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Hain Celestial hasn’t filed earnings in a year; delays again

Hain Celestial's headquarters at 111 Marcus Ave. in

Hain Celestial's headquarters at 111 Marcus Ave. in Lake Success on Sept. 24, 2015. Photo Credit: Barry Sloan

Hain Celestial Group, which has been unable to file its financial results for the past year, disclosed in a regulatory filing Thursday that it will also be unable to file its earnings report for the quarter ended March 31, which was due Wednesday.

Last year, the Lake Success-based organic and natural products maker said it was delaying releasing its fiscal 2016 earnings amid a review of its accounting. The last time it reported its earnings was May 4, 2016 for its quarter ended March 31.

But the company, whose brands include Celestial Seasonings tea, Earth’s Best baby food, Terra chips and Spectrum oils, said Thursday it anticipates that by the end of May it will be able to file financial reports for the quarters that ended June 30, 2016, September 30, 2016 and Dec. 31, 2016, as well as the overall fiscal 2016 financial results, none of which had previously been released.

“At this time, the Company believes that its internal accounting review is nearing completion,” the filing said.

Shares of Hain Celestial rose more than 4 percent to $37.55 Thursday in after-hours trading following the announcement. The shares are down more than 22 percent in the past year.

In August, the company disclosed that it was evaluating its internal control over financial reporting. The company said it was determining if revenue from certain U.S. distributors was recorded in the correct period.

The company had been recognizing revenue when products were shipped to certain distributors rather than when the products were sold through its distributors to customers.

As a result of the review, the company said it didn’t expect to reach its revenue forecast for fiscal 2016 of $2.946 billion to $2.966 billion.

In November, the company said the audit committee found “no evidence of intentional wrongdoing” in connection with the company’s financial reporting after an independent review.

In February, the company disclosed in a regulatory filing that it was being investigated by the Securities and Exchange Commission for its accounting practices. The company said it had voluntarily contacted the SEC in August.

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