LAKE SUCCESS, N.Y.,
May 30, 2017 /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 announced it has received a waiver
and extension of certain obligations under its unsecured credit
facility from its lenders until June 15,
2017. This relates to the delivery of certain financial
information under the credit facility, including the Company's
audited financial statements for its fiscal year 2016 and financial
statements for the first, second and third quarters of fiscal year
2017. The extension will enable the Company to be compliant with
its credit facility reporting obligations while it works to
complete the filing of its Annual Report on Form 10-K for its
fiscal year ended June 30, 2016 (the
"Form 10-K"), its Quarterly Report on Form 10-Q for the quarter
ended September 30, 2016 (the "First
Quarter Form 10-Q"), its Quarterly Report on Form 10-Q for the
quarter ended December 31, 2016 (the
"Second Quarter Form 10-Q") and its Quarterly Report on Form 10-Q
for the quarter ended March 31, 2017
(the "Third Quarter Form 10-Q", and collectively, the "Outstanding
Reports"). This waiver and extension of the credit facility
is consistent with the extension granted by the Nasdaq Hearings
Panel to the Company to file its periodic reports with the
Securities and Exchange Commission and regain Nasdaq listing
compliance by June 15, 2017. The
Company intends to be in a position to file all the Outstanding
Reports during this period.
"This waiver and extension from our bank group led by Bank of
America Merrill Lynch and Wells Fargo, along with other bank
members, continues to be supportive in the growth of our business
and our long term partnership. We appreciate their continued
support and confidence," commented Irwin D.
Simon, Founder, President and Chief Executive Officer of
Hain Celestial. "We remain well positioned to support our strategic
operational growth objectives with our solid financial
position."
As of March 31, 2017 there was
$780 million in borrowings under the
credit facility, and the Company had $163
million in cash from its worldwide operations.
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.®, Johnson's Juice Co.®, Farmhouse Fare®,
Hartley's®, Sun-Pat®, Gale's®, Robertson's®, Frank Cooper's®, Linda McCartney®, Lima®,
Danival®, Happy®, 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",
"remain", "potential", "can", "should", "could", "future" and
similar expressions, or the negative of those expressions. These
forward-looking statements include the Company's beliefs or
expectations relating to (i) the filing of the Form 10-K, the First
Quarter Form 10-Q, the Second Quarter Form 10-Q and the Third
Quarter Form 10-Q and (ii) regaining Nasdaq listing compliance.
Such forward-looking statements involve known and unknown risks,
uncertainties, and other factors which may cause the actual results
to be materially different from any future results expressed or
implied by such forward-looking statements. Such factors include a
material delay in the Company's financial reporting, including the
possibility that the Company will not be able to file its Form
10-K, First Quarter Form 10-Q, Second Quarter Form 10-Q and Third
Quarter Form 10-Q by June 15, 2017 or
regain Nasdaq listing compliance, the possibility that one or more
material weaknesses in the Company's internal control over
financial reporting may be identified, the possibility that errors
may be identified, which may be material, whether investors should
no longer rely upon previously issued financial statements, and the
risk that the Company may need to restate its financial statements.
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.
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SOURCE The Hain Celestial Group, Inc.