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Hain Celestial Announces Record Third Quarter Fiscal Year 2014 Results - Valley News Live - KVLY/KXJB - Fargo/Grand Forks

Hain Celestial Announces Record Third Quarter Fiscal Year 2014 Results

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SOURCE The Hain Celestial Group, Inc.

Net Sales Reached Record $557.4 Million, 22% Increase

Operating Income Increased 25% to 11.4% of Net Sales

Adjusted Operating Income Increased 25% to 13.0% of Net Sales

Earnings Per Diluted Share of $0.75

Adjusted Earnings Per Diluted Share of $0.88

Operating Free Cash Flow of $91.6 Million for the Nine Months

LAKE SUCCESS, N.Y., May 8, 2014 /PRNewswire/ -- The Hain Celestial Group, Inc. (NASDAQ: HAIN), a leading organic and natural products company providing consumers with A Healthier Way of Life™, today reported record results for its third quarter ended March 31, 2014. 

The Hain Celestial Group, Inc.

Performance Highlights

  • Adjusted earnings per diluted share from continuing operations of $0.88, a 22% increase
  • Earnings per diluted share from continuing operations of $0.75, compared to $0.87 a year ago, which included a $0.28 one-time tax benefit
  • Record quarterly net sales of $557.4 million, a 22% increase
  • Operating income of $63.6 million, 11.4% of net sales; adjusted operating income of $72.3 million, 13.0% of net sales
  • Adjusted EBITDA of $83.3 million, 14.9% of net sales; EBITDA of $76.4 million, 13.7% of net sales
  • Operating Free Cash Flow of $91.6 million for the nine months ended March 31, 2014

"We are pleased with our record third quarter results, the highest net sales in the Company's history and our 13th consecutive quarter of year-over-year double digit net sales and adjusted earnings growth," said Irwin D. Simon, Founder, President and Chief Executive Officer of Hain Celestial.  "We continue to experience strong demand for our organic and natural brands as demonstrated by the increasing consumption of our products.  Today, our products are available on shelves across more geographies and sales channels, and we believe the opportunities ahead are even more compelling as we expand with new and existing customers."

Third Quarter Fiscal 2014
The Company reported net sales of $557.4 million, a 22% increase, compared to net sales of $456.1 million in the third quarter of fiscal year 2013.  Hain Celestial US reported record third quarter net sales of $319.5 million, a 15% increase. In the United Kingdom, net sales were $176.9 million, and the Rest of World segment reported net sales of $61.0 million.  The Company had strong brand contribution across various sales channels led by Imagine®, The Greek Gods®, Spectrum®, Earth's Best®, Garden of Eatin'®, Sensible Portions®, Bearitos®, Terra®, Cully & Sully®, Hartley's®, Gale's®, Sun-Pat®, Frank Cooper's®, Robertson's®, Linda McCartney®, Lima®, Danival®, Natumi® and Alba Botanica®.  The growth in net sales also resulted from sales of the Ella's Kitchen® brand acquired in the fourth quarter of fiscal year 2013 and the Tilda® brand acquired in the third quarter of fiscal year 2014.

For the third quarter, the Company earned adjusted net income from continuing operations of $44.5 million compared to $34.4 million in the prior year third quarter, a 29% increase and reported adjusted earnings per diluted share from continuing operations of $0.88 compared to $0.72, a 22% increase.  Net income was $35.2 million compared to $40.7 million in the prior year third quarter when the Company reported a tax benefit of $13.2 million, or $0.28 per diluted share, resulting from a worthless stock tax deduction for an investment in one of the Company's UK subsidiaries. Refer to Non-GAAP Financial Measures for adjustments.

"The third quarter was a significant quarter for the Company with many accomplishments," added Irwin Simon.  "We closed on the acquisition of Tilda®, a leading global rice brand, which expanded our branded grocery product offerings with basmati rice into the Ethnic Specialty Channel and into new geographies in the Middle East, North Africa and India.  At this year's Natural Products Expo West, which had a record-breaking 67,000 attendees, we featured over 100 new and exciting food, beverage and personal care products and met with leading accounts from across all sales channels.  Lastly, with several of our key commodities rising, we managed to control our costs and delivered productivity savings, which we expect to continue throughout the rest of this fiscal year and into fiscal year 2015.  We expect additional integration opportunities from our BluePrint and Ella's Kitchen acquisitions to continue into next year."      

Acquisitions and Divestitures
"We are excited by the strategic acquisition of Rudi's Organic Bakery, Inc., ("Rudi's"), a leading certified organic bread brand, as we look for the latest trends, and consumers are increasing their purchases of whole grains, organic and gluten-free product offerings," commented Irwin Simon.  "As a company committed to driving product innovation, we plan to build upon Rudi's leadership position and see the opportunity to take Rudi's into complementary product categories.  We have a proven ability to expand great brands and products into various channels of distribution including the conventional, mass and club channels where we see significant opportunities for increased growth." 

During the third quarter, the Company completed the previously announced divestiture of the Grains Noirs business as well as other discontinued products in Europe, which were non-core assets.  The Company will continue to review its portfolio as it focuses on its core strategy of organic and natural brands and products by streamlining its business where appropriate and seeking out strategic accretive acquisitions which complement the Company's growth plans. 

Fiscal Year 2014 Guidance
The Company raised its annual guidance for fiscal year 2014 to reflect the Rudi's acquisition completed in April 2014 and performance year to date: 

  • Total net sales range of $2.145 billion to $2.150 billion for fiscal year 2014; an increase of approximately 24% as compared to fiscal year 2013.
  • Earnings range of $3.14 to $3.17 per diluted share for fiscal year 2014; an increase of 24% to 25% as compared to fiscal year 2013.

Guidance is provided for continuing operations on a non-GAAP basis and excludes acquisition-related fees and expenses, integration and restructuring charges, factory start-up costs, certain litigation expenses, unrealized currency gains and losses and specific losses on equity-method investees that have been or may be incurred during the Company's fiscal year 2014, which the Company will continue to identify as it reports its future financial results.  Guidance excludes the impact of any future acquisitions.


Segment Results
The Company's operations are organized into geographic segments:  United States, United Kingdom and Rest of World (comprised of Canada and Continental Europe). 

The following is a summary of third quarter and nine month results by reportable segment:



























(dollars in thousands)


United States


United Kingdom


Rest of World


Corporate/
Other


Non-GAAP Adjustments (1)


Adjusted (1)

Net sales - Three months ended 3/31/14


$          319,471


$          176,939


$             61,010


$                        -


$                        -


$          557,420

Net sales - Three months ended 3/31/13


$          277,582


$          121,162


$             57,343


$                        -


$                        -


$          456,087

% change


15.1%


46.0%


6.4%






22.2%














Operating income (loss) - Three months ended 3/31/14


$             56,702


$             18,366


$               5,100


$             (16,539)


$               8,627


$             72,256

Operating income (loss) - Three months ended 3/31/13


$             51,260


$               8,793


$               5,170


$             (14,164)


$               6,561


$             57,620

% change


10.6%


108.9%


-1.4%






25.4%














Operating income margin - Three months ended 3/31/14


17.7%


10.4%


8.4%






13.0%

Operating income margin - Three months ended 3/31/13


18.5%


7.3%


9.0%






12.6%








































(dollars in thousands)


United States


United Kingdom


Rest of World


Corporate/
Other


Non-GAAP Adjustments (1)


Adjusted (1)

Net sales - Nine months ended 3/31/14


$          959,191


$          436,985


$          173,607


$                        -


$                        -


$       1,569,783

Net sales - Nine months ended 3/31/13


$          810,644


$          299,277


$          161,292


$                        -


$                        -


$       1,271,213

% change


18.3%


46.0%


7.6%






23.5%














Operating income (loss) - Nine months ended 3/31/14


$          159,578


$             32,278


$             12,010


$             (36,152)


$             14,423


$          182,137

Operating income (loss) - Nine months ended 3/31/13


$          135,359


$             19,843


$             13,844


$             (34,467)


$             10,977


$          145,556

% change


17.9%


62.7%


-13.2%






25.1%














Operating income margin - Nine months ended 3/31/14


16.6%


7.4%


6.9%






11.6%

Operating income margin - Nine months ended 3/31/13


16.7%


6.6%


8.6%






11.5%














(1) See accompanying table of "Reconciliation of GAAP Results to Non-GAAP Measures"









Webcast
Hain Celestial will host a conference call and webcast at 8:30 AM Eastern Time today to review its third quarter fiscal year 2014 results.  The conference call will be webcast and available under the Investor Relations section of the Company's website at www.hain.com.

The Hain Celestial Group, Inc.
The Hain Celestial Group (NASDAQ: HAIN), headquartered in Lake Success, NY, is a leading organic and natural products company in North America and Europe.  Hain Celestial participates in many natural categories with well-known brands that include Celestial Seasonings®, Earth's Best®, Ella's Kitchen®, Terra®, Garden of Eatin'®, Sensible Portions®, Health Valley®, Arrowhead Mills®, MaraNatha®, SunSpire®, DeBoles®, Rudi's Organic Bakery®, Gluten Free Café™, Hain Pure Foods®, Spectrum®, Spectrum Essentials®, Walnut Acres Organic®, Imagine®, Almond Dream®, Rice Dream®, Soy Dream®, WestSoy®, The Greek Gods®, BluePrint®, Yves Veggie Cuisine®, Europe's Best®, Cully & Sully®, New Covent Garden Soup Co.®, Johnson's Juice Co.®, Farmhouse Fare®, Hartley's®, Sun-Pat®, Gale's®, Robertson's®, Frank Cooper's®, Linda McCartney®, Lima®, Danival®, GG UniqueFiber®, Tilda®, Akash Basmati®, Abu Shmagh®, JASON®, Avalon Organics®, Alba Botanica® and Queen Helene®.  Hain Celestial has been providing A Healthier Way of Life™ since 1993.  For more information, visit www.hain.com.

Safe Harbor Statement
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995.  Words such as "plan," "continue," "expect," "expected," "anticipate," "estimate," "believe," "may," "potential," "can," "positioned," "should," "future," "look forward" and similar expressions, or the negative of those expressions, may identify forward-looking statements.  These forward-looking statements include the Company's expectations relating to (i) opportunities ahead; (ii) productivity savings; (iii) integration opportunities; (iv) the acquisition of Rudi's and the potential for growth therefrom; (v) its core strategy and (vi) the Company's guidance for net sales and earnings per diluted share for fiscal year 2014.  Forward-looking statements involve known and unknown risks and uncertainties, which could cause the Company's actual results to differ materially from those described in the forward-looking statements.  These factors include, but are not limited to the Company's ability to achieve its guidance for net sales and earnings per diluted share in fiscal year 2014 given the economic environment in the U.S. and other markets that it sells products as well as economic, political and business conditions generally and their effect on the Company's customers and consumers' product preferences, and the Company's business, financial condition and results of operations; changes in estimates or judgments related to the Company's impairment analysis of goodwill and other intangible assets, as well as with respect to the Company's valuation allowances of its deferred tax assets; the Company's ability to implement its business and acquisition strategy; the ability of the Company's joint venture investments to successfully execute their business plans; the Company's ability to realize sustainable growth generally and from investments in core brands, offering new products and its focus on cost containment, productivity, cash flow and margin enhancement in particular; the Company's ability to effectively integrate its acquisitions; the Company's ability to successfully consummate its proposed divestitures; the effects on the Company's results of operations from the impacts of foreign exchange; competition; the success and cost of introducing new products as well as the Company's ability to increase prices on existing products; availability and retention of key personnel; the Company's reliance on third party distributors, manufacturers and suppliers; the Company's ability to maintain existing customers and secure and integrate new customers; the Company's ability to respond to changes and trends in customer and consumer demand, preferences and consumption; international sales and operations; changes in fuel, raw material and commodity costs; changes in, or the failure to comply with, government regulations; the availability of organic and natural ingredients; the loss of one or more of the Company's manufacturing facilities; the ability to use the Company's trademarks; reputational damage; product liability; seasonality; litigation; the Company's reliance on its information technology systems; and the other risks detailed from time-to-time in the Company's reports filed with the  SEC, including the annual report on Form 10-K for the fiscal year ended June 30, 2013.  As a result of the foregoing and other factors, no assurance can be given as to future results, levels of activity and achievements and neither the Company nor any person assumes responsibility for the accuracy and completeness of these statements.

Non-GAAP Financial Measures
This press release and the accompanying tables include non-GAAP financial measures, including adjusted net income from continuing operations, adjusted earnings per diluted share, earnings before interest, taxes, depreciation, and amortization ("EBITDA"), adjusted EBITDA and operating free cash flow. The reconciliations of these non-GAAP financial measures to the comparable GAAP financial measures are presented in the tables "Reconciliation of GAAP Results to Non-GAAP Measures" for the three months and nine months ended March 31, 2014 and 2013 and in the paragraphs below.  Management believes that the non-GAAP financial measures presented provide useful additional information to investors about current trends in the Company's operations and are useful for period-over-period comparisons of operations.  These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures.  In addition, these non-GAAP measures may not be the same as similar measures provided by other companies due to potential differences in methods of calculation and items being excluded.  They should be read only in connection with the Company's Consolidated Statements of Income presented in accordance with GAAP. 

The Company defines EBITDA as net income (a GAAP measure) before income taxes, net interest expense, depreciation and amortization, impairment of long lived assets, equity in the earnings of non-consolidated affiliates and stock based compensation. Adjusted EBITDA is defined as net income before income taxes, net interest expense, depreciation and amortization, impairment of long lived assets, equity in the earnings of non-consolidated affiliates, stock based compensation and acquisition-related expenses, including integration and restructuring charges. The Company's management believes that these presentations provide useful information to management, analysts and investors regarding certain additional financial and business trends relating to its results of operations and financial condition.  In addition, management uses these measures for reviewing the financial results of the Company as well as one of the criteria for evaluating performance-based executive compensation. 

For the three and nine months ended March 31, 2014 and 2013, EBITDA and adjusted EBITDA were calculated as follows:



3 Months Ended

9 Months Ended

(dollars in thousands)

3/31/2014

3/31/2013

3/31/2014

3/31/2013

Net Income

$35,241

$40,715

$104,127

$88,723

Income taxes

19,748

1,610

48,247

26,052

Interest expense, net

5,699

4,777

16,193

12,891

Depreciation and amortization

12,789

10,529

34,597

27,522

Equity in earnings of affiliates

(83)

(293)

(2,128)

(151)

Stock based compensation

3,020

3,236

9,657

9,837

EBITDA

76,414

60,574

210,693

164,874






Acquisition related fees and expenses,
integration and restructuring charges





6,883

3,825

9,885

8,240

Adjusted EBITDA

$83,297

$64,399

$220,578

$173,114

The Company defines Operating Free Cash Flow as cash provided from or used in operating activities (a GAAP measure) less capital expenditures.  The Company views operating free cash flow as an important measure because it is one factor in evaluating the amount of cash available for discretionary investments. 

For the nine months ended March 31, 2014 and 2013, operating free cash flow was calculated as follows:


9 Months
Ended

 

9 Months
Ended

 

3/31/2014

3/31/2013

(dollars in thousands)


Cash flow provided by operating activities

$122,281

$67,864

Purchases of property, plant and equipment

(30,724)

(49,021)




Operating free cash flow

$91,557

$18,843

Operating free cash flow increased to $91.6 million for the nine months ended March 31, 2014 from $18.8 million in the prior year period as a result of the increase in our net income and improved working capital management.

THE HAIN CELESTIAL GROUP, INC.

Consolidated Balance Sheets

(In thousands)










 March 31, 


 June 30, 




2014


2013




 (Unaudited) 









ASSETS




Current assets:





Cash and cash equivalents

$      101,422


$       41,263


Trade receivables, net

302,078


233,641


Inventories

299,464


250,175


Deferred income taxes

17,620


17,716


Other current assets

44,601


32,377



Total current assets

765,185


575,172







Property, plant and equipment,  net

298,897


235,841

Goodwill, net

1,096,525


876,106

Trademarks and other intangible assets, net

609,492


498,235

Investments and joint ventures

39,367


46,799

Other assets

28,586


26,341



Total assets 

$   2,838,052


$   2,258,494







LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:





Accounts payable

$      217,746


$     184,996


Accrued expenses and other current liabilities

90,223


76,657


Current portion of long-term debt

82,395


12,477



Total current liabilities

390,364


274,130







Long-term debt, less current portion

750,331


653,464

Deferred income taxes 

134,921


114,395

Other noncurrent liabilities

13,014


14,950



Total liabilities

1,288,630


1,056,939







Stockholders' equity:





Common stock

514


490


Additional paid-in capital

957,070


768,774


Retained earnings

593,894


489,767


Accumulated other comprehensive income

38,034


(27,251)


  Subtotal

1,589,512


1,231,780


Treasury stock

(40,090)


(30,225)



Total stockholders' equity

1,549,422


1,201,555









Total liabilities and stockholders' equity

$   2,838,052


$   2,258,494

 

THE HAIN CELESTIAL GROUP, INC.

 Consolidated Statements of Income 

 (in thousands, except per share amounts) 












Three Months Ended March 31,


Nine Months Ended March 31,



2014


2013


2014


2013



(Unaudited)


(Unaudited)










Net sales


$ 557,420


$ 456,087


$ 1,569,783


$ 1,271,213

Cost of sales


404,627


329,924


1,154,790


919,075

Gross profit


152,793


126,163


414,993


352,138










Selling, general and administrative expenses


78,268


70,087


227,092


202,652

Amortization of acquired intangibles


4,133


3,161


11,248


8,635

Acquisition related expenses including integration and

restructuring charges, net


6,763


1,856


8,939


6,272










Operating income


63,629


51,059


167,714


134,579










Interest expense and other expenses


5,946


7,913


15,839


15,100

Income before income taxes and equity in earnings of equity-

method investees


57,683


43,146


151,875


119,479

Income tax provision


19,748


1,610


48,247


25,770

Income of equity-method investees, net of tax


(83)


(293)


(2,128)


(151)










Income from continuing operations


38,018


41,829


105,756


93,860

Loss from discontinued operations, net of tax


(2,777)


(1,114)


(1,629)


(5,137)










Net income


$  35,241


$  40,715


$   104,127


$     88,723










Basic net income per share:









     From continuing operations


$      0.77


$      0.90


$        2.18


$        2.05

     From discontinued operations


(0.06)


(0.02)


(0.03)


(0.11)

Net income per share - basic


$      0.71


$      0.88


$        2.15


$        1.94










Diluted net income per share:









     From continuing operations


$      0.75


$      0.87


$        2.13


$        1.99

     From discontinued operations


(0.06)


(0.02)


(0.03)


(0.11)

Net income per share - diluted


$      0.69


$      0.85


$        2.10


$        1.88



















Weighted average common shares outstanding:









Basic


49,695


46,508


48,473


45,822

Diluted


50,751


47,821


49,623


47,248

 

THE HAIN CELESTIAL GROUP, INC.

 Reconciliation of GAAP Results to Non-GAAP Measures 

 (in thousands, except per share amounts) 










Three Months Ended March 31,



2014 GAAP

Adjustments


2014 Adjusted

2013 Adjusted



(Unaudited)








Gross profit


$            152,793

$               1,096


$            153,889

$            128,309








Selling, general and administrative expenses


78,268

(768)


77,500

67,528

Amortization of acquired intangibles


4,133

-


4,133

3,161

Acquisition related expenses including integration and

restructuring charges, net


6,763

(6,763)


-

-








Operating income


63,629

8,627


72,256

57,620








Interest and other expenses, net


5,946

913


6,859

5,775

Income before income taxes and equity in earnings of equity-

method investees


57,683

7,714


65,397

51,845

Income tax provision


19,748

1,368


21,116

17,790

(Income) of equity-method investees, net of tax


(83)

(158)


(241)

(362)

Income from continuing operations


$             38,018

$                6,504


$             44,522

$              34,417















Income per share from continuing operations - basic


$                 0.77

$                 0.13


$                 0.90

$                 0.74








Income per share from continuing operations - diluted


$                 0.75

$                 0.13


$                 0.88

$                 0.72








Weighted average common shares outstanding:







Basic


49,695



49,695

46,508

Diluted


50,751



50,751

47,821
























FY 2014


FY 2013



Impact on Income

Before Income Taxes

Impact on Income Tax

Provision


Impact on Income Before

Income Taxes

Impact on Income Tax

Provision



(Unaudited)








  Factory start-up costs


$                  977

$                  230


$                  559

$                  190

  Acquisition related integration costs


119

27


1,587

413

Cost of sales


1,096

257


2,146

603








  Acquisition related integration costs


-

-


584

155

  Litigation expenses


768

292


1,975

751

Selling, general and administrative expenses


768

292


2,559

906








  Acquisition related fees and expenses, integration and restructuring charges


6,918

2,481


1,856

432

  Contingent consideration (income) expense, net


(155)

-


-

-

Acquisition related (income) expenses including integration and

restructuring charges


6,763

2,481


1,856

432








  Unrealized currency impacts


(524)

(213)


1,882

713

  Gain on disposal of investment held for sale


(467)

(177)


-

-

  Interest accretion and other items, net


78

20


256

79

Interest and other expenses, net


(913)

(370)


2,138

792








  Net (income) loss from Hutchison Hain Organic Holdings Limited

discontinued operation


-

-


69

-

  Hain Pure Protein Corporation mortality losses


158

-


-

-

After-tax (income) loss of equity-method investees


158

-


69

-








  Worthless stock tax deduction


-

-


-

13,186

  Decrease in unrecognized tax benefits


-

-


-

261

  Nondeductible acquisition related transaction expenses


-

(1,292)


-

-

Income tax provision


-

(1,292)


-

13,447








Total adjustments


$               7,872

$                1,368


$               8,768

$              16,180

 

THE HAIN CELESTIAL GROUP, INC.

 Reconciliation of GAAP Results to Non-GAAP Measures 

 (in thousands, except per share amounts) 










Nine Months Ended March 31,



2014 GAAP

Adjustments


2014 Adjusted

2013 Adjusted



(Unaudited)








Gross profit


$           414,993

$                4,037


$           419,030

$            354,284








Selling, general and administrative expenses


227,092

(1,447)


225,645

200,093

Amortization of acquired intangibles


11,248

-


11,248

8,635

Acquisition related expenses including integration and

restructuring charges, net


8,939

(8,939)


-

-








Operating income


167,714

14,423


182,137

145,556








Interest and other expenses, net


15,839

3,085


18,924

14,216

Income before income taxes and equity in earnings of equity-

method investees


151,875

11,338


163,213

131,340

Income tax provision


48,247

4,717


52,964

44,355

(Income) of equity-method investees, net of tax


(2,128)

(158)


(2,286)

(1,498)

Income from continuing operations


$           105,756

$                6,779


$           112,535

$              88,483















Income per share from continuing operations - basic


$                2.18

$                 0.14


$                2.32

$                 1.93








Income per share from continuing operations - diluted


$                2.13

$                 0.14


$                2.27

$                 1.87








Weighted average common shares outstanding:







Basic


48,473



48,473

45,822

Diluted


49,623



49,623

47,248
























FY 2014


FY 2013



Impact on Income

Before Income Taxes

Impact on Income Tax

Provision


Impact on Income Before

Income Taxes

Impact on Income Tax

Provision



(Unaudited)








  Factory start-up costs


$              3,120

$                  814


$                 559

$                  190

  Acquisition related integration costs


480

109


1,587

413

  Co-pack contract termination costs


437

166


-

-

Cost of sales


4,037

1,089


2,146

603








  Acquisition related integration costs


-

-


584

155

  Litigation expenses


1,223

465


1,975

751

  Expenses related to third party sale of common stock


224

85


-

-

Selling, general and administrative expenses


1,447

550


2,559

906








  Acquisition related fees and expenses, integration and

restructuring charges


10,875

3,795


6,272

1,558

  Contingent consideration (income) expense, net


(1,936)

(1,117)


-

-

Acquisition related (income) expenses including integration and

restructuring charges


8,939

2,678


6,272

1,558








  Unrealized currency impacts


(2,941)

(1,260)


1,882

713

  Gain on disposal of investment held for sale


(701)

(266)


-

-

  Currency gain on acquisition payment


-

-


(1,396)

(548)

  Interest accretion and other items, net


557

184


398

113

Interest and other expenses, net


(3,085)

(1,342)


884

278








  Net (income) loss from Hutchison Hain Organic Holdings Limited

discontinued operation


-

-


1,347

-

  Hain Pure Protein Corporation mortality losses


158

-


-

-

After-tax (income) loss of equity-method investees


158

-


1,347

-








  Worthless stock tax deduction


-

-


-

13,186

  Discrete tax benefit resulting from enacted tax rate change


-

3,777


-

-

  Decrease (increase) in unrecognized tax benefits


-

(550)


-

2,054

  Nondeductible acquisition related transaction expenses


-

(1,485)


-

-

Income tax provision


-

1,742


-

15,240















Total adjustments


$            11,496

$                4,717


$            13,208

$              18,585

 

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