LAKE SUCCESS, N.Y.,
Aug. 15, 2016 /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™, announced today that it will delay the release of its
fourth quarter and fiscal year 2016 financial results. During
the fourth quarter, the Company identified concessions that were
granted to certain distributors in the
United States. The Company is currently evaluating whether
the revenue associated with those concessions was accounted for in
the correct period and is also currently evaluating its internal
control over financial reporting. The Audit Committee of the
Company's Board of Directors is conducting an independent review of
these matters and has retained independent counsel to assist in
that review.
Previously, the Company has recognized revenue pertaining to the
sale of its products to certain distributors at the time the
products are shipped to such distributors. The Company is
evaluating whether the revenue associated with the concessions
granted to certain distributors should instead have been recognized
at the time the products sell through its distributors to the end
customers. The Company expects that any potential changes in
the timing of the recognition of revenue with respect to these
transactions should not impact the total amount of revenue
ultimately recognized by the Company with respect to such
distributors and does not reflect on the validity of the underlying
transactions with respect to such distributors.
The Company will experience a delay in the timely filing of its
Annual Report on Form 10-K for its fiscal year ended June 30, 2016 (the "Form 10-K") and expects to
file a notification of late filing on Form 12b-25 with the
Securities and Exchange Commission to obtain an automatic 15-day
extension of the filing deadline for the Form 10-K. There can
be no assurance that the Company will complete the preparation and
filing of the Form 10-K within the extension period.
The Company will not be in a position to release financial
results until the completion of the independent review of the Audit
Committee and of the audit process relating to the 2016 fiscal
year. The Company is working diligently on this matter and will, as
soon as practicable, make a further announcement regarding the
updated timing of the release of financial results and a conference
call on its financial results. Separately, the Company does
not expect to achieve its previously announced guidance for fiscal
year 2016.
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 the Company's expectations relating to the
filing of the Form 10-K, the expected timing of its earnings
release and conference call and the results of the ongoing review.
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, the
possibility that one or more material weaknesses in the Company's
internal control over financial reporting may be identified in
connection with the ongoing review, the possibility that the
ongoing review may identify errors, which may be material, in the
Company's revenue recognition accounting, 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.
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®, 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.
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SOURCE The Hain Celestial Group, Inc.