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, confirmed today that management will present at the CL King Best Ideas Conference in New York on Wednesday, September 12 at 8:30 a.m. ET. The live audiocast and presentation materials will be available on the Investor section of Central’s website at http://ir.central.com.
In advance of that presentation, the Company said today that for its fiscal fourth quarter-to-date through August, while its Pet segment continued to grow, delivering solid results so far, its Garden segment results have been adversely impacted by several factors. Accordingly, based on results through August, the Company now expects that current fourth quarter results will be roughly in line with its fiscal 2011 fourth quarter results.
The Garden segment has continued to be impacted by the drought affecting much of the country, which has lowered demand for fertilizer and control products. In addition, the Company’s décor business was impacted by the non-recurrence of significant seasonal décor sales and a one-time charge for updating its pottery products at a retailer. The Garden segment’s revenues and margins were both impacted by these events. Pet revenues and margins over the period fared better, increasing over the prior year period but did not fully offset the weakness in the Garden segment.
Despite the challenging environment in the fourth quarter, the Company expects to build on its market share gains of the last two years, as new innovation and increased distribution drive growth and profits. The Company already has secured significant retailer support for its base business and its new Garden innovations to be rolled out this coming Spring. It will also be promoting many of its Pet brands together for the first time. The Company remains pleased with the progress on its transformation.
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