Revenue during the quarter dropped 4.09 percent to $706.56 million from $736.66 million in the previous year period. Gross margin for the quarter contracted 141 basis points over the previous year period to 20.29 percent. Total expenses were 93.34 percent of quarterly revenues, up from 90.34 percent for the same period last year. That has resulted in a contraction of 300 basis points in operating margin to 6.66 percent.

Operating income for the quarter was $47.07 million, compared with $71.15 million in the previous year period.

However, the adjusted operating income for the quarter stood at $56.27 million compared to $80.22 million in the prior year period. At the same time, adjusted operating margin contracted 293 basis points in the quarter to 7.96 percent from 10.89 percent in the last year period.

"The accounting review is complete, and we are pleased to report our financial results, which reflect no material changes to any prior reported periods. We have also implemented greater and more effective internal controls and enhanced oversight for our financial reporting and business units. The changes we are announcing today strengthen Hain Celestial globally on a go-forward basis," said Irwin D. Simon, Founder, president and chief executive officer of Hain Celestial. “We appreciate the efforts of our employees and the support of our customers, lenders and stockholders throughout this process."

For fiscal year 2017, The Hain Celestial Group, Inc. forecasts revenue to be in the range of $2,840 million to $2,860 million. The company expects diluted earnings per share to be in the range of $1.19 to $1.22 on adjusted basis.

For the fourth-quarter 2017, The Hain Celestial Group, Inc. forecasts revenue to be in the range of $715 million to $735 million. On an adjusted basis, the company expects diluted earnings per share to be in the range of $0.40 to $0.43.

Working capital decreases marginally
The Hain Celestial Group, Inc. has witnessed a decline in the working capital over the last year. It stood at $558.38 million as at Mar. 31, 2017, down 4.01 percent or $23.33 million from $581.70 million on Mar. 31, 2016. Current ratio was at 2.61 as on Mar. 31, 2017, up from 2.60 on Mar. 31, 2016.

Cash conversion cycle (CCC) has decreased to 31 days for the quarter from 66 days for the last year period. Days sales outstanding went down to 38 days for the quarter compared with 44 days for the same period last year.

Days inventory outstanding has decreased to 35 days for the quarter compared with 63 days for the previous year period. At the same time, days payable outstanding was almost stable at 41 days for the quarter, when compared with the previous year period.