Hain Celestial Group Inc. (HAIN, Financial) filed Quarterly Report for the period ended 2009-12-31.
Hain Celestial Group Inc. has a market cap of $591.6 million; its shares were traded at around $14.51 with a P/E ratio of 12.8 and P/S ratio of 0.5. Hain Celestial Group Inc. had an annual average earning growth of 3.7% over the past 10 years.HAIN is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES.
Interest and other expenses, net were $3.5 million for the three months ended December 31, 2009 compared to $5.2 million for the three months ended December 31, 2008. Interest expense totaled $2.5 million in this years second quarter, which was primarily related to interest on the $150 million of 5.98% senior notes outstanding and interest related to borrowings under our revolving credit facility. Interest expense in last years second quarter was approximately $4.3 million. The decrease in interest expense resulted from a combination of lower borrowings under our revolving credit facility and lower interest rates. Included in other expenses for the three months ended December 31, 2009 is a $1.2 million non-cash impairment charge for an other-than-temporary decline in the fair value of our investment in the shares of Yeo Hiap Seng Limited, a Singapore-based natural food and beverage company listed on the Singapore stock exchange.
Net sales for the six months ended December 31, 2009 were $472.5 million compared to $599.0 million for the six months ended December 31, 2008, a decrease of $126.5 million, which includes the impact of deconsolidating $99.8 million of HPP sales reported in the prior year six month period. Sales in North America, excluding the impact of deconsolidating HPP, decreased $14.5 million, or 3.5%, from the year ago six month period. The decrease in sales resulted from a number of factors, including increased promotional spending, which is targeted at increasing consumption, distributor and retailer destocking, the Celestial Seasonings SKU rationalization implemented in the fourth quarter of fiscal 2009 and decreased sales of our personal care products into the chain drug channel. These decreases were partially offset by sales increases in other channels, the initial sales of the Martha Stewart Clean brand, and the commencement of sales to our new Hong Kong joint venture which we expect will expand the distribution of our global brands in Asia. Additionally, our sales in Canada increased approximately 4.3% in local currency and 9.3% in U.S dollars. Sales in Europe decreased $12.2 million, or 15.0%, as a result of the phasing out of production of fresh sandwiches for Marks and Spencer in the United Kingdom. That reduction was partially offset by increased sales of our Linda McCartney frozen meat-free brand in the United Kingdom and increased sales of our Lima brand, as well as our global brands such as non-dairy beverages and Celestial Seasonings, by our continent-based operations.
Interest and other expenses, net were $6.6 million for the six months ended December 31, 2009 compared to $9.2 million for the six months ended December 31, 2008. Interest expense totaled $5.2 million in this years first six months, which was primarily related to interest on the $150 million of 5.98% senior notes outstanding and interest related to borrowings under our revolving credit facility. Interest expense in last years first six months was approximately $8.0 million. The decrease in interest expense resulted from a combination of lower borrowings under our revolving credit facility and lower interest rates. Included in other expenses for the six months ended December 31, 2009 is a $1.2 million non-cash impairment charge for an other-than-temporary decline in the fair value of our investment in the shares of Yeo Hiap Seng Limited, a Singapore-based natural food and beverage company listed on the Singapore stock exchange.
and liabilities of approximately $24.2 million as compared to the prior year period. The change in operating assets and liabilities primarily resulted from improved inventory management. Our inventories increased approximately $6.7 million in the first six months of the current fiscal year but were $47.4 million, including $33.6 million as a result of the HPP deconsolidation, lower than a year ago. The current fiscal years activity includes a seasonal increase of ingredients to support sales of our products, such as tea and soup, which increase in the cooler months. Our working capital increased to $219.9 million at December 31, 2009 compared with $212.6 million at June 30, 2009.
Net cash of $22.6 million was used in financing activities for the six months ended December 31, 2009 compared to $16.7 million provided by financing activities for the six months ended December 31, 2008. The change was due principally to a decrease in the proceeds from exercises of stock options to $0.8 million in the six months ended December 31, 2009 from $5.3 million in the six months ended December 31, 2008 and $23.3 million of borrowings repaid under our Credit Facility for the six months ended December 31, 2009 compared to $11.5 million of drawings made during the six months ended December 31, 2008.
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Hain Celestial Group Inc. has a market cap of $591.6 million; its shares were traded at around $14.51 with a P/E ratio of 12.8 and P/S ratio of 0.5. Hain Celestial Group Inc. had an annual average earning growth of 3.7% over the past 10 years.HAIN is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES.
Highlight of Business Operations:
Net sales for the three months ended December 31, 2009 were $242.0 million compared to $312.2 million for the three months ended December 31, 2008, a decrease of $70.2 million, which includes the impact of deconsolidating $61.5 million of HPP sales reported in the prior year quarter. Stronger foreign currencies relative to the year ago quarter increased our reported sales by approximately $4.8 million or 2.0%. Sales in North America, excluding the impact of deconsolidating HPP, decreased $5.9 million, or 2.8%, from the year ago quarter. The decrease in sales resulted primarily from distributor destocking and the Celestial Seasonings SKU rationalization implemented in the fourth quarter of fiscal 2009. This decrease was partially offset by sales increases in other channels, the initial sales of the Martha Stewart Clean brand, and the commencement of sales to our new Hong Kong joint venture which we expect will expand the distribution of our global brands in Asia. Our sales in Canada increased 3.0% in local currency and were up 19.8% in U.S. dollars as a result of the favorable exchange rate movement. Sales in Europe decreased $2.9 million, or 7.8%, which reflects an $8.8 million decrease due to the phasing out of production of fresh sandwiches for Marks and Spencer. This was partially offset by increased sales of our Linda McCartney frozen meat-free brand in the United Kingdom and increased sales, principally for our Lima brand, at our continent-based operations.Interest and other expenses, net were $3.5 million for the three months ended December 31, 2009 compared to $5.2 million for the three months ended December 31, 2008. Interest expense totaled $2.5 million in this years second quarter, which was primarily related to interest on the $150 million of 5.98% senior notes outstanding and interest related to borrowings under our revolving credit facility. Interest expense in last years second quarter was approximately $4.3 million. The decrease in interest expense resulted from a combination of lower borrowings under our revolving credit facility and lower interest rates. Included in other expenses for the three months ended December 31, 2009 is a $1.2 million non-cash impairment charge for an other-than-temporary decline in the fair value of our investment in the shares of Yeo Hiap Seng Limited, a Singapore-based natural food and beverage company listed on the Singapore stock exchange.
Net sales for the six months ended December 31, 2009 were $472.5 million compared to $599.0 million for the six months ended December 31, 2008, a decrease of $126.5 million, which includes the impact of deconsolidating $99.8 million of HPP sales reported in the prior year six month period. Sales in North America, excluding the impact of deconsolidating HPP, decreased $14.5 million, or 3.5%, from the year ago six month period. The decrease in sales resulted from a number of factors, including increased promotional spending, which is targeted at increasing consumption, distributor and retailer destocking, the Celestial Seasonings SKU rationalization implemented in the fourth quarter of fiscal 2009 and decreased sales of our personal care products into the chain drug channel. These decreases were partially offset by sales increases in other channels, the initial sales of the Martha Stewart Clean brand, and the commencement of sales to our new Hong Kong joint venture which we expect will expand the distribution of our global brands in Asia. Additionally, our sales in Canada increased approximately 4.3% in local currency and 9.3% in U.S dollars. Sales in Europe decreased $12.2 million, or 15.0%, as a result of the phasing out of production of fresh sandwiches for Marks and Spencer in the United Kingdom. That reduction was partially offset by increased sales of our Linda McCartney frozen meat-free brand in the United Kingdom and increased sales of our Lima brand, as well as our global brands such as non-dairy beverages and Celestial Seasonings, by our continent-based operations.
Interest and other expenses, net were $6.6 million for the six months ended December 31, 2009 compared to $9.2 million for the six months ended December 31, 2008. Interest expense totaled $5.2 million in this years first six months, which was primarily related to interest on the $150 million of 5.98% senior notes outstanding and interest related to borrowings under our revolving credit facility. Interest expense in last years first six months was approximately $8.0 million. The decrease in interest expense resulted from a combination of lower borrowings under our revolving credit facility and lower interest rates. Included in other expenses for the six months ended December 31, 2009 is a $1.2 million non-cash impairment charge for an other-than-temporary decline in the fair value of our investment in the shares of Yeo Hiap Seng Limited, a Singapore-based natural food and beverage company listed on the Singapore stock exchange.
and liabilities of approximately $24.2 million as compared to the prior year period. The change in operating assets and liabilities primarily resulted from improved inventory management. Our inventories increased approximately $6.7 million in the first six months of the current fiscal year but were $47.4 million, including $33.6 million as a result of the HPP deconsolidation, lower than a year ago. The current fiscal years activity includes a seasonal increase of ingredients to support sales of our products, such as tea and soup, which increase in the cooler months. Our working capital increased to $219.9 million at December 31, 2009 compared with $212.6 million at June 30, 2009.
Net cash of $22.6 million was used in financing activities for the six months ended December 31, 2009 compared to $16.7 million provided by financing activities for the six months ended December 31, 2008. The change was due principally to a decrease in the proceeds from exercises of stock options to $0.8 million in the six months ended December 31, 2009 from $5.3 million in the six months ended December 31, 2008 and $23.3 million of borrowings repaid under our Credit Facility for the six months ended December 31, 2009 compared to $11.5 million of drawings made during the six months ended December 31, 2008.
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