The Hain Celestial Group, Inc. (Nasdaq: HAIN), a leading natural and organic food and personal care products company, reported results for its first fiscal quarter ended September 30, 2006.
Net sales rose 30% to $210.2 million, compared to $161.1 million for Q1 last year. GAAP net rose 31% to $9 million, or $0.23 per diluted share. Adjusted earnings totaled $0.25 per share.
“Our fiscal year 2007 is off to an excellent start. During the first quarter we achieved strong sales from Earth’s Best®, Garden of Eatin’®, Rice Dream®, Soy Dream®, WestSoy®, Westbrae®, Ethnic Gourmet(TM), Casbah®, FreeBird(TM) and JASON®. We also drove strong results from our brands in Canada, and from our recent acquisitions,” said Irwin D. Simon, President and CEO.
“Rising consumer demand for natural and organic food and personal care products continues across many distribution channels in North America, Europe and the United Kingdom, enabling us to realize solid top and bottom line growth at the Company.”
Gross margins were slightly lower – 28.1% vs 28.5% for Q1 2006. The company recently implemented price increases which are expected to benefit in the second quarter.
“We continue to focus on driving efficiencies and reinvesting in our business, most recently at our West Chester Frozen Foods Facility, where we have expanded capacity and production for our Ethnic Gourmet and Rosetto brands and expect to further increase our production,” commented Irwin Simon.
The Company reconfirmed its fiscal year 2007 sales guidance of $880 million to $900 million and earnings per share of $1.15 to $1.19.
Hain Celestial will host a conference call and webcast at 4:15 PM Eastern Standard Time today. See the Investor Relations section of the Company’s website.
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