Central Garden & Pet Announces Record Second Quarter Results For Fiscal 1997.LAFAYETTE Lafayette (lä'fēĕt`, lăf'ēĕt`). 1 City (1990 pop. 23,501), Contra Costa co., NW Calif., a residential suburb in the San Francisco–Oakland area; settled 1848, inc. 1968. , Calif.--(BUSINESS WIRE)--May 8, 1997-- Revenues Increase 29.8%; Net Income Up 78.6% 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), the nation's leading distributor of lawn and garden and pet supplies, today announced record financial results for the fiscal second quarter ended March 29, 1997. 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 for the fiscal second quarter increased 29.8% to $236.3 million from $182.0 million in the comparable 1996 period. Net income for the fiscal second quarter was $5.0 million, or $.33 per share on a primary basis, compared with net income of $2.8 million, or $.24 per share, in the comparable 1996 quarter. The weighted number of outstanding shares for the quarter increased to 15,444,000 from 11,803,000 in the year ago quarter, following a secondary offering of Central Common Stock on July July: see month. 19, 1996. Net sales for the first half of fiscal 1997 increased 29.4% to $336.5 million from $260.1 million in the comparable 1996 period. Net income for the first half of fiscal 1997 was $3.2 million, or $.21 per share on a primary basis, compared with net income of $0.4 million, or $.04 per share, in the comparable 1996 period. The weighted average number of shares for the period increased to 15,200,000 compared to 10,381,000 in the comparable 1996 period. "Central had an excellent quarter led by strong lawn and garden sales and continued positive results in the pet supply business," said William E. Brown Archbishop William (EUSEBUIS) Brown is the First African-American Archbishop in the state of Virginia. He heads the Archdiocese of Fredericksburg, headquartered in Stafford, Virginia. Archbishop Brown is the current Chief Pastor of Mt. , Chairman and Chief Executive Officer. Brown added, "Also, during the quarter, we continued to actively pursue our growth strategy in all segments of our business as evidenced by the completion of several significant transactions: the acquisition of Four Paws, a manufacturer of branded pet supply products; the acquisition of the pet supply business of Country Pet Supply, a distributor serving the Southeast; the purchase of an equity stake in Commerce, a leading East coast distributor of lawn and garden products; and our joint marketing and distribution agreement with Hoechst Hoechst may refer to:
Brown concluded, "Overall, we believe we are on track for continued growth and are well positioned as we move further into the spring and summer seasons." Central Garden & Pet Company is the leading national distributor of lawn, garden and pet supply products, and a major national distributor of pool supplies. Central offers customers a wide array of services designed to increase the sales and profitability of both manufacturers and retailers, including inventory management, advertising and promotional programs, in-store design and display assistance and sales program development. Central also offers lines of proprietary branded products which include Four Paws(R) pet products, Island(R) aquariums, Matthews Matthews may refer to: In places:
redwood or sequoia Coniferous evergreen timber tree (Sequoia sempervirens) of the family Taxodiaceae, found in the fog belt of west-coastal North America. products and Grant's Grant's is a blended Scotch whisky bottled by William Grant & Sons in Scotland. History In 1886, William Grant founded the Glennfiddich Distillery in Dufftown, Scotland. Glenfiddich single malt Scotch whisky first ran from the stills on Christmas Day, 1887. (R) ant control products. "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 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 the subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by forward-looking statements. These risks are described in the Company's Securities and Exchange Commission filings. -0-
Central Garden & Pet Company
Consolidated Statements of Income
(Unaudited)
(in thousands, except per share amounts)
Six Months Ended Three Months Ended
March 29, March 30, March 29, March 30,
1997 1996 1997 1996
Net Sales $ 336,485 $ 260,132 $ 236,341 $ 182,020
Cost of Goods
Sold and Occupancy 285,315 227,006 202,625 160,214
Gross Profit 51,170 33,126 33,716 21,806
Selling, General and
Administrative
Expenses 42,844 29,922 23,211 15,904
Income from
Operations 8,326 3,204 10,505 5,902
Interest Expense - Net (2,747) (2,452) (1,810) (1,076)
Income before
income taxes 5,579 752 8,695 4,826
Income Taxes 2,348 324 3,657 2,035
Net Income $ 3,231 $ 428 $ 5,038 $ 2,791
Net income per common
and common equivalent
share
Primary $ 0.21 $ 0.04 $ 0.33 $ 0.24
Fully diluted $ 0.21 $ 0.04 $ 0.31 $ 0.24
Weighted average shares outstanding
Primary 15,200 10,381 15,444 11,803
Fully diluted 15,284 10,441 15,515 11,836
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Central Garden & Pet Company
Condensed Consolidated Balance Sheets
(Dollars in Thousands)
March 29, September 28,
1997 1996
(unaudited)
Assets
Current Assets:
Cash $ 14,843 $ 1,272
Accounts Receivable 127,197 62,231
Inventories 270,722 169,835
Other Current Assets 8,401 7,132
Total Current Assets 421,163 240,470
Property and Equipment - net 15,950 11,464
Other Assets 86,643 31,730
Total Assets $ 523,756 $ 283,664
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Notes Payable $ 600 $ 27,904
Accounts Payable 247,761 104,049
Other Current Liabilities 13,275 12,847
Total Current Liabilities 261,636 144,800
Long-Term Liabilities 117,025 7,635
Other Long-Term Obligations 1,670 1,670
Shareholders' Equity 143,425 129,559
Total Liabilities &
Shareholders' Equity $ 523,756 $ 283,664
CONTACT: Central Garden & Pet Gregory Reams REAMS Resource Evaluation And Management System , 510/283-4573 or Sard Verbinnen & Co. Debbie Debbie (or Deb) is a fairly common given name, usually feminine, short for Deborah (or Debra) (which means "bee" in Hebrew) and is popular in most English-speaking countries. It reached its height of popularity in the United States in the 1970s. Miller/Shelley Young, 212/687-8080 |
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