Hain Celestial income up 37% in quarter

by FoodBusinessNews.net Staff
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MELVILLE, N.Y. — For the quarter ended March 31, The Hain Celestial Group, Inc. had net income of $12,416,000, equal to 31c per share on the common stock, up 37% from $9,063,000, or 24c per share, during the same quarter of the previous year.

Net sales rose 21% to $237,905,000, which compared with $196,443,000 during the same quarter of 2006.

"The successful execution of our strategy continues to accelerate our sales, margin and earnings growth from our broad portfolio of natural and organic brands in North America and Europe, including the United Kingdom," said Irwin D. Simon, president and chief executive officer.

Mr. Simon said the company had a successful quarter with the Earth’s Best, Terra, Garden of Eatin’, Rice Dream, Spectrum, Ethnic Gourmet, Westbrae and FreeBird brands. He also said the company has been successful in expanding its business in Europe and most notably in the United Kingdom. The Lima, Natumi, Terra and Rice Dream brands were strong in Europe.

In Asia, the company is working to expand with Yeo Hiap Seng Ltd., a Singapore-based food and beverage company.

"We will soon introduce restaged packaging at Celestial Seasonings, incorporating the brand’s strong history and tradition into an exciting new look," Mr. Simon said. "We will also be launching Saphara, our new pyramid bag, premium organic tea to provide our consumers with ‘a journey for the senses.’ Despite the work ahead, these are exciting times for Celestial Seasonings as it responds to recent dynamics in the specialty tea market."

For the nine months ended March 31, the company had net income of $36,218,000, or 93c per share, up 28% compared with $28,292,000 during the same quarter of the previous year. Net sales for the nine months were $679,021,000, a 25% increase compared with $543,767,000 during the same quarter of the previous year.

Hain Celestial predicted revenues of $223 million to $227 million in the fourth quarter to end its fiscal year on June 30.

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