2015 Q1 Form 10-Q Financial Statement

#000091040615000013 Filed on May 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $662.7M $557.4M
YoY Change 18.89% 22.22%
Cost Of Revenue $502.7M $404.6M
YoY Change 24.25% 22.64%
Gross Profit $149.6M $152.8M
YoY Change -2.08% 21.11%
Gross Profit Margin 22.57% 27.41%
Selling, General & Admin $72.51M $78.27M
YoY Change -7.36% 11.67%
% of Gross Profit 48.47% 51.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.795M $12.80M
YoY Change -39.1% 30.61%
% of Gross Profit 5.21% 8.38%
Operating Expenses $72.51M $78.27M
YoY Change -7.36% 11.67%
Operating Profit $68.15M $63.63M
YoY Change 7.11% 24.62%
Interest Expense -$8.600M -$5.900M
YoY Change 45.76% -25.32%
% of Operating Profit -12.62% -9.27%
Other Income/Expense, Net -$3.886M
YoY Change
Pretax Income $59.51M $57.68M
YoY Change 3.17% 33.69%
Income Tax $21.50M $19.75M
% Of Pretax Income 36.13% 34.24%
Net Earnings $38.00M $35.24M
YoY Change 7.83% -13.44%
Net Earnings / Revenue 5.73% 6.32%
Basic Earnings Per Share $0.37 $0.35
Diluted Earnings Per Share $0.37 $0.34
COMMON SHARES
Basic Shares Outstanding 102.3M shares 99.39M shares
Diluted Shares Outstanding 103.8M shares 101.5M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.3M $101.4M
YoY Change -1.08% 272.79%
Cash & Equivalents $100.3M $101.4M
Short-Term Investments
Other Short-Term Assets $73.10M $62.20M
YoY Change 17.52% 15.4%
Inventory $370.0M $299.5M
Prepaid Expenses $46.51M $44.60M
Receivables $337.5M $302.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $880.9M $765.2M
YoY Change 15.12% 38.21%
LONG-TERM ASSETS
Property, Plant & Equipment $326.0M $298.9M
YoY Change 9.06% 35.71%
Goodwill $1.107B $1.097B
YoY Change 0.99% 24.15%
Intangibles $631.9M $609.5M
YoY Change 3.67% 49.24%
Long-Term Investments $3.400M $39.40M
YoY Change -91.37% -17.4%
Other Assets $31.69M $28.59M
YoY Change 10.84% 16.24%
Total Long-Term Assets $2.100B $2.073B
YoY Change 1.32% 30.85%
TOTAL ASSETS
Total Short-Term Assets $880.9M $765.2M
Total Long-Term Assets $2.100B $2.073B
Total Assets $2.981B $2.838B
YoY Change 5.04% 32.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $226.5M $217.7M
YoY Change 4.02% 34.51%
Accrued Expenses $82.32M $90.22M
YoY Change -8.76% 25.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $33.87M $82.40M
YoY Change -58.89% 472.94%
Total Short-Term Liabilities $342.7M $390.4M
YoY Change -12.21% 52.15%
LONG-TERM LIABILITIES
Long-Term Debt $845.1M $750.3M
YoY Change 12.63% 20.96%
Other Long-Term Liabilities $5.834M $13.01M
YoY Change -55.17% -11.64%
Total Long-Term Liabilities $850.9M $763.3M
YoY Change 11.47% 20.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $342.7M $390.4M
Total Long-Term Liabilities $850.9M $763.3M
Total Liabilities $1.353B $1.289B
YoY Change 5.02% 26.1%
SHAREHOLDERS EQUITY
Retained Earnings $726.4M $593.9M
YoY Change 22.32% 28.04%
Common Stock $1.058M $514.0K
YoY Change 105.84% 7.31%
Preferred Stock
YoY Change
Treasury Stock (at cost) $58.07M $40.09M
YoY Change 44.85% 32.69%
Treasury Stock Shares 3.228M shares 1.453M shares
Shareholders Equity $1.628B $1.549B
YoY Change
Total Liabilities & Shareholders Equity $2.981B $2.838B
YoY Change 5.04% 32.76%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $38.00M $35.24M
YoY Change 7.83% -13.44%
Depreciation, Depletion And Amortization $7.795M $12.80M
YoY Change -39.1% 30.61%
Cash From Operating Activities $15.90M $48.80M
YoY Change -67.42% 628.36%
INVESTING ACTIVITIES
Capital Expenditures -$10.50M -$9.900M
YoY Change 6.06% -59.09%
Acquisitions
YoY Change
Other Investing Activities -$86.20M -$120.5M
YoY Change -28.46% -6794.44%
Cash From Investing Activities -$96.80M -$130.3M
YoY Change -25.71% 484.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 49.00M 114.1M
YoY Change -57.06% -5805.0%
NET CHANGE
Cash From Operating Activities 15.90M 48.80M
Cash From Investing Activities -96.80M -130.3M
Cash From Financing Activities 49.00M 114.1M
Net Change In Cash -31.90M 32.60M
YoY Change -197.85% -285.23%
FREE CASH FLOW
Cash From Operating Activities $15.90M $48.80M
Capital Expenditures -$10.50M -$9.900M
Free Cash Flow $26.40M $58.70M
YoY Change -55.03% 89.97%

Facts In Submission

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us-gaap Cost Of Goods And Services Sold
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us-gaap Cost Of Goods And Services Sold
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us-gaap Deferred Tax Expense From Stock Options Exercised
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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43064000 USD
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CY2015Q1 us-gaap Derivative Instruments In Hedges Liabilities At Fair Value
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380000 USD
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0.35
us-gaap Earnings Per Share Basic
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CY2015Q1 us-gaap Earnings Per Share Basic
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0.33
us-gaap Earnings Per Share Basic
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0.34
us-gaap Earnings Per Share Diluted
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1.05
CY2015Q1 us-gaap Earnings Per Share Diluted
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0.32
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.94
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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1252000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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us-gaap Effective Income Tax Rate Continuing Operations
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0.318
CY2015Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0.352
us-gaap Effective Income Tax Rate Continuing Operations
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0.319
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P4Y
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20674000 USD
CY2015Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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0 USD
CY2014Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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3690000 USD
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us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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3438000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
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11484000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
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24213000 USD
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6038000 USD
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us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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14130000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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25692000 USD
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8280000 USD
CY2015Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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3704000 USD
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17033000 USD
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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14363000 USD
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16204000 USD
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P123M
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CY2015Q1 us-gaap Foreign Currency Cash Flow Hedge Derivative At Fair Value Net
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1890000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
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3397000 USD
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10352000 USD
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us-gaap Gain Loss On Sale Of Business
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us-gaap Gain Loss On Sale Of Business
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0 USD
us-gaap Gain Loss On Sale Of Stock In Subsidiary Or Equity Method Investee
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0 USD
CY2015Q1 us-gaap Gain Loss On Sale Of Stock In Subsidiary Or Equity Method Investee
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8256000 USD
us-gaap Gain Loss On Sale Of Stock In Subsidiary Or Equity Method Investee
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8256000 USD
CY2014Q2 us-gaap Goodwill
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Goodwill
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us-gaap Gross Profit
GrossProfit
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CY2015Q1 us-gaap Gross Profit
GrossProfit
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us-gaap Gross Profit
GrossProfit
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us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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IncomeLossFromContinuingOperations
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us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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57683000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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151875000 USD
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51554000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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0 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
0 USD
CY2014Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2015Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.00
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2015Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
CY2014Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
83000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2128000 USD
CY2015Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
315000 USD
CY2014Q1 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2015Q1 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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45144000 USD
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4315000 USD
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4271000 USD
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18326000 USD
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4986000 USD
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15106000 USD
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3007000 USD
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8708000 USD
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573000 USD
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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1825000 shares
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36511000 USD
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3449000 USD
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Land
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19331000 USD
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P12M
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198000 USD
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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Portions</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">, Spectrum</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">, Spectrum Essentials</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">, Soy Dream</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">,</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt"> </sup></font><font 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style="font-family:inherit;font-size:10pt;">, Tilda</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">, WestSoy</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> and Yves Veggie Cuisine</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">. The Company&#8217;s personal care products are marketed under the Alba Botanica</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">, Avalon Organics</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">, Earth&#8217;s Best</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">, JASON</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">, Live Clean</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> and Queen Helene</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174; </sup></font><font style="font-family:inherit;font-size:10pt;">brands.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company had a minority investment in Hain Pure Protein Corporation&#160;(&#8220;HPPC&#8221;) through June 30, 2014. HPPC processes, markets and distributes antibiotic-free, organic and other poultry products. On July 17, 2014, the Company acquired the remaining </font><font style="font-family:inherit;font-size:10pt;">51.3%</font><font style="font-family:inherit;font-size:10pt;"> of HPPC that it did not already own at which point HPPC became a wholly-owned subsidiary. Included in the acquisition was HPPC&#8217;s </font><font style="font-family:inherit;font-size:10pt;">19%</font><font style="font-family:inherit;font-size:10pt;"> interest in EK Holdings, Inc. (&#8220;Empire&#8221;), which grows, processes and sells kosher poultry and other products. On March 4, 2015, HPPC purchased the remaining </font><font style="font-family:inherit;font-size:10pt;">81%</font><font style="font-family:inherit;font-size:10pt;"> in Empire that it did not already own (see Note 4). </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Hain also has an investment in a joint venture in Hong Kong with Hutchison China Meditech Ltd. (&#8220;Chi-Med&#8221;), a majority owned subsidiary of Hutchison Whampoa Limited, a company listed on the Alternative Investment Market, a sub-market of the London Stock Exchange, to market and distribute certain of the Company&#8217;s brands in China and other markets.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s operations are managed in five operating segments: United States, United Kingdom, Hain Pure Protein (which includes Empire), Canada and Europe. Refer to Note 16 for additional information and selected financial information for the reportable segments.</font></div></div>

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