Hain Celestial to release long-delayed earnings reports
Hain Celestial Group's Lake Success headquarters is seen on Sept. 24, 2015. Credit: Barry Sloan
Hain Celestial Group Inc. will finally release its financial reports next week, after the Lake Success-based organic and natural products maker has been unable to file its earnings for the past year amid a review of its accounting.
The company announced Wednesday afternoon that it expects to file on June 22 its annual report for the 2016 fiscal year ended June 30, 2016, as well as the financial reports for the quarters that ended Sept. 30, 2016, Dec. 31, 2016, and March 31, 2017.
The company, whose brands include Celestial Seasonings tea, Earth’s Best baby food, Terra chips and Spectrum oils, will hold a conference call for stock analysts with top executives the same day at 8 a.m.
Shares of Hain Celestial rose more than 1.5 percent to $35.20 Wednesday in after-hours trading following the announcement. The shares are down more than 30 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.
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