June 30, 2019 | June 30, 2018 | ||||||
Payroll, employee benefits and other administrative accruals | $ | 80,338 | $ | 75,918 | |||
Facility, freight and warehousing accruals | 21,402 | 20,970 | |||||
Selling and marketing related accruals | 7,399 | 15,546 | |||||
Other accruals | 9,801 | 3,567 | |||||
$ | 118,940 | $ | 116,001 |
Fiscal Year Ended June 30, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Fair value of restricted stock and restricted share units granted | $ | 29,067 | $ | 17,898 | $ | 6,567 | |||||
Fair value of shares vested | $ | 11,232 | $ | 15,736 | $ | 9,866 | |||||
Tax benefit recognized from restricted shares vesting | $ | 3,241 | $ | 5,235 | $ | 3,768 |
Column A | Column B | Column C | Column D | Column E | ||||||||||||||||
Additions | ||||||||||||||||||||
Balance at beginning of period | Charged to costs and expenses | Charged to other accounts - describe (i) | Deductions - describe (ii) | Balance at end of period | ||||||||||||||||
Fiscal Year Ended June 30, 2019: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 2,086 | $ | 553 | $ | (1,016 | ) | $ | (1,035 | ) | $ | 588 | ||||||||
Valuation allowance for deferred tax assets | $ | 20,831 | $ | 17,773 | $ | — | $ | (3,692 | ) | $ | 34,912 | |||||||||
Fiscal Year Ended June 30, 2018: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,447 | $ | 1,880 | $ | 49 | $ | (1,290 | ) | $ | 2,086 | |||||||||
Valuation allowance for deferred tax assets | $ | 20,712 | $ | 1,251 | $ | — | $ | (1,132 | ) | $ | 20,831 | |||||||||
Fiscal Year Ended June 30, 2017: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 936 | $ | 1,077 | $ | 149 | $ | (715 | ) | $ | 1,447 | |||||||||
Valuation allowance for deferred tax assets | $ | 21,172 | $ | 1,862 | $ | — | $ | (2,322 | ) | $ | 20,712 | |||||||||
Amounts above are inclusive our Hain Pure Protein reporting segment classified as discontinued operations |
(i) | Represents the allowance for doubtful accounts of the business acquired or disposed of during the fiscal year |
(ii) | Amounts written off and changes in exchange rates |
Buildings and improvements | 10 - 40 years | |
Machinery and equipment | 3 - 20 years | |
Furniture and fixtures | 3 - 15 years |
Fiscal Year | |||
2020 | $ | 19,426 | |
2021 | 16,584 | ||
2022 | 14,218 | ||
2023 | 13,221 | ||
2024 | 11,041 | ||
Thereafter | 44,452 | ||
$ | 118,942 |
June 30, 2019 | June 30, 2018 | ||||||
Revolving credit facility | $ | 420,575 | $ | 401,852 | |||
Term loan | 206,250 | 296,250 | |||||
Less: Unamortized issuance costs | (1,022 | ) | (692 | ) | |||
Tilda short-term borrowing arrangements | 8,687 | 9,338 | |||||
Other borrowings | 4,966 | 7,358 | |||||
639,456 | 714,106 | ||||||
Short-term borrowings and current portion of long-term debt | 25,919 | 26,605 | |||||
Long-term debt, less current portion | $ | 613,537 | $ | 687,501 |
Due in Fiscal Year | Amount | |||
2020 | $ | 25,919 | ||
2021 | 16,400 | |||
2022 | 15,204 | |||
2023 | 581,775 | |||
2024 | 47 | |||
Thereafter | 111 | |||
$ | 639,456 |
Fiscal Year Ended June 30, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Selling, general and administrative expense | $ | 9,503 | $ | 13,380 | $ | 9,658 | |||||
Chief Executive Officer Succession Plan expense, net | 429 | (2,203 | ) | — | |||||||
Discontinued operations | 133 | — | — | ||||||||
Total compensation cost recognized for stock-based compensation plans | $ | 10,065 | $ | 11,177 | $ | 9,658 | |||||
Related income tax benefit | $ | 1,189 | $ | 2,165 | $ | 3,622 |
2019 | Weighted Average Grant Date Fair Value (per share) | 2018 | Weighted Average Grant Date Fair Value (per share) | 2017 | Weighted Average Grant Date Fair Value (per share) | |||||||||
Non-vested restricted stock and restricted share units - beginning of year | 1,057 | $22.29 | 992 | $27.59 | 1,121 | $28.24 | ||||||||
Granted | 4,088 | $7.11 | 685 | $26.13 | 195 | $33.68 | ||||||||
Vested | (411 | ) | $27.36 | (433 | ) | $36.68 | (290 | ) | $33.89 | |||||
Forfeited | (374 | ) | $18.33 | (187 | ) | $31.15 | (34 | ) | $29.88 | |||||
Non-vested restricted stock and restricted share units - end of year | 4,360 | $7.92 | 1,057 | $22.29 | 992 | $27.59 |
Fiscal Year Ended June 30, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Fair value of restricted stock and restricted share units granted | $ | 29,067 | $ | 17,898 | $ | 6,567 | |||||
Fair value of shares vested | $ | 11,232 | $ | 15,736 | $ | 9,866 | |||||
Tax benefit recognized from restricted shares vesting | $ | 3,241 | $ | 5,235 | $ | 3,768 |
2019 | Weighted Average Exercise Price | 2018 | Weighted Average Exercise Price | 2017 | Weighted Average Exercise Price | |||||||||||||||
Outstanding at beginning of year | 122 | $ | 2.26 | 122 | $ | 2.26 | 342 | $ | 6.66 | |||||||||||
Exercised | — | $ | — | — | $ | — | (220 | ) | $ | 9.10 | ||||||||||
Outstanding at end of year | 122 | $ | 2.26 | 122 | $ | 2.26 | 122 | $ | 2.26 | |||||||||||
Options exercisable at end of year | 122 | $ | 2.26 | 122 | $ | 2.26 | 122 | $ | 2.26 |
Fiscal Year Ended June 30, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Intrinsic value of options exercised | $ | — | $ | — | $ | 6,507 | |||||
Cash received from stock option exercises | $ | — | $ | — | $ | — | |||||
Tax benefit recognized from stock option exercises | $ | — | $ | — | $ | 2,538 |
Grant Date | Shares Issued | Fair Value Per Share | Grant Date Fair Value | |||||
February 19, 2019 | 739 | $ | 1.79 | $ | 1,324 | |||
March 29, 2019 | 187 | $ | 3.01 | 563 | ||||
April 15, 2019 | 136 | $ | 2.83 | $ | 385 | |||
April 25, 2019 | 123 | $ | 2.64 | 325 | ||||
May 15, 2019 | 213 | $ | 3.55 | $ | 755 | |||
Total | 1,398 | $ | 3,352 |
Fiscal Year Ended June 30, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net sales | $ | 408,109 | $ | 509,475 | $ | 509,606 | |||||
Cost of sales | 409,433 | 486,023 | 487,631 | ||||||||
Gross (loss) profit | (1,324 | ) | 23,452 | 21,975 | |||||||
Asset impairments | 109,252 | 78,464 | — | ||||||||
Selling, general and administrative expense | 16,384 | 18,743 | 19,180 | ||||||||
Other expense | 9,088 | 4,699 | 1,530 | ||||||||
Loss on sale of discontinued operations before income taxes | 40,859 | — | — | ||||||||
Net (loss) income from discontinued operations before income taxes | (176,907 | ) | (78,454 | ) | 1,265 | ||||||
Benefit for income taxes | (43,538 | ) | (5,720 | ) | (624 | ) | |||||
Net (loss) income from discontinued operations, net of tax | $ | (133,369 | ) | $ | (72,734 | ) | $ | 1,889 |
ASSETS | June 30, 2018 | |||
Cash and cash equivalents | $ | 6,460 | ||
Accounts receivable, less allowance for doubtful accounts | 21,616 | |||
Inventories | 105,359 | |||
Prepaid expenses and other current assets | 5,604 | |||
Property, plant and equipment, net | 83,776 | |||
Goodwill | 41,089 | |||
Trademarks and other intangible assets, net | 51,029 | |||
Other assets | 4,382 | |||
Impairments of long-lived assets held for sale | (78,464 | ) | ||
Current assets of discontinued operations | $ | 240,851 | ||
LIABILITIES | ||||
Accounts payable | $ | 31,762 | ||
Accrued expenses and other current liabilities | 6,880 | |||
Deferred tax liabilities | 11,111 | |||
Other noncurrent liabilities | 93 | |||
Current liabilities of discontinued operations | $ | 49,846 |
Fiscal Year Ended June 30, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Numerator: | |||||||||||
Net (loss) income from continuing operations | $ | (49,945 | ) | $ | 82,428 | $ | 65,541 | ||||
Net (loss) income from discontinued operations, net of tax | $ | (133,369 | ) | $ | (72,734 | ) | $ | 1,889 | |||
Net (loss) income | $ | (183,314 | ) | $ | 9,694 | $ | 67,430 | ||||
Denominator: | |||||||||||
Basic weighted average shares outstanding | 104,076 | 103,848 | 103,611 | ||||||||
Effect of dilutive stock options, unvested restricted stock and unvested restricted share units | — | 629 | 637 | ||||||||
Diluted weighted average shares outstanding | 104,076 | 104,477 | 104,248 | ||||||||
Basic net (loss) income per common share: | |||||||||||
Continuing operations | $ | (0.48 | ) | $ | 0.79 | $ | 0.63 | ||||
Discontinued operations | (1.28 | ) | (0.70 | ) | 0.02 | ||||||
Basic net (loss) income per common share | $ | (1.76 | ) | $ | 0.09 | $ | 0.65 | ||||
Diluted net (loss) income per common share: | |||||||||||
Continuing operations | $ | (0.48 | ) | $ | 0.79 | $ | 0.63 | ||||
Discontinued operations | (1.28 | ) | (0.70 | ) | 0.02 | ||||||
Diluted net (loss) income per common share | $ | (1.76 | ) | $ | 0.09 | $ | 0.65 |
• | Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; |
• | Level 2 – Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and |
• | Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). |
Total | Quoted prices in active markets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||
Assets: | |||||||||||||||
Cash equivalents | $ | 44 | $ | 44 | $ | — | $ | — | |||||||
Forward foreign currency contracts | 626 | — | 626 | — | |||||||||||
Equity investment | 621 | 621 | — | — | |||||||||||
$ | 1,291 | $ | 665 | $ | 626 | $ | — | ||||||||
Liabilities: | |||||||||||||||
Forward foreign currency contracts | 103 | — | 103 | — | |||||||||||
Total | $ | 103 | $ | — | $ | 103 | $ | — |
Total | Quoted prices in active markets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||
Assets: | |||||||||||||||
Cash equivalents | $ | 99 | $ | 99 | $ | — | $ | — | |||||||
Forward foreign currency contracts | 365 | — | 365 | — | |||||||||||
Equity investment | 692 | 692 | — | — | |||||||||||
$ | 1,156 | $ | 791 | $ | 365 | $ | — | ||||||||
Liabilities: | |||||||||||||||
Forward foreign currency contracts | 27 | — | 27 | — | |||||||||||
Contingent consideration, non-current | 1,909 | — | — | 1,909 | |||||||||||
Total | $ | 1,936 | $ | — | $ | 27 | $ | 1,909 |
Fiscal Year Ended June 30, | |||||||
2019 | 2018 | ||||||
Balance at beginning of year | $ | 1,909 | $ | 2,656 | |||
Fair value of initial contingent consideration | — | 1,547 | |||||
Contingent consideration adjustment(1) | (1,870 | ) | (2,281 | ) | |||
Translation adjustment | (39 | ) | (13 | ) | |||
Balance at end of year | $ | — | $ | 1,909 |
Fiscal Year Ended June 30, | |||||||
2019 | 2018 | ||||||
Balance at beginning of year | $ | 1,909 | $ | 2,656 | |||
Fair value of initial contingent consideration | — | 1,547 | |||||
Contingent consideration adjustment(1) | (1,870 | ) | (2,281 | ) | |||
Translation adjustment | (39 | ) | (13 | ) | |||
Balance at end of year | $ | — | $ | 1,909 |
• | Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; |
• | Level 2 – Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and |
• | Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). |
Fiscal Year Ended June 30, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Amortization of intangible assets | $ | 15,294 | $ | 18,202 | $ | 16,988 |
United States | United Kingdom | Rest of World | Total | ||||||||||||
Balance as of June 30, 2017(1) | $ | 588,333 | $ | 329,135 | $ | 101,424 | $ | 1,018,892 | |||||||
Acquisition activity | — | 7,062 | — | 7,062 | |||||||||||
Reallocation of goodwill between reporting units(2) | (35,519 | ) | 35,519 | — | — | ||||||||||
Impairment charge | — | — | (7,700 | ) | (7,700) | ||||||||||
Translation and other adjustments, net | — | 5,447 | 435 | 5,882 | |||||||||||
Balance as of June 30, 2018(3) | 552,814 | 377,163 | 94,159 | 1,024,136 | |||||||||||
Translation and other adjustments, net | — | (14,344 | ) | (813 | ) | (15,157 | ) | ||||||||
Balance as of June 30, 2019(3) | $ | 552,814 | $ | 362,819 | $ | 93,346 | $ | 1,008,979 |
June 30, 2019 | June 30, 2018 | ||||||
Non-amortized intangible assets: | |||||||
Trademarks and trade names(1) | $ | 359,727 | $ | 385,609 | |||
Amortized intangible assets: | |||||||
Other intangibles | 232,450 | 239,323 | |||||
Less: accumulated amortization | (126,966 | ) | (114,545 | ) | |||
Net carrying amount | $ | 465,211 | $ | 510,387 |
Fiscal Year Ended June 30, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Amortization of intangible assets | $ | 15,294 | $ | 18,202 | $ | 16,988 |
Fiscal Year Ending June 30, | |||||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | |||||||||||||||
Estimated amortization expense | $ | 13,916 | $ | 13,473 | $ | 12,770 | $ | 12,197 | $ | 9,646 |
Fiscal Year Ended June 30, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Domestic | $ | (134,096 | ) | $ | (13,936 | ) | $ | 47,781 | |||
Foreign | 82,109 | 95,138 | 40,097 | ||||||||
Total | $ | (51,987 | ) | $ | 81,202 | $ | 87,878 |
Fiscal Year Ended June 30, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Current: | |||||||||||
Federal | $ | 3,639 | $ | (1,309 | ) | $ | 18,331 | ||||
State and local | 760 | 1,383 | (293 | ) | |||||||
Foreign | 18,694 | 20,542 | 14,884 | ||||||||
23,093 | 20,616 | 32,922 | |||||||||
Deferred: | |||||||||||
Federal | (24,045 | ) | (22,612 | ) | (3,198 | ) | |||||
State and local | 1,188 | 1,973 | 960 | ||||||||
Foreign | (2,933 | ) | (864 | ) | (8,218 | ) | |||||
(25,790 | ) | (21,503 | ) | (10,456 | ) | ||||||
Total | $ | (2,697 | ) | $ | (887 | ) | $ | 22,466 |
Fiscal Year Ended June 30, | ||||||||||||||||||||
2019 | % | 2018 | % | 2017 | % | |||||||||||||||
Expected United States federal income tax at statutory rate | $ | (10,917 | ) | 21.0 | % | $ | 22,818 | 28.1 | % | $ | 30,757 | 35.0 | % | |||||||
State income taxes, net of federal (benefit) provision | (9,793 | ) | 18.8 | % | 2,774 | 3.4 | % | 2,757 | 3.1 | % | ||||||||||
Domestic manufacturing deduction | — | — | % | — | — | % | (846 | ) | (1.0 | )% | ||||||||||
Foreign income at different rates | 205 | (0.4 | )% | (7,174 | ) | (8.8 | )% | (6,539 | ) | (7.4 | )% | |||||||||
Impairment of goodwill and intangibles | — | — | % | 1,816 | 2.2 | % | — | — | % | |||||||||||
Change in valuation allowance | 9,810 | (18.9 | )% | 119 | 0.1 | % | (60 | ) | (0.1 | )% | ||||||||||
Unrealized foreign exchange losses | — | — | % | — | — | % | 807 | 0.9 | % | |||||||||||
Change in reserves for uncertain tax positions | 841 | (1.6 | )% | (3,859 | ) | (4.8 | )% | (4,417 | ) | (5.0 | )% | |||||||||
Tax Act’s transition tax (a) | 6,834 | (13.1 | )% | 7,054 | 8.7 | % | — | — | % | |||||||||||
Tax Act’s impact of deferred taxes (b) | — | — | % | (25,006 | ) | (30.8 | )% | — | — | % | ||||||||||
Global Intangible Low Taxed Income | 3,872 | (7.4 | )% | — | — | % | — | — | % | |||||||||||
Reduction of deferred tax liabilities resulting from change in United Kingdom tax rate | — | — | % | — | — | % | (1,841 | ) | (2.1 | )% | ||||||||||
Other | (3,549 | ) | 6.8 | % | 571 | 0.8 | % | 1,848 | 2.2 | % | ||||||||||
(Benefit) provision for income taxes | $ | (2,697 | ) | 5.2 | % | $ | (887 | ) | (1.1 | )% | $ | 22,466 | 25.6 | % |
June 30, 2019 | June 30, 2018 | ||||||
Noncurrent deferred tax assets/(liabilities): | |||||||
Basis difference on inventory | $ | 9,128 | $ | 9,139 | |||
Reserves not currently deductible | 23,518 | 11,060 | |||||
Basis difference on intangible assets | (92,923 | ) | (97,365 | ) | |||
Basis difference on property and equipment | (6,060 | ) | (8,444 | ) | |||
Other comprehensive income | 502 | (133 | ) | ||||
Net operating loss and tax credit carryforwards | 73,976 | 18,276 | |||||
Stock-based compensation | 827 | 1,348 | |||||
Other | 3,985 | 41 | |||||
Valuation allowances | (34,912 | ) | (20,831 | ) | |||
Noncurrent deferred tax liabilities, net(1) | $ | (21,959 | ) | $ | (86,909 | ) |
Fiscal Year Ended June 30, | |||||||
2019 | 2018 | ||||||
Balance at beginning of year | $ | 20,831 | $ | 20,712 | |||
Additions charged to income tax expense | 17,773 | 1,251 | |||||
Reductions credited to income tax expense | (3,231 | ) | (1,345 | ) | |||
Currency translation adjustments | (461 | ) | 213 | ||||
Balance at end of year | $ | 34,912 | $ | 20,831 |
Fiscal Year Ended June 30, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Balance at beginning of year | $ | 6,730 | $ | 11,602 | $ | 16,019 | |||||
Additions based on tax positions related to the current year | 248 | 118 | 217 | ||||||||
Additions based on tax positions related to prior years | 5,446 | — | — | ||||||||
Reductions due to lapse in statute of limitations and settlements | (555 | ) | (4,990 | ) | (4,634 | ) | |||||
Balance at end of year | $ | 11,869 | $ | 6,730 | $ | 11,602 |
June 30, 2019 | June 30, 2018 | ||||||
Non-amortized intangible assets: | |||||||
Trademarks and trade names(1) | $ | 359,727 | $ | 385,609 | |||
Amortized intangible assets: | |||||||
Other intangibles | 232,450 | 239,323 | |||||
Less: accumulated amortization | (126,966 | ) | (114,545 | ) | |||
Net carrying amount | $ | 465,211 | $ | 510,387 |
June 30, 2019 | June 30, 2018 | ||||||
Finished goods | $ | 220,600 | $ | 231,926 | |||
Raw materials, work-in-progress and packaging | 144,287 | 159,599 | |||||
$ | 364,887 | $ | 391,525 |
• | Better-for-You Baby, which includes infant foods, infant and toddler formula, toddler and kids foods and diapers that nurture and care for babies and toddlers, under the Earth’s Best® and Ella’s Kitchen® brands. |
• | Better-for-You Pantry, which includes core consumer staples, such as MaraNatha®, Arrowhead Mills®, Imagine® and Spectrum® brands. |
• | Better-for-You Snacking, which includes wholesome products for in-between meals, such as Terra®, Sensible Portions® and Garden of Eatin’® brands. |
• | Fresh Living, which includes yogurt, plant-based proteins and other refrigerated products, such as The Greek Gods® yogurt and Dream™ plant-based beverage brands. |
• | Pure Personal Care, which includes personal care products focused on providing consumers with cleaner and gentler ingredients, such as JASON®, Live Clean®, Avalon Organics® and Alba Botanica® brands. |
• | Tea, which includes tea products marketed under the Celestial Seasonings® brand. |
June 30, 2019 | June 30, 2018 | ||||||
Land | $ | 26,892 | $ | 28,378 | |||
Buildings and improvements | 89,534 | 83,289 | |||||
Machinery and equipment | 306,670 | 323,348 | |||||
Computer hardware and software | 52,655 | 54,092 | |||||
Furniture and fixtures | 18,501 | 17,894 | |||||
Leasehold improvements | 32,264 | 31,519 | |||||
Construction in progress | 35,786 | 17,280 | |||||
562,302 | 555,800 | ||||||
Less: Accumulated depreciation | 233,940 | 245,628 | |||||
$ | 328,362 | $ | 310,172 |
Buildings and improvements | 10 - 40 years | |
Machinery and equipment | 3 - 20 years | |
Furniture and fixtures | 3 - 15 years |
June 30, 2019 | June 30, 2018 | ||||||
Land | $ | 26,892 | $ | 28,378 | |||
Buildings and improvements | 89,534 | 83,289 | |||||
Machinery and equipment | 306,670 | 323,348 | |||||
Computer hardware and software | 52,655 | 54,092 | |||||
Furniture and fixtures | 18,501 | 17,894 | |||||
Leasehold improvements | 32,264 | 31,519 | |||||
Construction in progress | 35,786 | 17,280 | |||||
562,302 | 555,800 | ||||||
Less: Accumulated depreciation | 233,940 | 245,628 | |||||
$ | 328,362 | $ | 310,172 |
Three Months Ended | |||||||||||||||
June 30, 2019 | March 31, 2019 | December 31, 2018 | September 30, 2018 | ||||||||||||
Net sales | $ | 557,682 | $ | 599,797 | $ | 584,156 | $ | 560,833 | |||||||
Gross profit | $ | 106,077 | $ | 125,269 | $ | 114,273 | $ | 99,594 | |||||||
Operating income (loss) | $ | 740 | $ | 23,865 | $ | (15,387 | ) | $ | (24,104 | ) | |||||
(Loss) income before income taxes and equity in earnings of equity-method investees | $ | (8,408 | ) | $ | 13,407 | $ | (24,577 | ) | $ | (32,409 | ) | ||||
Net (loss) income from continuing operations | $ | (7,654 | ) | $ | 10,088 | $ | (29,278 | ) | $ | (23,101 | ) | ||||
Net loss from discontinued operations, net of tax | $ | (5,897 | ) | $ | (75,925 | ) | $ | (37,223 | ) | $ | (14,324 | ) | |||
Net loss | $ | (13,551 | ) | $ | (65,837 | ) | $ | (66,501 | ) | $ | (37,425 | ) | |||
Net (loss) income per common share: | |||||||||||||||
Basic net (loss) income per common share from continuing operations | $ | (0.07 | ) | $ | 0.10 | $ | (0.28 | ) | $ | (0.22 | ) | ||||
Basic net loss per common share from discontinued operations | $ | (0.06 | ) | $ | (0.73 | ) | $ | (0.36 | ) | $ | (0.14 | ) | |||
Basic net loss per common share | $ | (0.13 | ) | $ | (0.63 | ) | $ | (0.64 | ) | $ | (0.36 | ) | |||
Diluted net (loss) income per common share from continuing operations | $ | (0.07 | ) | $ | 0.10 | $ | (0.28 | ) | $ | (0.22 | ) | ||||
Diluted net loss per common share from discontinued operations | $ | (0.06 | ) | $ | (0.73 | ) | $ | (0.36 | ) | $ | (0.14 | ) | |||
Diluted net loss per common share | $ | (0.13 | ) | $ | (0.63 | ) | $ | (0.64 | ) | $ | (0.36 | ) |
Three Months Ended | |||||||||||||||
June 30, 2018 | March 31, 2018 | December 31, 2017 | September 30, 2017 | ||||||||||||
Net sales | $ | 619,598 | $ | 632,720 | $ | 616,232 | $ | 589,219 | |||||||
Gross profit | $ | 125,097 | $ | 133,013 | $ | 133,950 | $ | 123,388 | |||||||
Operating income | $ | 16,580 | $ | 29,254 | $ | 30,965 | $ | 29,241 | |||||||
Income before income taxes and equity in earnings of equity-method investees | $ | 5,838 | $ | 24,032 | $ | 25,246 | $ | 26,086 | |||||||
Net (loss) income from continuing operations | $ | (4,556 | ) | $ | 25,241 | $ | 43,130 | $ | 18,613 | ||||||
Net (loss) income from discontinued operations, net of tax | $ | (65,385 | ) | $ | (12,555 | ) | $ | 3,973 | $ | 1,233 | |||||
Net (loss) income | $ | (69,941 | ) | $ | 12,686 | $ | 47,103 | $ | 19,846 | ||||||
Net (loss) income per common share: | |||||||||||||||
Basic net (loss) income per common share from continuing operations | $ | (0.04 | ) | $ | 0.24 | $ | 0.42 | $ | 0.18 | ||||||
Basic net (loss) income per common share from discontinued operations | $ | (0.63 | ) | $ | (0.12 | ) | $ | 0.04 | $ | 0.01 | |||||
Basic net (loss) income per common share | $ | (0.67 | ) | $ | 0.12 | $ | 0.45 | $ | 0.19 | ||||||
Diluted net (loss) income per common share from continuing operations | $ | (0.04 | ) | $ | 0.24 | $ | 0.41 | $ | 0.18 | ||||||
Diluted net (loss) income per common share from discontinued operations | $ | (0.63 | ) | $ | (0.12 | ) | $ | 0.04 | $ | 0.01 | |||||
Diluted net (loss) income per common share | $ | (0.67 | ) | $ | 0.12 | $ | 0.45 | $ | 0.19 |
Fiscal Year Ended June 30, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
United States | $ | 1,057,625 | $ | 1,144,832 | $ | 1,167,688 | ||||||
United Kingdom | 885,488 | 938,029 | 851,757 | |||||||||
All Other | 359,355 | 374,908 | 324,060 | |||||||||
Total | $ | 2,302,468 | $ | 2,457,769 | $ | 2,343,505 |
June 30, 2019 | June 30, 2018 | ||||||
Payroll, employee benefits and other administrative accruals | $ | 80,338 | $ | 75,918 | |||
Facility, freight and warehousing accruals | 21,402 | 20,970 | |||||
Selling and marketing related accruals | 7,399 | 15,546 | |||||
Other accruals | 9,801 | 3,567 | |||||
$ | 118,940 | $ | 116,001 |
Fiscal Year Ended June 30, | |||||||
2019 | 2018 | ||||||
Foreign currency translation adjustments: | |||||||
Other comprehensive (loss) income before reclassifications (1) | $ | (41,180 | ) | $ | 11,497 | ||
Deferred gains/(losses) on cash flow hedging instruments: | |||||||
Other comprehensive income before reclassifications | 94 | 39 | |||||
Amounts reclassified into income (2) | (26 | ) | (106 | ) | |||
Unrealized gain on equity investment: | |||||||
Other comprehensive loss before reclassifications | — | (191 | ) | ||||
Other comprehensive (loss) income | $ | (41,112 | ) | $ | 11,239 |
(1) | Foreign currency translation adjustments included intra-entity foreign currency transactions that were of a long-term investment nature and were a loss of $619 and a gain of $493 for the fiscal years ended June 30, 2019 and 2018, respectively. |
(2) | Amounts reclassified into income for deferred gains/(losses) on cash flow hedging instruments are recorded in “Cost of sales” in the Consolidated Statements of Operations and, before taxes, were $32 and $132 for the fiscal years ended June 30, 2019 and 2018, respectively. |
Fiscal Year Ended June 30, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Selling, general and administrative expense | $ | 9,503 | $ | 13,380 | $ | 9,658 | |||||
Chief Executive Officer Succession Plan expense, net | 429 | (2,203 | ) | — | |||||||
Discontinued operations | 133 | — | — | ||||||||
Total compensation cost recognized for stock-based compensation plans | $ | 10,065 | $ | 11,177 | $ | 9,658 | |||||
Related income tax benefit | $ | 1,189 | $ | 2,165 | $ | 3,622 |
Fiscal Year Ended June 30, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Current: | |||||||||||
Federal | $ | 3,639 | $ | (1,309 | ) | $ | 18,331 | ||||
State and local | 760 | 1,383 | (293 | ) | |||||||
Foreign | 18,694 | 20,542 | 14,884 | ||||||||
23,093 | 20,616 | 32,922 | |||||||||
Deferred: | |||||||||||
Federal | (24,045 | ) | (22,612 | ) | (3,198 | ) | |||||
State and local | 1,188 | 1,973 | 960 | ||||||||
Foreign | (2,933 | ) | (864 | ) | (8,218 | ) | |||||
(25,790 | ) | (21,503 | ) | (10,456 | ) | ||||||
Total | $ | (2,697 | ) | $ | (887 | ) | $ | 22,466 |
June 30, 2019 | June 30, 2018 | ||||||
Revolving credit facility | $ | 420,575 | $ | 401,852 | |||
Term loan | 206,250 | 296,250 | |||||
Less: Unamortized issuance costs | (1,022 | ) | (692 | ) | |||
Tilda short-term borrowing arrangements | 8,687 | 9,338 | |||||
Other borrowings | 4,966 | 7,358 | |||||
639,456 | 714,106 | ||||||
Short-term borrowings and current portion of long-term debt | 25,919 | 26,605 | |||||
Long-term debt, less current portion | $ | 613,537 | $ | 687,501 |
June 30, 2019 | June 30, 2018 | ||||||
Noncurrent deferred tax assets/(liabilities): | |||||||
Basis difference on inventory | $ | 9,128 | $ | 9,139 | |||
Reserves not currently deductible | 23,518 | 11,060 | |||||
Basis difference on intangible assets | (92,923 | ) | (97,365 | ) | |||
Basis difference on property and equipment | (6,060 | ) | (8,444 | ) | |||
Other comprehensive income | 502 | (133 | ) | ||||
Net operating loss and tax credit carryforwards | 73,976 | 18,276 | |||||
Stock-based compensation | 827 | 1,348 | |||||
Other | 3,985 | 41 | |||||
Valuation allowances | (34,912 | ) | (20,831 | ) | |||
Noncurrent deferred tax liabilities, net(1) | $ | (21,959 | ) | $ | (86,909 | ) |
ASSETS | June 30, 2018 | |||
Cash and cash equivalents | $ | 6,460 | ||
Accounts receivable, less allowance for doubtful accounts | 21,616 | |||
Inventories | 105,359 | |||
Prepaid expenses and other current assets | 5,604 | |||
Property, plant and equipment, net | 83,776 | |||
Goodwill | 41,089 | |||
Trademarks and other intangible assets, net | 51,029 | |||
Other assets | 4,382 | |||
Impairments of long-lived assets held for sale | (78,464 | ) | ||
Current assets of discontinued operations | $ | 240,851 | ||
LIABILITIES | ||||
Accounts payable | $ | 31,762 | ||
Accrued expenses and other current liabilities | 6,880 | |||
Deferred tax liabilities | 11,111 | |||
Other noncurrent liabilities | 93 | |||
Current liabilities of discontinued operations | $ | 49,846 |
Fiscal Year Ended June 30, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net sales | $ | 408,109 | $ | 509,475 | $ | 509,606 | |||||
Cost of sales | 409,433 | 486,023 | 487,631 | ||||||||
Gross (loss) profit | (1,324 | ) | 23,452 | 21,975 | |||||||
Asset impairments | 109,252 | 78,464 | — | ||||||||
Selling, general and administrative expense | 16,384 | 18,743 | 19,180 | ||||||||
Other expense | 9,088 | 4,699 | 1,530 | ||||||||
Loss on sale of discontinued operations before income taxes | 40,859 | — | — | ||||||||
Net (loss) income from discontinued operations before income taxes | (176,907 | ) | (78,454 | ) | 1,265 | ||||||
Benefit for income taxes | (43,538 | ) | (5,720 | ) | (624 | ) | |||||
Net (loss) income from discontinued operations, net of tax | $ | (133,369 | ) | $ | (72,734 | ) | $ | 1,889 |
Fiscal Year Ended June 30, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Numerator: | |||||||||||
Net (loss) income from continuing operations | $ | (49,945 | ) | $ | 82,428 | $ | 65,541 | ||||
Net (loss) income from discontinued operations, net of tax | $ | (133,369 | ) | $ | (72,734 | ) | $ | 1,889 | |||
Net (loss) income | $ | (183,314 | ) | $ | 9,694 | $ | 67,430 | ||||
Denominator: | |||||||||||
Basic weighted average shares outstanding | 104,076 | 103,848 | 103,611 | ||||||||
Effect of dilutive stock options, unvested restricted stock and unvested restricted share units | — | 629 | 637 | ||||||||
Diluted weighted average shares outstanding | 104,076 | 104,477 | 104,248 | ||||||||
Basic net (loss) income per common share: | |||||||||||
Continuing operations | $ | (0.48 | ) | $ | 0.79 | $ | 0.63 | ||||
Discontinued operations | (1.28 | ) | (0.70 | ) | 0.02 | ||||||
Basic net (loss) income per common share | $ | (1.76 | ) | $ | 0.09 | $ | 0.65 | ||||
Diluted net (loss) income per common share: | |||||||||||
Continuing operations | $ | (0.48 | ) | $ | 0.79 | $ | 0.63 | ||||
Discontinued operations | (1.28 | ) | (0.70 | ) | 0.02 | ||||||
Diluted net (loss) income per common share | $ | (1.76 | ) | $ | 0.09 | $ | 0.65 |
Fiscal Year Ended June 30, | ||||||||||||||||||||
2019 | % | 2018 | % | 2017 | % | |||||||||||||||
Expected United States federal income tax at statutory rate | $ | (10,917 | ) | 21.0 | % | $ | 22,818 | 28.1 | % | $ | 30,757 | 35.0 | % | |||||||
State income taxes, net of federal (benefit) provision | (9,793 | ) | 18.8 | % | 2,774 | 3.4 | % | 2,757 | 3.1 | % | ||||||||||
Domestic manufacturing deduction | — | — | % | — | — | % | (846 | ) | (1.0 | )% | ||||||||||
Foreign income at different rates | 205 | (0.4 | )% | (7,174 | ) | (8.8 | )% | (6,539 | ) | (7.4 | )% | |||||||||
Impairment of goodwill and intangibles | — | — | % | 1,816 | 2.2 | % | — | — | % | |||||||||||
Change in valuation allowance | 9,810 | (18.9 | )% | 119 | 0.1 | % | (60 | ) | (0.1 | )% | ||||||||||
Unrealized foreign exchange losses | — | — | % | — | — | % | 807 | 0.9 | % | |||||||||||
Change in reserves for uncertain tax positions | 841 | (1.6 | )% | (3,859 | ) | (4.8 | )% | (4,417 | ) | (5.0 | )% | |||||||||
Tax Act’s transition tax (a) | 6,834 | (13.1 | )% | 7,054 | 8.7 | % | — | — | % | |||||||||||
Tax Act’s impact of deferred taxes (b) | — | — | % | (25,006 | ) | (30.8 | )% | — | — | % | ||||||||||
Global Intangible Low Taxed Income | 3,872 | (7.4 | )% | — | — | % | — | — | % | |||||||||||
Reduction of deferred tax liabilities resulting from change in United Kingdom tax rate | — | — | % | — | — | % | (1,841 | ) | (2.1 | )% | ||||||||||
Other | (3,549 | ) | 6.8 | % | 571 | 0.8 | % | 1,848 | 2.2 | % | ||||||||||
(Benefit) provision for income taxes | $ | (2,697 | ) | 5.2 | % | $ | (887 | ) | (1.1 | )% | $ | 22,466 | 25.6 | % |
Fiscal Year Ended June 30, | ||||||||
2019 | 2018 | |||||||
United States | $ | 115,866 | $ | 99,650 | ||||
United Kingdom | 173,544 | 174,214 | ||||||
All Other | 87,277 | 86,700 | ||||||
Total | $ | 376,687 | $ | 360,564 |
Fiscal Year Ended June 30, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Grocery | $ | 1,709,695 | $ | 1,842,535 | $ | 1,743,860 | ||||||
Snacks | 298,333 | 302,795 | 312,784 | |||||||||
Personal Care | 178,966 | 196,245 | 176,408 | |||||||||
Tea | 115,474 | 116,194 | 110,453 | |||||||||
Total | $ | 2,302,468 | $ | 2,457,769 | $ | 2,343,505 |
Total | Quoted prices in active markets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||
Assets: | |||||||||||||||
Cash equivalents | $ | 44 | $ | 44 | $ | — | $ | — | |||||||
Forward foreign currency contracts | 626 | — | 626 | — | |||||||||||
Equity investment | 621 | 621 | — | — | |||||||||||
$ | 1,291 | $ | 665 | $ | 626 | $ | — | ||||||||
Liabilities: | |||||||||||||||
Forward foreign currency contracts | 103 | — | 103 | — | |||||||||||
Total | $ | 103 | $ | — | $ | 103 | $ | — |
Total | Quoted prices in active markets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||
Assets: | |||||||||||||||
Cash equivalents | $ | 99 | $ | 99 | $ | — | $ | — | |||||||
Forward foreign currency contracts | 365 | — | 365 | — | |||||||||||
Equity investment | 692 | 692 | — | — | |||||||||||
$ | 1,156 | $ | 791 | $ | 365 | $ | — | ||||||||
Liabilities: | |||||||||||||||
Forward foreign currency contracts | 27 | — | 27 | — | |||||||||||
Contingent consideration, non-current | 1,909 | — | — | 1,909 | |||||||||||
Total | $ | 1,936 | $ | — | $ | 27 | $ | 1,909 |
Fiscal Year | |||
2020 | $ | 19,426 | |
2021 | 16,584 | ||
2022 | 14,218 | ||
2023 | 13,221 | ||
2024 | 11,041 | ||
Thereafter | 44,452 | ||
$ | 118,942 |
United States | United Kingdom | Rest of World | Total | ||||||||||||
Balance as of June 30, 2017(1) | $ | 588,333 | $ | 329,135 | $ | 101,424 | $ | 1,018,892 | |||||||
Acquisition activity | — | 7,062 | — | 7,062 | |||||||||||
Reallocation of goodwill between reporting units(2) | (35,519 | ) | 35,519 | — | — | ||||||||||
Impairment charge | — | — | (7,700 | ) | (7,700) | ||||||||||
Translation and other adjustments, net | — | 5,447 | 435 | 5,882 | |||||||||||
Balance as of June 30, 2018(3) | 552,814 | 377,163 | 94,159 | 1,024,136 | |||||||||||
Translation and other adjustments, net | — | (14,344 | ) | (813 | ) | (15,157 | ) | ||||||||
Balance as of June 30, 2019(3) | $ | 552,814 | $ | 362,819 | $ | 93,346 | $ | 1,008,979 |
Fiscal Year Ended June 30, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Domestic | $ | (134,096 | ) | $ | (13,936 | ) | $ | 47,781 | |||
Foreign | 82,109 | 95,138 | 40,097 | ||||||||
Total | $ | (51,987 | ) | $ | 81,202 | $ | 87,878 |
June 30, 2019 | June 30, 2018 | ||||||
Finished goods | $ | 220,600 | $ | 231,926 | |||
Raw materials, work-in-progress and packaging | 144,287 | 159,599 | |||||
$ | 364,887 | $ | 391,525 |
Due in Fiscal Year | Amount | |||
2020 | $ | 25,919 | ||
2021 | 16,400 | |||
2022 | 15,204 | |||
2023 | 581,775 | |||
2024 | 47 | |||
Thereafter | 111 | |||
$ | 639,456 |
Three Months Ended | |||||||||||||||
June 30, 2019 | March 31, 2019 | December 31, 2018 | September 30, 2018 | ||||||||||||
Net sales | $ | 557,682 | $ | 599,797 | $ | 584,156 | $ | 560,833 | |||||||
Gross profit | $ | 106,077 | $ | 125,269 | $ | 114,273 | $ | 99,594 | |||||||
Operating income (loss) | $ | 740 | $ | 23,865 | $ | (15,387 | ) | $ | (24,104 | ) | |||||
(Loss) income before income taxes and equity in earnings of equity-method investees | $ | (8,408 | ) | $ | 13,407 | $ | (24,577 | ) | $ | (32,409 | ) | ||||
Net (loss) income from continuing operations | $ | (7,654 | ) | $ | 10,088 | $ | (29,278 | ) | $ | (23,101 | ) | ||||
Net loss from discontinued operations, net of tax | $ | (5,897 | ) | $ | (75,925 | ) | $ | (37,223 | ) | $ | (14,324 | ) | |||
Net loss | $ | (13,551 | ) | $ | (65,837 | ) | $ | (66,501 | ) | $ | (37,425 | ) | |||
Net (loss) income per common share: | |||||||||||||||
Basic net (loss) income per common share from continuing operations | $ | (0.07 | ) | $ | 0.10 | $ | (0.28 | ) | $ | (0.22 | ) | ||||
Basic net loss per common share from discontinued operations | $ | (0.06 | ) | $ | (0.73 | ) | $ | (0.36 | ) | $ | (0.14 | ) | |||
Basic net loss per common share | $ | (0.13 | ) | $ | (0.63 | ) | $ | (0.64 | ) | $ | (0.36 | ) | |||
Diluted net (loss) income per common share from continuing operations | $ | (0.07 | ) | $ | 0.10 | $ | (0.28 | ) | $ | (0.22 | ) | ||||
Diluted net loss per common share from discontinued operations | $ | (0.06 | ) | $ | (0.73 | ) | $ | (0.36 | ) | $ | (0.14 | ) | |||
Diluted net loss per common share | $ | (0.13 | ) | $ | (0.63 | ) | $ | (0.64 | ) | $ | (0.36 | ) |
Three Months Ended | |||||||||||||||
June 30, 2018 | March 31, 2018 | December 31, 2017 | September 30, 2017 | ||||||||||||
Net sales | $ | 619,598 | $ | 632,720 | $ | 616,232 | $ | 589,219 | |||||||
Gross profit | $ | 125,097 | $ | 133,013 | $ | 133,950 | $ | 123,388 | |||||||
Operating income | $ | 16,580 | $ | 29,254 | $ | 30,965 | $ | 29,241 | |||||||
Income before income taxes and equity in earnings of equity-method investees | $ | 5,838 | $ | 24,032 | $ | 25,246 | $ | 26,086 | |||||||
Net (loss) income from continuing operations | $ | (4,556 | ) | $ | 25,241 | $ | 43,130 | $ | 18,613 | ||||||
Net (loss) income from discontinued operations, net of tax | $ | (65,385 | ) | $ | (12,555 | ) | $ | 3,973 | $ | 1,233 | |||||
Net (loss) income | $ | (69,941 | ) | $ | 12,686 | $ | 47,103 | $ | 19,846 | ||||||
Net (loss) income per common share: | |||||||||||||||
Basic net (loss) income per common share from continuing operations | $ | (0.04 | ) | $ | 0.24 | $ | 0.42 | $ | 0.18 | ||||||
Basic net (loss) income per common share from discontinued operations | $ | (0.63 | ) | $ | (0.12 | ) | $ | 0.04 | $ | 0.01 | |||||
Basic net (loss) income per common share | $ | (0.67 | ) | $ | 0.12 | $ | 0.45 | $ | 0.19 | ||||||
Diluted net (loss) income per common share from continuing operations | $ | (0.04 | ) | $ | 0.24 | $ | 0.41 | $ | 0.18 | ||||||
Diluted net (loss) income per common share from discontinued operations | $ | (0.63 | ) | $ | (0.12 | ) | $ | 0.04 | $ | 0.01 | |||||
Diluted net (loss) income per common share | $ | (0.67 | ) | $ | 0.12 | $ | 0.45 | $ | 0.19 |
Fiscal Years Ended June 30, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Net Sales: (1) | ||||||||||||
United States | $ | 1,009,406 | $ | 1,084,871 | $ | 1,107,806 | ||||||
United Kingdom | 885,488 | 938,029 | 851,757 | |||||||||
Rest of World | 407,574 | 434,869 | 383,942 | |||||||||
$ | 2,302,468 | $ | 2,457,769 | $ | 2,343,505 | |||||||
Operating (Loss) Income: | ||||||||||||
United States | $ | 23,864 | $ | 86,319 | $ | 145,307 | ||||||
United Kingdom | 52,413 | 56,046 | 51,948 | |||||||||
Rest of World | 32,820 | 38,660 | 32,010 | |||||||||
109,097 | 181,025 | 229,265 | ||||||||||
Corporate and Other (2) | (123,983 | ) | (74,985 | ) | (119,842 | ) | ||||||
$ | (14,886 | ) | $ | 106,040 | $ | 109,423 |
(1) | One of our customers accounted for approximately 11%, 11%, and 12% of our consolidated net sales for the fiscal years ended June 30, 2019, 2018 and 2017, respectively, which were primarily related to the United States and United Kingdom segments. A second customer accounted for approximately, 10%, 11% and 11% of our consolidated net sales for the fiscal years ended June 30, 2019, 2018 and 2017, respectively, which were primarily related to the United States segment. |
(2) | For the fiscal year ended June 30, 2019, Corporate and Other included $30,156 of Chief Executive Officer Succession Plan expense, net, $28,443 of Project Terra costs and other and $4,334 of accounting review and remediation costs. Corporate and Other for the fiscal year ended June 30, 2019 also included impairment charges of $17,900 ($11,300 related to the United States segment, $2,787 related to the United Kingdom segment and $3,813 in the Rest of World segment) related to certain of the Company’s tradenames and a $4,460 benefit for proceeds received in connection with an insurance recovery. |
Grant Date | Shares Issued | Fair Value Per Share | Grant Date Fair Value | |||||
February 19, 2019 | 739 | $ | 1.79 | $ | 1,324 | |||
March 29, 2019 | 187 | $ | 3.01 | 563 | ||||
April 15, 2019 | 136 | $ | 2.83 | $ | 385 | |||
April 25, 2019 | 123 | $ | 2.64 | 325 | ||||
May 15, 2019 | 213 | $ | 3.55 | $ | 755 | |||
Total | 1,398 | $ | 3,352 |
2019 | Weighted Average Exercise Price | 2018 | Weighted Average Exercise Price | 2017 | Weighted Average Exercise Price | |||||||||||||||
Outstanding at beginning of year | 122 | $ | 2.26 | 122 | $ | 2.26 | 342 | $ | 6.66 | |||||||||||
Exercised | — | $ | — | — | $ | — | (220 | ) | $ | 9.10 | ||||||||||
Outstanding at end of year | 122 | $ | 2.26 | 122 | $ | 2.26 | 122 | $ | 2.26 | |||||||||||
Options exercisable at end of year | 122 | $ | 2.26 | 122 | $ | 2.26 | 122 | $ | 2.26 |
Fiscal Year Ended June 30, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Intrinsic value of options exercised | $ | — | $ | — | $ | 6,507 | |||||
Cash received from stock option exercises | $ | — | $ | — | $ | — | |||||
Tax benefit recognized from stock option exercises | $ | — | $ | — | $ | 2,538 |
2019 | Weighted Average Grant Date Fair Value (per share) | 2018 | Weighted Average Grant Date Fair Value (per share) | 2017 | Weighted Average Grant Date Fair Value (per share) | |||||||||
Non-vested restricted stock and restricted share units - beginning of year | 1,057 | $22.29 | 992 | $27.59 | 1,121 | $28.24 | ||||||||
Granted | 4,088 | $7.11 | 685 | $26.13 | 195 | $33.68 | ||||||||
Vested | (411 | ) | $27.36 | (433 | ) | $36.68 | (290 | ) | $33.89 | |||||
Forfeited | (374 | ) | $18.33 | (187 | ) | $31.15 | (34 | ) | $29.88 | |||||
Non-vested restricted stock and restricted share units - end of year | 4,360 | $7.92 | 1,057 | $22.29 | 992 | $27.59 |
Fiscal Year Ended June 30, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Balance at beginning of year | $ | 6,730 | $ | 11,602 | $ | 16,019 | |||||
Additions based on tax positions related to the current year | 248 | 118 | 217 | ||||||||
Additions based on tax positions related to prior years | 5,446 | — | — | ||||||||
Reductions due to lapse in statute of limitations and settlements | (555 | ) | (4,990 | ) | (4,634 | ) | |||||
Balance at end of year | $ | 11,869 | $ | 6,730 | $ | 11,602 |
Fiscal Year Ending June 30, | |||||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | |||||||||||||||
Estimated amortization expense | $ | 13,916 | $ | 13,473 | $ | 12,770 | $ | 12,197 | $ | 9,646 |
Fiscal Years Ended June 30, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Net Sales: (1) | ||||||||||||
United States | $ | 1,009,406 | $ | 1,084,871 | $ | 1,107,806 | ||||||
United Kingdom | 885,488 | 938,029 | 851,757 | |||||||||
Rest of World | 407,574 | 434,869 | 383,942 | |||||||||
$ | 2,302,468 | $ | 2,457,769 | $ | 2,343,505 | |||||||
Operating (Loss) Income: | ||||||||||||
United States | $ | 23,864 | $ | 86,319 | $ | 145,307 | ||||||
United Kingdom | 52,413 | 56,046 | 51,948 | |||||||||
Rest of World | 32,820 | 38,660 | 32,010 | |||||||||
109,097 | 181,025 | 229,265 | ||||||||||
Corporate and Other (2) | (123,983 | ) | (74,985 | ) | (119,842 | ) | ||||||
$ | (14,886 | ) | $ | 106,040 | $ | 109,423 |
(1) | One of our customers accounted for approximately 11%, 11%, and 12% of our consolidated net sales for the fiscal years ended June 30, 2019, 2018 and 2017, respectively, which were primarily related to the United States and United Kingdom segments. A second customer accounted for approximately, 10%, 11% and 11% of our consolidated net sales for the fiscal years ended June 30, 2019, 2018 and 2017, respectively, which were primarily related to the United States segment. |
(2) | For the fiscal year ended June 30, 2019, Corporate and Other included $30,156 of Chief Executive Officer Succession Plan expense, net, $28,443 of Project Terra costs and other and $4,334 of accounting review and remediation costs. Corporate and Other for the fiscal year ended June 30, 2019 also included impairment charges of $17,900 ($11,300 related to the United States segment, $2,787 related to the United Kingdom segment and $3,813 in the Rest of World segment) related to certain of the Company’s tradenames and a $4,460 benefit for proceeds received in connection with an insurance recovery. |
Fiscal Year Ended June 30, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Grocery | $ | 1,709,695 | $ | 1,842,535 | $ | 1,743,860 | ||||||
Snacks | 298,333 | 302,795 | 312,784 | |||||||||
Personal Care | 178,966 | 196,245 | 176,408 | |||||||||
Tea | 115,474 | 116,194 | 110,453 | |||||||||
Total | $ | 2,302,468 | $ | 2,457,769 | $ | 2,343,505 |
Fiscal Year Ended June 30, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
United States | $ | 1,057,625 | $ | 1,144,832 | $ | 1,167,688 | ||||||
United Kingdom | 885,488 | 938,029 | 851,757 | |||||||||
All Other | 359,355 | 374,908 | 324,060 | |||||||||
Total | $ | 2,302,468 | $ | 2,457,769 | $ | 2,343,505 |
Fiscal Year Ended June 30, | ||||||||
2019 | 2018 | |||||||
United States | $ | 115,866 | $ | 99,650 | ||||
United Kingdom | 173,544 | 174,214 | ||||||
All Other | 87,277 | 86,700 | ||||||
Total | $ | 376,687 | $ | 360,564 |
Fiscal Year Ended June 30, | |||||||
2019 | 2018 | ||||||
Foreign currency translation adjustments: | |||||||
Other comprehensive (loss) income before reclassifications (1) | $ | (41,180 | ) | $ | 11,497 | ||
Deferred gains/(losses) on cash flow hedging instruments: | |||||||
Other comprehensive income before reclassifications | 94 | 39 | |||||
Amounts reclassified into income (2) | (26 | ) | (106 | ) | |||
Unrealized gain on equity investment: | |||||||
Other comprehensive loss before reclassifications | — | (191 | ) | ||||
Other comprehensive (loss) income | $ | (41,112 | ) | $ | 11,239 |
(1) | Foreign currency translation adjustments included intra-entity foreign currency transactions that were of a long-term investment nature and were a loss of $619 and a gain of $493 for the fiscal years ended June 30, 2019 and 2018, respectively. |
(2) | Amounts reclassified into income for deferred gains/(losses) on cash flow hedging instruments are recorded in “Cost of sales” in the Consolidated Statements of Operations and, before taxes, were $32 and $132 for the fiscal years ended June 30, 2019 and 2018, respectively. |
Fiscal Year Ended June 30, | |||||||
2019 | 2018 | ||||||
Balance at beginning of year | $ | 20,831 | $ | 20,712 | |||
Additions charged to income tax expense | 17,773 | 1,251 | |||||
Reductions credited to income tax expense | (3,231 | ) | (1,345 | ) | |||
Currency translation adjustments | (461 | ) | 213 | ||||
Balance at end of year | $ | 34,912 | $ | 20,831 |