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Hain Celestial Announces Highest Quarterly And Fiscal Year Net Sales In The Company's History

Fourth Quarter Net Sales Reach $584 Million, a 26% Increase

LAKE SUCCESS, N.Y., Aug. 20, 2014 /PRNewswire/ -- The Hain Celestial Group, Inc. (NASDAQ: HAIN) a leading organic and natural products company providing consumers with A Healthier Way of Life™, today reported results for the fourth quarter and fiscal year ended June 30, 2014.

The Hain Celestial Group, Inc.

PERFORMANCE HIGHLIGHTS

Fourth Quarter Fiscal Year 2014

  • Record net sales of $583.8 million, a 26% increase
  • GAAP earnings per diluted share from continuing operations of $0.70, a 32% increase
  • Adjusted earnings per diluted share from continuing operations of $0.90, a 39% increase
  • Adjusted operating income of $73.9 million, 12.7% of net sales
  • Record adjusted EBITDA of $79.4 million, a 27% increase

Fiscal Year 2014

  • Record net sales of $2.154 billion, a 24% increase
  • GAAP earnings per diluted share from continuing operations of $2.83, a 12% increase
  • Adjusted earnings per diluted share from continuing operations of $3.17, a 25% increase
  • Adjusted operating income of $256.0 million, 11.9% of net sales
  • Record adjusted EBITDA of $300.0 million, a 27% increase
  • Operating free cash flow reached $143.2 million for the 12-months ended June 30, 2014

"We completed our fiscal year with record net sales by delivering solid performance across brands and geographies, and I am pleased with the results," said Irwin D. Simon, Founder, President and Chief Executive Officer of Hain Celestial.  "Our US business continued to generate strong results as momentum for organic and natural products builds across various channels of distribution.  Our UK business posted record sales with increased profit contribution and our Rest of World segment delivered high single digit sales growth." 

Fourth Quarter 2014
Worldwide net sales for the fourth quarter of fiscal year 2014 were a record $583.8 million, an increase of 26.0% compared to net sales of $463.5 million in the prior year fourth quarter.  Hain Celestial US reported record net sales of $323.0 million, a 13.2% increase.  In the United Kingdom net sales were a record $200.5 million.  The Rest of World segment reported net sales of $60.4 million.  The Company had strong brand contribution across various sales channels including Ella's Kitchen®, Garden of Eatin®, Imagine®, The Greek Gods®, Sensible Portions®, Terra®, Westbrae®, Spectrum® and Alba Botanica® in North America and Gale's®, Natumi®, Frank Cooper's®, SunRipe®, Hartley's®, Sun-Pat®, Linda McCartney®, and Cully & Sully® internationally.  The growth in net sales also resulted from sales of the Tilda® and Rudi's Organic Bakery® brands acquired earlier this year. 

The Company earned income from continuing operations of $35.7 million compared to $25.9 million in the prior year fourth quarter and reported earnings per diluted share from continuing operations of $0.70 compared to $0.53 in the prior year fourth quarter, a 32.1% increase.  Adjusted income from continuing operations was $46.0 million compared to $31.7 million, a 45.3% increase, and adjusted earnings per diluted share from continuing operations was $0.90 compared to $0.65, a 38.5% increase, from the prior year fourth quarter.  Adjusted EBITDA reached a record $79.4 million during the fourth quarter.  Refer to Non-GAAP Financial Measures for adjustments.

Fiscal Year 2014
Worldwide net sales for fiscal year 2014 were a record $2.154 billion, an increase of 24.2% compared to net sales of $1.735 billion in the prior year.  Hain Celestial US reported record net sales of $1.282 billion, a 17.0% increase.  In the United Kingdom, net sales were a record $637.5 million.  The Rest of World segment net sales were a record $234.0 million.  The Company had strong brand contribution across various sales channels led by Ella's Kitchen, BluePrint®, Garden of Eatin', The Greek Gods, Spectrum, Bearitos®, Sensible Portions, Imagine, Hain Pure Foods®, Earth's Best®, MaraNatha®, Arrowhead Mills® and Alba Botanica in North America and Frank Cooper's, Sun-Pat, Natumi, Danival®, Cully & Sully, Linda McCartney and Lima® internationally.  The growth in net sales also resulted from sales of the Tilda and Rudi's Organic Bakery brands acquired earlier this year and the full year contribution of Ella's Kitchen, BluePrint and UK grocery brands acquired in fiscal year 2013.

The Company earned income from continuing operations of $141.5 million compared to $119.8 million in the prior year and reported earnings per diluted share from continuing operations of $2.83 compared to $2.52 in the prior year, a 12.3% increase.  Adjusted income from continuing operations was $158.6 million compared to $120.2 million, a 32.0% increase, and adjusted earnings per diluted share from continuing operations was $3.17 compared to $2.53 in the prior year, a 25.3% increase.  Adjusted EBITDA reached a new high of $300.0 million for the fiscal year ended June 30, 2014.  Operating free cash flow reached a record $143.2 million for the 12 months ended June 30, 2014.  Refer to Non-GAAP Financial Measures for adjustments.

Fiscal Year 2014 Highlights

The Company highlighted several of its accomplishments during fiscal year 2014:

  • Completed two strategic acquisitions:

- Tilda, a leading premium 100% branded Basmati and specialty rice products company, which offers a range of over 60 dry rice and ready-to-heat branded products principally in the United Kingdom, the Middle East and North Africa, Continental Europe, North America and India;

- Rudi's Organic Bakery, a leading organic and gluten-free company, which offers a range of USDA-certified organic and gluten-free bread and baked goods in the United States and Canada;

  • Worldwide net sales surpassed $2 billion;
  • Introduced over 200 new innovative products worldwide;
  • Hain Celestial AOC US consumption as measured by AC Nielsen was 10.8% for the 52-weeks ended July 5, 2014;
  • Delivered in excess of $50 million in worldwide productivity savings;
  • Achieved record adjusted EBITDA of $300.0 million;
  • Generated record operating free cash flow of $143.2 million; and
  • Divested non-core Grains Noirs foodservice business in Belgium.

The Company, through one of its subsidiaries, nSpired Natural Foods, Inc., initiated a voluntary recall on August 19, 2014 of certain lots of MaraNatha® almond butters and peanut butters, Arrowhead Mills® peanut butters and specific private label nut butters.  As a result of this voluntary recall, the Company has accrued costs of $6.0 million as of June 30, 2014. 

"Our business continues to benefit from strong growth trends in the organic and natural, better-for-you segment of consumer packaged goods as more consumers and retailers seek out our products.  The success of our initiatives to drive profitable sales growth through distribution gains, strategic brand investments, new product innovation and accretive strategic acquisitions in complementary growth categories and geographies has positioned the Company with a solid foundation to capitalize on the tremendous opportunities in front of us.  I'm also proud to once again have Hain Celestial ranked as one of FORTUNE's 100 Fastest Growing Companies, moving up to No. 61 in 2014, in recognition of  the tremendous growth in the Company's revenues and earnings over the last three years," concluded Irwin Simon.

Fiscal Year 2015 Guidance
The Company provided annual guidance for fiscal year 2015 including the July 2014 acquisition of Hain Pure Protein Corporation ("HPP") with approximately $230 million in net sales in fiscal year 2014, which is expected to be accretive by $0.03 to $0.05 per diluted share: 

  • 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 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 growth is expected to be the lowest in the first quarter and relatively consistent in the second, third and fourth quarters. 

Segment Results
During fiscal year 2014 the Company's operations were organized into the following segments:  United States, United Kingdom and Rest of World (comprised of Canada and Continental Europe).  In fiscal year 2015, HPP will be a reportable segment.

The following is a summary of fourth quarter and annual results by reportable segment:   



























(dollars in thousands)


United States


United
Kingdom


Rest of World


Corporate/
Other


Non-GAAP
Adjustments (1)


Adjusted (1)

Net sales - Three months ended 6/30/14

$

322,984

$

200,469

$

60,375

$

-

$

-

$

583,828

Net sales - Three months ended 6/30/13

$

285,223

$

121,131

$

7,116

$

-

$

-

$

463,470

% change


13.2%


65.5%


5.7%






26.0%














Operating income (loss) - Three months ended 6/30/14

$

52,286

$

20,383

$

5,387

$

(18,033)

$

13,885

$

73,908

Operating income (loss) - Three months ended 6/30/13

$

41,993

$

11,226

$

4,827

$

(18,313)

$

9,968

$

49,701

% change


24.5%


81.6%


11.6%






48.7%














Operating income margin - Three months ended 6/30/14


16.2%


10.2%


8.9%






12.7%

Operating income margin - Three months ended 6/30/13


14.7%


9.3%


8.5%






10.7%

(dollars in thousands)


United States


United Kingdom


Rest of World


Corporate/
Other


Non-GAAP Adjustments (1)


Adjusted (1)

Net sales - Twelve months ended 6/30/14

$

1,282,175

$

637,454

$

233,982

$

-

$

-

$

2,153,611

Net sales - Twelve months ended 6/30/13

$

1,095,867

$

420,408

$

218,408

$

-

$

-

$

1,734,683

% change


17.0%


51.6%


7.1%






24.2%














Operating income (loss) - Twelve months ended 6/30/14

$

211,864

$

52,661

$

17,397

$

(54,185)

$

28,307

$

256,044

Operating income (loss) - Twelve months ended 6/30/13

$

177,352

$

31,069

$

18,671

$

(52,780)

$

20,945

$

195,257

% change


19.5%


69.5%


-6.8%






31.1%














Operating income margin - Twelve months ended 6/30/14


16.5%


8.3%


7.4%






11.9%

Operating income margin - Twelve months ended 6/30/13


16.2%


7.4%


8.5%






11.3%














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









Webcast
Hain Celestial will host a conference call and webcast at 8:30 AM Eastern Time today to review its fourth quarter and fiscal year 2014 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 in North America and Europe.  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®, Rudi's Organic Bakery®, Gluten Free Cafe™, 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®, 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; and (ii) growth trends, strategic initiatives and opportunities.  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; 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 investments to successfully execute their business plans; 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; 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, 2013.  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 income from continuing operations, adjusted gross profit, adjusted earnings per diluted share, earnings before interest, taxes, depreciation, and amortization ("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- and 12-months ended June 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 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 and stock based compensation. Adjusted EBITDA is defined as net income 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 and acquisition-related expenses, including integration and restructuring charges. 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 and 12-months ended June 30, 2014 and 2013, EBITDA and adjusted EBITDA were calculated as follows:  




3-Months Ended

12-Months Ended




6/30/2014

6/30/2013

6/30/2014

6/30/2013





(dollars in thousands)

Net Income

$35,724

$25,933

$139,851

$114,656


Income taxes

21,851

8,554

70,098

34,606


Interest expense, net

5,791

5,084

21,985

17,974


Depreciation and amortization

13,443

12,571

48,040

40,093


Equity in earnings of affiliates

(1,857)

(144)

(3,985)

(295)


Stock based compensation

2,792

3,173

12,449

13,010


EBITDA

77,744

55,171

288,438

220,044


Acquisition related expenses







and restructuring charges

1,695

7,514

11,580

15,754


Adjusted EBITDA

$79,439

$62,685

$300,018

$235,798


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 fiscal years ended June 30, 2014 and 2013, operating free cash flow was calculated as follows:   


12-Months
Ended

6/30/2014

12-Months
Ended

6/30/2013


(dollars in thousands)




Cash flow provided by operating activities

$184,768

$120,962

Purchases of property, plant and equipment

(41,611)

(72,877)

Operating free cash flow

$143,157

$48,085

Operating free cash flow for the fiscal year ended June 30, 2014 was $143.2 million, an increase of $95.1 million over the prior year period primarily as a result of the increase in our net income and improved working capital management.

THE HAIN CELESTIAL GROUP, INC.

Consolidated Balance Sheets

(In thousands)










June 30,
2014


June 30,
2013




 (unaudited) 









ASSETS




Current assets:





Cash and cash equivalents

$          123,751


$            41,263


Trade receivables, net

287,915


233,641


Inventories

320,251


250,175


Deferred income taxes

23,780


17,716


Other current assets

47,906


32,377



Total current assets

803,603


575,172







Property, plant and equipment,  net

310,661


235,841

Goodwill, net

1,134,368


876,106

Trademarks and other intangible assets, net

651,482


498,235

Investments and joint ventures

36,511


46,799

Other assets

28,692


26,341



Total assets 

$       2,965,317


$       2,258,494







LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:





Accounts payable

$          239,162


$          184,996


Accrued expenses and other current liabilities

84,906


76,657


Current portion of long-term debt

100,096


12,477



Total current liabilities

424,164


274,130







Long-term debt, less current portion

767,827


653,464

Deferred income taxes 

148,439


114,395

Other noncurrent liabilities

5,020


14,950



Total liabilities

1,345,450


1,056,939







Stockholders' equity:





Common stock

516


490


Additional paid-in capital

969,697


768,774


Retained earnings

629,618


489,767


Accumulated other comprehensive income

60,128


(27,251)


  Subtotal

1,659,959


1,231,780


Treasury stock

(40,092)


(30,225)



Total stockholders' equity

1,619,867


1,201,555









Total liabilities and stockholders' equity

$       2,965,317


$       2,258,494

 

THE HAIN CELESTIAL GROUP, INC.

 Consolidated Statements of Income 

 (in thousands, except per share amounts) 












Three Months Ended June 30,


Twelve Months Ended June 30,



2014


2013


2014


2013



(Unaudited)


(Unaudited)










Net sales


$             583,828


$             463,470


$          2,153,611


$          1,734,683

Cost of sales


431,628


340,748


1,586,418


1,259,823

Gross profit


152,200


122,722


567,193


474,860










Selling, general and administrative expenses


84,195


72,097


311,288


274,750

Amortization of acquired intangibles


4,352


3,558


15,600


12,192

Acquisition related expenses including integration and restructuring charges, net


3,630


7,334


12,568


13,606










Operating income


60,023


39,733


227,737


174,312










Interest expense and other expenses


4,304


5,390


20,143


20,490

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


55,719


34,343


207,594


153,822

Income tax provision


21,852


8,554


70,099


34,324

Income of equity-method investees, net of tax


(1,857)


(144)


(3,985)


(295)










Income from continuing operations


35,724


25,933


141,480


119,793

Loss from discontinued operations, net of tax


-


-


(1,629)


(5,137)










Net income


$               35,724


$               25,933


$             139,851


$             114,656










Basic net income per share:









     From continuing operations


$                   0.71


$                   0.55


$                   2.89


$                   2.59

     From discontinued operations


-


-


(0.03)


(0.11)

Net income per share - basic


$                   0.71


$                   0.55


$                   2.86


$                   2.48










Diluted net income per share:









     From continuing operations


$                   0.70


$                   0.53


$                   2.83


$                   2.52

     From discontinued operations


-


-


(0.03)


(0.11)

Net income per share - diluted


$                   0.70


$                   0.53


$                   2.80


$                   2.41



















Weighted average common shares outstanding:









Basic


50,079


47,235


48,875


46,176

Diluted


51,144


48,543


50,003


47,572

 

THE HAIN CELESTIAL GROUP, INC.

 Reconciliation of GAAP Results to Non-GAAP Measures 

 (in thousands, except per share amounts) 










Three Months Ended June 30,



2014 GAAP

Adjustments


2014 Adjusted

2013 Adjusted



(Unaudited)








Gross profit


$               152,200

$                   9,864


$                  162,064

$                    125,067








Selling, general and administrative expenses


84,195

(391)


83,804

71,808

Amortization of acquired intangibles


4,352

-


4,352

3,558

Acquisition related expenses including integration and
restructuring charges, net


3,630

(3,630)


-

-








Operating income


60,023

13,885


73,908

49,701








Interest and other expenses, net


4,304

1,347


5,651

5,943

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


55,719

12,538


68,257

43,758

Income tax provision


21,852

1,337


23,189

12,714

(Income) of equity-method investees, net of tax


(1,857)

881


(976)

(648)

Income from continuing operations


$                 35,724

$                 10,320


$                    46,044

$                      31,692















Income per share from continuing operations - basic


$                     0.71

$                     0.21


$                        0.92

$                          0.67








Income per share from continuing operations - diluted


$                     0.70

$                     0.20


$                        0.90

$                          0.65








Weighted average common shares outstanding:







Basic


50,079



50,079

47,235

Diluted


51,144



51,144

48,543
























FY 2014


FY 2013



Impact on Income
Before Income Taxes

Impact on Income Tax
Provision


Impact on Income Before
Income Taxes

Impact on Income Tax Provision



(Unaudited)








  Acquisition related integration costs


$                      982

$                      223


$                         995

$                           233

  Factory start-up costs


2,882

656


1,350

459

  Product recall costs


6,000

2,179


-

-

Cost of sales


9,864

3,058


2,345

692








  Litigation expenses


391

148


-

-

  Acquisition related integration costs


-

-


289

110

Selling, general and administrative expenses


391

148


289

110








  Acquisition related fees and expenses, integration and restructuring charges


5,310

1,477


4,998

1,441

  Contingent consideration (income) expense, net


(1,680)

(638)


2,336

888

Acquisition related (income) expenses including integration and restructuring charges


3,630

839


7,334

2,329








  Unrealized currency impacts


(570)

(182)


(284)

(96)

  Gain on disposal of investment held for sale


(809)

(307)


-

-

  Currency gain on acquisition payment


-

-


(373)

(142)

  Interest accretion and other items, net


32

7


104

43

Interest and other expenses, net


(1,347)

(482)


(553)

(195)








  Net (income) loss from Hutchison Hain Organic Holdings Limited discontinued operation


(881)

-


504

-

After-tax (income) loss of equity-method investees


(881)

-


504

-








  Discrete tax benefit resulting from enacted tax rate change


-

-


-

1,690

  Valuation allowances due to factory start-up costs


-

(2,226)


-

-

  Increase in unrecognized tax benefits


-

-


-

(466)

Income tax provision


-

(2,226)


-

1,224








Total adjustments


$                 11,657

$                   1,337


$                      9,919

$                        4,160

 

THE HAIN CELESTIAL GROUP, INC.

 Reconciliation of GAAP Results to Non-GAAP Measures 

 (in thousands, except per share amounts) 










Twelve Months Ended June 30,



2014 GAAP

Adjustments


2014 Adjusted

2013 Adjusted



(Unaudited)








Gross profit


$               567,193

$                 13,901


$                  581,094

$                    479,351








Selling, general and administrative expenses


311,288

(1,838)


309,450

271,902

Amortization of acquired intangibles


15,600

-


15,600

12,192

Acquisition related expenses including integration and restructuring charges, net


12,568

(12,568)


-

-








Operating income


227,737

28,307


256,044

195,257








Interest and other expenses, net


20,143

4,432


24,575

20,159

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


207,594

23,875


231,469

175,098

Income tax provision


70,099

6,054


76,153

57,069

(Income) of equity-method investees, net of tax


(3,985)

723


(3,262)

(2,146)

Income from continuing operations


$               141,480

$                 17,098


$                  158,578

$                    120,175















Income per share from continuing operations - basic


$                     2.89

$                     0.35


$                        3.24

$                          2.60








Income per share from continuing operations - diluted


$                     2.83

$                     0.34


$                        3.17

$                          2.53








Weighted average common shares outstanding:







Basic


48,875



48,875

46,176

Diluted


50,003



50,003

47,572
























FY 2014


FY 2013



Impact on Income Before
Income Taxes

Impact on Income Tax
Provision


Impact on Income Before
Income Taxes

Impact on Income Tax Provision



(Unaudited)








  Acquisition related integration costs


$                   4,102

$                   1,037


$                      2,582

$                           646

  Factory start-up costs


3,362

765


1,909

649

  Co-pack contract termination costs


437

166


-

-

  Product recall costs


6,000

2,179


-

-

Cost of sales


13,901

4,147


4,491

1,295















  Acquisition related integration costs


-

-


873

265

  Reserve for litigation settlements


1,614

613


1,975

751

  Expenses related to third party sale of common stock


224

85


-

-

Selling, general and administrative expenses


1,838

698


2,848

1,016








  Acquisition related fees and expenses, integration and restructuring charges


16,184

5,272


11,270

2,999

  Contingent consideration (income) expense, net


(3,616)

(1,755)


2,336

888

Acquisition related (income) expenses including integration and restructuring charges


12,568

3,517


13,606

3,887








  Unrealized currency impacts


(3,511)

(1,442)


1,598

617

  Gain on disposal of investment held for sale


(1,510)

(573)




  Currency gain on acquisition payment


-

-


(1,769)

(690)

  Interest accretion and other items, net


589

191


502

156

Interest and other expenses, net


(4,432)

(1,824)


331

83








  Net (income) loss from Hutchison Hain Organic Holdings Limited discontinued operation


(881)

-


1,851

-

  Hain Pure Protein Corporation mortality losses


158

-


-

-

After-tax (income) loss of equity-method investees


(723)

-


1,851

-








  Worthless stock tax deduction


-

-


-

13,186

  Change in valuation allowances


-

(2,226)


-

1,690

  Discrete tax benefit resulting from enacted tax rate change


-

3,777


-

1,824

  Change in unrecognized tax benefits


-

(550)


-

(236)

  Nondeductible acquisition related transaction expenses


-

(1,485)


-

-

Income tax provision


-

(484)


-

16,464








Total adjustments


$                 23,152

$                   6,054


$                    23,127

$                      22,745

 

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SOURCE The Hain Celestial Group, Inc.

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