ 0.08 |
$ 0.28 | ||||
|
Weighted average common shares outstanding: |
||||||||
|
Basic |
103,597 |
103,017 |
103,468 |
102,807 | ||||
|
Diluted |
104,204 |
104,161 |
104,206 |
104,258 | ||||
|
(a) See bridge from previously reported to revised amounts in the accompanying table "Consolidated Statements of Income - Fiscal 2016." | ||||||||
|
THE HAIN CELESTIAL GROUP, INC. | ||||||||
|
Consolidated Statements of Income | ||||||||
|
(in thousands, except per share amounts) | ||||||||
|
Three Months Ended June 30, |
Twelve Months Ended June 30, | |||||||
|
2016 |
2015 Revised (a) |
2016 |
2015 Revised (a) | |||||
|
(Unaudited) |
(Unaudited) |
|||||||
|
Net sales |
$ 737,547 |
$ 680,565 |
$ 2,885,374 |
$ 2,609,613 | ||||
|
Cost of sales |
587,466 |
524,840 |
2,271,243 |
2,046,758 | ||||
|
Gross profit |
150,081 |
155,725 |
614,131 |
562,855 | ||||
|
Selling, general and administrative expenses |
80,342 |
71,337 |
303,763 |
302,827 | ||||
|
Amortization of acquired intangibles |
4,973 |
4,462 |
18,869 |
17,846 | ||||
|
Goodwill impairment |
84,548 |
- |
84,548 |
- | ||||
|
Tradename impairment |
39,724 |
- |
39,724 |
- | ||||
|
Acquisition related expenses, restructuring and |
5,632 |
2,587 |
16,867 |
8,320 | ||||
|
Operating income |
(65,138) |
77,339 |
150,360 |
233,862 | ||||
|
Interest and other expenses, net |
12,434 |
1,074 |
31,952 |
20,993 | ||||
|
Income before income taxes and equity in earnings of |
(77,572) |
76,265 |
118,408 |
212,869 | ||||
|
Provision for income taxes |
11,086 |
4,287 |
70,932 |
48,535 | ||||
|
Equity in net loss (income) of equity-method investees |
(61) |
(174) |
47 |
(628) | ||||
|
Net income |
$ (88,597) |
$ 72,152 |
$ 47,429 |
$ 164,962 | ||||
|
Net income per common share: |
||||||||
|
Basic |
$ (0.86) |
$ 0.70 |
$ 0.46 |
$ 1.62 | ||||
|
Diluted |
$ (0.86) |
$ 0.69 |
$ 0.46 |
$ 1.60 | ||||
|
Weighted average common shares outstanding: |
||||||||
|
Basic |
103,453 |
102,610 |
103,135 |
101,703 | ||||
|
Diluted |
103,453 |
104,005 |
104,183 |
103,421 | ||||
|
(a) See bridge from previously reported to revised amounts in the accompanying table "Consolidated Statements of Income - Fiscal 2015." | ||||||||
|
THE HAIN CELESTIAL GROUP, INC. |
|||||||||||||||||
|
Reconciliation of GAAP Results to Non-GAAP Measures |
|||||||||||||||||
|
(unaudited and in thousands, except per share amounts) |
|||||||||||||||||
|
Three Months Ended March 31, 2017 |
Three Months Ended December 31, 2016 |
Three Months Ended September 30, 2016 |
Three Months Ended June 30, 2016 |
||||||||||||||
|
GAAP |
Non-GAAP Adjustments |
Non-GAAP |
GAAP |
Non-GAAP Adjustments |
Non-GAAP |
GAAP |
Non-GAAP Adjustments |
Non-GAAP |
GAAP |
Non-GAAP Adjustments |
Non-GAAP |
||||||
|
Net sales |
$ 706,563 |
- |
$ 706,563 |
$ 739,999 |
- |
$ 739,999 |
$ 681,464 |
- |
$ 681,464 |
$ 737,547 |
- |
$ 737,547 |
|||||
|
Cost of sales |
563,170 |
- |
563,170 |
601,606 |
(693) |
600,913 |
571,597 |
(5,570) |
566,027 |
587,466 |
(5,061) |
582,405 |
|||||
|
Operating expenses (a) |
87,119 |
- |
87,119 |
89,880 |
(2,115) |
87,765 |
89,695 |
(1,459) |
88,236 |
209,587 |
(126,083) |
83,504 |
|||||
|
Acquisition related expenses, restructuring and |
2,083 |
(2,083) |
- |
108 |
(108) |
- |
461 |
(461) |
- |
5,632 |
(5,632) |
- |
|||||
|
Accounting review costs |
7,124 |
(7,124) |
- |
7,005 |
(7,005) |
- |
5,960 |
(5,960) |
- |
- |
- |
- |
|||||
|
Operating Income |
47,067 |
9,207 |
56,274 |
41,400 |
9,921 |
51,321 |
13,751 |
13,450 |
27,201 |
(65,138) |
136,776 |
71,638 |
|||||
|
Interest and other expenses, net |
7,511 |
(1,791) |
5,720 |
3,744 |
1,984 |
5,728 |
4,569 |
1,293 |
5,862 |
12,434 |
(7,000) |
5,434 |
|||||
|
Provision for income taxes |
8,051 |
7,480 |
15,531 |
10,509 |
2,215 |
12,724 |
762 |
5,856 |
6,618 |
11,086 |
9,840 |
20,926 |
|||||
|
Net income |
31,328 |
3,518 |
34,846 |
27,185 |
5,722 |
32,907 |
8,604 |
6,301 |
14,906 |
(88,597) |
133,936 |
45,335 |
|||||
|
Earnings per share - diluted |
0.30 |
0.03 |
0.33 |
0.26 |
0.05 |
0.32 |
0.08 |
0.06 |
0.14 |
(0.86) |
1.29 |
0.43 |
|||||
|
(a) Operating expenses include amortization of acquired intangibles, selling, general, and administrative expenses and goodwill and tradename impairment. |
|||||||||||||||||
|
Three Months Ended March 31, 2017 |
Three Months Ended December 31, 2016 |
Three Months Ended September 30, 2016 |
Three Months Ended June 30, 2016 |
||||||||||||||
|
HPP costs related to chiller breakdown and factory start |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ 594 |
$ 183 |
|||||||||
|
Inventory costs for products discontinued or having |
- |
- |
160 |
45 |
5,199 |
1,612 |
3,050 |
942 |
|||||||||
|
Recall and other related costs |
- |
- |
(110) |
(31) |
183 |
57 |
- |
- |
|||||||||
|
UK deferred synergies due to CMA Board decision |
- |
- |
179 |
50 |
188 |
58 |
450 |
139 |
|||||||||
|
Luton closure costs |
- |
- |
464 |
129 |
- |
- |
- |
- |
|||||||||
|
Costs incurred due to co-packer default |
- |
- |
- |
- |
- |
- |
770 |
238 |
|||||||||
|
Acquisition related integration costs |
- |
- |
- |
- |
- |
- |
197 |
61 |
|||||||||
|
Cost of sales |
- |
- |
693 |
193 |
5,570 |
1,727 |
5,061 |
1,563 |
|||||||||
|
Luton closure costs |
- |
- |
1,340 |
375 |
- |
- |
- |
- |
|||||||||
|
UK deferred synergies due to CMA Board decision |
- |
- |
268 |
75 |
283 |
88 |
499 |
154 |
|||||||||
|
Recall and other related costs |
- |
- |
507 |
140 |
229 |
71 |
- |
- |
|||||||||
|
Tilda fire insurance recovery costs and other |
- |
- |
- |
- |
947 |
293 |
112 |
35 |
|||||||||
|
Litigation expenses |
- |
- |
- |
- |
- |
- |
1,200 |
371 |
|||||||||
|
Selling, general and administrative expenses |
- |
- |
2,115 |
590 |
1,459 |
452 |
1,811 |
560 |
|||||||||
|
Goodwill impairment |
- |
- |
- |
- |
- |
- |
84,548 |
- |
|||||||||
|
Tradename impairment |
- |
- |
- |
- |
- |
- |
39,724 |
8,856 |
|||||||||
|
Operating expenses (a) |
- |
- |
2,115 |
590 |
1,459 |
452 |
126,083 |
9,416 |
|||||||||
|
Acquisition related fees and expenses, integration and restructuring charges, including severance, and other |
2,083 |
613 |
108 |
30 |
461 |
137 |
2,156 |
666 |
|||||||||
|
Fixed asset impairment |
- |
- |
- |
- |
- |
3,476 |
621 |
||||||||||
|
Acquisition related expenses, restructuring and |
2,083 |
613 |
108 |
30 |
461 |
137 |
5,632 |
1,287 |
|||||||||
|
Accounting review costs |
7,124 |
2,095 |
7,005 |
1,955 |
5,960 |
1,854 |
- |
- |
|||||||||
|
Accounting review costs |
7,124 |
2,095 |
7,005 |
1,955 |
5,960 |
1,854 |
- |
- |
|||||||||
|
Unrealized currency impacts |
1,791 |
527 |
(1,984) |
(553) |
(1,293) |
(401) |
7,739 |
(1,428) |
|||||||||
|
Gain on insurance recovery on Tilda related fixed asset purchases |
- |
- |
- |
- |
- |
- |
(739) |
(228) |
|||||||||
|
Interest and other expenses, net |
1,791 |
527 |
(1,984) |
(553) |
(1,293) |
(401) |
7,000 |
(1,656) |
|||||||||
|
UK tax rate change impact on deferred taxes and reversal of uncertain tax position reserve |
- |
4,245 |
- |
- |
- |
2,087 |
- |
(770) |
|||||||||
|
Income tax provision |
- |
4,245 |
- |
- |
- |
2,087 |
- |
(770) |
|||||||||
|
Total adjustments |
$ 10,998 |
$ 7,480 |
$ 7,937 |
$ 2,215 |
$ 12,157 |
$ 5,856 |
$ 143,776 |
$ 9,840 |
|||||||||
|
(a) Operating expenses include amortization of acquired intangibles, selling, general, and administrative expenses and goodwill and tradename impairment. | |||||||||||||||||
|
THE HAIN CELESTIAL GROUP, INC. | ||||||||||||||||
|
Reconciliation of GAAP Results to Non-GAAP Measures | ||||||||||||||||
|
(unaudited and in thousands, except per share amounts) | ||||||||||||||||
|
Revised (a) |
Revised (a) |
Revised (a) |
Revised (a) | |||||||||||||
|
Three Months Ended March 31, 2016 |
Three Months Ended December 31, 2015 |
Three Months Ended September 30, 2015 |
Three Months Ended June 30, 2015 | |||||||||||||
|
GAAP |
Non-GAAP Adjustments |
Non-GAAP |
GAAP |
Non-GAAP Adjustments |
Non-GAAP |
GAAP |
Non-GAAP Adjustments |
Non-GAAP |
GAAP |
Non-GAAP Adjustments |
Non-GAAP | |||||
|
Net sales |
$ 736,663 |
- |
$ 736,663 |
$ 743,437 |
- |
$ 743,437 |
$ 667,727 |
- |
$ 667,727 |
$ 680,565 |
$ - |
$ 680,565 | ||||
|
Cost of sales |
576,755 |
(3,054) |
573,701 |
577,176 |
(841) |
576,335 |
529,846 |
(1,683) |
528,163 |
524,840 |
(6,343) |
518,497 | ||||
|
Operating expenses (b) |
83,443 |
(700) |
82,743 |
73,685 |
(400) |
73,285 |
80,189 |
(434) |
79,755 |
75,799 |
(6,677) |
69,121 | ||||
|
Acquisition related expenses, restructuring and |
5,317 |
(5,317) |
- |
2,498 |
(2,498) |
- |
3,420 |
(3,420) |
- |
2,587 |
(2,587) |
- | ||||
|
Accounting review costs |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- | ||||
|
Operating Income |
71,148 |
9,071 |
80,219 |
90,078 |
3,739 |
93,817 |
54,272 |
5,537 |
59,809 |
77,339 |
15,607 |
92,947 | ||||
|
Interest and other expenses, net |
(1,715) |
9,149 |
7,434 |
9,365 |
(2,979) |
6,386 |
11,868 |
(4,463) |
7,405 |
1,074 |
5,560 |
6,635 | ||||
|
Provision for income taxes |
23,914 |
(1,937) |
21,977 |
22,602 |
4,697 |
27,299 |
13,330 |
2,358 |
15,688 |
4,287 |
25,177 |
29,464 | ||||
|
Net income |
48,788 |
1,859 |
50,647 |
58,080 |
2,021 |
60,102 |
29,158 |
7,642 |
36,799 |
72,152 |
(15,130) |
57,022 | ||||
|
Earnings per share - diluted |
0.47 |
0.02 |
0.49 |
0.56 |
0.02 |
0.58 |
0.28 |
0.07 |
0.35 |
0.69 |
(0.14) |
0.55 | ||||
|
(a) See bridge from previously reported to revised amounts in the accompanying tables "Consolidated Statements of Income - Fiscal 2016" and "Consolidated Statements of Income - Fiscal 2015." | ||||||||||||||||
|
(b) Operating expenses include amortization of acquired intangibles, selling, general, and administrative expenses and goodwill and tradename impairment. | ||||||||||||||||
|
Three Months Ended March 31, 2016 |
Three Months Ended December 31, 2015 |
Three Months Ended September 30, 2015 |
Three Months Ended June 30, 2015 | |||||||||||||
|
HPP costs related to chiller breakdown and factory start up costs |
$ 3,054 |
$ 943 |
$ 841 |
$ 320 |
$ - |
$ - |
$ - |
$ - | ||||||||
|
UK factory start-up costs |
- |
- |
- |
- |
743 |
149 |
2,900 |
602 | ||||||||
|
US warehouse consolidation |
- |
- |
- |
- |
426 |
162 |
- |
- | ||||||||
|
Nut butter recall |
- |
- |
- |
- |
- |
- |
2,004 |
761 | ||||||||
|
Acquisition related integration costs |
- |
- |
- |
- |
514 |
155 |
1,439 |
548 | ||||||||
|
Cost of sales |
3,054 |
943 |
841 |
320 |
1,683 |
466 |
6,343 |
1,911 | ||||||||
|
Tilda fire insurance recovery costs and other startup/integration costs |
- |
- |
- |
- |
230 |
46 |
365 |
81 | ||||||||
|
Litigation expenses |
- |
- |
- |
- |
- |
- |
6,312 |
2,399 | ||||||||
|
Celestial marketing campaign for new packaging and Keurig transition |
700 |
216 |
400 |
152 |
204 |
78 |
- |
- | ||||||||
|
Operating expenses (b) |
700 |
216 |
400 |
152 |
434 |
124 |
6,677 |
2,480 | ||||||||
|
Acquisition related fees and expenses, integration and |
3,806 |
1,175 |
2,498 |
549 |
3,420 |
1,292 |
2,587 |
768 | ||||||||
|
Contingent consideration expense |
1,511 |
466 |
- |
- |
- |
- |
- |
- | ||||||||
|
Acquisition related expenses, restructuring and |
5,317 |
1,641 |
2,498 |
549 |
3,420 |
1,292 |
2,587 |
768 | ||||||||
|
Unrealized currency impacts |
(136) |
(1,955) |
2,764 |
310 |
4,463 |
476 |
(5,560) |
(652) | ||||||||
|
Gain on insurance recovery on Tilda related fixed asset purchases |
(9,013) |
(2,782) |
- |
- |
- |
- |
- |
- | ||||||||
|
HPP chiller disposal |
- |
- |
215 |
82 |
- |
- |
||||||||||
|
Interest and other expenses, net |
(9,149) |
(4,737) |
2,979 |
392 |
4,463 |
476 |
(5,560) |
(652) | ||||||||
|
UK tax rate change impact on deferred taxes and reversal of uncertain tax position reserve |
- |
- |
- |
3,285 |
- |
- |
- |
- | ||||||||
|
Gain on tax restructuring |
- |
- |
- |
- |
- |
- |
- |
20,670 | ||||||||
|
Income tax provision |
- |
- |
- |
3,285 |
- |
- |
- |
20,670 | ||||||||
|
Total adjustments |
$ (78) |
$ (1,937) |
$ 6,718 |
$ 4,698 |
$ 10,000 |
$ 2,358 |
$ 10,047 |
$ 25,177 | ||||||||
|
(b) Operating expenses include amortization of acquired intangibles, selling, general, and administrative expenses and goodwill and tradename impairment. |
||||||||||||||||
|
THE HAIN CELESTIAL GROUP, INC. | ||||||||||||||
|
Reconciliation of Net Income to Adjusted EBITDA | ||||||||||||||
|
(unaudited and in thousands) | ||||||||||||||
|
3 Months Ended |
||||||||||||||
|
3/31/2017 |
12/31/2016 |
9/30/2016 |
6/30/2016 |
3/31/2016 |
12/31/2015 |
9/30/2015 |
||||||||
|
Revised (a) |
Revised (a) |
Revised (a) |
||||||||||||
|
Net Income |
$ 31,328 |
$ 27,185 |
$ 8,604 |
$ (88,597) |
$ 48,788 |
$ 58,080 |
$ 29,158 |
|||||||
|
Provision for income taxes |
8,051 |
10,509 |
762 |
11,086 |
23,914 |
22,602 |
13,330 |
|||||||
|
Interest expense, net |
4,743 |
4,426 |
4,354 |
4,866 |
6,233 |
5,416 |
5,716 |
|||||||
|
Depreciation and amortization |
17,131 |
16,948 |
17,220 |
17,524 |
16,309 |
16,047 |
15,743 |
|||||||
|
Equity in net loss (income) of equity method investees |
177 |
(38) |
(184) |
(61) |
161 |
31 |
(84) |
|||||||
|
Stock based compensation expense |
2,284 |
2,531 |
2,704 |
2,683 |
2,776 |
4,023 |
3,206 |
|||||||
|
Fixed asset impairment |
- |
- |
- |
3,476 |
- |
- |
- |
|||||||
|
Goodwill impairment |
- |
- |
- |
84,548 |
- |
- |
- |
|||||||
|
Intangibles impairment |
- |
- |
- |
39,724 |
- |
- |
- |
|||||||
|
Unrealized currency gains and losses |
1,791 |
(1,984) |
(1,293) |
7,739 |
(136) |
2,764 |
4,463 |
|||||||
|
EBITDA |
65,505 |
59,577 |
32,167 |
82,988 |
98,045 |
108,963 |
71,532 |
|||||||
|
Acquisition, restructuring, integration, severance, and other charges |
2,083 |
108 |
1,408 |
2,156 |
3,806 |
2,498 |
3,935 |
|||||||
|
Contingent consideration expense, net |
- |
- |
- |
- |
1,511 |
|||||||||
|
HPPC production interruption related to chiller breakdown and factory start-up costs |
- |
- |
- |
594 |
3,054 |
1,057 |
- |
|||||||
|
Inventory costs for products discontinued or with redesigned packaging |
- |
160 |
5,199 |
3,050 |
- |
- |
- |
|||||||
|
Costs incurred due to co-packer default |
770 |
|||||||||||||
|
Litigation Expenses |
- |
- |
- |
1,200 |
- |
- |
- |
|||||||
|
UK deferred synergies due to CMA Board decision |
- |
447 |
471 |
949 |
- |
- |
- |
|||||||
|
UK factory start-up costs |
- |
- |
- |
- |
- |
- |
743 |
|||||||
|
US warehouse consolidation project |
- |
- |
- |
197 |
- |
- |
426 |
|||||||
|
Celestial Seasonings marketing support related |
- |
- |
- |
- |
700 |
300 |
- |
|||||||
|
Accounting review costs |
7,124 |
7,005 |
5,960 |
- |
- |
- |
- |
|||||||
|
Recall and other related costs |
- |
397 |
412 |
- |
- |
- |
- |
|||||||
|
Tilda fire insurance recovery costs and other start-up/ integration costs |
- |
- |
- |
112 |
- |
- |
230 |
|||||||
|
Gain on Tilda fire related fixed asset |
- |
- |
- |
(739) |
(9,013) |
- |
- |
|||||||
|
Luton closure costs |
- |
1,804 |
- |
- |
- |
- |
- |
|||||||
|
Adjusted EBITDA |
$ 74,712 |
$ 69,498 |
$ 45,617 |
$ 91,277 |
$ 98,103 |
$ 112,818 |
$ 76,866 |
|||||||
|
(a) See bridge from previously reported to revised amounts in accompanying tables "Consolidated Statements of Income - Fiscal 2016" and "Consolidated Statements of Income - Fiscal 2015." | ||||||||||||||
|
THE HAIN CELESTIAL GROUP, INC. | ||||||
|
Net Sales and Operating Income by Segment | ||||||
|
(unaudited and in thousands) | ||||||
|
Three Months Ended March 31, 2017 and 2016 | ||||||
|
(dollars in thousands) |
United States |
United Kingdom |
Hain Pure Protein |
Rest of World |
Corporate/ |
Total |
|
NET SALES |
||||||
|
Net sales - Three months ended 03/31/17 |
$ 308,539 |
$ 181,940 |
$ 117,765 |
$ 98,319 |
$ - |
$ 706,563 |
|
Net sales - Three months ended 03/31/16 (revised) (1) |
$ 325,384 |
$ 206,160 |
$ 112,213 |
$ 92,906 |
$ - |
$ 736,663 |
|
% change - FY'17 net sales vs. FY'16 net sales (revised) |
-5.2% |
-11.7% |
4.9% |
5.8% |
-4.1% | |
|
OPERATING INCOME |
||||||
|
Three months ended 03/31/17 |
||||||
|
Operating income |
$ 46,838 |
$ 11,545 |
$ (2,554) |
$ 9,362 |
$ (18,124) |
$ 47,067 |
|
Non-GAAP Adjustments (2) |
$ - |
$ - |
$ - |
$ - |
$ 9,207 |
$ 9,207 |
|
Non-GAAP operating income |
$ 46,838 |
$ 11,545 |
$ (2,554) |
$ 9,362 |
$ (8,917) |
$ 56,274 |
|
Non-GAAP operating income margin |
15.2% |
6.3% |
-2.2% |
9.5% |
8.0% | |
|
Three months ended 03/31/16 |
||||||
|
Operating income (revised) (1) |
$ 56,381 |
$ 15,826 |
$ 2,427 |
$ 8,132 |
$ (11,618) |
$ 71,148 |
|
Non-GAAP Adjustments (2) |
$ 700 |
$ (0) |
$ 3,054 |
$ (0) |
$ 5,317 |
$ 9,071 |
|
Non-GAAP operating income (revised) |
$ 57,081 |
$ 15,826 |
$ 5,481 |
$ 8,132 |
$ (6,301) |
$ 80,220 |
|
Non-GAAP operating income margin (revised) |
17.5% |
7.7% |
4.9% |
8.8% |
10.9% | |
|
(1) See bridge from previously reported to revised amounts on the accompanying tables "Net Sales by Segment" and "Operating Income by Segment" |
||||||
|
(2) See accompanying table of "Reconciliation of GAAP Results to Non-GAAP Measures" |
||||||
|
Three Months Ended December 31, 2016 and 2015 | ||||||
|
(dollars in thousands) |
United States |
United Kingdom |
Hain Pure Protein |
Rest of World |
Corporate/ |
Total |
|
NET SALES |
||||||
|
Net sales - Three months ended 12/31/16 |
$ 298,127 |
$ 192,825 |
$ 152,979 |
$ 96,068 |
$ - |
$ 739,999 |
|
Net sales - Three months ended 12/31/15 (revised) (1) |
$ 314,685 |
$ 191,254 |
$ 144,192 |
$ 93,306 |
$ - |
$ 743,437 |
|
% change - FY'17 net sales vs. FY'16 net sales (revised) |
-5.3% |
0.8% |
6.1% |
3.0% |
-0.5% | |
|
OPERATING INCOME |
||||||
|
Three months ended 12/31/16 |
||||||
|
Operating income |
$ 42,552 |
$ 6,697 |
$ 3,541 |
$ 7,477 |
$ (18,867) |
$ 41,400 |
|
Non-GAAP Adjustments (2) |
$ 667 |
$ 2,251 |
$ - |
$ (110) |
$ 7,113 |
$ 9,921 |
|
Non-GAAP operating income |
$ 43,219 |
$ 8,948 |
$ 3,541 |
$ 7,367 |
$ (11,754) |
$ 51,320 |
|
Non-GAAP operating income margin |
14.5% |
4.6% |
2.3% |
7.7% |
6.9% | |
|
Three months ended 12/31/15 |
||||||
|
Operating income (revised) (1) |
$ 50,940 |
$ 18,425 |
$ 18,162 |
$ 7,091 |
$ (4,540) |
$ 90,078 |
|
Non-GAAP Adjustments (2) |
$ 400 |
$ - |
$ 841 |
$ - |
$ 2,498 |
$ 3,739 |
|
Non-GAAP operating income (revised) |
$ 51,340 |
$ 18,425 |
$ 19,003 |
$ 7,091 |
$ (2,041) |
$ 93,817 |
|
Non-GAAP operating income margin (revised) |
16.3% |
9.6% |
13.2% |
7.6% |
12.6% | |
|
(1) See bridge from previously reported to revised amounts on the accompanying tables "Net Sales by Segment" and "Operating Income by Segment" |
||||||
|
(2) See accompanying table of "Reconciliation of GAAP Results to Non-GAAP Measures" |
||||||
|
Three Months Ended September 30, 2016 and 2015 | ||||||
|
(dollars in thousands) |
United States |
United Kingdom |
Hain Pure Protein |
Rest of World |
Corporate/ |
Total |
|
NET SALES |
||||||
|
Net sales - Three months ended 09/30/16 |
$ 275,607 |
$ 198,776 |
$ 116,669 |
$ 90,412 |
$ - |
$ 681,464 |
|
Net sales - Three months ended 09/30/15 (revised) (1) |
$ 302,631 |
$ 160,855 |
$ 123,055 |
$ 81,186 |
$ - |
$ 667,727 |
|
% change - FY'17 net sales vs. FY'16 net sales (revised) |
-8.9% |
23.6% |
-5.2% |
11.4% |
2.1% | |
|
OPERATING INCOME |
||||||
|
Three months ended 09/30/16 |
||||||
|
Operating income |
$ 22,063 |
$ 4,550 |
$ (1,018) |
$ 5,055 |
$ (16,899) |
$ 13,751 |
|
Non-GAAP Adjustments (2) |
$ 5,526 |
$ 1,503 |
$ - |
$ (0) |
$ 6,421 |
$ 13,450 |
|
Non-GAAP operating income |
$ 27,589 |
$ 6,053 |
$ (1,018) |
$ 5,055 |
$ (10,478) |
$ 27,201 |
|
Non-GAAP operating income margin |
10.0% |
3.0% |
-0.9% |
5.6% |
4.0% | |
|
Three months ended 09/30/16 |
||||||
|
Operating income (revised) (1) |
$ 41,507 |
$ 9,842 |
$ 10,489 |
$ 2,423 |
$ (9,989) |
$ 54,272 |
|
Non-GAAP Adjustments (2) |
$ 1,865 |
$ 1,020 |
$ 45 |
$ 514 |
$ 2,093 |
$ 5,538 |
|
Non-GAAP operating income (revised) |
$ 43,372 |
$ 10,863 |
$ 10,534 |
$ 2,937 |
$ (7,896) |
$ 59,809 |
|
Non-GAAP operating income margin (revised) |
14.3% |
6.8% |
8.6% |
3.6% |
9.0% | |
|
(1) See bridge from previously reported to revised amounts on the accompanying tables "Net Sales by Segment" and "Operating Income by Segment" |
||||||
|
(2) See accompanying table of "Reconciliation of GAAP Results to Non-GAAP Measures" |
||||||
|
Three Months Ended June 30, 2016 and 2015 | ||||||
|
(dollars in thousands) |
United States |
United Kingdom |
Hain Pure Protein |
Rest of World |
Corporate/ |
Total |
|
NET SALES |
||||||
|
Net sales - Three months ended 06/30/16 |
$ 324,857 |
$ 216,608 |
$ 113,050 |
$ 83,032 |
$ - |
$ 737,547 |
|
Net sales - Three months ended 06/30/15 (revised) (1) |
$ 326,262 |
$ 180,320 |
$ 112,979 |
$ 61,004 |
$ - |
$ 680,566 |
|
% change - FY'16 net sales vs. FY'15 net sales (revised) |
-0.4% |
20.1% |
0.1% |
36.1% |
8.4% | |
|
OPERATING INCOME |
||||||
|
Three months ended 06/30/16 |
||||||
|
Operating income |
$ 55,638 |
$ 11,907 |
$ 480 |
$ 9,267 |
$ (142,430) |
$ (65,139) |
|
Non-GAAP Adjustments (2) |
$ 3,423 |
$ 1,061 |
$ 794 |
$ 394 |
$ 131,103 |
$ 136,775 |
|
Non-GAAP operating income |
$ 59,061 |
$ 12,968 |
$ 1,274 |
$ 9,661 |
$ (11,328) |
$ 71,636 |
|
Non-GAAP operating income margin |
18.2% |
6.0% |
1.1% |
11.6% |
9.7% | |
|
Three months ended 06/30/15 |
||||||
|
Operating income (revised) (1) |
$ 59,859 |
$ 17,186 |
$ 10,035 |
$ 5,133 |
$ (14,874) |
$ 77,339 |
|
Non-GAAP Adjustments (2) |
$ 3,364 |
$ 3,256 |
$ 119 |
$ - |
$ 8,869 |
$ 15,608 |
|
Non-GAAP operating income (revised) |
$ 63,223 |
$ 20,442 |
$ 10,154 |
$ 5,133 |
$ (6,006) |
$ 92,947 |
|
Non-GAAP operating income margin (revised) |
19.4% |
11.3% |
9.0% |
8.4% |
13.7% | |
|
(1) See bridge from previously reported to revised amounts on the accompanying tables "Net Sales by Segment" and "Operating Income by Segment" |
||||||
|
(2) See accompanying table of "Reconciliation of GAAP Results to Non-GAAP Measures" |
||||||
|
THE HAIN CELESTIAL GROUP, INC. | ||||||||||||||||||||||||
|
Consolidated Statements of Income - Fiscal 2016 | ||||||||||||||||||||||||
|
(in thousands, except per share amounts) | ||||||||||||||||||||||||
|
Three Months Ended September 30, 2015 |
Three Months Ended December 31, 2015 |
Three Months Ended March 31, 2016 |
Nine Months Ended March 31, 2016 | |||||||||||||||||||||
|
Reported |
Adjustment |
Revised |
Reported |
Adjustment |
Revised |
Reported |
Adjustment |
Revised |
Reported |
Adjustment |
Revised | |||||||||||||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) | |||||||||||||||||
|
Net sales |
$ 687,188 |
$ (19,461) |
$ 667,727 |
$ 752,589 |
$ (9,152) |
$ 743,437 |
$ 749,862 |
$ (13,199) |
$ 736,663 |
$ 2,189,639 |
$ (41,812) |
$ 2,147,827 | ||||||||||||
|
Cost of sales |
535,141 |
(5,295) |
529,846 |
575,026 |
2,150 |
577,176 |
576,653 |
102 |
576,755 |
1,686,820 |
(3,043) |
1,683,777 | ||||||||||||
|
Gross profit |
152,047 |
(14,166) |
137,881 |
177,563 |
(11,302) |
166,261 |
173,209 |
(13,301) |
159,908 |
502,819 |
(38,769) |
464,050 | ||||||||||||
|
Selling, general and administrative expenses |
86,254 |
(10,704) |
75,550 |
82,607 |
(13,626) |
68,981 |
93,915 |
(15,025) |
78,890 |
262,776 |
(39,355) |
223,421 | ||||||||||||
|
Amortization of acquired intangibles |
4,672 |
(33) |
4,639 |
4,736 |
(32) |
4,704 |
4,586 |
(33) |
4,553 |
13,994 |
(98) |
13,896 | ||||||||||||
|
Acquisition related expenses, restructuring and |
3,653 |
(233) |
3,420 |
2,498 |
- |
2,498 |
5,701 |
(384) |
5,317 |
11,852 |
(617) |
11,235 | ||||||||||||
|
Operating income |
57,468 |
(3,196) |
54,272 |
87,722 |
2,356 |
90,078 |
69,007 |
2,141 |
71,148 |
214,197 |
1,301 |
215,498 | ||||||||||||
|
Interest and other expenses, net |
11,868 |
- |
11,868 |
9,365 |
- |
9,365 |
(1,715) |
- |
(1,715) |
19,518 |
- |
19,518 | ||||||||||||
|
Income before income taxes and equity in earnings of |
45,600 |
(3,196) |
42,404 |
78,357 |
2,356 |
80,713 |
70,722 |
2,141 |
72,863 |
194,679 |
1,301 |
195,980 | ||||||||||||
|
Provision for income taxes |
14,382 |
(1,052) |
13,330 |
21,379 |
1,223 |
22,602 |
21,576 |
2,338 |
23,914 |
57,337 |
2,509 |
59,846 | ||||||||||||
|
Equity in net loss (income) of equity-method investees |
(84) |
- |
(84) |
31 |
- |
31 |
161 |
- |
161 |
108 |
- |
108 | ||||||||||||
|
Net income |
$ 31,302 |
$ (2,144) |
$ 29,158 |
$ 56,947 |
$ 1,133 |
$ 58,080 |
$ 48,985 |
$ (197) |
$ 48,788 |
$ 137,234 |
$ (1,208) |
$ 136,026 | ||||||||||||
|
Net income per common share: |
||||||||||||||||||||||||
|
Basic |
$ 0.30 |
$ (0.02) |
$ 0.28 |
$ 0.55 |
$ 0.01 |
$ 0.56 |
$ 0.47 |
$ (0.00) |
$ 0.47 |
$ 1.33 |
$ (0.01) |
$ 1.32 | ||||||||||||
|
Diluted |
$ 0.30 |
$ (0.02) |
$ 0.28 |
$ 0.55 |
$ 0.01 |
$ 0.56 |
$ 0.47 |
$ (0.00) |
$ 0.47 |
$ 1.32 |
$ (0.01) |
$ 1.31 | ||||||||||||
|
Weighted average common shares outstanding: |
||||||||||||||||||||||||
|
Basic |
102,807 |
102,807 |
102,807 |
103,017 |
103,017 |
103,017 |
103,265 |
103,265 |
103,265 |
103,030 |
103,030 |
103,030 | ||||||||||||
|
Diluted |
104,258 |
104,258 |
104,258 |
104,161 |
104,161 |
104,161 |
104,087 |
104,087 |
104,087 |
104,168 |
104,168 |
104,168 | ||||||||||||
|
(a) Refer to footnote 2, Correction of Immaterial Errors to Prior Period Financial Statements, of the Form 10-K for the Fiscal Year ended June 30, 2016 for further detail of the amounts presented as "Adjustment." |
||||||||||||||||||||||||
|
THE HAIN CELESTIAL GROUP, INC. | ||||||||||||
|
Consolidated Statements of Income - Fiscal 2015 | ||||||||||||
|
(in thousands, except per share amounts) | ||||||||||||
|
Three Months Ended June 30, 2015 |
Twelve Months Ended June 30, 2015 | |||||||||||
|
Reported |
Adjustment (a) |
Revised |
Reported |
Adjustment (a) |
Revised | |||||||
|
(Unaudited) |
(Unaudited) |
|||||||||||
|
Net sales |
$ 698,136 |
$ (17,571) |
$ 680,565 |
$ 2,688,515 |
$ (78,902) |
$ 2,609,613 | ||||||
|
Cost of sales |
530,439 |
(5,599) |
524,840 |
2,069,898 |
(23,140) |
2,046,758 | ||||||
|
Gross profit |
167,697 |
(11,972) |
155,725 |
618,617 |
(55,762) |
562,855 | ||||||
|
Selling, general and administrative expenses |
85,904 |
(14,567) |
71,337 |
348,517 |
(45,690) |
302,827 | ||||||
|
Amortization of acquired intangibles |
4,494 |
(32) |
4,462 |
17,985 |
(139) |
17,846 | ||||||
|
Tradename impairment |
- |
- |
- |
5,510 |
(5,510) |
- | ||||||
|
Acquisition related expenses, restructuring and |
2,587 |
- |
2,587 |
8,860 |
(540) |
8,320 | ||||||
|
Operating income |
74,712 |
2,627 |
77,339 |
237,745 |
(3,883) |
233,862 | ||||||
|
Interest and other expenses, net |
1,074 |
- |
1,074 |
22,455 |
(1,462) |
20,993 | ||||||
|
Income before income taxes and equity in earnings of |
73,638 |
2,627 |
76,265 |
215,290 |
(2,421) |
212,869 | ||||||
|
Provision for income taxes |
2,740 |
1,547 |
4,287 |
47,883 |
652 |
48,535 | ||||||
|
Equity in net loss (income) of equity-method investees |
(174) |
- |
(174) |
(489) |
(139) |
(628) | ||||||
|
Net income |
$ 71,072 |
$ 1,080 |
$ 72,152 |
$ 167,896 |
$ (2,934) |
$ 164,962 | ||||||
|
Net income per common share: |
||||||||||||
|
Basic |
$ 0.69 |
$ 0.01 |
$ 0.70 |
$ 1.65 |
$ (0.03) |
$ 1.62 | ||||||
|
Diluted |
$ 0.68 |
$ 0.01 |
$ 0.69 |
$ 1.62 |
$ (0.03) |
$ 1.60 | ||||||
|
Weighted average common shares outstanding: |
||||||||||||
|
Basic |
102,610 |
102,610 |
102,610 |
101,703 |
101,703 |
101,703 | ||||||
|
Diluted |
104,005 |
104,005 |
104,005 |
103,421 |
103,421 |
103,421 | ||||||
|
(a) Refer to footnote 2, Correction of Immaterial Errors to Prior Period Financial Statements, of the Form 10-K for the Fiscal Year ended June 30, 2016 for further detail of the amounts presented as "Adjustment." | ||||||||||||
|
THE HAIN CELESTIAL GROUP, INC. | |||||||
|
Net Sales by Segment | |||||||
|
(unaudited and in thousands) | |||||||
|
United States |
United Kingdom |
Hain Pure Protein |
Rest of World |
Total | |||
|
Three months ended 06/30/15 |
|||||||
|
As Reported |
$ 332,776 |
$ 184,852 |
$ 118,504 |
$ 62,004 |
$ 698,136 | ||
|
Adjustment |
(6,514) |
(4,532) |
(5,525) |
(1,000) |
(17,571) | ||
|
As Revised |
$ 326,262 |
$ 180,320 |
$ 112,979 |
$ 61,004 |
$ 680,565 | ||
|
Twelve months ended 06/30/15 |
|||||||
|
As Reported |
$ 1,367,388 |
$ 735,996 |
$ 358,582 |
$ 226,549 |
$ 2,688,515 | ||
|
Adjustment |
(41,392) |
(13,166) |
(21,385) |
(2,959) |
(78,902) | ||
|
As Revised |
$ 1,325,996 |
$ 722,830 |
$ 337,197 |
$ 223,590 |
$ 2,609,613 | ||
|
Three months ended 09/30/15 |
|||||||
|
As Reported |
$ 331,213 |
$ 165,354 |
$ 123,988 |
$ 66,633 |
$ 687,188 | ||
|
Adjustment |
(12,343) |
(4,499) |
(933) |
(1,686) |
(19,461) | ||
|
As Revised |
$ 318,870 |
$ 160,855 |
$ 123,055 |
$ 64,947 |
$ 667,727 | ||
|
Reorganization (a) |
(16,239) |
- |
- |
16,239 |
- | ||
|
As Revised Including |
$ 302,631 |
$ 160,855 |
$ 123,055 |
$ 81,186 |
$ 667,727 | ||
|
Three months ended 12/31/15 |
|||||||
|
As Reported |
$ 342,298 |
$ 194,226 |
$ 141,706 |
$ 74,359 |
$ 752,589 | ||
|
Adjustment |
(8,481) |
(2,972) |
2,486 |
(185) |
(9,152) | ||
|
As Revised |
$ 333,817 |
$ 191,254 |
$ 144,192 |
$ 74,174 |
$ 743,437 | ||
|
Reorganization (a) |
(19,132) |
- |
- |
19,132 |
- | ||
|
As Revised Including |
$ 314,685 |
$ 191,254 |
$ 144,192 |
$ 93,306 |
$ 743,437 | ||
|
Three months ended 03/31/16 |
|||||||
|
As Reported |
$ 351,887 |
$ 208,391 |
$ 113,643 |
$ 75,941 |
$ 749,862 | ||
|
Adjustment |
(7,884) |
(2,231) |
(1,430) |
(1,654) |
(13,199) | ||
|
As Revised |
$ 344,003 |
$ 206,160 |
$ 112,213 |
$ 74,287 |
$ 736,663 | ||
|
Reorganization (a) |
(18,619) |
- |
- |
18,619 |
- | ||
|
As Revised Including |
$ 325,384 |
$ 206,160 |
$ 112,213 |
$ 92,906 |
$ 736,663 | ||
|
Nine months ended 03/31/16 |
|||||||
|
As Reported |
$ 1,025,398 |
$ 567,971 |
$ 379,337 |
$ 216,934 |
$ 2,189,639 | ||
|
Adjustment |
(28,708) |
(9,702) |
122 |
(3,525) |
(41,812) | ||
|
As Revised |
$ 996,690 |
$ 558,269 |
$ 379,459 |
$ 213,409 |
$ 2,147,827 | ||
|
Reorganization (a) |
(53,990) |
- |
- |
53,990 |
- | ||
|
As Revised Including |
$ 942,700 |
$ 558,269 |
$ 379,459 |
$ 267,399 |
$ 2,147,827 | ||
|
Three months ended 06/30/16 |
|||||||
|
As Reported |
$ 324,857 |
$ 216,608 |
$ 113,050 |
$ 83,032 |
$ 737,547 | ||
|
Reorganization (a) |
(18,434) |
- |
- |
18,434 |
- | ||
|
As Reported Including |
$ 306,423 |
$ 216,608 |
$ 113,050 |
$ 101,466 |
$ 737,547 | ||
|
Twelve months ended 06/30/16 |
|||||||
|
As Reported |
$ 1,321,547 |
$ 774,877 |
$ 492,510 |
$ 296,440 |
$ 2,885,374 | ||
|
Reorganization (a) |
(72,424) |
- |
- |
72,424 |
- | ||
|
As Reported Including |
$ 1,249,123 |
$ 774,877 |
$ 492,510 |
$ 368,864 |
$ 2,885,374 | ||
|
(a) Effective July 1, 2016, due to changes to the Company's internal management and reporting structure resulting from the formation of Cultivate, certain brands previously included within the United States operating segment were moved to a new operating segment called Cultivate that is included in the "Rest of World" reportable segment. In order to report fiscal 2017 and 2016 results by segment on a comparable basis, Cultivate fiscal 2016 reporting was recast when is it compared to fiscal 2017. | |||||||
|
THE HAIN CELESTIAL GROUP, INC. | ||||||||
|
Operating Income by Segment | ||||||||
|
(unaudited and in thousands) | ||||||||
|
United States |
United |
Hain Pure Protein |
Rest of World |
Corporate/ |
Total | |||
|
Three months ended 06/30/15 |
||||||||
|
As Reported |
$ 58,870 |
$ 16,604 |
$ 9,974 |
$ 5,778 |
$ (16,514) |
$ 74,712 | ||
|
Adjustment |
989 |
582 |
61 |
(645) |
1,640 |
2,627 | ||
|
As Revised |
$ 59,859 |
$ 17,186 |
$ 10,035 |
$ 5,133 |
$ (14,874) |
$ 77,339 | ||
|
Twelve months ended 06/30/15 |
||||||||
|
As Reported |
$ 199,901 |
$ 46,222 |
$ 26,479 |
$ 16,438 |
$ (51,295) |
$ 237,745 | ||
|
Adjustment |
(11,847) |
(1,237) |
2,206 |
(1,228) |
8,223 |
(3,883) | ||
|
As Revised |
$ 188,054 |
$ 44,985 |
$ 28,685 |
$ 15,210 |
$ (43,072) |
$ 233,862 | ||
|
Three months ended 09/30/15 |
||||||||
|
As Reported |
$ 44,466 |
$ 10,204 |
$ 10,271 |
$ 2,095 |
$ (9,568) |
$ 57,468 | ||
|
Adjustment |
(2,404) |
(362) |
218 |
(227) |
(421) |
(3,196) | ||
|
As Revised |
$ 42,062 |
$ 9,842 |
$ 10,489 |
$ 1,868 |
$ (9,989) |
$ 54,272 | ||
|
Reorganization (a) |
(555) |
- |
- |
555 |
- |
- | ||
|
As Revised Including |
$ 41,507 |
$ 9,842 |
$ 10,489 |
$ 2,423 |
$ (9,989) |
$ 54,272 | ||
|
Three months ended 12/31/15 |
||||||||
|
As Reported |
$ 50,221 |
$ 18,768 |
$ 18,125 |
$ 4,689 |
$ (4,081) |
$ 87,722 | ||
|
Adjustment |
2,651 |
(343) |
37 |
470 |
(459) |
2,356 | ||
|
As Revised |
$ 52,872 |
$ 18,425 |
$ 18,162 |
$ 5,159 |
$ (4,540) |
$ 90,078 | ||
|
Reorganization (a) |
(1,932) |
- |
- |
1,932 |
- |
- | ||
|
As Revised Including |
$ 50,940 |
$ 18,425 |
$ 18,162 |
$ 7,091 |
$ (4,540) |
$ 90,078 | ||
|
Three months ended 03/31/16 |
||||||||
|
As Reported |
$ 54,546 |
$ 16,217 |
$ 4,613 |
$ 6,198 |
$ (12,567) |
$ 69,007 | ||
|
Adjustment |
3,981 |
(391) |
(2,186) |
(212) |
949 |
2,141 | ||
|
As Revised |
$ 58,527 |
$ 15,826 |
$ 2,427 |
$ 5,986 |
$ (11,618) |
$ 71,148 | ||
|
Reorganization |
(2,146) |
- |
- |
2,146 |
- |
- | ||
|
As Revised Including |
$ 56,381 |
$ 15,826 |
$ 2,427 |
$ 8,132 |
$ (11,618) |
$ 71,148 | ||
|
Nine months ended 03/31/16 |
||||||||
|
As Reported |
$ 149,233 |
$ 45,189 |
$ 33,009 |
$ 12,981 |
$ (26,216) |
$ 214,197 | ||
|
Adjustment |
4,228 |
(1,096) |
(1,931) |
32 |
69 |
1,301 | ||
|
As Revised |
$ 153,461 |
$ 44,093 |
$ 31,078 |
$ 13,013 |
$ (26,147) |
$ 215,498 | ||
|
Reorganization (a) |
(4,633) |
- |
- |
4,633 |
- |
- | ||
|
As Revised Including |
$ 148,828 |
$ 44,093 |
$ 31,078 |
$ 17,646 |
$ (26,147) |
$ 215,498 | ||
|
Three months ended 06/30/16 |
||||||||
|
As Reported |
$ 55,638 |
$ 11,907 |
$ 480 |
$ 9,267 |
$ (142,430) |
$ (65,138) | ||
|
Reorganization (a) |
(985) |
- |
- |
985 |
- |
- | ||
|
As Reported Including |
$ 54,653 |
$ 11,907 |
$ 480 |
$ 10,252 |
$ (142,430) |
$ (65,138) | ||
|
Twelve months ended 06/30/16 |
||||||||
|
As Reported |
$ 209,099 |
$ 56,000 |
$ 31,558 |
$ 22,280 |
$ (168,577) |
$ 150,360 | ||
|
Reorganization (a) |
(5,618) |
- |
- |
5,618 |
- |
- | ||
|
As Reported Including |
$ 203,481 |
$ 56,000 |
$ 31,558 |
$ 27,898 |
$ (168,577) |
$ 150,360 | ||
|
(a) Effective July 1, 2016, due to changes to the Company's internal management and reporting structure resulting from the formation of Cultivate, certain brands previously included within the United States operating segment were moved to a new operating segment called Cultivate that is included in the "Rest of World" reportable segment. In order to report fiscal 2017 and 2016 results by segment on a comparable basis, Cultivate fiscal 2016 reporting was recast when is it compared to fiscal 2017. | ||||||||
|
THE HAIN CELESTIAL GROUP, INC. | |||
|
Net Sales Growth at Constant Currency | |||
|
(unaudited and in thousands) | |||
|
Hain Consolidated |
United Kingdom | ||
|
Net sales - Nine months ended 03/31/17 |
$ 2,128,026 |
$ 573,542 | |
|
Impact of foreign currency exchange |
$ 96,150 |
$ 84,359 | |
|
$ 2,224,176 |
$ 657,901 | ||
|
Net sales - Nine months ended 03/31/16 (revised) (1) |
$ 2,147,827 |
$ 558,269 | |
|
3.6% |
17.8% | ||
|
Hain Consolidated |
|||
|
Net sales - Twelve months ended 06/30/16 |
$ 2,885,374 |
||
|
Impact of foreign currency exchange |
$ 69,203 |
||
|
$ 2,954,577 |
|||
|
Net sales - Twelve months ended 06/30/15 (revised) (1) |
$ 2,609,613 |
||
|
13.2% |
|||
|
(1) See bridge from previously reported to revised amounts in the accompanying tables "Consolidated Statements of Income - Fiscal 2016" and "Consolidated Statements of Income - Fiscal 2015." | |||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/hain-celestial-announces-financial-results-and-expands-strategic-plan-to-deliver-enhanced-shareholder-value-300478184.html
SOURCE The Hain Celestial Group, Inc.
Please make the indicated changes including the new text: US quotes snapshot data provided by IEX. Additional price data and company information powered by Twelve Data.