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Central Garden & Pet Company Announces Fourth Quarter & Fiscal 2013 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 the thirteen and fifty-two week periods ended September 28, 2013.

The Company reported net sales of $368.8 million for the fourth quarter of 2013, a seven percent decrease over the fourteen week comparable fiscal 2012 period. Sales comparisons were impacted by an extra week in the prior year quarter and full year periods. The Company’s fourth quarter operating loss for 2013 was $26.4 million compared to an operating loss of $8.5 million in the fourth quarter of 2012. The net loss for the fourth quarter of 2013 was $22.6 million or $0.47 per fully diluted share compared with a loss of $10.1 million or $0.21 per fully diluted share in the fourth quarter of 2012. The results for the fourth quarter of 2013 include a non-cash, pre-tax charge of $7.7 million related to the impairment of goodwill in the Garden segment.

John Ranelli, President & CEO of Central Garden & Pet commented, “Our financial results are simply unacceptable. While we will see some improvements along the way, it is going to take another year or two to get our performance consistently where we want it to be. We are taking deliberate actions to improve our Company’s performance and achieve its true potential. We will continue to focus on putting our customers first, cutting costs, and raising profits to drive shareholder value.” Ranelli continued, “We have made good progress in our Pet segment in laying the foundation for future success. However, our Garden results are disappointing. We are beginning to implement the same operating philosophies and disciplines we are instituting in our Pet segment to drive improvement in our Garden segment.” Ranelli concluded, “Although our Company’s results are expected to be choppy, I am confident these improvements will drive more favorable results over the long term.”

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