Hain Celestial says accounting review reveals no changes
Hain Celestial said Thursday that a nearly year-long accounting review has concluded that the organic food maker doesn't need to make any major changes to its past financial reports.
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The company also named a new chief financial officer, released financial results for the first time since last year, and said it plans to buy back up to $250 million of its own stock.
Shares of The Hain Celestial Group Inc., which have fallen 37 percent in the last 12 months, fell 2 percent in midday trading on a bad profit miss for the third quarter.
Hain Celestial, which makes Celestial Seasonings tea, Terra vegetable chips and Arrowhead Mills grains, said its review found that its financial reports were "fairly stated." It launched the investigation into possible accounting issues last August. Hain hasn't released quarterly financial results during the review, but resumed reporting them Thursday. It reported that in the three months ending March 31, its profit fell nearly 36 percent from the same period a year ago and its revenue fell 4 percent.
James Langrock was named the new CFO, replacing Pasquale Conte, who is leaving the company. Langrock joined the Lake Success, N.Y.-based company less than two years ago from job search site Monster Worldwide Inc., where he was chief financial officer.