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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Central Garden and Pet Co | NASDAQ:CENT | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.38 | 3.61% | 39.435 | 39.25 | 39.42 | 39.435 | 38.17 | 38.17 | 13,983 | 16:12:32 |
From Jul 2019 to Jul 2024
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 third quarter ended June 29, 2013.
The Company reported net sales of $494.1 million, a 7 percent decrease from the comparable fiscal 2012 period. Revenues declined in both the Company’s Pet and Garden segments. The Company’s third quarter operating income was $32.9 million, compared to operating income of $49.0 million in the third quarter of 2012. Net income was $13.7 million, or $0.28 per fully diluted share, compared with net income of $22.7 million or $0.47 per fully diluted share in the third quarter of 2012.
“We anticipated lower results this quarter compared to strong sales and earnings gains a year ago; and although Pet performed in-line with our expectations, our Garden business did not,” said John Ranelli, President and CEO of Central Garden & Pet. “While our results for the quarter were disappointing, we are taking the right steps to strengthen our business for the future, including improving customer service and innovation, and identifying additional ways to take costs out of the business. In addition, we are leveraging a new matrix operating structure to bring decision making closer to the customer.” Mr. Ranelli continued, “There is much work to be done. Much of the recent progress we have made is not yet visible in our financial statements. Our business remains fundamentally strong with many opportunities ahead.”
Third Quarter and Year-to-Date Details
Net sales for the Garden segment for the quarter were $256.3 million, a decline of 2 percent from the third quarter of 2012, due in part to lower sales of controls products. In the prior year quarter, controls and fertilizers benefitted from the shipment of delayed orders. The Garden segment’s branded product sales for the quarter decreased $5.8 million, or 3 percent, to $215.5 million while sales of other manufacturers’ products decreased $0.4 million, to $40.8 million, a decrease of 1 percent compared with the third quarter of 2012. The Garden segment’s operating margin declined during the quarter, reflecting lower profitability in the company’s controls, fertilizer and decor businesses, due in part to higher promotion and marketing expenses. For the third quarter, the Garden segment’s operating income was $13.7 million, down from $22.6 million in the third quarter of 2012.
Net sales for the Pet segment for the quarter were $237.8 million, a decline of 12 percent from the third quarter of 2012, which included the benefit of the initial sell-in of high-margin flea and tick products to a new channel. The Pet segment’s branded product sales for the quarter decreased $34.4 million, or 15 percent, to $194.5 million while sales of other manufacturers’ products were $43.3 million, an increase of 2 percent compared with the third quarter of 2012. The Pet segment’s operating margin fell during the quarter due in part to lower flea & tick sales than a year ago partially offset by lower selling, general and administrative expenses. For the third quarter, the Pet segment’s operating income was $33.1 million, down from $40.4 million in the prior year period.
For the nine months ending June 29, 2013, the Company reported net sales of $1.28 billion, down from $1.30 billion in the comparable 2012 period. Branded products sales were $1.07 billion, down 2 percent from the comparable 2012 period. Sales of other manufacturers' products decreased 1 percent to $213.1 million. Operating income for the period was $66.5 million compared to $82.9 million in the prior year. Net income for the nine months ended June 29, 2013 was $20.7 million compared to $31.2 million in the comparable 2012 period. Earnings per fully diluted share were $0.42 compared to $0.65 per fully diluted share in the year ago period.
At June 29, 2013, the Company’s cash and short term investments balance totaled $38.3 million. Net interest expense was $11.3 million for the quarter and $10.7 million in the prior year period. Depreciation and amortization expense was $7.8 million, a decrease from $8.0 million in the third quarter of 2012. The Company’s effective tax rate for the third quarter was 34 percent compared to 38 percent in the prior year period.
Total debt at June 29, 2013 was $509.6 million compared to $449.9 million at June 23, 2012. The quarter ending total leverage ratio, as defined in the Company’s senior credit facility, was 4.9x. The Company was in compliance with all debt covenants at June 29, 2013. On August 1, 2013, the Company amended its Credit Facility to reduce the Minimum Interest Coverage ratio from 2.50x to 2.25x, and to add a minimum asset coverage ratio at 1.10x. Both covenant modifications are effectitive through the fiscal quarter ending March 29, 2014.
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 fiscal third quarter results. The conference call will be accessible via the internet through Central’s website, http://ir.central.com.
Alternatively, to listen to the call by telephone, dial 412-317-6062. A replay of the call will be available for three weeks by dialing 858-384-5517 and entering passcode 105408.
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®, VITA FLEX® and HORSE HEALTHTM PRODUCTS. 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 3,500 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 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 expectations for future growth and cost reduction opportunities, 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. All forward-looking statements are based upon the Company’s current expectations and various assumptions. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this release including, but not limited to, the following factors:
These risks and others 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.
CENTRAL GARDEN & PET COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
Unaudited
June 29,
June 23,
September 29, ASSETS 2013 2012 2012 Current assets: Cash and cash equivalents $ 20,482 $ 40,699 $ 48,475 Short term investments 17,820 17,820 22,705 Accounts receivable (less allowance for doubtful accounts of $23,355, $18,297 and $18,574) 243,650 245,780 202,422 Inventories 413,070 334,796 330,032 Prepaid expenses and other 53,751 46,107 48,149 Total current assets 748,773 685,202 651,783 Land, buildings, improvements and equipment—net 190,921 185,225 191,163 Goodwill 210,223 210,223 210,223 Other intangible assets—net 75,670 80,529 78,853 Deferred income taxes and other assets 19,049 18,539 17,525 Total $ 1,244,636 $ 1,179,718 $ 1,149,547 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 112,313 $ 125,111 $ 126,662 Accrued expenses 93,213 106,818 79,491 Current portion of long-term debt 205 347 331 Total current liabilities 205,731 232,276 206,484 Long-term debt 509,430 449,530 449,483 Other long-term obligations 37,845 23,478 28,697 Equity: Common stock, $.01 par value: 12,246,751, 12,247,571, and 12,247,571 shares outstanding at June 29, 2013, June 23, 2012 and September 29, 2012 122 122 122 Class A common stock, $.01 par value: 35,240,576, 34,506,329 and 34,706,902 shares outstanding at June 29, 2013, June 23, 2012 and September 29, 2012 352 345 347 Class B stock, $.01 par value: 1,652,262 shares outstanding 16 16 16 Additional paid-in capital 388,443 381,751 382,195 Retained earnings 100,173 89,777 79,718 Accumulated other comprehensive income 840 1,127 1,539 Total Central Garden & Pet Company shareholders’ equity 489,946 473,138 463,937 Noncontrolling interest 1,684 1,296 946 Total equity 491,630 474,434 464,883 Total $ 1,244,636 $ 1,179,718 $ 1,149,547
CENTRAL GARDEN & PET COMPANYCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months EndedJune 29, 2013
June 23, 2012
June 29, 2013
June 23, 2012
Net sales $ 494,130 $ 533,808 $ 1,284,796 $ 1,302,777 Cost of goods sold and occupancy 341,664 353,156 902,201 893,691 Gross profit 152,466 180,652 382,595 409,086 Selling, general and administrative expenses 119,574 131,683 316,051 326,175 Income from operations 32,892 48,969 66,544 82,911 Interest expense (11,347 ) (10,723 ) (32,599 ) (30,738 ) Interest income 28 28 120 84 Other income (expense) 353 102 (676 ) (19 ) Income before income taxes and noncontrolling interest 21,926 38,376 33,389 52,238 Income taxes 7,520 14,554 11,370 19,716 Income including noncontrolling interest 14,406 23,822 22,019 32,522 Net income attributable to noncontrolling interest 681 1,123 1,367 1,290 Net income attributable to Central Garden & Pet Company $ 13,725 $ 22,699 $ 20,652 $ 31,232 Net income per share attributable to Central Garden & Pet Company: Basic $ 0.28 $ 0.48 $ 0.43 $ 0.66 Diluted $ 0.28 $ 0.47 $ 0.42 $ 0.65 Weighted average shares used in the computation of net income per share: Basic 48,173 47,661 48,037 47,580 Diluted 48,822 48,388 48,766 48,253
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