Hain Celestial Announces Record Second Quarter Fiscal Year 2016 Results

Net Sales Reach $753 Million, an 8% Increase or 11% on a Constant Currency Basis

Earnings Per Diluted Share $0.55, a 28% Increase

Adjusted Earnings Per Diluted Share $0.57, a 6% Increase

Generated $94 Million of Operating Cash Flow

Feb 01, 2016, 16:05 ET from The Hain Celestial Group, Inc.

LAKE SUCCESS, N.Y., Feb. 1, 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™, today reported results for its second quarter ended December 31, 2015.

Second Quarter Performance Highlights

  • Record net sales of $752.6 million, an 8% increase, or 11% on a constant currency basis, over prior year net sales of $696.4 million. Net sales were impacted by $18.3 million as a result of foreign exchange rate movements versus a year ago.
  • Earnings per diluted share of $0.55, a 28% increase; adjusted earnings per diluted share of $0.57, a 6% increase. Foreign currencies impacted reported results by $0.01 per diluted share.
  • Record operating income of $87.7 million, 11.7% of net sales; adjusted operating income of $92.9 million, 12.3% of net sales.
  • Strong operating cash flow of $93.9 million, an increase of 82% over the prior year quarter.

"Our record net sales reflect the continuing strong performance from the United Kingdom and Rest of World segments, which collectively grew 12% in constant currency and the Hain Pure Protein Corporation segment ("HPPC"), which grew 21% excluding the acquisition of Empire®.  Our strong sales growth was impacted in the quarter primarily by reductions in inventories at certain customers in the United States segment," said Irwin D. Simon, Founder, President and Chief Executive Officer of Hain Celestial.  "We were able to deliver these strong results, reflecting our global diversified business model across Hain Celestial's organic and natural brands, product categories, customers and geographies."

Second Quarter 2016
The United States segment reported second quarter net sales of $342.3 million.  In the United Kingdom segment, net sales were $194.2 million. HPPC reported net sales of $141.7 million, and the Rest of World segment reported net sales of $74.4 million.  The Company had strong branded sales in constant currency led by Plainville Farms®, Tilda®, Ella's Kitchen®, Sun-Pat®, The Greek Gods®, Alba Botanica® and Avalon Organics®.  Net sales of Empire®, Kosher Valley®, Joya® and Live Clean® brands acquired after the second quarter of fiscal year 2015 also contributed to the sales growth.

The Company earned net income of $56.9 million, a 28% increase, and adjusted net income of $59.2 million, a 7% increase, compared to the prior year period.  Earnings per diluted share for the second quarter were $0.55, a 28% increase compared to the prior year period.  On an adjusted basis earnings per diluted share for the second quarter were $0.57, a 6% increase compared to the prior year period.  Refer to Non-GAAP Financial Measures in this press release for reconciliations.

"Hain Celestial continues to be at the forefront of the evolution around changing consumer trends in consumer packaged goods with a strong global brand portfolio in key growth categories.  We are uniquely positioned to satisfy the health and wellness needs of consumers with our leading natural and organic products as we work to deliver increased shareholder value," concluded Irwin Simon.

Fiscal Year 2016 Guidance
The Company reiterated its fiscal year 2016 guidance expectations of:

  • Total net sales range of $2.90 billion to $3.04 billion, an increase of approximately 7% to 12% as compared to fiscal year 2015, and
  • Earnings per diluted share range of $1.95 to $2.10, an increase of approximately 4% to 12% as compared to fiscal year 2015.

With respect to the cadence of the second half of the Company's fiscal year financial results, the Company expects net sales to be slightly lower in the third quarter as compared to the fourth quarter, while 42% to 46% of the Company's second half earnings will be in the third quarter and the balance in the fourth quarter.

Guidance is provided on a non-GAAP basis and excludes acquisition-related expenses, integration and restructuring charges, start-up costs, unrealized net foreign currency gains or losses, reserves for litigation matters 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 2016, which the Company will continue to identify as it reports its future financial results.  Guidance excludes the impact of any future acquisitions.

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 results for the three and six months ended December 31, 2015 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 12/31/15 (1)

$       342,298

$       194,226

$       141,706

$         74,359

$                  -

$       752,589








Net sales - Three months ended 12/31/14

$       353,969

$       200,797

$         86,216

$         55,401

$                  -

$       696,383

Non-GAAP Adjustments (2)

$           5,331

$                  -

$                  -

$                  -

$                  -

$           5,331

Adjusted net sales - Three months ended 12/31/14

$       359,300

$       200,797

$         86,216

$         55,401

$                  -

$       701,714








% change - FY'16 net sales vs. FY'15 adjusted net sales

-4.7%

-3.3%

64.4%

34.2%


7.3%








OPERATING INCOME







Three months ended 12/31/15







Operating income

$         50,221

$         18,768

$         18,125

$           4,689

$          (4,081)

$         87,722

Non-GAAP Adjustments (2)

$           1,800

$                  -

$             841

$                  -

$           2,498

$           5,139

Adjusted operating income

$         52,021

$         18,768

$         18,966

$           4,689

$          (1,583)

$         92,861

Adjusted operating income margin

15.2%

9.7%

13.4%

6.3%


12.3%








Three months ended 12/31/14







Operating income

$         55,591

$         12,263

$           7,715

$           5,613

$          (7,170)

$         74,012

Non-GAAP Adjustments (2)

$           7,555

$           5,189

$                  -

$                  -

$             627

$         13,371

Adjusted operating income

$         63,146

$         17,452

$           7,715

$           5,613

$          (6,543)

$         87,383

Adjusted operating income margin

17.6%

8.7%

8.9%

10.1%


12.5%








(1) There were no Non-GAAP adjustments to net sales for the three months ended 12/31/15



(2) See accompanying table of "Reconciliation of GAAP Results to Non-GAAP Measures"



 








(dollars in thousands)

United States

United Kingdom

Hain Pure Protein

Rest of World

Corporate/
Other

Total

NET SALES







Net sales - Six months ended 12/31/15 (1)

$       673,511

$       359,580

$       265,694

$       140,992

$                  -

$    1,439,777








Net sales - Six months ended 12/31/14

$       690,884

$       373,076

$       156,886

$       106,794

$                  -

$    1,327,640

Non-GAAP Adjustments (2)

$         15,773

$                  -

$                  -

$             928

$                  -

$         16,701

Adjusted net sales - Six months ended 12/31/14

$       706,657

$       373,076

$       156,886

$       107,722

$                  -

$    1,344,341








% change - FY'16 net sales vs. FY'15 adjusted net sales

-4.7%

-3.6%

69.4%

30.9%


7.1%








OPERATING INCOME







Six months ended 12/31/15







Operating income

$         94,687

$         28,972

$         28,396

$           6,784

$        (13,649)

$       145,190

Non-GAAP Adjustments (2)

$           3,897

$           1,020

$             886

$             514

$           4,592

$         10,909

Adjusted operating income

$         98,584

$         29,992

$         29,282

$           7,298

$          (9,057)

$       156,099

Adjusted operating income margin

14.6%

8.3%

11.0%

5.2%


10.8%








Six months ended 12/31/14







Operating income

$         85,181

$         17,858

$         11,534

$           6,248

$        (17,982)

$       102,839

Non-GAAP Adjustments (2)

$         30,358

$           8,164

$             140

$           2,187

$           2,496

$         43,345

Adjusted operating income

$       115,539

$         26,022

$         11,674

$           8,435

$        (15,486)

$       146,184

Adjusted operating income margin

16.4%

7.0%

7.4%

7.8%


10.9%








(1) There were no Non-GAAP adjustments to net sales for the six months ended 12/31/15




(2) See accompanying table of "Reconciliation of GAAP Results to Non-GAAP Measures"




 


Webcast
Hain Celestial will host a conference call and webcast at 4:30 PM Eastern Time today to review its second quarter fiscal year 2016 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®, 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.

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 guidance for net sales and earnings per diluted share for fiscal year 2016.  Such 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.  Such factors include, among others, general economic and financial market conditions; competition; our ability to respond to changes and trends in customer and consumer demand, preferences and consumption; our reliance on third party distributors, manufacturers and suppliers; the consolidation or loss of a significant customer; our ability to introduce new products and improve existing products; availability and retention of key personnel; our ability to effectively integrate our acquisitions; our ability to successfully consummate any proposed divestitures; liabilities arising from potential product recalls, market withdrawals or product liability claims; outbreaks of diseases or food-borne illnesses; potential litigation; the availability of organic and natural ingredients; our ability to manage our supply chain effectively; changes in fuel, raw material and commodity costs; effects of climate change on our business and operations; our ability to offset input cost increases; the interruption, disruption or loss of operations at one or more of our manufacturing facilities; the loss of one or more of our independent co-packers; the disruption of our transportation systems; risks associated with expansion into countries in which we have no prior operating experience; risks associated with our international sales and operations, including foreign currency risks; impairment in the carrying value of our goodwill or other intangible assets; our ability to use our trademarks; reputational damage; changes in, or the failure to comply with, government laws and regulations; liabilities or claims with respect to environmental matters; our reliance on independent certification for our products; a breach of security measures; our reliance on our information technology systems; effects of general global capital and credit market issues on our liquidity and cost of borrowing; potential liabilities not covered by insurance; the ability of joint venture investments to successfully execute business plans; dilution in the value of our common shares; and the other risks detailed from time-to-time in the Company's reports filed with the Securities and Exchange Commission, including the annual report on Form 10-K for the fiscal year ended June 30, 2015.  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. 

Non-GAAP Financial Measures
This press release and the accompanying tables include non-GAAP financial measures, including adjusted operating income, adjusted income, adjusted income per diluted share, adjusted EBITDA (defined below) 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 and six months ended December 31, 2015 and 2014 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 and six months ended December 31, 2015 and 2014, adjusted EBITDA was calculated as follows:

 



3 Months Ended

6 Months Ended



12/31/2015

12/31/2014

12/31/2015

12/31/2014



(dollars in thousands)

Net Income

$          56,947

$          44,575

$          88,249

$          63,430

Income taxes

21,379

20,931

35,761

26,997

Interest expense, net

5,416

5,882

11,132

11,974

Depreciation and amortization

15,843

14,322

31,409

28,902

Equity in earnings of affiliates

31

(308)

(53)

(328)

Stock based compensation

4,010

3,060

7,279

5,999

Subtotal

103,626

88,462

173,777

136,974

Adjustments (a)

5,255

13,371

10,821

38,012

Adjusted EBITDA

$        108,881

$        101,833

$        184,598

$        174,986













(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.

 

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.  For the six months ended December 31, 2015 and 2014, operating free cash flow was calculated as follows:

 


Six Months Ended


12/31/2015


12/31/2014


(dollars in thousands)

Cash flow provided by operating activities

$

99,644



$

54,251


Purchases of property, plant and equipment

(41,177)



(25,766)


Operating free cash flow

$

58,467



$

28,485


 

 

Our operating free cash flow was $58.5 million for the six months ended December 31, 2015, an increase of $30.0 million from the six months ended December 31, 2014.  The increase in operating free cash flow primarily resulted from an increase in net income and other non-cash items.  This was offset partially by an increase in our capital expenditures principally related to the purchase of a new factory location and production equipment in the HPPC segment to accommodate current demand, as well as the expansion of production lines at both our ready-to-heat rice facility in the United Kingdom and our plant-based beverage facilities in Europe to accommodate new products and increased volume. 

 

 

 

THE HAIN CELESTIAL GROUP, INC.

Consolidated Balance Sheets

(In thousands)










December 31,
2015


June 30,
2015




 (Unaudited) 









ASSETS





Current assets:





Cash and cash equivalents

$            177,100


$            166,922


Accounts receivable, net

350,408


320,197


Inventories

403,318


382,211


Deferred income taxes

21,027


20,758


Prepaid expenses and other current assets

49,513


42,931



Total current assets

1,001,366


933,019







Property, plant and equipment, net

382,830


344,262

Goodwill, net

1,219,725


1,136,079

Trademarks and other intangible assets, net

659,267


647,754

Investments and joint ventures

20,214


2,305

Other assets

33,458


33,851



Total assets 

$         3,316,860


$         3,097,270







LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:





Accounts payable

$            280,042


$            251,999


Accrued expenses and other current liabilities

89,965


79,167


Current portion of long-term debt

41,552


31,275



Total current liabilities

411,559


362,441







Long-term debt, less current portion

940,462


812,608

Deferred income taxes 

145,984


145,297

Other noncurrent liabilities

4,830


5,237



Total liabilities

1,502,835


1,325,583







Stockholders' equity:





Common stock

1,066


1,058


Additional paid-in capital

1,103,357


1,073,671


Retained earnings

885,763


797,514


Accumulated other comprehensive loss

(107,577)


(42,406)


  Subtotal

1,882,609


1,829,837


Treasury stock

(68,584)


(58,150)



Total stockholders' equity

1,814,025


1,771,687









Total liabilities and stockholders' equity

$         3,316,860


$         3,097,270







 

 

 

THE HAIN CELESTIAL GROUP, INC.

 Consolidated Statements of Income 

 (unaudited and in thousands, except per share amounts) 













Three Months Ended December 31,


Six Months Ended December 31,



2015


2014


2015


2014



















Net sales


$                     752,589


$                     696,383


$                  1,439,777


$                  1,327,640

Cost of sales


575,026


529,056


1,110,167


1,034,469

Gross profit


177,563


167,327


329,610


293,171










Selling, general and administrative expenses


82,607


88,621


168,861


179,544

Amortization/impairment of acquired intangibles


4,736


4,303


9,408


8,813

Acquisition related expenses, restructuring and
  integration charges, net


2,498


391


6,151


1,975










Operating income


87,722


74,012


145,190


102,839










Interest and other expenses, net


9,365


8,814


21,233


12,740

Income before income taxes and equity in earnings of
   equity-method investees


78,357


65,198


123,957


90,099

Provision for income taxes


21,379


20,931


35,761


26,997

Equity in net loss (income) of equity-method investees


31


(308)


(53)


(328)










Net income


$                       56,947


$                       44,575


$                       88,249


$                       63,430










Net income per common share:









     Basic


$                           0.55


$                           0.44


$                           0.86


$                           0.63

     Diluted


$                           0.55


$                           0.43


$                           0.85


$                           0.62










Weighted average common shares outstanding:









    Basic


103,017


101,267


102,912


100,975

    Diluted


104,161


103,226


104,209


102,941










 

 

 

THE HAIN CELESTIAL GROUP, INC.

 Reconciliation of GAAP Results to Non-GAAP Measures 

 (unaudited and in thousands, except per share amounts) 

















Three Months Ended December 31,



2015 GAAP

Adjustments


2015 Adjusted

2014 Adjusted











Net sales


$                  752,589

$                           -


$                  752,589

$                  701,714

Cost of sales


575,026

(841)


574,185

523,967

Gross profit


177,563

841


178,404

177,747








Selling, general and administrative expenses


82,607

(1,800)


80,807

86,061

Amortization/impairment of acquired intangibles


4,736

-


4,736

4,303

Acquisition related expenses, restructuring and
  integration charges, net


2,498

(2,498)


-

-








Operating income


87,722

5,139


92,861

87,383








Interest and other expenses, net


9,365

(2,980)


6,385

6,188

Income before income taxes and equity in earnings of
   equity-method investees


78,357

8,119


86,476

81,195

Provision for income taxes


21,379

5,900


27,279

25,985

Equity in net loss (income) of equity-method investees


31

-


31

(308)








Net income


$                    56,947

$                      2,219


$                    59,166

$                    55,518















Net income per common share:


$                        0.55

$                        0.02


$                        0.57

$                        0.55

     Basic


$                        0.55

$                        0.02


$                        0.57

$                        0.54

     Diluted














Weighted average common shares outstanding:







    Basic


103,017



103,017

101,267

    Diluted


104,161



104,161

103,226
























FY 2016


FY 2015



Impact on Income Before Income Taxes

Impact on Income Tax Provision


Impact on Income Before Income Taxes

Impact on Income Tax Provision








Nut butter recall


$                             -

$                             -


$                      5,331

$                      2,026

Net sales


-

-


5,331

2,026








HPPC production interruption related to chiller breakdown


841

320


-

-

Nut butter recall


-

-


(496)

(188)

Fakenham inventory allowance for fire


-

-


900

187

UK factory start-up costs


-

-


3,289

682

Acquisition related integration costs


-

-


1,396

364

Cost of sales


841

320


5,089

1,045








Celestial Seasonings marketing support related to new
   packaging launch and Keurig transition


1,800

684


-

-

Nut butter recall


-

-


2,432

924

Litigation expenses


-

-


128

49

Selling, general and administrative expenses


1,800

684


2,560

973








Acquisition related fees and expenses, integration and
   restructuring charges, including severance


2,498

549


391

142

Acquisition related expenses, restructuring and
  integration charges, net


2,498

549


391

142








Unrealized currency impacts


2,764

980


2,626

868

HPPC chiller disposal


216

82


-

-

Interest and other expenses, net


2,980

1,062


2,626

868








UK tax rate change impact on deferred taxes and
   uncertain tax position reserve


-

3,285


-

-

Provision for income taxes


-

3,285


-

-















Total adjustments


$                      8,119

$                      5,900


$                    15,997

$                      5,054








 

 

 

THE HAIN CELESTIAL GROUP, INC.

 Reconciliation of GAAP Results to Non-GAAP Measures 

 (unaudited and in thousands, except per share amounts) 

















Six Months Ended December 31,



2015 GAAP

Adjustments


2015 Adjusted

2014 Adjusted











Net sales


$               1,439,777

$                           -


$               1,439,777

$               1,344,341

Cost of sales


1,110,167

(2,524)


1,107,643

1,015,338

Gross profit


329,610

2,524


332,134

329,003








Selling, general and administrative expenses


168,861

(2,234)


166,627

174,007

Amortization/impairment of acquired intangibles


9,408

-


9,408

8,812

Acquisition related expenses, restructuring and
  integration charges, net


6,151

(6,151)


-

-








Operating income


145,190

10,909


156,099

146,184








Interest and other expenses, net


21,233

(7,443)


13,790

12,490

Income before income taxes and equity in earnings of
   equity-method investees


123,957

18,352


142,309

133,694

Provision for income taxes


35,761

9,276


45,037

43,827

Equity in net loss (income) of equity-method investees


(53)

-


(53)

(328)








Net income


$                    88,249

$                      9,076


$                    97,325

$                    90,195















Net income per common share:


$                        0.86

$                        0.09


$                        0.95

$                        0.89

     Basic


$                        0.85

$                        0.08


$                        0.93

$                        0.88

     Diluted














Weighted average common shares outstanding:







    Basic


102,912



102,912

100,975

    Diluted


104,209



104,209

102,941
























FY 2016


FY 2015



Impact on Income Before Income Taxes

Impact on Income Tax Provision


Impact on Income Before Income Taxes

Impact on Income Tax Provision








Nut butter recall


$                             -

$                             -


$                    15,773

$                      5,994

European non-dairy beverage withdrawal


-

-


928

316

Net sales


-

-


16,701

6,310








HPPC production interruption related to chiller breakdown


841

320


-

-

US warehouse consolidation project


426

162


-

-

Nut butter recall


-

-


9,428

3,583

European non-dairy beverage withdrawal


-

-


1,259

428

Fakenham inventory allowance for fire


-

-


900

187

UK factory start-up costs


743

149


6,021

1,249

Acquisition related integration costs


514

155


1,523

390

Cost of sales


2,524

786


19,131

5,837








Celestial Seasonings marketing support related to new
   packaging launch and Keurig transition


2,004

762


-

-

Tilda fire insurance recovery costs


230

46


-

-

Nut butter recall


-

-


4,909

1,864

Litigation expenses


-

-


373

142

Acquisition related integration costs


-

-


256

77

Selling, general and administrative expenses


2,234

808


5,538

2,083








Acquisition related fees and expenses, integration and
   restructuring charges, including severance


6,151

1,929


1,694

637

Contingent consideration expense


-

-


281

-

Acquisition related expenses, restructuring and
  integration charges, net


6,151

1,929


1,975

637








Unrealized currency impacts


7,227

2,386


5,816

1,933

Gain on disposal of investment held for sale


-

-


(311)

-

Gain on pre-existing investment in HPPC


-

-


(5,334)

-

Interest accretion and other items, net


-

-


79

30

HPPC chiller disposal


216

82


-

-

Interest and other expenses, net


7,443

2,468


250

1,963








UK tax rate change impact on deferred taxes and
   uncertain tax position reserve


-

3,285


-

-

Provision for income taxes


-

3,285


-

-















Total adjustments


$                    18,352

$                      9,276


$                    43,595

$                    16,830








 

 

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SOURCE The Hain Celestial Group, Inc.



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