LAKE SUCCESS, N.Y.,
Nov. 8, 2018 /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, Asia and the Middle
East providing consumers with A Healthier Way of Life™,
today reported financial results for the first quarter ended
September 30, 2018. The results
contained herein are presented with the Hain Pure Protein operating
segment being treated as a discontinued operation given the
Company's previously announced decision to divest the business.
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"We have an incredible opportunity at Hain Celestial to
accelerate the mission and purpose envisioned 25 years ago, as we
further build consumer awareness and access to our organic, natural
and better-for-you brands," said Mark L.
Schiller, President and Chief Executive Officer of Hain
Celestial. "Initially, I will be focused on, the improvement of our
operational and financial results, particularly in the United States. Looking ahead, I am eager
to work with our entire team to further integrate our global
operations to achieve sustainable sales growth and cost-savings
synergies and deliver long-term value for our stockholders."
FINANCIAL HIGHLIGHTS1
Summary of First Quarter Results from Continuing
Operations2
- Net sales decreased 5% to $560.8
million compared to the prior year period, or a 4% decrease
on a constant currency basis. When adjusted for Foreign Exchange
and Acquisitions, Divestitures and certain other items, including
the 2017 and 2018 Project Terra Stock Keeping Unit ("SKU")
rationalization3, net sales would have decreased 2%
compared to the prior year period.
- Gross margin of 17.8%, a 320 basis point decrease over the
prior year period; adjusted gross margin of 19.0%, a 250 basis
point decrease over the prior year period as a result of planned
higher trade and promotional investments in the United States and increased freight and
commodity costs.
- Operating loss of $24.1 million
compared to operating income of $29.2
million in the prior year period; adjusted operating income
of $20.9 million compared to
$36.1 million in the prior year
period.
- Net loss of $23.1 million
compared to net income of $18.6
million in the prior year period; adjusted net income of
$9.7 million compared to $21.4 million in prior year period.
- EBITDA loss of $5.9 million
compared to EBITDA of $46.6 million
in the prior year period; Adjusted EBITDA of $34.1 million compared to $53.5 million in the prior year period.
- Earnings loss per diluted share ("EPS") of $0.22 compared to EPS of $0.18 in the prior year period; Adjusted EPS of
$0.09 compared to $0.20 in the prior year period.
SEGMENT HIGHLIGHTS FROM CONTINUING OPERATIONS
Hain Celestial United States
Hain Celestial United
States net sales in the first quarter decreased 8% over the prior
year period to $244.0 million; when
adjusted for Acquisitions, Divestitures and certain other items
including the 2017 and 2018 Project Terra SKU
rationalization3, net sales would have decreased 4%. The
decline in the United States
segment was primarily driven by declines in the Pantry and
Better-For-You Snacks platforms, partially offset by an increase in
the Pure Personal Care platform. The Pure Personal Care
Platform's strong growth for the first quarter was offset, in part,
by production challenges within the quarter. United States net sales also were impacted by
the previously disclosed strategic decision to no longer support
certain lower margin SKUs and focus on the Top 500 SKUs in order to
reduce complexity and increase gross margin over time.
Segment operating income in the first quarter was $2.2 million, a 90% decrease from the prior year
period, and adjusted operating income was $7.7 million, a 67% decrease over the prior year
period, driven primarily by higher planned trade investments to
drive future period growth and increased freight and logistics
costs.
Hain Celestial United Kingdom
Hain Celestial United
Kingdom net sales in the first quarter decreased 2% to $218.6 million over the prior year period, or
relatively flat after adjusting for Foreign Exchange, Acquisitions
and Divestitures and certain other items3. The results
for the United Kingdom segment
reflect a 4% decline in Hain
Daniels, or a decline of 2% after adjusting for Foreign
Exchange, Acquisitions and Divestitures and certain other
items3, primarily driven by declines from New Covenant
Garden Soup Co.®, Johnson's Juice Co.®, and Yorkshire Provender®
brands, offset in part by growth in the Linda McCartney's® and
Hartley's® brands. The net sales decrease in the United Kingdom segment was partially offset by
4% growth from Tilda® and 8% growth from Ella's Kitchen®, or 5% and
9% growth, respectively, after adjusting for Foreign Exchange,
Acquisitions and Divestitures and certain other items3.
Segment operating income was $4.0
million, a 58% decrease from the prior year period, and
adjusted operating income was $10.7
million, a decrease of 18% over the prior year period.
Rest of World
Rest of World net sales in the first
quarter decreased 5% to $98.3 million
over the prior year period, or 2% after adjusting for Foreign
Exchange, Acquisitions and Divestitures and certain other
items3. Net sales for Hain Celestial Canada decreased
5%, or relatively flat after adjusting for Foreign Exchange,
Acquisitions and Divestitures and certain other items3 ,
primarily driven by declines from the Europe's Best® brand, Tilda® brand and private
label sales offset in part by growth from the Yves Veggie Cuisine®
and Live Clean® brands. Net sales for Hain Celestial Europe were
flat, or increased 1% on a constant currency basis, primarily
driven by strong performance from the Joya® and Natumi® brands
offset in part by declines from the Lima® and Danival® brands. Net
sales for Hain Ventures, formerly known as Cultivate Ventures,
decreased 18%, or 14% after adjusting for Foreign Exchange,
Acquisitions and Divestitures and certain other items3,
primarily driven by declines from the Blueprint®, Westsoy® and
SunSpire® brands, offset in part by growth from the Yves Veggie
Cuisine® and GG UniqueFiber™ brands. Segment operating income in
the first quarter was $7.8 million, a
$1.2 million decrease from the prior
year period. Adjusted operating income was $9.2 million, an increase of 2% over the prior
year period.
Hain Pure Protein Discontinued Operations
As
previously disclosed on May 5, 2018,
the results of operations, financial position and cash flows
related to the operations of the Hain Pure Protein business segment
have been moved to discontinued operations in the current and prior
periods. The Company continues to make substantial progress to
complete the divestiture of the Hain Pure Protein operating segment
by the third quarter of fiscal 2019. Net sales for Hain Pure
Protein in the first quarter were $113.5
million, a decrease of 5% compared to the prior year period.
Segment operating loss in the first quarter was $19.5 million, primarily resulting from the
continued pricing pressure resulting from excess turkey inventory
for the Plainville Farms business.
Fiscal Year 2019 Guidance
The Company reiterated its
annual guidance for continuing operations for fiscal year 2019:
- Total net sales of $2.500 billion
to $2.560 billion, an increase of
approximately 2% to 4% as compared to fiscal year 2018.
- Adjusted EBITDA of $275 million
to $300 million, an increase of
approximately 7% to 17% as compared to fiscal year 2018.
- Adjusted EPS of $1.21 to
$1.38, an increase of approximately
4% to 19% as compared to fiscal year 2018.
The Company expects growth in net sales, adjusted EBITDA and
adjusted EPS to be weighted towards the second half of fiscal 2019
as it recovers from the production disruptions, primarily in its
personal care business, experienced during the first quarter of
fiscal 2019, which impacted net sales and profitability, and as it
benefits from the planned Hain Celestial United States strategic
brand investments, distribution gains and price optimization
efforts. In addition, the timing of the annual global Project Terra
cost savings and productivity benefits that are already in process
are expected to accelerate as the fiscal year progresses. Details
of the Project Terra cost savings and productivity with expected
timing are contained in the presentation for the First Quarter
Fiscal Year 2019 earnings call available under the Investor
Relations section of the Company's website at www.hain.com.
Guidance, where adjusted, is provided on a non-GAAP basis and
excludes acquisition-related expenses; integration charges;
restructuring charges, start-up costs, consulting fees and other
costs associated with Project Terra; costs associated with the CEO
Succession Agreement; unrealized net foreign currency gains or
losses, accounting review and remediation costs and other
non-recurring items that may be incurred during the Company's
fiscal year 2019, which the Company will continue to identify as it
reports its future financial results. Guidance also excludes the
impact of any future acquisitions and divestitures.
The Company cannot reconcile its expected Adjusted EBITDA to net
income or adjusted earnings per diluted share to earnings per share
under "Fiscal Year 2019 Guidance" without unreasonable effort
because 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.
1
|
This press release
includes certain non-GAAP financial measures, 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 in the tables "Reconciliation of GAAP
Results to Non-GAAP Measures."
|
2
|
Unless otherwise
noted all results included in this press release are from
continuing operations.
|
3
|
Refer to "Net Sales
Growth at Constant Currency and Adjusted for Acquisitions,
Divestitures and Other" provided herein.
|
(unaudited and
dollars in thousands)
|
United
States
|
United
Kingdom
|
Rest of
World
|
Corporate/
Other
|
Total
|
NET
SALES
|
|
|
|
|
|
Net sales - Three
months ended 9/30/18
|
$
243,985
|
$
218,577
|
$
98,271
|
$
-
|
$
560,833
|
Net sales - Three
months ended 9/30/17
|
$
263,659
|
$
222,445
|
$
103,115
|
$
-
|
$
589,219
|
% change - FY'19 net
sales vs. FY'18 net sales
|
(7.5)%
|
(1.7)%
|
(4.7)%
|
|
(4.8)%
|
|
|
|
|
|
|
OPERATING
INCOME/(LOSS)
|
|
|
|
|
|
Three months ended
9/30/18
|
|
|
|
|
|
Operating income
(loss)
|
$
2,170
|
$
4,020
|
$
7,836
|
$
(38,130)
|
$
(24,104)
|
Non-GAAP adjustments
(1)
|
5,480
|
6,646
|
1,346
|
31,495
|
44,967
|
Adjusted operating
income
|
$
7,650
|
$
10,666
|
$
9,182
|
$
(6,635)
|
$
20,863
|
Operating income
margin
|
0.9%
|
1.8%
|
8.0%
|
|
(4.3)%
|
Adjusted operating
income margin
|
3.1%
|
4.9%
|
9.3%
|
|
3.7%
|
|
|
|
|
|
|
Three months ended
9/30/17
|
|
|
|
|
|
Operating
income
|
$
20,861
|
$
9,601
|
$
8,997
|
$
(10,218)
|
$
29,241
|
Non-GAAP adjustments
(1)
|
2,283
|
3,335
|
-
|
1,256
|
6,874
|
Adjusted operating
income
|
$
23,144
|
$
12,936
|
$
8,997
|
$
(8,962)
|
$
36,115
|
Operating income
margin
|
7.9%
|
4.3%
|
8.7%
|
|
5.0%
|
Adjusted operating
income margin
|
8.8%
|
5.8%
|
8.7%
|
|
6.1%
|
|
|
|
|
|
|
(1) See
accompanying table of "Reconciliation of GAAP Results to Non-GAAP
Measures"
|
Webcast Presentation
Hain Celestial will host a
conference call and webcast today at 8:30 AM
Eastern Time to discuss its results and business outlook.
The webcast and any accompanying presentation will be 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, Asia
and the Middle East. Hain
Celestial participates in many natural categories with well-known
brands that include Almond Dream®, Arrowhead Mills®, Bearitos®,
Better Bean®, BluePrint®, Casbah®, Celestial Seasonings®, Clarks™,
Coconut Dream®, Cully & Sully®, Danival®, DeBoles®, Earth's
Best®, Ella's Kitchen®, Empire®, Europe's Best®, Farmhouse Fare™, Frank Cooper's®, FreeBird®, Gale's®, Garden of
Eatin'®, GG UniqueFiber™, Hain Pure Foods®, Hartley's®, Health
Valley®, Imagine™, Johnson's Juice Co.™, Joya®, Kosher Valley®,
Lima®, Linda McCartney® (under license), MaraNatha®, Mary Berry (under license), Natumi®, New Covent
Garden Soup Co.®, Orchard House®, Plainville Farms®, Rice Dream®,
Robertson's®, Rudi's Gluten-Free Bakery™, Rudi's Organic Bakery®,
Sensible Portions®, Spectrum® Organics, Soy Dream®, Sun-Pat®,
Sunripe®, SunSpire®, Terra®, The Greek Gods®, Tilda®, Walnut
Acres®, WestSoy®, Yorkshire Provender®, Yves Veggie Cuisine® and
William's™. The Company's personal care products are marketed under
the Alba Botanica®, Avalon Organics®, Earth's Best®, JASON®, Live
Clean® and Queen Helene® brands.
Safe Harbor Statement
Certain statements contained in
this press release constitute "forward-looking statements" within
the meaning of federal securities laws, including 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 matters. You can also identify
forward-looking statements by discussions of the Company's Project
Terra strategic initiatives, the Company's potential divestiture of
its Hain Pure Protein business, the Company's Guidance for Fiscal
Year 2019 and our future performance and results of operations.
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 the impact of competitive products,
changes to the competitive environment, changes to consumer
preferences, our ability to manage our supply chain effectively,
changes in raw materials, freight, commodity costs and fuel,
consolidation of customers, reliance on independent distributors,
general economic and financial market conditions, risks associated
with our international sales and operations, our ability to execute
and realize cost savings initiatives, including, but not limited
to, cost reduction initiatives under Project Terra and SKU
rationalization plans, our ability to identify and complete
acquisitions or divestitures and integrate acquisitions, the
availability of organic and natural ingredients, the reputation of
our brands and the other risks detailed from time-to-time in the
Company's reports filed with the United States Securities and
Exchange Commission, including the Annual Report on Form 10-K for
the fiscal year ended June 30, 2018,
and our quarterly reports. As a result of the foregoing and other
factors, the Company cannot provide any assurance regarding 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 adjusted for the impact of Foreign currency,
Acquisitions and Divestitures and certain other items, including
SKU rationalization, as applicable in each case, adjusted operating
income, adjusted gross margin, adjusted net income, adjusted
earnings per diluted share, EBITDA, Adjusted EBITDA and operating
free cash flow. 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 ended September 30,
2018 and 2017 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 Operations presented in accordance with
GAAP.
The Company defines Operating Free Cash Flow as cash provided by
or used in operating activities from continuing operations (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 three months ended September 30,
2018 and 2017, Operating Free Cash Flow from continuing
operations was calculated as follows:
|
Three Months
Ended
|
|
9/30/18
|
|
9/30/17
|
|
(unaudited and
dollars in thousands)
|
|
|
|
|
Cash flow provided by
operating activities - continuing operations
|
$
(18,252)
|
|
$
(1,080)
|
Purchases of
property, plant and equipment
|
(22,547)
|
|
(11,233)
|
Operating Free Cash
Flow - continuing operations
|
$
(40,799)
|
|
$
(12,313)
|
The Company's Operating Free Cash Flow from continuing
operations was negative $40.8 million
for the three months ended September 30, 2018, a decrease of
$28.5 million from the three months
ended September 30, 2017. This decrease resulted
primarily from a decrease of $30.6
million in net income adjusted for non-cash charges, an
increase of $11.3 million in capital
expenditures offset in part by $13.4
million of cash provided by working capital accounts.
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 period-to-period
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 provides net sales adjusted for constant currency,
acquisitions and divestitures, and certain other items including
SKU rationalization, as applicable in each case, to understand the
growth rate of net sales excluding the impact of such items. The
Company's management believes net sales adjusted for such items is
useful to investors because it enables them to better understand
the growth of our business from period-to-period.
The Company defines EBITDA as net income from continuing
operations (a GAAP measure) before income taxes, net interest
expense, depreciation and amortization, equity in net income of
equity method investees, stock based compensation expense and
unrealized currency gains. Adjusted EBITDA is defined as EBITDA
before acquisition-related expenses, including integration and
restructuring charges, and other non-recurring items. The Company's
management believes that these presentations provide 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
these measures for reviewing the financial results of the Company
as well as a component of performance-based executive
compensation.
For the three months ended September 30,
2018 and 2017, EBITDA and Adjusted EBITDA from continuing
operations was calculated as follows:
|
Three Months
Ended
|
|
9/30/2018
|
|
9/30/2017
|
|
(unaudited and
dollars in thousands)
|
|
|
|
|
Net (loss)
income
|
$
(37,425)
|
|
$
19,846
|
Net (loss) income
from discontinued operations
|
(14,324)
|
|
1,233
|
Net (loss) income
from continuing operations
|
$
(23,101)
|
|
$
18,613
|
|
|
|
|
(Benefit) provision
for income taxes
|
(9,483)
|
|
7,484
|
Interest expense,
net
|
7,169
|
|
5,609
|
Depreciation and
amortization
|
14,384
|
|
15,147
|
Equity in net loss
(income) of equity-method investees
|
175
|
|
(11)
|
Stock-based
compensation (benefit) expense
|
(209)
|
|
3,164
|
Stock-based
compensation expense in
connection with Chief Executive Officer Succession
Agreement
|
312
|
|
-
|
Long-lived asset
impairment
|
4,236
|
|
-
|
Unrealized currency
losses/(gains)
|
590
|
|
(3,419)
|
EBITDA
|
$
(5,927)
|
|
$
46,587
|
|
|
|
|
|
|
|
|
Project Terra costs
and other
|
10,333
|
|
4,850
|
Chief Executive
Officer Succession Plan expense, net
|
19,241
|
|
-
|
Accounting review and
remediation costs, net of insurance proceeds
|
3,414
|
|
(1,358)
|
Losses on terminated
chilled desserts contract
|
-
|
|
1,472
|
Warehouse/manufacturing facility start-up
costs
|
4,599
|
|
737
|
Co-packer
disruption
|
-
|
|
1,173
|
Plant closure related
costs
|
1,828
|
|
-
|
Litigation and
related expenses
|
569
|
|
-
|
Adjusted
EBITDA
|
$
34,057
|
|
$
53,461
|
THE HAIN CELESTIAL
GROUP, INC.
|
Consolidated
Balance Sheets
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
June
30,
|
|
|
|
2018
|
|
2018
|
ASSETS
|
(unaudited)
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
55,871
|
|
$
106,557
|
|
Accounts receivable,
net
|
246,519
|
|
252,708
|
|
Inventories
|
414,479
|
|
391,525
|
|
Prepaid expenses and
other current assets
|
58,183
|
|
59,946
|
|
Current assets of
discontinued operations
|
239,809
|
|
240,851
|
|
Total current
assets
|
1,014,861
|
|
1,051,587
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
315,926
|
|
310,172
|
Goodwill
|
1,019,693
|
|
1,024,136
|
Trademarks and other
intangible assets, net
|
502,356
|
|
510,387
|
Investments and joint
ventures
|
21,153
|
|
20,725
|
Other
assets
|
29,041
|
|
29,667
|
|
Total
assets
|
$
2,903,030
|
|
$
2,946,674
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
226,418
|
|
$
229,993
|
|
Accrued expenses and
other current liabilities
|
136,890
|
|
116,001
|
|
Current portion of
long-term debt
|
28,498
|
|
26,605
|
|
Current liabilities
of discontinued operations
|
46,407
|
|
49,846
|
|
Total current
liabilities
|
438,213
|
|
422,445
|
|
|
|
|
|
|
Long-term debt, less
current portion
|
693,429
|
|
687,501
|
Deferred income
taxes
|
73,223
|
|
86,909
|
Other noncurrent
liabilities
|
12,741
|
|
12,770
|
Total
liabilities
|
1,217,606
|
|
1,209,625
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Common
stock
|
1,085
|
|
1,084
|
|
Additional paid-in
capital
|
1,148,330
|
|
1,148,196
|
|
Retained
earnings
|
840,906
|
|
878,516
|
|
Accumulated other
comprehensive loss
|
(197,411)
|
|
(184,240)
|
|
|
|
1,792,910
|
|
1,843,556
|
|
Treasury
stock
|
(107,486)
|
|
(106,507)
|
|
Total stockholders'
equity
|
1,685,424
|
|
1,737,049
|
|
Total liabilities and
stockholders' equity
|
$
2,903,030
|
|
$
2,946,674
|
THE HAIN CELESTIAL
GROUP, INC.
|
Consolidated
Statements of Operations
|
(unaudited and
in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
2018
|
|
2017
|
|
|
|
|
|
Net sales
|
|
$
560,833
|
|
$
589,219
|
Cost of
sales
|
|
461,239
|
|
465,831
|
Gross
profit
|
|
99,594
|
|
123,388
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
82,257
|
|
86,081
|
Amortization of
acquired intangibles
|
|
3,905
|
|
4,574
|
Project Terra costs
and other
|
|
10,333
|
|
4,850
|
Chief Executive
Officer Succession Plan expense, net
|
|
19,553
|
|
-
|
Accounting review and
remediation costs, net of insurance
proceeds
|
|
3,414
|
|
(1,358)
|
Long-lived asset
impairment
|
|
4,236
|
|
-
|
Operating (loss)
income
|
|
(24,104)
|
|
29,241
|
|
|
|
|
|
Interest and other
financing expense, net
|
|
7,705
|
|
6,282
|
Other
expense/(income), net
|
|
600
|
|
(3,127)
|
(Loss) income from
continuing operations before
income taxes and equity in net income of equity-method
investees
|
|
(32,409)
|
|
26,086
|
(Benefit) provision
for income taxes
|
|
(9,483)
|
|
7,484
|
Equity in net loss
(income) of equity-method investees
|
|
175
|
|
(11)
|
Net (loss)
income from continuing operations
|
|
$
(23,101)
|
|
$
18,613
|
Net (loss)
income from discontinued
operations, net of tax
|
|
(14,324)
|
|
1,233
|
Net (loss)
income
|
|
$
(37,425)
|
|
$
19,846
|
|
|
|
|
|
Net (loss) income per
common share:
|
|
|
|
|
Basic net (loss)
income per common share from
continuing operations
|
|
$
(0.22)
|
|
$
0.18
|
Basic net (loss)
income per common share from
discontinued operations
|
|
(0.14)
|
|
0.01
|
Basic net
(loss) income per common share
|
|
$
(0.36)
|
|
$
0.19
|
|
|
|
|
|
Diluted net (loss)
income per common share from
continuing operations
|
|
$
(0.22)
|
|
$
0.18
|
Diluted net (loss)
income per common share from
discontinued operations
|
|
(0.14)
|
|
0.01
|
Diluted net
(loss) income per common share
|
|
$
(0.36)
|
|
$
0.19
|
|
|
|
|
|
Shares used in the
calculation of net (loss) income per common share:
|
Basic
|
|
103,962
|
|
103,709
|
Diluted
|
|
103,962
|
|
104,476
|
THE HAIN CELESTIAL
GROUP, INC.
|
Consolidated
Statements of Cash Flows
|
(unaudited and
in thousands)
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
2018
|
|
2017
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net (loss)
income
|
$
(37,425)
|
|
$
19,846
|
Net (loss) income
from discontinued operations
|
(14,324)
|
|
1,233
|
Net (loss) income
from continuing operations
|
(23,101)
|
|
18,613
|
|
|
|
|
Adjustments to
reconcile net (loss) income from continuing operations to net
cash
used in operating activities from continuing operations:
|
|
|
|
Depreciation and
amortization
|
14,384
|
|
15,147
|
Deferred income
taxes
|
(13,276)
|
|
(637)
|
Equity in net loss
(income) of equity-method investees
|
175
|
|
(11)
|
Chief Executive
Officer Succession Plan expense, net
|
19,241
|
|
-
|
Stock-based
compensation, net
|
103
|
|
3,164
|
Impairment of
long-lived assets
|
4,236
|
|
-
|
Other non-cash items,
net
|
841
|
|
(3,059)
|
Increase (decrease)
in cash attributable to changes in operating assets and
liabilities:
|
|
|
|
Accounts
receivable
|
4,357
|
|
(18,100)
|
Inventories
|
(24,147)
|
|
(28,186)
|
Other current
assets
|
1,358
|
|
(9,021)
|
Other assets and
liabilities
|
(19)
|
|
(53)
|
Accounts payable and
accrued expenses
|
(2,404)
|
|
21,063
|
Net cash used in
operating activities - continuing operations
|
(18,252)
|
|
(1,080)
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
Purchases of property
and equipment
|
(22,547)
|
|
(11,233)
|
Other
|
(652)
|
|
-
|
Net cash used in
investing activities - continuing operations
|
(23,199)
|
|
(11,233)
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
Borrowings under bank
revolving credit facility
|
70,000
|
|
20,000
|
Repayments under bank
revolving credit facility
|
(60,000)
|
|
(15,000)
|
Repayments under term
loan
|
(3,750)
|
|
-
|
Funding of
discontinued operations entities
|
(15,155)
|
|
(20,269)
|
(Repayments)
borrowings of other debt, net
|
1,709
|
|
8,237
|
Shares withheld for
payment of employee payroll taxes
|
(979)
|
|
(2,098)
|
Net cash used in
financing activities - continuing operations
|
(8,175)
|
|
(9,130)
|
|
|
|
|
Effect of exchange
rate changes on cash
|
(1,060)
|
|
3,059
|
|
|
|
|
CASH FLOWS FROM
DISCONTINUED OPERATIONS
|
|
|
|
Cash used in
operating activities
|
(15,905)
|
|
(18,358)
|
Cash used in
investing activities
|
(1,635)
|
|
(3,680)
|
Cash provided by
financing activities
|
15,107
|
|
20,217
|
Net cash flows used
in discontinued operations
|
(2,433)
|
|
(1,821)
|
|
|
|
|
Net decrease in cash
and cash equivalents
|
(53,119)
|
|
(20,205)
|
Cash and cash
equivalents at beginning of period
|
113,018
|
|
146,992
|
Cash and cash
equivalents at end of period
|
$
59,899
|
|
$
126,787
|
Less: cash and cash
equivalents of discontinued operations
|
(4,028)
|
|
(8,117)
|
Cash and cash
equivalents of continuing operations at end of period
|
$
55,871
|
|
$
118,670
|
THE HAIN CELESTIAL
GROUP, INC.
|
Reconciliation of GAAP Results to Non-GAAP
Measures
|
(unaudited and
in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
2018
GAAP
|
Adjustments
|
2018
Adjusted
|
|
2017
GAAP
|
Adjustments
|
2017
Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
560,833
|
-
|
$
560,833
|
|
$
589,219
|
$
-
|
$
589,219
|
Cost of
sales
|
|
461,239
|
(6,862)
|
454,377
|
|
465,831
|
(3,382)
|
462,449
|
Gross
profit
|
|
99,594
|
6,862
|
106,456
|
|
123,388
|
3,382
|
126,770
|
Operating expenses
(a)
|
|
90,398
|
(4,805)
|
85,593
|
|
90,655
|
-
|
90,655
|
Project Terra costs
and other
|
|
10,333
|
(10,333)
|
-
|
|
4,850
|
(4,850)
|
-
|
Accounting review and
remediation costs, net of insurance proceeds
|
|
3,414
|
(3,414)
|
-
|
|
(1,358)
|
1,358
|
-
|
Chief Executive
Officer Succession Plan expense, net
|
|
19,553
|
(19,553)
|
-
|
|
-
|
-
|
-
|
Operating (loss)
income
|
|
(24,104)
|
44,967
|
20,863
|
|
29,241
|
6,874
|
36,115
|
Interest and other
expense (income), net (b)
|
|
8,305
|
(590)
|
7,715
|
|
3,155
|
3,419
|
6,574
|
(Benefit) provision
for income taxes
|
|
(9,483)
|
12,779
|
3,296
|
|
7,484
|
691
|
8,175
|
Net (loss)
income from continuing operations
|
|
(23,101)
|
32,778
|
9,677
|
|
18,613
|
2,764
|
21,377
|
Net (loss)
income from discontinued operations, net of tax
|
|
(14,324)
|
14,324
|
-
|
|
1,233
|
(1,233)
|
-
|
Net (loss)
income
|
|
(37,425)
|
47,102
|
9,677
|
|
19,846
|
1,531
|
21,377
|
|
|
|
|
|
|
|
|
|
Diluted net (loss)
income per common share from continuing
operations
|
|
(0.22)
|
0.32
|
0.09
|
|
0.18
|
0.03
|
0.20
|
Diluted net (loss)
income per common share from
discontinued operations
|
|
(0.14)
|
0.14
|
-
|
|
0.01
|
(0.01)
|
-
|
Diluted net (loss)
income per common share
|
|
(0.36)
|
0.45
|
0.09
|
|
0.19
|
0.01
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Detail of
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30, 2018
|
|
|
|
Three Months
Ended
September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
Warehouse/manufacturing facility start-up
costs
|
|
|
$
4,599
|
|
|
|
$
737
|
|
Plant closure related
costs
|
|
|
2,263
|
|
|
|
-
|
|
Losses on terminated
chilled desserts contract
|
|
|
-
|
|
|
|
1,472
|
|
Co-packer
disruption
|
|
|
-
|
|
|
|
1,173
|
|
Cost of
sales
|
|
|
6,862
|
|
|
|
3,382
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
6,862
|
|
|
|
3,382
|
|
|
|
|
|
|
|
|
|
|
Long-lived asset
impairment charge associated with plant
closure
|
|
|
4,236
|
|
|
|
-
|
|
Litigation and
related expenses
|
|
|
569
|
|
|
|
-
|
|
Operating expenses
(a)
|
|
|
4,805
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Project Terra costs
and other
|
|
|
10,333
|
|
|
|
4,850
|
|
Project Terra costs
and other
|
|
|
10,333
|
|
|
|
4,850
|
|
|
|
|
|
|
|
|
|
|
Accounting review and
remediation costs, net of insurance proceeds
|
|
|
3,414
|
|
|
|
(1,358)
|
|
Accounting review and
remediation costs, net of insurance proceeds
|
|
|
3,414
|
|
|
|
(1,358)
|
|
|
|
|
|
|
|
|
|
|
Chief Executive
Officer Succession Plan expense, net
|
|
|
19,553
|
|
|
|
-
|
|
Chief Executive
Officer Succession Plan expense, net
|
|
|
19,553
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
44,967
|
|
|
|
6,874
|
|
|
|
|
|
|
|
|
|
|
Unrealized currency
losses (gains)
|
|
|
590
|
|
|
|
(3,419)
|
|
Interest and other
expense (income), net (b)
|
|
|
590
|
|
|
|
(3,419)
|
|
|
|
|
|
|
|
|
|
|
Income tax related
adjustments
|
|
|
(12,779)
|
|
|
|
(691)
|
|
Benefit for income
taxes
|
|
|
(12,779)
|
|
|
|
(691)
|
|
|
|
|
|
|
|
|
|
|
Net income
from continuing operations
|
|
|
$
32,778
|
|
|
|
$
2,764
|
|
|
|
|
|
|
|
|
|
|
(a)Operating expenses include amortization
of acquired intangibles, selling, general, and administrative
expenses and long-lived asset impairment.
|
(b)Interest and other expenses (income),
net include interest and other financing expenses, net and other
(income)/expense, net.
|
THE HAIN CELESTIAL
GROUP, INC.
|
Reconciliation of GAAP Results to Non-GAAP
Measures
|
(unaudited and
in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
September 30,
2017
|
|
December 31,
2017
|
|
March 31,
2018
|
|
June 30,
2018
|
|
|
GAAP
|
Adjustments
|
Adjusted
|
|
GAAP
|
Adjustments
|
Adjusted
|
|
GAAP
|
Adjustments
|
Adjusted
|
|
GAAP
|
Adjustments
|
Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
589,219
|
-
|
$
589,219
|
|
$
616,232
|
$
-
|
$
616,232
|
|
$
632,720
|
$
-
|
$
632,720
|
|
$
619,598
|
$
-
|
$
619,598
|
Cost of
sales
|
|
465,831
|
(3,382)
|
462,449
|
|
482,282
|
(5,832)
|
476,450
|
|
499,707
|
(12,640)
|
487,067
|
|
494,501
|
(5,346)
|
489,155
|
Gross
profit
|
|
123,388
|
3,382
|
126,770
|
|
133,950
|
5,832
|
139,782
|
|
133,013
|
12,640
|
145,653
|
|
125,097
|
5,346
|
130,443
|
Operating expenses
(a)
|
|
90,655
|
-
|
90,655
|
|
94,465
|
(4,151)
|
90,314
|
|
95,615
|
(5,971)
|
89,644
|
|
90,931
|
(4,969)
|
85,962
|
Project Terra costs
and other
|
|
4,850
|
(4,850)
|
-
|
|
4,069
|
(4,069)
|
-
|
|
4,831
|
(4,831)
|
-
|
|
6,999
|
(6,999)
|
-
|
Accounting review and
remediation costs, net of
insurance proceeds
|
|
(1,358)
|
1,358
|
-
|
|
4,451
|
(4,451)
|
-
|
|
3,313
|
(3,313)
|
-
|
|
2,887
|
(2,887)
|
-
|
Goodwill
impairment
|
|
-
|
-
|
-
|
|
-
|
-
|
-
|
|
-
|
-
|
-
|
|
7,700
|
(7,700)
|
-
|
Operating
income
|
|
29,241
|
6,874
|
36,115
|
|
30,965
|
18,503
|
49,468
|
|
29,254
|
26,755
|
56,009
|
|
16,580
|
27,901
|
44,481
|
Interest and other
expense (income), net (b)
|
|
3,155
|
3,419
|
6,574
|
|
5,719
|
286
|
6,005
|
|
5,222
|
1,465
|
6,687
|
|
10,742
|
(3,143)
|
7,599
|
Provision (benefit)
for income taxes
|
|
7,484
|
691
|
8,175
|
|
(17,690)
|
27,751
|
10,061
|
|
(1,310)
|
11,946
|
10,636
|
|
10,629
|
(1,255)
|
9,374
|
Net income
(loss) from continuing operations
|
|
18,613
|
2,764
|
21,377
|
|
43,130
|
(9,534)
|
33,596
|
|
25,241
|
13,344
|
38,585
|
|
(4,556)
|
32,299
|
27,743
|
Net income
(loss) from discontinued operations, net of tax
|
|
1,233
|
(1,233)
|
-
|
|
3,973
|
(3,973)
|
-
|
|
(12,555)
|
12,555
|
-
|
|
(65,385)
|
65,385
|
-
|
Net income
(loss)
|
|
19,846
|
1,531
|
21,377
|
|
47,103
|
(13,507)
|
33,596
|
|
12,686
|
25,899
|
38,585
|
|
(69,941)
|
97,684
|
27,743
|
|
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per common share from continuing
operations
|
|
0.18
|
0.03
|
0.20
|
|
0.41
|
(0.09)
|
0.32
|
|
0.24
|
0.13
|
0.37
|
|
(0.04)
|
0.31
|
0.27
|
Diluted net income
(loss) per common share from
discontinued operations
|
|
0.01
|
(0.01)
|
-
|
|
0.04
|
(0.04)
|
-
|
|
(0.12)
|
0.12
|
-
|
|
(0.63)
|
0.63
|
-
|
Diluted net income
(loss) per common share
|
|
0.19
|
0.01
|
0.20
|
|
0.45
|
(0.13)
|
0.32
|
|
0.12
|
0.25
|
0.37
|
|
(0.67)
|
0.94
|
0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Detail of
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
September 30,
2017
|
|
December 31,
2017
|
|
March 31,
2018
|
|
June 30,
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse/manufacturing facility start-up
costs
|
|
|
$
737
|
|
|
|
$
418
|
|
|
|
$
-
|
|
|
|
$
3,024
|
|
2018 Project Terra
SKU rationalization
|
|
|
-
|
|
|
|
-
|
|
|
|
4,913
|
|
|
|
-
|
|
Plant closure related
costs
|
|
|
-
|
|
|
|
697
|
|
|
|
3,246
|
|
|
|
2,015
|
|
Recall and other
related costs
|
|
|
-
|
|
|
|
-
|
|
|
|
273
|
|
|
|
307
|
|
Machine break-down
costs
|
|
|
-
|
|
|
|
-
|
|
|
|
317
|
|
|
|
-
|
|
Losses on terminated
chilled desserts contract
|
|
|
1,472
|
|
|
|
2,143
|
|
|
|
2,939
|
|
|
|
-
|
|
Co-packer
disruption
|
|
|
1,173
|
|
|
|
1,567
|
|
|
|
952
|
|
|
|
-
|
|
Regulated packaging
change
|
|
|
-
|
|
|
|
1,007
|
|
|
|
-
|
|
|
|
-
|
|
Cost of
sales
|
|
|
3,382
|
|
|
|
5,832
|
|
|
|
12,640
|
|
|
|
5,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
3,382
|
|
|
|
5,832
|
|
|
|
12,640
|
|
|
|
5,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived asset
impairment charge associated with plant
closure
|
|
|
-
|
|
|
|
3,451
|
|
|
|
4,839
|
|
|
|
111
|
|
Intangibles
impairment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5,632
|
|
Accelerated
depreciation on software disposal
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
461
|
|
Litigation and
related expenses
|
|
|
-
|
|
|
|
-
|
|
|
|
235
|
|
|
|
780
|
|
Warehouse/manufacturing facility start-up
costs
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
188
|
|
Stock-based
compensation expense in connection with Chief
Executive Officer succession agreement
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,203)
|
|
Toys "R" Us bad
debt
|
|
|
-
|
|
|
|
-
|
|
|
|
897
|
|
|
|
-
|
|
Stock-based
compensation acceleration associated with Board
of Directors
|
|
|
-
|
|
|
|
700
|
|
|
|
-
|
|
|
|
-
|
|
Operating expenses
(a)
|
|
|
-
|
|
|
|
4,151
|
|
|
|
5,971
|
|
|
|
4,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Project Terra costs
and other
|
|
|
4,850
|
|
|
|
4,069
|
|
|
|
4,831
|
|
|
|
6,999
|
|
Project Terra costs
and other
|
|
|
4,850
|
|
|
|
4,069
|
|
|
|
4,831
|
|
|
|
6,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounting review and
remediation costs, net of insurance
proceeds
|
|
|
(1,358)
|
|
|
|
4,451
|
|
|
|
3,313
|
|
|
|
2,887
|
|
Accounting review and
remediation costs, net of insurance
proceeds
|
|
|
(1,358)
|
|
|
|
4,451
|
|
|
|
3,313
|
|
|
|
2,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
impairment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,700
|
|
Goodwill
impairment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
6,874
|
|
|
|
18,503
|
|
|
|
26,755
|
|
|
|
27,901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized currency
(gains) losses
|
|
|
(3,419)
|
|
|
|
(286)
|
|
|
|
(1,465)
|
|
|
|
3,143
|
|
Interest and other
(income) expense, net (b)
|
|
|
(3,419)
|
|
|
|
(286)
|
|
|
|
(1,465)
|
|
|
|
3,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax related
adjustments
|
|
|
(691)
|
|
|
|
(27,751)
|
|
|
|
(11,946)
|
|
|
|
1,255
|
|
(Benefit) provision
for income taxes
|
|
|
(691)
|
|
|
|
(27,751)
|
|
|
|
(11,946)
|
|
|
|
1,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) from continuing operations
|
|
|
$
2,764
|
|
|
|
$
(9,534)
|
|
|
|
$
13,344
|
|
|
|
$
32,299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)Operating expenses include amortization
of acquired intangibles, selling, general, and administrative
expenses and long-lived asset and intangible impairment.
|
(b)Interest and other expenses (income),
net include interest and other financing expenses, net and other
(income)/expense, net.
|
THE HAIN CELESTIAL
GROUP, INC.
|
|
|
|
|
Net Sales Growth
at Constant Currency
|
|
|
|
|
(unaudited and in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hain
Consolidated
|
|
United
Kingdom
|
|
Rest of
World
|
|
|
|
|
|
|
Net sales -
Three months ended 9/30/18
|
$
560,833
|
|
$
218,577
|
|
$
98,271
|
|
|
|
|
|
|
Impact of
foreign currency exchange
|
3,600
|
|
1,377
|
|
2,223
|
|
|
|
|
|
|
Net sales on a
constant currency basis -
Three months ended 9/30/18
|
$
564,433
|
|
$
219,954
|
|
$
100,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales - Three
months ended 9/30/17
|
$
589,219
|
|
$
222,445
|
|
$
103,115
|
|
|
|
|
|
|
Net sales growth on a
constant currency basis
|
(4.2)%
|
|
(1.1)%
|
|
(2.5)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales Growth
at Constant Currency and Adjusted for Acquisitions, Divestitures
and Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hain
Consolidated
|
|
United
States
|
|
United
Kingdom
|
|
Rest of
World
|
|
|
|
|
Net sales on a
constant currency basis -
Three months ended 9/30/18
|
$
564,433
|
|
$
243,985
|
|
$
219,954
|
|
$
100,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales - Three
months ended 9/30/17
|
$
589,219
|
|
$
263,659
|
|
$
222,445
|
|
$
103,115
|
|
|
|
|
Acquisitions
|
2,561
|
|
-
|
|
2,561
|
|
-
|
|
|
|
|
Castle contract
termination
|
(5,942)
|
|
-
|
|
(5,942)
|
|
-
|
|
|
|
|
2017 Project Terra
SKU rationalization
|
(2,223)
|
|
(2,223)
|
|
-
|
|
-
|
|
|
|
|
2018 Project Terra
SKU rationalization
|
(8,615)
|
|
(7,483)
|
|
-
|
|
(1,132)
|
|
|
|
|
Net sales on a
constant currency basis adjusted for
acquisitions, divestitures and other - Three
months
ended 9/30/17
|
$
575,000
|
|
$
253,953
|
|
$
219,064
|
|
$
101,983
|
|
|
|
|
Net sales
growth on a constant currency
basis adjusted for acquisitions, divestitures
and other
|
(1.8)%
|
|
(3.9)%
|
|
0.4%
|
|
(1.5)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tilda
|
|
Hain
Daniels
|
|
Ella's
Kitchen
|
|
Hain Celestial
Europe
|
|
Hain Celestial
Canada
|
|
Hain
Ventures
|
Net sales growth -
Three months ended 9/30/18
|
3.7%
|
|
(4.4)%
|
|
8.0%
|
|
(0.0)%
|
|
(5.4)%
|
|
(17.7)%
|
Impact
of foreign currency exchange
|
1.2%
|
|
0.5%
|
|
0.5%
|
|
1.1%
|
|
4.0%
|
|
0.0%
|
Impact of
acquisitions
|
0.0%
|
|
(1.5)%
|
|
0.0%
|
|
0.0%
|
|
0.0%
|
|
0.0%
|
Impact of castle
contract termination
|
0.0%
|
|
3.6%
|
|
0.0%
|
|
0.0%
|
|
0.0%
|
|
0.0%
|
Impact of 2018
Project Terra SKU rationalization
|
0.0%
|
|
0.0%
|
|
0.0%
|
|
0.0%
|
|
1.2%
|
|
3.8%
|
Net sales on a
constant currency basis adjusted for
acquisitions, divestitures and other - Three
months
ended 9/30/18
|
4.9%
|
|
(1.9)%
|
|
8.6%
|
|
1.1%
|
|
(0.2)%
|
|
(13.9)%
|
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SOURCE The Hain Celestial Group, Inc.