UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of
1934
Date
of Report (Date of earliest event reported): August 26,
2008
THE
HAIN CELESTIAL GROUP, INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
0-22818
|
22-3240619
|
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer Identification No.)
|
58
South Service Road, Melville, NY 11747
(Address
of principal executive offices)
Registrant’s
telephone number, including area code: (631) 730-2200
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
Written
communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
2.02. Results of Operations and Financial Condition.
The
information contained in this Current Report on Form 8-K, including the exhibit
attached hereto, is being furnished pursuant to Item 2.02, "Results of
Operations and Financial Condition." This information shall not be deemed to
be
"filed" for purposes of Section 18 of the Securities Exchange Act of 1934,
as
amended (the "Exchange Act"), or otherwise subject to the liabilities of that
Section, or incorporated by reference into any filing under the Securities
Act
of 1933, as amended, or the Exchange Act, except as shall be expressly set
forth
by specific reference in such filing.
On
August
26, 2008, The Hain Celestial Group, Inc. issued a press release announcing
financial results for its fourth quarter and fiscal year ended June 30, 2008.
The press release is attached hereto as Exhibit 99.1 and incorporated herein
by
reference.
Item
9.01.
Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are filed herewith:
|
Exhibit
No.
|
Description
|
|
|
99.1
|
Press
Release dated August 26, 2008.
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date: August
26, 2008
|
THE
HAIN CELESTIAL GROUP, INC.
|
||
|
(Registrant)
|
||
|
|
||
|
By:
|
/s/
Ira J. Lamel
|
|
|
Name:
|
Ira
J. Lamel
|
|
|
Title:
|
Executive
Vice President and
Chief
Financial Officer
|
|
| Contact: | Ira Lamel/Mary Anthes | Jeremy Fielding/David Lilly |
| The Hain Celestial Group, Inc. | Kekst and Company | |
| 631-730-2200 |
212-521-4800
|
THE
HAIN CELESTIAL GROUP ANNOUNCES
FOURTH
QUARTER AND FISCAL YEAR 2008 RESULTS
Sales
Reach Record Level
Passing
$1 Billion for the Fiscal Year
Sales
Grew 25.2% in the Fourth Quarter
And
17.3% for the Year
GAAP
Net Income $0.16 per Share in the Fourth Quarter
And
$0.99 for the Year
Adjusted
EPS $0.34 in the Fourth Quarter
And
$1.40 for the Year
Melville,
NY, August 26, 2008—The
Hain
Celestial Group, Inc. (NASDAQ: HAIN), a leading natural and organic food
and
personal care products company, today reported results for the fourth quarter
and full year ended June 30, 2008. Reflecting continued strong consumer demand
for the Company’s brands and products, the Company reported fourth quarter net
sales of $278.3 million, a 25.2% increase over the prior year’s fourth quarter
sales of $222.3 million. Full fiscal year sales reached a record $1.06 billion,
a 17.3% year-over-year increase over the prior year’s sales of $900.4 million.
“Our
fiscal year has come to a close with record fourth quarter sales, driven
by the
successful introduction of new products, continued contribution from our
existing brands, and our continued sharp focus on improving our productivity,
expense efficiency and pricing, appropriate steps for this extraordinary
environment,” said Irwin D. Simon, President and Chief Executive Officer of Hain
Celestial. “With consumers staying at home more and the continuing expansion of
our presence in grocery, mass-market and specialty retailers, along with
strong
performance in the natural channel, we are seeing indications that consumers
have prioritized leading a healthy lifestyle, despite the challenging economy
and inflationary pressures. Additionally, consumers are seeking more natural
and
organic foods and poultry to replace more costly meat products. We see continued
expansion of our personal care products as well, as food products are not
unique
to the healthy lifestyle.”
The
Hain Celestial Group, Inc. • 58 South Service Road, Melville, NY 11747 •
631-730-2200
www.hain-celestial.com
Net
income in the current year fourth quarter was $6.5 million on a GAAP basis
and
$14.0 million after reflecting previously announced adjustments resulting
from
the continuing execution of the third quarter Stock Keeping Unit (“SKU”)
Rationalization Program, continued acquisition-related integration and start-up
costs in the United Kingdom, stock compensation related expense and continued
professional fees. Diluted earnings per share for the current year fourth
quarter totaled $0.16 on a GAAP basis and $0.34 after these adjustments.
“The
strength in our fourth quarter sales and earnings was largely due to solid
brand
performance in various distribution channels,” continued Irwin Simon. “In the
United States we are pleased with the strong results from Earth’s Best®,
Arrowhead Mills®, Imagine® soup, Garden of Eatin’®, FreeBird™, Spectrum®, Rice
Dream®, Soy Dream®, Avalon Organics® and Alba Botanica®, with more modest
contribution from Celestial Seasonings®, where our new leadership team is
beginning to make real progress; further strong sales in Canada by Yves Veggie
Cuisine®, Imagine soup, Spectrum and Terra®; and in Europe by Lima®, Rice Dream,
Natumi® and Daily Bread™,” said Irwin Simon.
Reflecting
the previously stated adjustments, gross margin for the same brands operated
by
the Company in each full year (other than the Company’s lower margin Hain Pure
Protein joint venture) was 28.6% this year versus 29.1% last year. This 50
basis
point decline, during a year in which input costs increased significantly,
is
indicative of the Company’s ability to successfully manage costs, increase
prices and achieve productivity improvements. A recently announced price
increase in the United States is expected to have a positive impact on margin
beginning with the Company’s second quarter of fiscal year
2009.
Adjusted
selling, general and administrative expenses have declined as a percentage
of
sales by 120 basis points during the year, to 18.5% of sales, as the Company
has
continued to focus on expense efficiency and reduction and realize the benefit
of synergies from acquisitions. The Company’s poultry operations, which have
increased in size with the acquisition of the New Oxford facility and are
now
integrated under one management team and back office platform, operate with
lower selling, general and administrative expenses than the other units,
thereby
positively impacting expense ratios.
The
Company’s balance sheet remains strong, with $246.7 million in working capital
and a current ratio of 2.7 at June 30, 2008. Debt as a percentage of equity
was
42% with equity at $742.8 million. The Company’s cash conversion cycle improved
to 75 days compared to 76 days in the prior year period despite the planned
increase in inventory of Earth’s Best ingredients and the longer inventory cycle
at the Company’s turkey operations.
Interest
and other expense, net, was $2.5 million in the fourth quarter and $11.3
million
for the full year. The Company’s interest cost this year includes the cost of
higher borrowings resulting from acquisitions during the year. The Company
continues to have significant availability under its credit
facility.
The
Company’s effective tax rate for the full year was 37.0% versus 38.4% in the
prior year. The Company had been estimating a 38.2% tax rate for the year.
The
lower rate was the result of the mix of the Company’s income in foreign
jurisdictions and a higher than expected utilization of foreign tax credits.
As
a result, the tax rate in the fourth quarter of the year was lower than the
rate
reported through the first three quarters.
Executive
Changes in Europe
The
Company also announced that it had appointed Peter McPhillips as Executive
Chairman—Hain Celestial Europe, effective August 1, 2008. With a distinguished
career in the food industry, including having served as Managing Director
of
Uniq Prepared Foods, Peter is an important addition to our efforts to expand
our
food-to-go, grocery, and frozen meat-free product lines in the United Kingdom
and across Europe. “We are pleased to have Peter join us to expand our offerings
in the United Kingdom and Europe. Peter achieved profitable growth in his
prior
assignments, and we expect his success will continue with Hain Celestial,
based
upon his excellent, long-standing relationships with the retail trade and
in
food service,” commented Irwin Simon.
Fiscal
Year 2008 Accomplishments
The
Company highlighted several of its accomplishments during fiscal year
2008:
| · |
Delivered
solid sales and earnings growth despite a challenging economy and
commodity and other inflationary
pressures;
|
| · |
Achieved
productivity gains resulting from a multi-year initiative, which,
combined
with price increases, mitigated escalating commodity
costs;
|
| · |
Introduced
over 50 innovative new products in growth categories and subcategories,
exceeding the industry average for sales
contribution;
|
| · |
Implemented
an SKU Rationalization in Personal Care, combining the operations
of
Avalon®, Alba®, JASON®, Zia® and Queen Helene®;
and
|
| · |
Acquired
TenderCare®, MaraNatha®, SunSpire®, Daily Bread™ and Plainville Farms®
brands—brands with products in fast growing categories to complement
existing brands and product lines—and added production capacity for Hain
Pure Protein with acquired facilities in North Carolina and
Pennsylvania.
|
“The
focused execution of our long-term strategy for sustainable growth has enabled
us to surpass $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,” concluded Irwin Simon. “Building upon the foundation of our core
brands, we have a robust pipeline of innovative product offerings and a talented
team supporting our sales and marketing efforts in various channels of
distribution. We are excited about fiscal year 2009, and look forward to
building on our current accomplishments and opportunities for the benefit
of our
shareholders, customers, consumers and employees as they pursue A Healthy
Way of
Life™.”
Fiscal
Year 2009 Guidance Outlook
The
Company announced its fiscal year 2009 guidance of $1.2 to $1.3 billion in
sales
and $1.54 to $1.61 earnings per share. Similar to fiscal year 2008, the Company
expects to incur $0.08 per share in stock compensation expense to amortize
equity grants made this past fiscal year in fiscal year 2009.
Webcast
and Upcoming Events
Hain
Celestial will host a conference call and webcast at 4:30 PM Eastern Daylight
Time today to review its fourth quarter and full fiscal year 2008 results.
On
September 4, 2008 the Company is scheduled to present at the Lehman Brothers
Back-To-School Consumer Conference and on October 2, 2008, the Company is
scheduled to present at the RBC Capital Markets Consumer Conference. These
events will be webcast and available under the Investor Relations section
of the
Company’s website at www.hain-celestial.com.
The
Hain Celestial Group
The
Hain
Celestial Group (NASDAQ: HAIN), headquartered in Melville, NY, is a leading
natural and organic food and personal care products company in North America
and
Europe. Hain Celestial participates in almost all natural food categories
with
well-known brands that include Celestial Seasonings®, Terra®, Garden of Eatin’®,
Health Valley®, WestSoy®, Earth’s Best®, Arrowhead Mills®, MaraNatha®,
SunSpire®, DeBoles®, Hain Pure Foods®, FreeBird™, Plainville Farms®, Hollywood®,
Spectrum Naturals®, Spectrum Essentials®, Walnut Acres Organic®, Imagine®, Rice
Dream®, Soy Dream®, Rosetto®, Ethnic Gourmet®, Yves Veggie Cuisine®, Granose®,
Realeat®, Linda McCartney®, Daily Bread™, Lima®, Grains Noirs®, Natumi®, JASON®,
Zia® Natural Skincare, Avalon Organics®, Alba Botanica®, Queen Helene®, Tushies®
and TenderCare®. Hain Celestial has been providing “A Healthy Way of
Life™” since 1993. For more information, visit www.hain-celestial.com.
Safe
Harbor Statement
This
press release contains forward-looking statements within and constitutes
a "Safe
Harbor" statement under the Private Securities Litigation Act of 1995. Except
for the historical information contained herein, the matters discussed in
this
press release are forward-looking statements that involve known and unknown
risks and uncertainties, which could cause our actual results to differ
materially from those described in the forward-looking statements. These
risks
include but are not limited to general economic and business conditions;
our
ability to implement our business and acquisition strategy; our ability to
effectively integrate our acquisitions; competition; availability and retention
of key personnel; our reliance on third party distributors, manufacturers
and
suppliers; changes in customer preferences; international sales and operations;
escalating fuel and commodity costs; the resolution of the SEC inquiry and
litigation regarding our stock option practices; changes in, or the failure
to
comply with, government regulations; and other risks detailed from time-to-time
in the Company’s reports filed with the SEC, including the annual report on Form
10-K, for the fiscal year ended June 30, 2007. As a result of the foregoing
and
other factors, no assurance can be given as to future results, levels of
activity and achievements and neither the Company nor any person assumes
responsibility for the accuracy and completeness of these
statements.
Non-GAAP
Financial Measures
Management
believes that the non-GAAP financial measures presented provide useful
additional information to investors about current trends in the Company’s
operations and are useful for period-over-period comparisons of operations.
These non-GAAP financial measures should not be considered in isolation or
as a
substitute for the comparable GAAP measures. In addition, these non-GAAP
measures may not be the same as similar measures provided by other companies
due
to potential differences in methods of calculation and items being excluded.
They should only be read in connection with the Company’s condensed consolidated
statements of earnings presented in accordance with GAAP.
THE
HAIN CELESTIAL GROUP, INC.
Consolidated
Balance Sheets
(In
thousands)
|
June
30,
|
June
30,
|
||||||
|
2008
|
2007
|
||||||
|
|
|||||||
|
ASSETS
|
|||||||
|
Current
assets:
|
|||||||
|
Cash
and cash equivalents
|
$
|
58,513
|
$
|
60,518
|
|||
|
Trade
receivables, net
|
118,867
|
95,405
|
|||||
|
Inventories
|
175,667
|
129,062
|
|||||
|
Deferred
income taxes
|
12,512
|
8,069
|
|||||
|
Other
current assets
|
27,482
|
22,950
|
|||||
|
Total
current assets
|
393,041
|
316,004
|
|||||
|
Property,
plant and equipment, net
|
159,089
|
114,901
|
|||||
|
Goodwill,
net
|
550,238
|
509,336
|
|||||
|
Trademarks
and other intangible assets, net
|
136,861
|
96,342
|
|||||
|
Other
assets
|
20,155
|
21,873
|
|||||
|
Total
assets
|
$
|
1,259,384
|
$
|
1,058,456
|
|||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||
|
Current
liabilities:
|
|||||||
|
Accounts
payable and accrued expenses
|
$
|
145,186
|
$
|
112,458
|
|||
|
Income
taxes payable
|
907
|
4,456
|
|||||
|
Current
portion of long-term debt
|
222
|
566
|
|||||
|
Total
current liabilities
|
146,315
|
117,480
|
|||||
|
Long-term
debt, less current portion
|
308,220
|
215,446
|
|||||
|
Deferred
income taxes
|
26,524
|
22,232
|
|||||
|
Other
noncurrent liabilities
|
5,012
|
664
|
|||||
|
Total
liabilities
|
486,071
|
355,822
|
|||||
|
Minority
Interest
|
30,502
|
5,678
|
|||||
|
Stockholders'
equity:
|
|||||||
|
Common
stock
|
411
|
409
|
|||||
|
Additional
paid-in capital
|
488,650
|
487,750
|
|||||
|
Retained
earnings
|
237,008
|
195,658
|
|||||
|
Foreign
currency translation adjustment
|
32,215
|
25,884
|
|||||
|
758,284
|
709,701
|
||||||
|
Less:
Treasury stock
|
(15,473
|
)
|
(12,745
|
)
|
|||
|
Total
stockholders' equity
|
742,811
|
696,956
|
|||||
|
Total
liabilities and stockholders' equity
|
$
|
1,259,384
|
$
|
1,058,456
|
|||
THE
HAIN CELESTIAL GROUP, INC.
Consolidated
Statements of Operations
(in
thousands, except per share amounts)
|
Three Months Ended June 30,
|
Twelve Months Ended June 30,
|
||||||||||||
|
2008
|
2007
|
2008
|
2007
|
||||||||||
|
(Unaudited)
|
|||||||||||||
|
Net
sales
|
$
|
278,261
|
$
|
222,320
|
$
|
1,056,371
|
$
|
900,432
|
|||||
|
Cost
of sales
|
210,669
|
160,329
|
772,062
|
639,002
|
|||||||||
|
Gross
profit
|
67,592
|
61,991
|
284,309
|
261,430
|
|||||||||
|
SG&A
expenses
|
55,834
|
43,359
|
207,553
|
177,453
|
|||||||||
|
Operating
income
|
11,758
|
18,632
|
76,756
|
83,977
|
|||||||||
|
Interest
expense and other expenses
|
2,512
|
19
|
11,311
|
6,885
|
|||||||||
|
Income
before income taxes
|
9,246
|
18,613
|
65,445
|
77,092
|
|||||||||
|
Income
tax provision
|
2,742
|
6,473
|
24,224
|
29,610
|
|||||||||
|
Net
income
|
$
|
6,504
|
$
|
12,140
|
$
|
41,221
|
$
|
47,482
|
|||||
|
Basic
per share amounts
|
$
|
0.16
|
$
|
0.30
|
$
|
1.03
|
$
|
1.21
|
|||||
|
Diluted
per share amounts
|
$
|
0.16
|
$
|
0.29
|
$
|
0.99
|
$
|
1.16
|
|||||
|
Weighted
average common shares outstanding:
|
|||||||||||||
|
Basic
|
40,133
|
39,810
|
40,077
|
39,315
|
|||||||||
|
Diluted
|
41,550
|
41,706
|
41,765
|
41,108
|
|||||||||
THE
HAIN CELESTIAL GROUP, INC.
Consolidated
Statements of Operations With Adjustments
Reconciliation
of GAAP Results to Non-GAAP Presentation
(in
thousands, except per share amounts)
|
Three
Months Ended June 30,
|
|||||||||||||
|
2008 GAAP
|
Adjustments
|
2008 Adjusted
|
2007 Adjusted
|
||||||||||
|
(Unaudited)
|
|||||||||||||
|
Net
sales
|
$
|
278,261
|
$
|
278,261
|
$
|
222,320
|
|||||||
|
Cost
of sales
|
210,669
|
$
|
(3,474
|
)
|
207,195
|
160,329
|
|||||||
|
Gross
profit
|
67,592
|
3,474
|
71,066
|
61,991
|
|||||||||
|
SG&A
expenses
|
55,834
|
(4,762
|
)
|
51,072
|
43,483
|
||||||||
|
|
|
|
|
||||||||||
|
Operating
income
|
11,758
|
8,236
|
19,994
|
18,508
|
|||||||||
|
Interest
and other expenses, net
|
2,512
|
2,512
|
3,136
|
||||||||||
|
Income
before income taxes
|
9,246
|
8,236
|
17,482
|
15,372
|
|||||||||
|
Income
tax provision
|
2,742
|
740
|
3,482
|
4,819
|
|||||||||
|
Net
income
|
$
|
6,504
|
$
|
7,496
|
$
|
14,000
|
$
|
10,553
|
|||||
|
Basic
per share amounts
|
$
|
0.16
|
$
|
0.35
|
$
|
0.27
|
|||||||
|
Diluted
per share amounts
|
$
|
0.16
|
$
|
0.34
|
$
|
0.25
|
|||||||
|
Weighted
average common shares outstanding:
|
|||||||||||||
|
Basic
|
40,133
|
40,133
|
39,810
|
||||||||||
|
Diluted
|
41,550
|
41,550
|
41,706
|
||||||||||
|
2008
|
2007
|
||||||||||||
|
Impact on Income
before income taxes
|
Impact on Income tax
provision
|
Impact on Income
before income taxes
|
Impact on Income tax
provision
|
||||||||||
|
(Unaudited)
|
|||||||||||||
|
Start-up
costs at the Fakenham manufacturing facility related to the integration
of
the Haldane Foods frozen meat-free operations
|
$
|
2,537
|
$
|
230
|
|||||||||
|
SKU
rationalization
|
937
|
285
|
|||||||||||
|
Cost
of sales
|
$
|
3,474
|
$
|
515
|
$
|
|
$
|
|
|||||
|
Professional
fees and other expenses incurred in connection with the review of
the
Company's stock option practices
|
$
|
1,079
|
$
|
462
|
$
|
281
|
$
|
105
|
|||||
|
Stock
compensation expense
|
2,273
|
(667
|
)
|
(405
|
)
|
(225
|
)
|
||||||
|
Severence
and other reorganization costs
|
1,410
|
430
|
|||||||||||
|
SG&A
expenses
|
$
|
4,762
|
$
|
225
|
$
|
(124
|
)
|
$
|
(120
|
)
|
|||
|
Gain
on the sale of Biomarché
|
$
|
|
$
|
|
$
|
(871
|
)
|
$
|
(677
|
)
|
|||
|
Reversal
of charge in connection with the decision by the German government
regarding application of VAT on non-dairy beverages
|
(2,246
|
)
|
(857
|
)
|
|||||||||
|
Interest
and other expenses, net
|
$
|
|
$
|
|
$
|
(3,117
|
)
|
$
|
(1,534
|
)
|
|||
|
Total
adjustments
|
$
|
8,236
|
$
|
740
|
$
|
(3,241
|
)
|
$
|
(1,654
|
)
|
|||
Consolidated
Statements of Operations With Adjustments
Reconciliation
of GAAP Results to Non-GAAP Presentation
(in
thousands, except per share amounts)
|
Twelve
Months Ended June 30,
|
|||||||||||||
|
2008 GAAP
|
Adjustments
|
2008 Adjusted
|
2007 Adjusted
|
||||||||||
|
(Unaudited)
|
|||||||||||||
|
Net
sales
|
$
|
1,056,371
|
$
|
1,056,371
|
$
|
900,432
|
|||||||
|
Cost
of sales
|
772,062
|
$
|
(14,439
|
)
|
757,623
|
637,253
|
|||||||
|
Gross
profit
|
284,309
|
14,439
|
298,748
|
263,179
|
|||||||||
|
SG&A
expenses
|
207,553
|
(11,771
|
)
|
195,782
|
177,124
|
||||||||
|
|
|
|
|
||||||||||
|
Operating
income
|
76,756
|
26,210
|
102,966
|
86,055
|
|||||||||
|
Interest
and other expenses, net
|
11,311
|
2,002
|
13,313
|
10,286
|
|||||||||
|
Income
before income taxes
|
65,445
|
24,208
|
89,653
|
75,769
|
|||||||||
|
Income
tax provision
|
24,224
|
6,770
|
30,994
|
28,237
|
|||||||||
|
Net
income
|
$
|
41,221
|
$
|
17,438
|
$
|
58,659
|
$
|
47,532
|
|||||
|
Basic
per share amounts
|
$
|
1.03
|
|
$
|
1.46
|
$
|
1.21
|
||||||
|
Diluted
per share amounts
|
$
|
0.99
|
|
$
|
1.40
|
$
|
1.16
|
||||||
|
Weighted
average common shares outstanding:
|
|||||||||||||
|
Basic
|
40,077
|
|
40,077
|
39,315
|
|||||||||
|
Diluted
|
41,765
|
41,765
|
41,108
|
||||||||||
|
2008
|
2007
|
||||||||||||
|
Impact on Income
before income taxes
|
Impact on Income tax
provision
|
Impact on Income
before income taxes
|
Impact on Income tax
provision
|
||||||||||
|
(Unaudited)
|
|||||||||||||
|
Start-up
costs at the Fakenham manufacturing facility related to the integration
of
the Haldane Foods frozen meat-free operations (2008) and the West
Chester
Frozen Foods Facility (2007)
|
$
|
7,490
|
$
|
2,097
|
$
|
1,749
|
$
|
680
|
|||||
|
SKU
rationalization
|
6,949
|
2,558
|
|||||||||||
|
Cost
of sales
|
$
|
14,439
|
$
|
4,655
|
$
|
1,749
|
$
|
680
|
|||||
|
Professional
fees and other expenses incurred in connection with the review of
the
Company's stock option practices
|
$
|
5,774
|
$
|
2,229
|
$
|
281
|
$
|
105
|
|||||
|
Stock
compensation expense
|
2,129
|
(722
|
)
|
48
|
19
|
||||||||
|
Severence
and other reorganization costs
|
3,868
|
1,392
|
|||||||||||
|
SG&A
expenses
|
$
|
11,771
|
$
|
2,899
|
$
|
329
|
$
|
124
|
|||||
|
Gain
on sale of rice cake factory joint venture
|
$
|
(2,002
|
)
|
$
|
(784
|
)
|
|||||||
|
Gain
on the sale of Biomarché
|
$
|
(3,401
|
)
|
$
|
(2,177
|
)
|
|||||||
|
Interest
and other expenses, net
|
$
|
(2,002
|
)
|
$
|
(784
|
)
|
$
|
(3,401
|
)
|
$
|
(2,177
|
)
|
|
|
Total
adjustments
|
$
|
24,208
|
$
|
6,770
|
$
|
(1,323
|
)
|
$
|
(1,373
|
)
|
|||