After a year of not reporting financial results because of accounting problems, Hain Celestial appears to be back on ground, even if it's not yet solid ground.
On June 22, Hain reported financial results for the first time since May of 2016. And the following day, the company named a new CFO, a promotion from within.
One market-watching news service noted about the June 22 financial report, "The biggest news ... was not the actual earnings numbers, but the fact that no material changes were needed to their accounting. Therefore, the accounting concerns that dropped the stock dramatically were finally put at ease."
However, the earnings numbers and guidance were not great. Sales for all of fiscal 2016, which ended June 30, 2016, were $2.885 billion, up from $2.610 billion. Operating income was $150 million, down from $234 million. For the first nine months of its 2017 (ending March 31), sales were down 1 percent to $2.128 billion and operating income was $102 million, less than half the total for the first nine months of 2016.
As a result of the company not holding an annual meeting of stockholders within 12 months of the end of the company's fiscal year ended June 30, 2016, Hain Celestial was issued a notice from Nasdaq that it's out of compliance with Nasdaq Listing Rules – a notice the company expected. "The notification received has no immediate effect on the listing of the company's common stock on Nasdaq," Hain Celestial reported. And "the company filed its Annual Report on Form 10-K for the fiscal year ended June 30, 2016 on June 22, 2017 and plans to announce its annual meeting date shortly."
Meanwhile, James Langrock was promoted to executive vice president and chief financial officer, succeeding Pasquale ("Pat") Conte, "who is leaving to pursue other opportunities." Langrock joined Hain Celestial in November 2015 as Senior Vice President-Finance and Treasurer. He has more than 25 years of experience in financial and executive leadership positions.