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Hain Celestial Acquires Avalon Natural

The Hain Celestial Group (Nasdaq: HAIN) announced it would acquire Avalon Natural Products, Inc., including its Avalon Organics and Alba Botanica natural and organic personal care brands, from North Castle Partners, a private equity firm, for $120 million in cash. Avalon is a leader in the natural products category in the areas of skin care, hair care, bath and body and sun care with its Avalon Organic Botanicals and Alba Botanica brands with a strong sales presence in the natural food channel. “The acquisition of the Avalon Organics and Alba Botanica brands will strengthen Hain Celestial as one of the leading natural and organic personal care products companies in a category that is experiencing double-digit growth. With this acquisition Hain Celestial will have a strong foundation in the personal care market with sales of $125 million,” said Irwin Simon, Hain President and CEO. In its last fiscal year, sales of all Avalon and Alba brands exceeded $40 million. The acquisition, which is subject to customary government reviews, is expected to close in early 2007. The transaction is expected to be accretive to Hain Celestial’s earnings during its 2008 fiscal year. “We entered the personal care category two and a half […]

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FuelCell Energy Reports Q4, 2006 Results

FuelCell Energy, Inc. (NasdaqNM:FCEL reported results and accomplishments for its fourth quarter and fiscal year ended October 31, 2006. Q4 revenues rose 15% to $9.1 million from the same period last year. Product sales and revenues increased 61% to $6.7 million from $4.1 million. Research and development contract revenue was $2.5 million compared to $3.8 million. Daniel Brdar, FuelCell Energy’s President and CEO said, “During fiscal 2006, we successfully positioned the Company to expand in targeted geographical and Renewable Portfolio Standards (RPS) markets. In California, where we sold 11.35 megawatts – 2.6 megawatts in the fourth quarter, we are the market leader. Importantly, our orders in the quarter were for multi-unit or megawatt applications. In addition to the orders in California, we received a 1.2 megawatt order from Enbridge, Inc. for our DFC-ERG natural gas pipeline application.” The Company’s product backlog, including long-term service agreements, as of October 31, 2006 totaled $27.9 million, an increase of 39%. Research and development contract backlog totaled $30.1 million, versus $15.8 million as of the prior year end, primarily reflecting the awards of contracts from the Department of Energy for large scale stationary solid oxide fuel cell development and the U.S. Navy to continue […]

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Quantum Q2 Profit Sinks

Quantum Fuel Systems Technologies Worldwide Inc. (Nasdaq: QTWW), which makes fuel systems and electronic control systems for alternative fuel vehicles, reported a widened loss for its fiscal second quarter. For the three months ended Oct. 31, Quantum posted a loss of $89.3 million ($1.40 per share) compared to a loss of $3 million (6 cents per share) for the same period last year. Results included a $72.3 million impairment charge for loss on goodwill related to the acquisition of Tecstar Automotive Group, a transaction that was completed in March 2005. The wider net loss also reflected downtime at Tecstar’s Texas, Louisiana and Canada facilities as General Motors Corp. delayed the start of some new vehicle production, the company said. Analysts polled by Thomson Financial forecast a loss of 21 cents per share. Revenue sank 42 percent to $36.6 million, from $63.2 million in the year-ago quarter. Sales came in behind Wall Street’s expectation for $42.1 million. Quantum Fuel said the drop in revenue is the result of a $27 million decrease within the Tecstar Automotive Group segment.

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