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Central Garden & Pet Company Announces Fourth Quarter & Fiscal 2011 Results

Stocks in this article: CENT CENTA

Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ:CENTA), a leading innovator, marketer and producer of quality branded products for the lawn and garden and pet supplies markets, today reported financial results for its fourth quarter and full fiscal year ended September 24, 2011.

The Company reported net sales of $376.9 million for the fourth quarter 2011, a nine percent increase over the comparable fiscal 2010 period. The Company’s operating loss was $4.6 million for both the fourth quarter of 2011 and 2010. The prior period included a non-cash, pre-tax charge of $12.0 million related to the impairment of an intangible asset. Without the impairment charge, operating income would have been $7.4 million in the fourth quarter of 2010. The net loss for the fourth quarter of 2011 was $10.9 million or $0.21 per fully diluted share compared with a loss of $8.8 million or $0.14 per fully diluted share in the fourth quarter of 2010, or a loss of $0.02 excluding the impairment charge.

“We are pleased with our top-line growth in a tough quarter, but are dissatisfied with the bottom line,” said Bill Brown, Chairman & CEO. “As highlighted on our last quarterly call, we have committed to a broad set of transformation initiatives that are expected to take significant cost out of the company, improve margins meaningfully and enable more aggressive reinvestment in our brands to drive top-line growth. Gus Halas, President and CEO of Central Operating Companies, who joined us in April, is already well underway in reshaping Central from what was essentially a portfolio of siloed companies, into a single, more integrated company that can better meet the needs of customers and deliver substantially better results for shareholders.”

Mr. Halas commented, “We have a roadmap for improved financial performance beginning in the second half of calendar 2012 and into 2013. We expect to update shareholders on our progress in the coming quarters. Central is already on a dramatically different path than it has ever been before and we expect it to lead to sustained growth and improved profitability well into the future.”

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