Hain Celestial sees Q4 profit fall

Source: Food and Drink Digital

Date :8/27/2008 6:28:57 AM

The Hain Celestial Group Inc reported yesterday, August 26, that net income declined 46 percent in the fourth quarter due to acquisition and stock compensation-related costs.

Despite this, the US-based organics company saw net sales of US$278.3 million, an increase of 25.2 percent over the prior year’s sales.

President and CEO Irwin Simon attributed its strong sales growth to solid brand performance in various distribution channels.

For the quarter, Hain recorded earnings of US$6.5 million, or 16 cents per share, down from US$12.1 million, or 29 cents per share in the previous year as continued acquisition integration affects results.

“The focused execution of our long-term strategy for sustainable growth has enabled us to surpass US$1 billion in sales this past year for the first time in the company’s history, and to continue to grow sales and earnings in a challenging environment,” Hain said.