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Hain Celestial Group Inc. has a market cap of $1.8 billion; its shares were traded at around $40.79 with a P/E ratio of 26.9 and P/S ratio of 1.6.
Highlight of Business Operations:Net sales for the three months ended December 31, 2011 were $385.6 million compared to $291.9 million for the three months ended December 31, 2010, an increase of $93.7 million, or 32.1%. Sales in North America increased $27.6 million, or 10.8%, from the year ago quarter. Our increased sales were driven by increased consumption and expanded distribution, with strong contributions from our Earth’s Best, Celestial Seasonings, MaraNatha, Garden of Eatin’, Sensible Portions, The Greek Gods, and JASON personal care brands. Sales in Europe increased $66.1 million, or 185.6%, primarily as a result of the acquisition of Daniels during the second quarter of fiscal 2012, and to a lesser extent, sales from Danival and GG UniqueFiber, both of which were acquired in the third quarter of fiscal 2011.
Selling, general and administrative expenses were $65.4 million for the three months ended December 31, 2011, an increase of $10.4 million, or 18.9%, compared to $55.0 million reported in last year’s quarter. Selling, general and administrative expenses have increased primarily as a result of the costs brought on by the businesses we acquired, including higher amortization expense related to identified intangible assets. Selling, general and administrative expenses as a percentage of net sales decreased to 17.0% in the second quarter of fiscal 2012, primarily related to the inclusion of Daniels which operates with lower relative expenses, compared to 18.8% in the second quarter of last year.
Net sales for the six months ended December 31, 2011 were $677.9 million compared to $549.8 million for the six months ended December 31, 2010, an increase of $128.1 million, or 23.3%. Sales in North America increased $52.5 million, or 10.9%, from the prior period. The increase in sales resulted from growth from many of our existing brands, including Earth’s Best, Celestial Seasonings, MaraNatha, Garden of Eatin’, Sensible Portions, The Greek Gods, and JASON personal care brands, as improved consumption trends continued. Sales in Europe increased $75.5 million, or 113.6%, primarily as a result of the acquisition of Daniels during the second quarter of fiscal 2012, and to a lesser extent, sales from Danival and GG UniqueFiber, both of which were acquired in the third quarter of fiscal 2011.
Selling, general and administrative expenses were $120.6 million for the six months ended December 31, 2011, an increase of $15.5 million, or 14.7%, compared to $105.2 million in the six months ended December 31, 2010. Selling, general and administrative expenses have increased primarily as a result of the costs brought on by the businesses we acquired, including higher amortization expense related to identified intangible assets. Selling, general and administrative expenses as a percentage of net sales decreased to 17.8% in the first six months of fiscal 2012, primarily related to the inclusion of Daniels which operates with lower relative expenses, compared to 19.1% in the first six months of last year.
Our cash balance was $23.9 million at December 31, 2011, a decrease of $3.6 million from June 30, 2011, the end of fiscal 2011. Net cash provided by operating activities was $37.9 million for the six months ended December 31, 2011 compared to $10.7 million for the six months ended December 31, 2010. The increase in cash provided by operations in the first six months of fiscal 2012 resulted from an improvement of $11.2 million in net income and non-cash items and an improvement of $16.1 million as compared to the prior year period in cash used for changes in operating assets and liabilities. The improvement in cash used for changes in operating assets and liabilities (which is exclusive of the acquired Daniels balances) primarily resulted from favorable changes in accounts payable and accrued expenses and inventories, offset partially by higher accounts receivable balances attributable to the increase in sales.
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