Company Quick10K Filing
Hain Celestial Group
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 104 $2,213
10-Q 2020-02-06 Quarter: 2019-12-31
10-Q 2019-11-07 Quarter: 2019-09-30
10-K 2019-08-29 Annual: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-Q 2019-02-07 Quarter: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-K 2018-08-29 Annual: 2018-06-30
10-Q 2018-05-08 Quarter: 2018-03-31
10-Q 2018-02-07 Quarter: 2017-12-31
10-Q 2017-11-07 Quarter: 2017-09-30
10-K 2017-09-13 Annual: 2017-06-30
10-Q 2017-06-22 Quarter: 2017-03-31
10-Q 2017-06-22 Quarter: 2016-12-31
10-K 2017-06-22 Annual: 2016-09-30
10-K 2017-06-22 Annual: 2016-06-30
10-Q 2016-05-10 Quarter: 2016-03-31
10-Q 2016-02-09 Quarter: 2015-12-31
10-Q 2015-11-09 Quarter: 2015-09-30
10-K 2015-08-21 Annual: 2015-06-30
10-Q 2015-05-11 Quarter: 2015-03-31
10-Q 2015-02-09 Quarter: 2014-12-31
10-Q 2014-11-07 Quarter: 2014-09-30
10-K 2014-08-27 Annual: 2014-06-30
10-Q 2014-05-12 Quarter: 2014-03-31
10-Q 2014-02-10 Quarter: 2013-12-31
10-Q 2013-11-12 Quarter: 2013-09-30
10-K 2013-08-29 Annual: 2013-06-30
10-Q 2013-05-10 Quarter: 2013-03-31
10-Q 2013-02-11 Quarter: 2012-12-31
10-Q 2012-11-09 Quarter: 2012-09-30
10-K 2012-08-29 Annual: 2012-06-30
10-Q 2012-05-09 Quarter: 2012-03-31
10-Q 2012-02-09 Quarter: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-K 2011-08-29 Annual: 2011-06-30
10-Q 2011-05-10 Quarter: 2011-03-31
10-Q 2011-02-09 Quarter: 2010-12-31
10-Q 2010-11-09 Quarter: 2010-09-30
10-K 2010-08-30 Annual: 2010-06-30
10-Q 2010-05-10 Quarter: 2010-03-31
10-Q 2010-02-09 Quarter: 2009-12-31
8-K 2020-02-06 Earnings, Exhibits
8-K 2019-11-19 Shareholder Vote
8-K 2019-11-07 Exhibits
8-K 2019-11-07 Earnings, Exhibits
8-K 2019-11-04
8-K 2019-11-01 Exhibits
8-K 2019-10-04 Officers, Exhibits
8-K 2019-08-29 Earnings, Exhibits
8-K 2019-07-01 M&A, Regulation FD, Exhibits
8-K 2019-06-25 Officers
8-K 2019-05-28 Officers, Exhibits
8-K 2019-05-09 Earnings, Exhibits
8-K 2019-05-09 Enter Agreement, Exhibits
8-K 2019-04-17 Officers
8-K 2019-02-15 M&A, Regulation FD, Exhibits
8-K 2019-02-07 Enter Agreement, Earnings, Exhibits
8-K 2019-01-07 Officers, Exhibits
8-K 2018-12-11 Other Events
8-K 2018-12-07 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-11-08 Enter Agreement, Earnings, Exhibits
8-K 2018-10-26 Officers
8-K 2018-10-26 Enter Agreement, Officers, Other Events, Exhibits
8-K 2018-08-28 Earnings, Exhibits
8-K 2018-06-24 Enter Agreement, Officers, Other Events, Exhibits
8-K 2018-05-08 Earnings, Exhibits
8-K 2018-02-07 Earnings, Exhibits
8-K 2018-02-06 Enter Agreement, Exhibits
HAIN 2019-12-31
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-10.1 hain-1231201910qxex101.htm
EX-10.2 hain-1231201910qxex102.htm
EX-10.3 hain-1231201910qxex103.htm
EX-31.1 hain-1231201910qxex311.htm
EX-31.2 hain-1231201910qxex312.htm
EX-32.1 hain-1231201910qxex321.htm
EX-32.2 hain-1231201910qxex322.htm

Hain Celestial Group Earnings 2019-12-31

HAIN 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
LANC 4,047 905 179 1,308 326 151 235 3,850 25% 16.4 17%
DAR 3,374 5,037 2,630 3,328 721 88 440 4,927 22% 11.2 2%
THS 3,069 5,593 3,610 5,427 881 -206 136 5,317 16% 39.2 -4%
NOMD 2,910 5,341 3,282 0 0 0 0 2,910 0%
HAIN 2,213 2,583 1,063 2,302 445 -183 -129 2,812 19% -21.8 -7%
FRPT 1,825 181 64 217 100 -7 8 1,849 46% 228.9 -4%
MED 1,574 213 87 638 482 72 96 1,477 76% 15.3 34%
TWNK 1,562 3,069 1,499 890 288 71 165 2,358 32% 14.3 2%
BGS 1,362 3,172 2,303 1,665 345 179 261 3,157 21% 12.1 6%
LNDC 277 519 249 558 80 0 17 373 14% 21.8 0%

hain-20191231
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________ 
FORM 10-Q
___________________________________________ 
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended December 31, 2019
or
Transition Report pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
for the transition period from                      to                     
Commission File No. 0-22818
___________________________________________ 
hain-20191231_g1.jpg
THE HAIN CELESTIAL GROUP, INC.
(Exact name of registrant as specified in its charter)
___________________________________________ 
Delaware22-3240619
(State or other jurisdiction
of incorporation)
(I.R.S. Employer Identification No.)

1111 Marcus Avenue, Lake Success, NY 11042
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (516587-5000
Former name, former address and former fiscal year, if changed since last report: N/A
___________________________________________ 



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Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01 per shareHAINThe NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     
Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer¨
Non-accelerated filer¨Smaller reporting companyEmerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes      No  ý

As of January 31, 2020, there were 104,384,620 shares outstanding of the registrant’s Common Stock, par value $.01 per share.


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THE HAIN CELESTIAL GROUP, INC.
Index
  
Part I - Financial InformationPage
Item 1.
Item 2.
Item 3.
Item 4.
Part II - Other Information
Items 3 and 4 are not applicable
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.

 
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Cautionary Note Regarding Forward Looking Information

This Quarterly Report on Form 10-Q for the quarter ended December 31, 2019 (the “Form 10-Q”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, relating to our business and financial outlook, which are based on our current beliefs, assumptions, expectations, estimates, forecasts and projections about future events only as of the date of this Quarterly Report on Form 10-Q, and are not statements of historical fact. We make such forward-looking statements pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.

Many of our forward-looking statements include discussions of trends and anticipated developments under the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of this Quarterly Report on Form 10-Q. In some cases, you can identify forward-looking statements by terminology such as the use of “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “intends,” “predicts,” “potential,” or “continue” and similar expressions, or the negative of those expressions. These forward-looking statements include, among other things, our beliefs or expectations relating to our business strategy, growth strategy, market price, brand portfolio and product performance, the seasonality of our business and our results of operations and financial condition. These forward-looking statements are not guarantees of our future performance and involve risks, uncertainties, estimates and assumptions that are difficult to predict. Therefore, our actual outcomes and results may differ materially from those expressed in these forward-looking statements. You should not place undue reliance on any of these forward-looking statements. Further, any forward-looking statement speaks only as of the date hereof, unless it is specifically otherwise stated to be made as of a different date. We undertake no obligation to further update any such statement to reflect new information, the occurrence of future events or circumstances or otherwise.

The forward-looking statements in this filing do not constitute guarantees or promises of future performance. Factors that could cause or contribute to such differences may include, but are not limited to, the impact of competitive products and changes to the competitive environment, changes to consumer preferences, the United Kingdom's exit from the European Union, consolidation of customers or the loss of a significant customer, reliance on independent distributors, general economic and financial market conditions, risks associated with our international sales and operations, our ability to manage our supply chain effectively, volatility in the cost of commodities, ingredients, freight and fuel, our ability to execute and realize cost savings initiatives, including stock-keeping unit (“SKU”) rationalization plans, the impact of our debt and our credit agreements on our financial condition and our business, our ability to manage our financial reporting and internal control system processes, potential liabilities due to legal claims, government investigations and other regulatory enforcement actions, costs incurred due to pending and future litigation, potential liability, including in connection with indemnification obligations to our current and former officers and members of our Board of Directors that may not be covered by insurance, potential liability if our products cause illness or physical harm, impairments in the carrying value of goodwill or other intangible assets, our ability to consummate divestitures, our ability to integrate past acquisitions, the availability of organic ingredients, disruption of operations at our manufacturing facilities, loss of one or more independent co-packers, disruption of our transportation systems, risks relating to the protection of intellectual property, the risk of liabilities and claims with respect to environmental matters, the reputation of our brands, our reliance on independent certification for a number of our products and other risks described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019 under the heading “Risk Factors” and Part I, Item 2 of this Quarterly Report on Form 10-Q under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” as well as in other reports that we file in the future.



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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2019 AND JUNE 30, 2019
(In thousands, except par values)
December 31,June 30,
20192019
ASSETS(Unaudited)
Current assets:
Cash and cash equivalents$37,024  $31,017  
Accounts receivable, less allowance for doubtful accounts of $558 and $588, respectively
206,583  209,990  
Inventories283,127  299,341  
Prepaid expenses and other current assets50,019  51,391  
Current assets of discontinued operations  110,048  
Total current assets576,753  701,787  
Property, plant and equipment, net298,558  287,845  
Goodwill879,705  875,881  
Trademarks and other intangible assets, net378,796  380,286  
Investments and joint ventures18,990  18,890  
Operating lease right of use assets83,845  —  
Other assets48,298  58,764  
Noncurrent assets of discontinued operations  259,167  
Total assets$2,284,945  $2,582,620  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$187,376  $219,957  
Accrued expenses and other current liabilities123,272  114,265  
Current portion of long-term debt1,387  17,232  
Current liabilities of discontinued operations  31,703  
Total current liabilities312,035  383,157  
Long-term debt, less current portion324,864  613,537  
Deferred income taxes35,012  34,757  
Operating lease liabilities, noncurrent portion76,726  —  
Other noncurrent liabilities15,225  14,489  
Noncurrent liabilities of discontinued operations  17,361  
Total liabilities763,862  1,063,301  
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock - $.01 par value, authorized 5,000 shares; issued and outstanding: none
    
Common stock - $.01 par value, authorized 150,000 shares; issued: 109,019 and 108,833 shares, respectively; outstanding:104,362 and 104,219 shares, respectively
1,091  1,088  
Additional paid-in capital1,164,618  1,158,257  
Retained earnings586,593  695,017  
Accumulated other comprehensive loss(120,197) (225,004) 
1,632,105  1,629,358  
Less: Treasury stock, at cost, 4,658 and 4,614 shares, respectively
(111,022) (110,039) 
Total stockholders’ equity1,521,083  1,519,319  
Total liabilities and stockholders’ equity$2,284,945  $2,582,620  
See notes to consolidated financial statements.
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THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2019 AND 2018
(In thousands, except per share amounts) 
 Three Months Ended December 31,Six Months Ended December 31,
 2019201820192018
Net sales$506,784  $533,566  $988,860  $1,052,044  
Cost of sales401,177  432,215  785,422  861,785  
Gross profit105,607  101,351  203,438  190,259  
Selling, general and administrative expenses79,078  78,496  159,758  154,473  
Amortization of acquired intangibles3,189  3,322  6,272  6,681  
Productivity and transformation costs
12,260  9,872  26,435  20,205  
Chief Executive Officer Succession Plan expense, net
  10,148    29,701  
Proceeds from insurance claim
    (2,562)   
Accounting review and remediation costs, net of insurance proceeds  920    4,334  
Long-lived asset and intangibles impairment1,889  19,473  1,889  23,709  
Operating income (loss)9,191  (20,880) 11,646  (48,844) 
Interest and other financing expense, net4,737  5,428  11,031  9,742  
Other expense, net1,244  371  2,572  971  
Income (loss) from continuing operations before income taxes and equity in net loss of equity-method investees3,210  (26,679) (1,957) (59,557) 
Provision (benefit) for income taxes1,020  5,097  489  (4,869) 
Equity in net loss of equity-method investees338  11  655  186  
Net income (loss) from continuing operations$1,852  $(31,787) $(3,101) $(54,874) 
Net loss from discontinued operations, net of tax(2,816) (34,714) (104,884) (49,052) 
Net loss$(964) $(66,501) $(107,985) $(103,926) 
Net income (loss) per common share:
Basic net income (loss) per common share from continuing operations$0.02  $(0.31) $(0.03) $(0.53) 
Basic net loss per common share from discontinued operations(0.03) (0.33) (1.01) (0.47) 
Basic net loss per common share$(0.01) $(0.64) $(1.04) $(1.00) 
Diluted net income (loss) per common share from continuing operations$0.02  $(0.31) $(0.03) $(0.53) 
Diluted net loss per common share from discontinued operations(0.03) (0.33) (1.01) (0.47) 
Diluted net loss per common share $(0.01) $(0.64) $(1.04) $(1.00) 
Shares used in the calculation of net income (loss) per common share:
Basic104,318  104,056  104,272  104,009  
Diluted104,619  104,056  104,272  104,009  
See notes to consolidated financial statements.

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THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2019 AND 2018
(In thousands)
 Three Months Ended
December 31, 2019December 31, 2018
 
Pre-tax
amount
Tax (expense) benefitAfter-tax amount
Pre-tax
amount
Tax (expense) benefitAfter-tax amount
Net loss$(964) $(66,501) 
Other comprehensive income (loss):
Foreign currency translation adjustments before reclassifications$48,655  $  48,655  $(27,948) $  (27,948) 
Change in deferred gains (losses) on cash flow hedging instruments52  (10) 42        
Total other comprehensive income (loss)
$48,707  $(10) $48,697  $(27,948) $  $(27,948) 
Total comprehensive income (loss)$47,733  $(94,449) 
 Six Months Ended
December 31, 2019December 31, 2018
 Pre-tax
amount
Tax (expense) benefitAfter-tax amountPre-tax
amount
Tax (expense) benefitAfter-tax amount
Net loss$(107,985) $(103,926) 
Other comprehensive income (loss):
Foreign currency translation adjustments before reclassifications$9,713  $  9,713  $(41,467) $  (41,467) 
Reclassification of currency translation adjustment included in Net loss from discontinued operations, net of tax95,120    95,120        
Change in deferred losses on cash flow hedging instruments(26)   (26)       
Total other comprehensive income (loss)
$104,807  $  $104,807  $(41,467) $  $(41,467) 
Total comprehensive loss$(3,178) $(145,393) 
See notes to consolidated financial statements.
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THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2019
(In thousands, except par values)

 Common StockAdditional   
Accumulated
Other
 
  AmountPaid-inRetainedTreasury StockComprehensive 
 Shares
at $.01
CapitalEarningsSharesAmount(Loss) Income Total
Balance at June 30, 2019  108,833  $1,088  $1,158,257  $695,017  4,614  $(110,039) $(225,004) $1,519,319  
Net loss(107,021) (107,021) 
Cumulative effect of adoption of ASU 2016-02(439) (439) 
Other comprehensive income56,110  56,110  
Issuance of common stock pursuant to stock-based compensation plans
40  1  (1)   
Shares withheld for payment of employee payroll taxes due on shares issued under stock-based compensation plans
17  (312) (312) 
Stock-based compensation expense3,281  3,281  
Balance at September 30, 2019108,873  $1,089  $1,161,537  $587,557  4,631  $(110,351) $(168,894) $1,470,938  
Net loss (964) (964) 
Other comprehensive income 48,697  48,697  
Issuance of common stock pursuant to stock-based compensation plans
146  2  (2)   
Shares withheld for payment of employee payroll taxes due on shares issued under stock-based compensation plans
27  (671) (671) 
Stock-based compensation expense3,083  3,083  
Balance at December 31, 2019109,019  $1,091  $1,164,618  $586,593  4,658  $(111,022) $(120,197) $1,521,083  

See notes to consolidated financial statements.
























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THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2018
(In thousands, except par values)

 Common StockAdditional   
Accumulated
Other
 
  AmountPaid-inRetainedTreasury StockComprehensive 
 Shares
at $.01
CapitalEarningsSharesAmount(Loss) Income Total
Balance at June 30, 2018  108,422  $1,084  $1,148,196  $878,516  4,470  $(106,507) $(184,240) $1,737,049  
Net loss(37,425) (37,425) 
Cumulative effect of adoption of ASU 2016-01(348) 348    
Cumulative effect of adoption of ASU 2014-09163  163  
Other comprehensive loss
(13,519) (13,519) 
Issuance of common stock pursuant to stock-based compensation plans
85  1  (1)   
Shares withheld for payment of employee payroll taxes due on shares issued under stock-based compensation plans
35  (979) (979) 
Stock-based compensation expense135  135  
Balance at September 30, 2018108,507  $1,085  $1,148,330  $840,906  4,505  $(107,486) $(197,411) $1,685,424  
Net loss(66,501) (66,501) 
Other comprehensive loss(27,948) (27,948) 
Issuance of common stock pursuant to stock-based compensation plans
184  2  (2)   
Shares withheld for payment of employee payroll taxes due on shares issued under stock-based compensation plans
79  (1,943) (1,943) 
Stock-based compensation expense1,911  1,911  
Balance at December 31, 2018108,691  $1,087  $1,150,239  $774,405  4,584  $(109,429) $(225,359) $1,590,943  

See notes to consolidated financial statements.
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THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 AND 2018
(In thousands)
 Six Months Ended December 31,
 20192018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss$(107,985) $(103,926) 
Net loss from discontinued operations(104,884) (49,052) 
Net loss from continuing operations(3,101) (54,874) 
Adjustments to reconcile net loss from continuing operations to net cash provided by (used in) operating activities from continuing operations:
Depreciation and amortization27,142  25,065  
Deferred income taxes(5,155) (22,666) 
Chief Executive Officer Succession Plan expense, net  29,272  
Equity in net loss of equity-method investees655  186  
Stock-based compensation, net5,820  1,991  
Long-lived asset and intangibles impairment1,889  23,709  
Other non-cash items, net2,661  1,285  
Increase (decrease) in cash attributable to changes in operating assets and liabilities:
Accounts receivable7,540  9,540  
Inventories9,389  (5,748) 
Other current assets1,895  (1,528) 
Other assets and liabilities(1,242) 4,594  
Accounts payable and accrued expenses(30,345) (10,830) 
Net cash provided by (used in) operating activities - continuing operations17,148  (4)