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Revenue up for organic food company


US organic food company, The Hain Celestial Group this week announced that for the first quarter of fiscal 2002, ended September 30, 2001, revenues increased to $104.9 million, a 13.5 per cent increase on a comparable basis over the first quarter of 2001. Net income for the quarter totalled $5.4 million, or $0.16 per share on a diluted basis. EBITDA in the quarter was $11 million. Irwin D. Simon, Chairman, President and Chief Executive Officer of The Hain Celestial Group said, "The September 11 tragedy significantly disrupted our distribution network in the Northeast corridor, and caused delays in certain other areas, including the temporary closure of our Terra plant in Brooklyn. Difficulties arising from the terrorist attack adversely impacted our sales for the quarter by $5-7 million, which we believe affected our earnings by $0.03-0.04 per share." Mr. Simon continued, "The direct impact of these events on our business should not obscure the strong, double-digit growth of many of our rocket brands this quarter. Terra, Health Valley, Garden of Eatin' and Westsoy were all up double digits in either sales or units. Celestial Seasonings teas also reported solid growth of 8 percent. In October, our new Terra facility in Moonachie, New Jersey, began trial runs. After successful certification of the facility, today we began manufacturing product for shipment." Hain Celestial also announced that it has signed a letter of intent to acquire Lima NV, a leading Belgian manufacturer and marketer of natural and organic foods, founded in 1957. Lima also distributes fresh organic produce to Belgian supermarkets from its Biomarche operations. In its current fiscal year, Lima's and Biomarche's combined revenues are expected to exceed $20 million. Terms of the transaction were not disclosed.

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