Central Garden & Pet Announces Record Fourth Quarter and Full Year Results for Fiscal 2004.WALNUT CREEK Walnut Creek, residential city (1990 pop. 60,569), Contra Costa co., W Calif., in the San Francisco Bay area; inc. 1914. It is the trade and shipping center of an extensive agricultural area where walnuts are among the major product. , Calif. -- 19% Net Income Growth for the Full Year; 13% Growth for the Quarter 15% Increase in EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. for the Full Year; 9% for the Quarter Central Garden & Pet Company (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CENT) today announced record fourth quarter and full year results for its fiscal year ended September 25, 2004. For the fourth quarter of fiscal 2004 the Company reported net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $310.8 million, up 21% from $257.4 million in the comparable 2003 period. Net income for the quarter increased 13% to a record $5.2 million, or $0.25 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, from $4.6 million, or $0.23 per diluted share, in the year ago period. Depreciation and amortization for the quarter was $4.9 million compared to $4.6 million in the year ago period. Net sales for fiscal year 2004 were $1.27 billion, an increase of 11% from $1.15 billion in fiscal 2003. Net income for the year increased 19% to a record $41.3 million from $34.6 million in the prior year. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $1.99, a 15% increase over the prior year. Depreciation and amortization for the year was $18.5 million compared to $17.9 million in the prior year. "The strong results for the quarter conclude a solid year for our company," noted Glenn Novotny, President and Chief Executive Officer of Central Garden and Pet. "We produced record results and believe we are positioned for a stronger 2005." The Company reiterated its fiscal 2005 guidance. Net sales for the year are projected to be between $1.40 billion and $1.43 billion, an increase of approximately 11% when compared with fiscal year 2004. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. is expected to be between $102 million and $108 million. Net income is expected to be between $52 million and $55 million, an increase of approximately 25% when compared with fiscal year 2004. Earnings per fully diluted share are expected to be between $2.42 and $2.52. These projected results do not include the impact from any future acquisitions. "Our growing portfolio of leading garden and pet brands combined with expanding margins continue to produce solid financial momentum," concluded Mr. Novotny. "We plan to continue growing the business, through innovation and acquisitions, to deliver superior products and services to our customers and returns to our shareholders." The Company will discuss its fourth quarter and full year fiscal 2004 results on a conference call today at 4:30 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. . The conference call will be simultaneously broadcast over the Internet through Central's website, http://www.centralgardenandpet.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 tick: see mite. tick Any of some 825 parasitic arachnid species (suborder Ixodida, order Parasitiformes), found worldwide. Adults may be slightly more than an inch (30 mm) long, but most species are much smaller. , mosquito mosquito (məskē`tō), small, long-legged insect of the order Diptera, the true flies. The females of most species have piercing and sucking mouth parts and apparently they must feed at least once upon mammalian blood before their eggs can and other pest control pest control n → control m de plagas pest control n → lutte f contre les nuisibles pest control pest n 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 TFH Technische Fachhochschule (German: Engeneering College/University) TFH 24 Hours (Movie) TFH Thread from Hell (newsgroups) TFH Tinfoil Hat TFH Thanks For Helping , Four Paws and Interpet. Our lawn and garden products include grass seed, wild bird food, weed weed, common term for any wild plant, particularly an undesired plant, growing in cultivated ground, where it competes with crop plants for soil nutrients and water. and insect control products, decorative outdoor patio patio In Spanish and Latin American architecture, a courtyard open to the sky within a building. A Spanish development of the Roman atrium, it is comparable to the Italian cortile but provides more seclusion, possibly due to Moorish custom. The patio of the contemporary U.S. products and ant control products. These products are sold under a number of brand names, including Pennington, Norcal Pottery pottery, the baked-clay wares of the entire ceramics field. For a description of the nature of the material, see clay. Types of Pottery It usually falls into three main classes—porous-bodied pottery, stoneware, and porcelain. , New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. Pottery, GKI/Bethlehem Lighting, Lilly Miller, Matthews Four Seasons, AMDRO and Grant's. 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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements contained in this release which are not historical facts, including future earnings guidance, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. between the Company and Hebert Axelrod. Central undertakes no obligation to publicly update these forward-looking statements to reflect new information, subsequent events or otherwise.
Central Garden & Pet Company
Consolidated Statements of Income
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Fiscal Year Ended
Sept. 25, Sept. 27, Sept. 25, Sept. 27,
2004 2003 2004 2003
---------- ---------- ----------- -----------
Net Sales $310,760 $257,441 $1,266,526 $1,145,001
Cost of Goods Sold and
Occupancy 218,483 186,517 882,227 811,562
---------- ---------- ----------- -----------
Gross Profit 92,277 70,924 384,299 333,439
Selling, General and
Administrative
Expenses 79,864 61,300 302,227 261,098
---------- ---------- ----------- -----------
Income from Operations 12,413 9,624 82,072 72,341
Interest Expense (4,759) (5,068) (18,282) (19,747)
Interest Income 118 406 529 545
Other Income 88 629 2,023 2,522
---------- ---------- ----------- -----------
Income Before Income
Taxes 7,860 5,591 66,342 55,661
Income Taxes 2,650 992 24,992 21,020
---------- ---------- ----------- -----------
Net Income $5,210 $4,599 $41,350 $34,641
========== ========== =========== ===========
Basic Earnings Per Common
Share: $0.26 $0.23 $2.06 $1.79
Diluted Earnings Per
Common Share: $0.25 $0.23 $1.99 $1.73
Weighted Average Shares
Outstanding
Basic 20,271 19,673 20,036 19,327
Diluted 20,966 20,415 20,801 20,081
Central Garden & Pet Company
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
September 25, September 27,
2004 2003
--------------- ---------------
Assets
Current Assets:
Cash & Cash Equivalents $27,157 $77,604
Accounts Receivable 183,979 146,075
Inventories 237,913 217,156
Other Current Assets 18,499 15,222
--------------- ---------------
Total Current Assets 467,548 456,057
Property & Equipment - Net 105,612 101,538
Goodwill 338,384 222,780
Other Assets 53,366 48,723
--------------- ---------------
Total $964,910 $829,098
=============== ===============
Liabilities & Shareholders' Equity
Current Liabilities:
Accounts Payable $105,933 $105,103
Accrued Expenses 67,636 47,061
Current Portion of Long-Term Debt 1,025 1,028
--------------- ---------------
Total Current Liabilities 174,594 153,192
Long-Term Liabilities 304,775 249,225
Other Long-Term Obligations 5,745 1,585
Shareholders' Equity 479,796 425,096
--------------- ---------------
Total $964,910 $829,098
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