The Hain Celestial Group Inc., owner of Hain Pure Protein (HPP), a natural, kosher and organic broiler and turkey producer, reported a loss of $41.2 million for the third quarter ended March 31, 2009 on sales of $267.7 million.
The net loss was driven by the company taking an estimated after-tax non-cash impairment charge of $48.4 million against goodwill and intangible assets related to the company's European and HPP reporting units. On a non-GAAP basis, adjusted net income was $12.5 million, or $0.31 per share, in the third quarter this year.
HPP owns poultry processing plants in Plainville, N.Y., and New Oxford and Fredericksburg in Penn. The Plainville, N.Y. facility was recently converted to kosher production and HPP has introduced the Kosher Valley brand for marketing its kosher poultry products which are produced from vegetarian-fed, antibiotic-free birds.
HPP reports that it is in the process of de-emphasizing sales of conventional turkey and chicken products while it focuses on antibiotic-free products to improve its mix of sales for future periods.