Central Garden and Pet (NASDAQ:CENT)
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Central Garden & Pet Company (NASDAQ:CENT) today
announced that it has received a jury verdict in its litigation with
Herbert and Evelyn Axelrod.
The jury found for Central on its claim against the Axelrods for
collection of the $10 million promissory note that the Axelrods signed
in 1997 at the closing of the T.F.H. acquisition. The jury also found
for Central on its claims against the Axelrods for breach of warranty
and fraud and awarded Central compensatory damages for such claims in
the amount of $10,340,000. The jury awarded the Axelrods an aggregate
of $3,700,000 for their claims against Central.
Central expects that a final judgment will be entered after the
Superior Court of New Jersey resolves a number of matters that will be
subject to post-trial motions. Until such matters have been resolved,
it is impossible to predict the amount or timing of the final
judgment. The court has ordered the Company and the other parties to
the litigation not to comment on the verdict or other court
proceedings.
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, All-Glass Aquarium,
Oceanic, Kent Marine, Energy Savers Unlimited, Zodiac, Pre-Strike,
Altosid, Nylabone, TFH, Four Paws and Interpet. Our lawn and garden
products include grass seed, wild bird food, weed and insect control
products, decorative outdoor patio products and ant control 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, AMDRO and Grant's,
Sevin, Over'n Out and Cedar Works. For additional information on
Central Garden & Pet, including access to the Company's SEC filings,
please visit the Company's website at
http://www.centralgardenandpet.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
including, without limitation, the resolution of litigation between
the Company and Herbert Axelrod. Central undertakes no obligation to
publicly update these forward-looking statements to reflect new
information, subsequent events or otherwise.