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Central Garden & Pet Company Announces Fiscal 2014 First Quarter 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 announced financial results for its fiscal first quarter ended December 28, 2013.

The Company reported first quarter net sales of $290.5 million, compared with $292.5 million in the first quarter of the prior year. The Company’s first quarter operating loss improved to $8.4 million compared to an operating loss of $13.1 million in the first quarter of 2013, reflecting improved gross margins and lower SG&A expense as a percent of sales. The net loss for the quarter was $12.7 million, or $0.26 per fully diluted share, compared to a net loss of $15.3 million, or $0.32 per fully diluted share in the year-ago period. The Company historically has reported a loss in its fiscal first quarter given the seasonal nature of the lawn and garden category.

“Our first quarter showed some improvement. Our focus on the customer and operational and financial fundamentals is beginning to yield results. I am pleased we are starting to see improved performance from the changes we are making,” said John Ranelli, President & CEO of Central Garden & Pet. Ranelli continued, “Although we are encouraged by our progress, there is still much work to be done to get the business consistently operating as it should. I am optimistic about the Company’s future and our ability to deliver improved returns to our shareholders and the highest level of service and innovative products to our customers.”

Quarter 2014 Details

Net sales for the Garden segment increased $8.6 million, or nine percent, from the same period a year ago to $105.9 million, due primarily to higher seasonal décor, wild bird feed, and professional fertilizer revenues. The Garden segment’s branded product sales were $92.8 million and sales of other manufacturers’ products were $13.1 million. Historically, first quarter revenues for the Garden 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 segment’s operating margin improved 290 basis points, due in large part to higher profitability in the segment’s seasonal décor and wild bird feed businesses. The Garden segment’s operating loss in the quarter was $6.2 million, compared to an operating loss of $8.5 million in the first quarter of 2013.

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