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Central Garden & Pet Company Announces Fiscal 2012 First Quarter Results

First Quarter 2012 Details

Both the Garden Products and Pet Products segments contributed to the Company’s sales gains for the quarter. Net sales for the Garden Products segment rose 8 percent or $7.9 million over the same period a year ago to $102.8 million. The Garden Products segment’s branded product sales were $89.9 million and sales of other manufacturers’ products were $12.9 million. Historically, first quarter revenues for the Garden Products segment have been the lowest of any quarter of the year due to the seasonality of the lawn and garden market. In the first quarter, the Garden Products segment’s gross and operating margins continued to be impacted by high raw material costs for bird feed and by product mix. The Garden Products segment’s operating loss in the quarter was $11.1 million, compared to an operating loss of $8.0 million in the first quarter of 2011.

First quarter net sales for the Pet Products segment increased 7 percent, or $12.5 million, over the prior year to $199.3 million. The Pet Products segment’s branded product sales were $156.6 million and sales of other manufacturers’ products were $42.7 million. The Pet Product segment’s gross and operating margins declined, due in part to product mix, increased raw material costs, and higher trade and consumer spending. The Pet Products segment’s operating income was $9.7 million compared to operating income of $11.4 million in the prior-year period.

At December 24, 2011, the Company’s cash and short-term investments balance was $28.1 million. Net interest expense was $9.5 million for the quarter compared to $8.9 million in the prior-year period. Depreciation and amortization expense was $7.4 million in the first quarter of 2012, compared with $7.0 million in the prior-year period. The Company’s effective tax rate for the first quarter of 2012 was 37 percent on its operating loss, compared with 39 percent in the prior-year period.

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