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Hain Celestial Inc.: Bilanz für Q1 2015

Der US-Biolebensmittelhändler Hain Celestial Inc. hat das erste Quartal 2015 (Stichtag 30. September) mit einem Rekordumsatz beschlossen. Lesen Sie dazu die Original-Meldung des Unternehmens in englischer Sprache.

Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.
Hain Celestial Announces First Quarter Fiscal Year 2015 Record Net Sales and Adjusted Earnings Per Share

Board of Directors Approves 2 for 1 Stock Split

Reiterates Annual Guidance

Lake Success, New.York - 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.
The Hain Celestial Group, Inc.

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
 

SOURCE The Hain Celestial Group, Inc.

Stephen Smith/Mary Anthes, The Hain Celestial Group, Inc., 516-587-5060

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