Central Garden & Pet Announces Record Second Quarter Results for Fiscal 2006

Central Garden & Pet Company (NASDAQ:CENT):

   --  Sales Increased 6%; Income from Operations Increased 15%

   --  Branded Products, Profit Acceleration Program and Acquisitions
        Drive Growth

   --  Reiterates Fiscal 2006 EPS Guidance of $2.80 to $2.90 per
        Fully Diluted Share

   Central Garden & Pet Company (NASDAQ:CENT) today announced second
quarter results for its fiscal year ending September 30, 2006.
   For the second quarter of fiscal 2006 the Company reported net
sales of $401 million, an increase of 6% from $379 million in the
comparable 2005 period. Income from operations for the quarter
increased 15% to $45.7 million. Net income for the quarter increased
17% to $26.2 million from $22.4 million in the year ago period.
Diluted earnings per share increased 13% to $1.17 from $1.04 in the
year ago period. Branded product sales increased 9% while sales of
other manufacturers' products, as planned, declined 7%. Depreciation
and amortization for the quarter was $6.0 million compared to $4.6
million in the year ago period. The results of the second quarter of
fiscal 2006 include costs of $1.6 million related to the Company's
previously announced profit acceleration program, $1.6 million related
to the early retirement of a previous credit facility, and $1.4
million related to equity-based compensation. Also, taxes for the
quarter reflect a benefit of $2.6 million related to reversal of a tax
reserve no longer required.
   Net sales for the Garden Products segment were $214 million, a
decline of 3% compared to the second quarter of fiscal 2005. Garden
branded products sales were relatively flat while sales of other
manufacturers' products declined 13%. The Garden Products segment
operating income was $26.4 million in the quarter, an increase of 9%
when compared to the second quarter of fiscal 2005. Net sales for the
Pet Products segment were $187 million, an increase of 18% compared to
the second quarter of fiscal 2005. Pet branded products sales
increased 23% and sales of other manufacturers' products increased 1%.
Operating income for the Pet Products segment was $25.1 million in the
quarter, an increase of 6%, which includes $1.6 million of profit
acceleration program costs, when compared to the second quarter of
fiscal 2005.
   "The strength of our branded products and our ongoing profit
acceleration program produced record results," commented Glenn
Novotny, President and Chief Executive Officer. "We have made
significant progress by completing five strategic acquisitions year to
date, and we are well positioned to pursue future internal and
external growth opportunities."
   The Company updated its fiscal 2006 guidance to account for the
impact of acquisitions and its corporate financing initiatives. Net
sales for the year are now projected to be between $1.55 billion and
$1.57 billion, an increase of approximately $100 million when compared
to previous guidance. Operating income is expected to be between $133
million and $137 million, an increase of approximately $17 million
when compared to previous guidance. Net income is expected to be
between approximately $65 million and $68 million, an increase of
approximately $3 million when compared to previous guidance. The
corresponding earnings per fully diluted share is expected to be
between $2.80 and $2.90, in-line with previous guidance. The fiscal
year-ending fully-diluted share count is expected to be approximately
23.3 million, an increase of approximately 1 million shares when
compared to previous guidance reflecting the partial-year impact of
the Company's 1.98 million share offering completed in March, 2006.
These projected results do not include the impact from any future
acquisitions.
   For the six months ending March 25, 2006 of fiscal 2006, the
Company reported net sales of $694 million, an increase of 8% from
$644 million in the comparable 2005 period. Income from operations for
the period increased 13% to $55.5 million. Net income for the first
six month period increased 16% to $28.8 million from $24.9 million in
the year ago period. Diluted earnings per share increased 12% to $1.30
from $1.16 in the year ago period. Branded product sales increased 10%
while sales of other manufacturers' products declined 1%. Depreciation
and amortization for the first six month period was $11.2 million
compared to $9.1 million in the year ago period. Results for the first
six month period of fiscal 2006 include a benefit of $2.6 million
related to a reversal of a tax reserve. The results also include costs
of $3.2 million related to the Company's previously announced profit
acceleration program and $1.6 million related to the early retirement
of a previous credit facility. Costs related to equity-based
compensation were an additional $2.5 million.
   The Company will discuss its second quarter results for fiscal
2006 on a conference call today at 4:30 p.m. EST. The conference call
will be simultaneously broadcast over the Internet through Central's
website, http://www.central.com/. To listen to the webcast, please log
on to the website prior to the scheduled call time to register and
download any necessary audio software.

   Central Garden & Pet Company is a leading innovator, marketer and
producer of quality branded products for the pet and lawn and garden
supplies markets. Our pet products include pet bird and small animal
food, aquarium products, flea, tick, mosquito and other pest control
products, edible bones, cages, carriers, pet books, and other dog,
cat, reptile and small animal products. These products are sold under
a number of brand names, including Kaytee, SuperPet, All-Glass
Aquarium, Oceanic, Kent Marine, Energy Savers Unlimited, Zodiac,
Pre-Strike, Altosid, Nylabone, TFH, Four Paws, Interpet, Breeder's
Choice and Farnam. Our lawn and garden products include grass seed,
wild bird food, weed and insect control products, and decorative
outdoor patio products. These products are sold under a number of
brand names, including Pennington, Norcal Pottery, New England
Pottery, GKI/Bethlehem Lighting, Lilly Miller, Matthews Four Seasons,
Cedar Works, AMDRO, Grant's, Sevin and Over'n Out. For additional
information on Central Garden & Pet, including access to the Company's
SEC filings, please visit the Company's website at
http://www.central.com/.

   "Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained in this release which are
not historical facts, including future earnings guidance, 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 the Company'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.
-0-
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                     Central Garden & Pet Company

                   Consolidated Statements of Income

                              (Unaudited)
               (In thousands, except per share amounts)

                               Three Months Ended   Six Months Ended
                               ------------------- -------------------
                               March 25, March 26, March 25, March 26,
                                 2006      2005      2006      2005
                               --------- --------- --------- ---------

Net Sales                      $401,332  $378,854  $694,063  $644,430
Cost of Goods Sold and
 Occupancy                      264,580   251,980   465,313   431,515
                               --------- --------- --------- ---------

    Gross Profit                136,752   126,874   228,750   212,915

Selling, General and
 Administrative
    Expenses                     91,018    87,198   173,241   163,723
                               --------- --------- --------- ---------

    Income from Operations       45,734    39,676    55,509    49,192

Interest Expense                (10,227)   (5,610)  (16,571)  (10,908)
Interest Income                     602       107     1,287       210
Other Income                      1,803     1,974     1,852     1,654
                               --------- --------- --------- ---------

    Income Before Income Taxes   37,912    36,147    42,077    40,148

Income Taxes                     11,687    13,775    13,292    15,260
                               --------- --------- --------- ---------

    Net Income                  $26,225   $22,372   $28,785   $24,888
                               ========= ========= ========= =========

Basic Earnings Per Common 
 Share:                            1.21      1.08      1.34     $1.20

Diluted Earnings Per Common
 Share:                            1.17      1.04      1.30     $1.16

Weighted Average Shares
 Outstanding
Basic                            21,694    20,760    21,425    20,658
Diluted                          22,415    21,515    22,096    21,391


                     Central Garden & Pet Company

                 Condensed Consolidated Balance Sheets

                              (Unaudited)
                            (In thousands)

                                            March 25,    September 24,
                                               2006          2005
                                          -------------- -------------
Assets
Current Assets:
    Cash & Cash Equivalents                     $19,147       $28,792
    Accounts Receivable                         289,096       184,896
    Inventories                                 364,504       270,736
    Other Current Assets                         34,184        25,853
                                          -------------- -------------

    Total Current Assets                        706,931       510,277

Property & Equipment - Net                      130,311       110,595

Goodwill                                        369,209       364,847
Other Assets                                    378,625        70,630
                                          -------------- -------------

Total                                        $1,585,076    $1,056,349
                                          ============== =============


Liabilities & Shareholders' Equity
Current Liabilities:
   Accounts Payable                            $139,051       $96,455
   Accrued Expenses                              79,399        68,152
   Current Portion of Long-Term Debt              3,022         2,210
                                          -------------- -------------

   Total Current Liabilities                    221,472       166,817

Long-Term Debt                                  652,790       320,854
Other Long-Term Obligations                      19,812        18,500
Convertible Redeemable Preferred Stock            3,000         3,000

Shareholders' Equity                            688,002       547,178
                                          -------------- -------------


  Total                                      $1,585,076    $1,056,349
                                          ============== =============
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