This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Central Garden & Pet Company Announces Fourth Quarter & Fiscal 2012 Results

Stocks in this article: CENT CENTA

Conference Call

The Company will host a conference call today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time to discuss its fourth quarter and fiscal 2012 results. The conference call will be accessible via the internet through Central’s website,

Alternatively, to listen to the call by telephone, dial 412-317-6789 and enter passcode 10019773. A replay of the call will be available for three weeks by dialing 412-317-0088 and entering passcode 10019773.

About Central Garden & Pet

Central Garden & Pet Company is a leading innovator, marketer and producer of quality branded products for the lawn & garden and pet supplies markets. Committed to new product innovation, our products are sold to specialty independent and mass retailers. Participating categories in Lawn & Garden include: Grass seed and the brands PENNINGTON®, SMART SEED® and THE REBELS®; wild bird feed and the brand PENNINGTON®; weed and insect control and the brands AMDRO®, SEVIN®, IRONITE® and OVER-N-OUT®; and decorative outdoor patio products and the brands NORCAL POTTERY®, NEW ENGLAND POTTERY® and MATTHEWS FOUR SEASONS™. We also provide a host of other regional and application-specific garden brands and supplies. Participating categories in Pet include: Animal health and the brands ADAMS™ and ZODIAC®; aquatics and reptile and the brands OCEANIC SYSTEMS®, AQUEON® and ZILLA®; bird & small animal and the brands KAYTEE®, SUPER PET® and CRITTER TRAIL®; dog & cat and the brands TFH™, NYLABONE®, FOUR PAWS®, PINNACLE® and AVODERM®; and equine and the brands FARNAM®, BRONCO® and SUPER MASK®. We also provide a host of other application-specific pet brands and supplies. Central Garden & Pet Company is based in Walnut Creek, California, and has approximately 3,600 employees, primarily in North America. For additional information on Central Garden & Pet Company, including access to the Company's SEC filings, please visit the Company’s website at

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts, including expectations for improved efficiency and profitability from the Company’s transformation initiatives, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks are described in Central’s Securities and Exchange Commission filings. Central undertakes no obligation to publicly update these forward-looking statements to reflect new information, subsequent events or otherwise.



September 29, 2012 September 24, 2011


(in thousands)

Current assets:

Cash and cash equivalents $ 48,475 $ 12,031
Short term investments 22,705 17,820
Accounts receivable, net 202,422 195,417
Inventories 330,032 329,546
Prepaid expenses, deferred income taxes and other   48,149   47,772
Total current assets 651,783 602,586
Plant, property and equipment, net 191,163 176,402
Goodwill 210,223 210,223
Other intangible assets, net 78,853 84,526
Other assets   17,525   19,266


$ 1,149,547 $ 1,093,003
Current liabilities:
Accounts payable $ 126,662 $ 116,524
Accrued expenses 79,491 75,128
Current portion of long-term debt   331   279
Total current liabilities 206,484 191,931
Long-term debt 449,483 435,330
Deferred income taxes and other long-term obligations 28,697 8,960
Commitments and contingencies (Note 11)


Common stock 122 129
Class A common stock 347 359
Class B stock 16 16
Additional paid-in capital 382,195 396,208
Retained earnings 79,718 59,045
Accumulated other comprehensive income   1,539   1,019
Total Central Garden & Pet shareholders’ equity   463,937   456,776
Noncontrolling interest   946   6
Total equity   464,883   456,782
Total $ 1,149,547 $ 1,093,003

Central Garden & Pet Company

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

Three Months Ended Fiscal Year Ended

September 29, 2012


September 24, 2011

September 29, 2012


September 24, 2011

Net sales $ 397,236 $ 376, 906 $ 1,700,013 $ 1,628,652
Cost of goods sold and occupancy   292,164   278,702   1,185,855   1,134,733
Gross profit 105,072 98,204 514,158 493,919
Selling, general and administrative expenses   113,562   102,770   439,737   408,744
Income (loss) from operations (8,490) (4,566) 74,421 85,175
Interest expense (9,577) (9,786) (40,315) (38,044)
Interest income 61 35 145 296
Other income, net   697   434   678   550
Income (loss) before income taxes and noncontrolling interest (17,309) (13,883) 34,929 47,977
Income taxes   (6,900)   (2,357)   12,816   19,595
Income (loss) including noncontrolling interest (10,409) (11,526) 22,113 28,382
Net income attributable to noncontrolling interest   (350)   (594)   940   59
Net income (loss) attributable to Central Garden & Pet Company $ (10,059) $ (10,932) $ 21,173 $ 28,323
Net income (loss) per share attributable to Central Garden & Pet Company:
Basic $ (0.21) $ (0.21) $ 0.44 $ 0.50
Diluted $ (0.21) $ (0.21) $ 0.44 $ 0.50
Weighted average shares used in the computation of net income per share:
Basic 47,704 51,943 47,622 56,217
Diluted 47,704 51,943 48,374 56,645

3 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs