LAKE SUCCESS, N.Y.,
Nov. 6, 2014 /PRNewswire/ -- The
Hain Celestial Group, Inc. (NASDAQ: HAIN), a leading organic
and natural products company with operations in North America, Europe and India providing consumers with A Healthier Way
of Life™, today reported record results for its first quarter ended
September 30, 2014.
First Quarter Performance Highlights
- Record first quarter net sales of $631.3
million; adjusted net sales of $642.6
million, a 35% increase over the prior year period net
sales
- Earnings per diluted share of $0.37, which includes an after-tax charge of
$14.2 million for the nut butter
recall; record first quarter adjusted earnings per diluted share of
$0.68, a 31% increase over the prior
year period adjusted earnings per diluted share
- Operating income $28.8 million;
adjusted operating income $58.8
million, a 37% increase over the prior year period adjusted
operating income
"We are pleased with another strong start to our fiscal year
across all of our segments on a worldwide basis with the highest
quarterly net sales in the Company's history," said Irwin D. Simon, Founder, President and Chief
Executive Officer of Hain Celestial. "Our diverse portfolio
of brands and products across multiple categories and our customer
base across various channels of distribution enabled us to deliver
double digit sales growth even with the impact of the nut butter
recall initiated in August." Irwin
Simon continued, "Consumers tastes are shifting and views on
health and wellness are evolving. Our business continues to
benefit from strong growth trends in the organic and natural,
better-for-you segment of consumer packaged goods."
First Quarter Fiscal Year 2015
The Company reported record net sales of $631.3 million and adjusted net sales of
$642.6 million, a 35% increase, as
adjusted for the nut butter voluntary recall. Hain Celestial
US reported record first quarter net sales of $336.9 million and record first quarter adjusted
net sales of $347.4 million, an
increase of 11% over the prior year first quarter, which includes a
$10.4 million sales adjustment for
the nut butter recall. In the United Kingdom, net sales were $172.3 million, a 51% increase, and the Rest of
the World segment reported net sales of $51.4 million and adjusted net sales of
$52.3 million. Hain Pure
Protein Corporation (HPPC), acquired in July
2014, reported net sales of $70.7
million. The Company had strong brand contribution led
by double digit growth from Earth's Best®, Sensible Portions®,
Spectrum®, Ella's Kitchen®, Garden of Eatin'®, New Covent Garden
Soup Co.®, Linda McCartney®, Sun-Pat®, Johnson's Juice Co.®,
Danival®, Europe's Best®,
Imagine®, Westbrae®, Gale's®, Frank
Cooper's®, Sunripe®, Walnut Acres®, Avalon Organics® and
Queen Helene®. The growth in net sales also resulted from
sales of Tilda®, Rudi's Organic Bakery®, Plainville Farms® and
FreeBird®, brands acquired after the first quarter of fiscal year
2014.
The Company earned net income of $18.9
million and adjusted net income of $34.7 million for the first quarter.
Earnings per diluted share was $0.37
and on an adjusted basis was $0.68, a
31% increase from the prior year first quarter. Refer to
Non-GAAP Financial Measures for adjustments.
Stock Dividend
The Company's Board of Directors has approved a 2 for 1 stock
split in the form of a 100% dividend, subject to approval by
stockholders of an increase in the Company's authorized common
stock from 100 million shares to 150 million shares.
Stockholders will have the opportunity to approve the proposed
increase in authorized shares at the Company's Annual Meeting of
Stockholders to be held on November
20, 2014. Upon stockholder approval of the proposed
increase in the authorized number of shares, the stock dividend is
expected to be implemented as soon as practicable following the
annual meeting.
"We are extremely pleased to be able to enhance shareholder
value through our stock split. We believe we are well-positioned
for another record year and future long-term growth as we expand
distribution of our organic and natural products with existing and
new customers across multiple channels worldwide including mass
market, food service, convenience, grocery store chains and
e-commerce. Our executive team remains committed to increasing
long-term shareholder returns," concluded Irwin Simon.
Fiscal Year 2015 Guidance
The Company reiterated its annual guidance for fiscal year
2015:
- Total net sales range of $2.725 billion
to $2.80 billion; an increase of approximately 27% to 30% as
compared to fiscal year 2014.
- Earnings range of $3.72 to $3.90
per diluted share; an increase of 17% to 23% as compared to fiscal
year 2014.
Guidance is provided for continuing operations on a non-GAAP
basis and excludes acquisition-related expenses, integration and
restructuring charges, factory start-up costs, unrealized net
foreign currency gains or losses, reserves for litigation
settlements and other non-recurring items including any product
recalls or market withdrawals that have been or may be incurred
during the Company's fiscal year 2015, which the Company will
continue to identify as it reports its future financial
results. Guidance excludes the impact of any future
acquisitions. Sales in the Company's second quarter are
historically the highest, and the Company's earnings is expected to
be the lowest in the first quarter and relatively consistent in the
second, third and fourth quarters.
Segment Results
The Company's operations are managed into the following
segments: United States,
United Kingdom, HPPC and Rest of
World (comprised of Canada and
Continental Europe).
The following is a summary of first quarter results by
reportable segment:
(dollars in
thousands)
|
United
States
|
United
Kingdom
|
Hain Pure
Protein
|
Rest of
World
|
Corporate/
Other
|
Total
|
NET
SALES
|
|
|
|
|
|
|
Net sales - Three
months ended 9/30/14
|
$ 336,915
|
$ 172,279
|
$ 70,670
|
$ 51,393
|
$
-
|
$ 631,257
|
Non-GAAP Adjustments
(1)
|
$ 10,442
|
$
-
|
$
-
|
$
928
|
$
-
|
$ 11,370
|
Adjusted net sales -
Three months ended 9/30/14
|
$ 347,357
|
$ 172,279
|
$ 70,670
|
$ 52,321
|
$
-
|
$ 642,627
|
|
|
|
|
|
|
|
Net sales - Three
months ended 9/30/13 (2)
|
$ 311,995
|
$ 113,995
|
$
-
|
$ 51,494
|
$
-
|
$ 477,484
|
|
|
|
|
|
|
|
% change - FY'14
adjusted net sales vs. FY'13 net sales
|
11.3%
|
51.1%
|
|
1.6%
|
|
34.6%
|
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
|
|
|
|
|
Three months ended
9/30/14
|
|
|
|
|
|
|
Operating
income
|
$ 29,589
|
$
5,595
|
$
3,820
|
$
635
|
$ (10,812)
|
$ 28,827
|
Non-GAAP Adjustments
(1)
|
$ 22,803
|
$
2,975
|
$
140
|
$
2,187
|
$
1,870
|
$ 29,975
|
Adjusted operating
income
|
$ 52,392
|
$
8,570
|
$
3,960
|
$
2,822
|
$
(8,942)
|
$ 58,802
|
Adjusted operating
income margin
|
15.1%
|
5.0%
|
5.6%
|
5.4%
|
|
9.2%
|
|
|
|
|
|
|
|
Three months ended
9/30/13
|
|
|
|
|
|
|
Operating
income
|
$ 46,366
|
$
1,911
|
$
-
|
$
2,448
|
$ (10,953)
|
$ 39,772
|
Non-GAAP Adjustments
(1)
|
$
-
|
$
-
|
$
-
|
$
466
|
$
2,779
|
$
3,245
|
Adjusted operating
income
|
$ 46,366
|
$
1,911
|
$
-
|
$
2,914
|
$
(8,174)
|
$ 43,017
|
Adjusted operating
income margin
|
14.9%
|
1.7%
|
|
5.7%
|
|
9.0%
|
|
|
|
|
|
|
|
(1) See accompanying
table of "Reconciliation of GAAP Results to Non-GAAP
Measures"
|
(2) There were no
non-GAAP adjustments to net sales for the three months ended
9/30/13
|
Webcast
Hain Celestial will host a conference call and webcast at
8:30 AM Eastern Time today to review
its first quarter fiscal year 2015 results. The conference
call will be webcast and available under the Investor Relations
section of the Company's website at www.hain.com
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®, Gluten Free Café™, Hain Pure Foods®, Spectrum®,
Spectrum Essentials®, Walnut Acres Organic®, Imagine®, Almond
Dream®, Rice Dream®, Soy Dream®, WestSoy®, The Greek Gods®,
BluePrint®, FreeBird®, Plainville Farms®, Yves Veggie Cuisine®,
Europe's Best®, Cully &
Sully®, New Covent Garden Soup Co.®, Johnson's Juice Co.®,
Farmhouse Fare®, Hartley's®, Sun-Pat®, Gale's®, Robertson's®,
Frank Cooper's®, Linda McCartney®,
Lima®, Danival®, Natumi®, GG UniqueFiber®, Tilda®, Akash Basmati®,
Abu Shmagh®, JASON®, Avalon Organics®, Alba Botanica® 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
This press release contains forward-looking statements under the
Private Securities Litigation Reform Act of 1995. Words such
as "plan," "continue," "expect," "expected," "anticipate,"
"estimate," "believe," "may," "potential," "can," "positioned,"
"should," "future," "look forward" and similar expressions, or the
negative of those expressions, may identify forward-looking
statements. These forward-looking statements include the
Company's expectations relating to (i) the Company's guidance for
net sales and earnings per diluted share for fiscal year 2015; (ii)
growth trends and distribution opportunities and (iii) the stock
split. Forward-looking statements involve known and unknown
risks and uncertainties, which could cause the Company's actual
results to differ materially from those described in the
forward-looking statements. These factors include, but are
not limited to the Company's ability to achieve its guidance for
net sales and earnings per diluted share in fiscal year 2015 given
the economic environment in the U.S. and other markets that it
sells products as well as economic, political and business
conditions generally and their effect on the Company's customers
and consumers' product preferences, and the Company's business,
financial condition and results of operations; the receipt of the
required approval from the Company's stockholders of the proposed
authorized common stock increase; changes in estimates or judgments
related to the Company's impairment analysis of goodwill and other
intangible assets, as well as with respect to the Company's
valuation allowances of its deferred tax assets; the Company's
ability to implement its business and acquisition strategy; the
ability of the Company's joint venture investment to successfully
execute its business plan; the Company's ability to realize
sustainable growth generally and from investments in core brands,
offering new products and its focus on cost containment,
productivity, cash flow and margin enhancement in particular; the
Company's ability to effectively integrate its acquisitions; the
Company's ability to successfully consummate its proposed
divestitures; the effects on the Company's results of operations
from the impacts of foreign exchange; competition; the success and
cost of introducing new products as well as the Company's ability
to increase prices on existing products; availability and retention
of key personnel; the Company's reliance on third party
distributors, manufacturers and suppliers; the Company's ability to
maintain existing customers and secure and integrate new customers;
the Company's ability to respond to changes and trends in customer
and consumer demand, preferences and consumption; international
sales and operations; changes in fuel, raw material and commodity
costs; changes in, or the failure to comply with, government
regulations; the availability of organic and natural ingredients;
the loss of one or more of the Company's manufacturing facilities;
the ability to use the Company's trademarks; reputational damage;
product liability; product recall or market withdrawal;
seasonality; litigation; the Company's reliance on its information
technology systems; and the other risks detailed from time-to-time
in the Company's reports filed with the SEC, including the
annual report on Form 10-K for the fiscal year ended June 30, 2014. As a result of the foregoing
and other factors, no assurance can be given as to future results,
levels of activity and achievements and neither the Company nor any
person assumes responsibility for the accuracy and completeness of
these statements.
Non-GAAP Financial Measures
This press release and the accompanying tables include non-GAAP
financial measures, including adjusted net sales, adjusted gross
profit, adjusted operating income, adjusted income from continuing
operations, adjusted income per diluted share from continuing
operations and adjusted EBITDA (defined below) and operating free
cash flow. The reconciliations of these non-GAAP financial
measures to the comparable GAAP financial measures including
adjustments for the recall and withdrawal are presented in the
tables "Reconciliation of GAAP Results to Non-GAAP Measures" for
the three months ended September 30,
2014 and 2013 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 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 three-months ended September 30,
2014 and 2013, adjusted EBITDA was calculated as
follows:
|
3 Months
Ended
|
|
|
|
9/30/2014
|
|
9/30/2013
|
|
|
|
(dollars in
thousands)
|
|
|
Net Income
|
$18,855
|
|
$27,655
|
|
|
Income
taxes
|
6,066
|
|
8,751
|
|
|
Interest expense,
net
|
6,092
|
|
5,285
|
|
|
Depreciation and
amortization
|
14,580
|
|
10,453
|
|
|
Equity in earnings of
affiliates
|
(20)
|
|
(572)
|
|
|
Stock based
compensation
|
2,939
|
|
3,237
|
|
|
Subtotal
|
48,512
|
|
54,809
|
|
|
Adjustments(a)
|
24,641
|
|
3,245
|
|
|
Adjusted
EBITDA
|
$73,153
|
|
$58,054
|
|
|
|
|
(a) The adjustments
include all adjustments in the table "Reconciliation of GAAP
Results to Non-GAAP Measures" except for unrealized currency
impacts, gain on disposal of investment held for sale, interest
accretion and other items, net and taxes.
|
|
|
For the three months ended September 30,
2014 and 2013, operating free cash flow was calculated as
follows:
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.
|
3 Months
Ended
|
9/30/2014
|
|
9/30/2013
|
|
(dollars in
thousands)
|
|
|
|
|
Cash flow provided by
operating activities
|
$2,614
|
|
$53,608
|
Purchases of
property, plant and equipment
|
(13,260)
|
|
(12,347)
|
Operating free cash
flow
|
($10,646)
|
|
$41,261
|
Operating free cash flow for the three months ended September 30, 2014 was negative $10.6 million, compared to $41.3 million in the prior year period. Our
current quarter operating free cash flow was negatively impacted
primarily by our working capital requirements on a higher sales
base, in the United Kingdom where
our Tilda brand is building seasonal inventory but the purchases
are funded through credit facility borrowings and the nut butter
voluntary recall.
THE HAIN CELESTIAL
GROUP, INC.
|
Consolidated
Balance Sheets
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
June 30,
2014
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
92,658
|
|
$
123,751
|
|
Trade receivables,
net
|
319,496
|
|
287,915
|
|
Inventories
|
386,253
|
|
320,251
|
|
Deferred income
taxes
|
24,662
|
|
23,780
|
|
Other current
assets
|
46,341
|
|
47,906
|
|
|
Total current
assets
|
869,410
|
|
803,603
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
340,068
|
|
310,661
|
Goodwill,
net
|
1,116,972
|
|
1,134,368
|
Trademarks and other
intangible assets, net
|
644,024
|
|
651,482
|
Investments and joint
ventures
|
6,396
|
|
36,511
|
Other
assets
|
27,959
|
|
28,692
|
|
|
Total
assets
|
$ 3,004,829
|
|
$ 2,965,317
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
258,890
|
|
$
239,162
|
|
Accrued expenses and
other current liabilities
|
97,566
|
|
84,906
|
|
Current portion of
long-term debt
|
99,814
|
|
100,096
|
|
|
Total current
liabilities
|
456,270
|
|
424,164
|
|
|
|
|
|
|
Long-term debt, less
current portion
|
787,628
|
|
767,827
|
Deferred income
taxes
|
149,309
|
|
148,439
|
Other noncurrent
liabilities
|
4,747
|
|
5,020
|
|
|
Total
liabilities
|
1,397,954
|
|
1,345,450
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Common
stock
|
520
|
|
516
|
|
Additional paid-in
capital
|
1,002,814
|
|
969,697
|
|
Retained
earnings
|
648,473
|
|
629,618
|
|
Accumulated other
comprehensive income
|
904
|
|
60,128
|
|
Subtotal
|
1,652,711
|
|
1,659,959
|
|
Treasury
stock
|
(45,836)
|
|
(40,092)
|
|
|
Total stockholders'
equity
|
1,606,875
|
|
1,619,867
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$ 3,004,829
|
|
$ 2,965,317
|
|
|
|
|
|
|
THE HAIN CELESTIAL
GROUP, INC.
|
Consolidated
Statements of Income
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
2014
|
|
2013
|
|
|
(Unaudited)
|
|
|
|
|
|
Net sales
|
|
$
631,257
|
|
$
477,484
|
Cost of
sales
|
|
505,413
|
|
358,361
|
Gross
profit
|
|
125,844
|
|
119,123
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
90,924
|
|
73,587
|
Amortization of
acquired intangibles
|
|
4,509
|
|
3,468
|
Acquisition related
expenses including integration and
restructuring charges, net
|
|
1,584
|
|
2,296
|
|
|
|
|
|
Operating
income
|
|
28,827
|
|
39,772
|
|
|
|
|
|
Interest expense and
other expenses
|
|
3,926
|
|
3,938
|
Income before income
taxes and equity in earnings of equity-
method investees
|
|
24,901
|
|
35,834
|
Income tax
provision
|
|
6,066
|
|
8,751
|
Income of
equity-method investees, net of tax
|
|
(20)
|
|
(572)
|
|
|
|
|
|
Income from
continuing operations
|
|
18,855
|
|
27,655
|
Loss from
discontinued operations, net of tax
|
|
-
|
|
-
|
|
|
|
|
|
Net income
|
|
$
18,855
|
|
$
27,655
|
|
|
|
|
|
Basic net income per
share:
|
|
|
|
|
From continuing
operations
|
|
$
0.37
|
|
$
0.58
|
From discontinued
operations
|
|
-
|
|
-
|
Net income per share
- basic
|
|
$
0.37
|
|
$
0.58
|
|
|
|
|
|
Diluted net income
per share:
|
|
|
|
|
From continuing
operations
|
|
$
0.37
|
|
$
0.57
|
From discontinued
operations
|
|
-
|
|
-
|
Net income per share
- diluted
|
|
$
0.37
|
|
$
0.57
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
Basic
|
|
50,341
|
|
47,706
|
Diluted
|
|
51,328
|
|
48,934
|
|
|
|
|
|
THE HAIN CELESTIAL
GROUP, INC.
|
Reconciliation of GAAP Results to Non-GAAP
Measures
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
2014 GAAP
|
Adjustments
|
|
2014
Adjusted
|
2013
Adjusted
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Net sales
|
|
$
631,257
|
$
11,370
|
|
$
642,627
|
$
477,484
|
Cost of
sales
|
|
505,413
|
(14,043)
|
|
491,370
|
357,636
|
Gross
profit
|
|
125,844
|
25,413
|
|
151,257
|
119,848
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
90,924
|
(2,978)
|
|
87,946
|
73,363
|
Amortization of
acquired intangibles
|
|
4,509
|
-
|
|
4,509
|
3,468
|
Acquisition related
expenses including integration and
restructuring charges, net
|
|
1,584
|
(1,584)
|
|
-
|
-
|
|
|
|
|
|
|
|
Operating
income
|
|
28,827
|
29,975
|
|
58,802
|
43,017
|
|
|
|
|
|
|
|
Interest and other
expenses, net
|
|
3,926
|
2,376
|
|
6,302
|
6,019
|
Income before income
taxes and equity in earnings of equity-
method investees
|
|
24,901
|
27,599
|
|
52,500
|
36,998
|
Income tax
provision
|
|
6,066
|
11,777
|
|
17,843
|
12,244
|
(Income) of
equity-method investees, net of tax
|
|
(20)
|
-
|
|
(20)
|
(572)
|
Income from
continuing operations
|
|
$
18,855
|
$
15,822
|
|
$
34,677
|
$
25,326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share from
continuing operations - basic
|
|
$
0.37
|
$
0.31
|
|
$
0.69
|
$
0.53
|
|
|
|
|
|
|
|
Income per share from
continuing operations - diluted
|
|
$
0.37
|
$
0.31
|
|
$
0.68
|
$
0.52
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
50,341
|
|
|
50,341
|
47,706
|
Diluted
|
|
51,328
|
|
|
51,328
|
48,934
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2015
|
|
FY 2014
|
|
|
Impact on Income
Before Income Taxes
|
Impact on Income
Tax
Provision
|
|
Impact on Income
Before
Income Taxes
|
Impact on Income
Tax
Provision
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Nut butter
recall
|
|
$
10,442
|
$
3,968
|
|
$
-
|
$
-
|
European
non-dairy beverage withdrawal
|
|
928
|
316
|
|
-
|
-
|
Net sales
|
|
11,370
|
4,284
|
|
-
|
-
|
|
|
|
|
|
|
|
Nut butter
recall
|
|
9,925
|
3,772
|
|
-
|
-
|
European
non-dairy beverage withdrawal
|
|
1,259
|
428
|
|
-
|
-
|
UK Factory
start-up costs
|
|
2,732
|
567
|
|
466
|
158
|
Acquisition
related integration costs
|
|
127
|
26
|
|
259
|
59
|
Cost of
sales
|
|
14,043
|
4,793
|
|
725
|
217
|
|
|
|
|
|
|
|
Recall
expenses
|
|
2,477
|
940
|
|
-
|
-
|
Litigation
expenses
|
|
245
|
93
|
|
-
|
-
|
Expenses
related to third party sale of common stock
|
|
-
|
-
|
|
224
|
85
|
Acquisition
related integration costs
|
|
256
|
77
|
|
-
|
-
|
Selling, general and
administrative expenses
|
|
2,978
|
1,110
|
|
224
|
85
|
|
|
|
|
|
|
|
Acquisition
related fees and expenses, integration and restructuring
charges
|
|
1,303
|
495
|
|
2,296
|
780
|
Contingent
consideration (income) expense, net
|
|
281
|
-
|
|
-
|
-
|
Acquisition related
(income) expenses including integration and restructuring
charges
|
|
1,584
|
495
|
|
2,296
|
780
|
|
|
|
|
|
|
|
Unrealized
currency impacts
|
|
3,190
|
1,065
|
|
(2,319)
|
(898)
|
Gain on
disposal of investment held for sale
|
|
(311)
|
-
|
|
-
|
-
|
Gain on
pre-existing investment in HPP
|
|
(5,334)
|
-
|
|
-
|
-
|
Interest
accretion and other items, net
|
|
79
|
30
|
|
238
|
82
|
Interest and other
expenses, net
|
|
(2,376)
|
1,095
|
|
(2,081)
|
(816)
|
|
|
|
|
|
|
|
Discrete tax
benefit resulting from enacted tax rate change
|
|
-
|
-
|
|
-
|
3,777
|
Increase in
unrecognized tax benefits
|
|
-
|
-
|
|
-
|
(550)
|
Income tax
provision
|
|
-
|
-
|
|
-
|
3,227
|
|
|
|
|
|
|
|
Total
adjustments
|
|
$
27,599
|
$
11,777
|
|
$
1,164
|
$
3,493
|
|
|
|
|
|
|
|
Logo -
http://photos.prnewswire.com/prnh/20130502/NY06743LOGO
SOURCE The Hain Celestial Group, Inc.