Central Garden & Pet Reports First Quarter Results for Fiscal 2004.Business Editors 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)--Feb. 5, 2004 Raises Fiscal 2004 Earnings Guidance to $2.10-$2.20 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, A 21% to 27% Increase over Fiscal 2003 Central Garden & Pet Company (Nasdaq:CENT) today announced its financial results for the fiscal first quarter of 2004, ended December December: see month. 27, 2003. 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 first quarter were $222.4 million, a 5% increase from $211.9 million in the comparable fiscal 2003 period. The Company recorded a net loss for the quarter of $645,000, or $0.03 per diluted share, compared with a net loss of $717,000, or $0.04 per diluted share, in the comparable year-ago period. Central typically reports a loss in the three-month period ending in December, which is the slowest time of the year for the garden industry. Income from operations for the first fiscal quarter of 2004 improved 80% to $3.6 million from $2.0 million in the year-ago period. The improved results for the quarter were driven by continued sales growth of the Company's branded products as well as lower administrative expenses. The improved operating results for the quarter were partially offset by higher interest costs. Depreciation and amortization for the most recent quarter totaled $4.6 million compared to $4.5 million in the fiscal 2003 quarter. Central continues to anticipate substantial earnings growth in fiscal 2004. With the recent acquisition of Kent Marine and the pending acquisition of 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 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. , Central is raising its fiscal 2004 net income guidance to $2.10-$2.20 per diluted share from the previously expected range of $2.00-$2.10 per diluted share, a 21% to 27% increase over fiscal 2003. The Company will discuss its fiscal first quarter 2004 results, the Kent Marine and New England Pottery acquisitions, and its updated 2004 earnings guidance on an earnings 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 earnings conference call will be simultaneously broadcast over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the 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 To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. 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 aquarium, name for any supervised exhibit of aquatic animals and plants. Aquariums are known to have been constructed in ancient Rome, Egypt, and Asia. Goldfish have been bred in China for several hundred years and are still the most commonly kept fish in home 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, 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 and Four Paws. 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, 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. 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
---------------------
Dec. 27, Dec. 28,
2003 2002
--------- ---------
Net Sales $222,350 $211,936
Cost of Goods Sold and Occupancy 160,279 150,718
--------- ---------
Gross Profit 62,071 61,218
Selling, General and Administrative
Expenses 58,511 59,254
--------- ---------
Income from Operations 3,560 1,964
Interest Expense (4,105) (2,843)
Interest Income 199 26
Other Expense (715) (341)
--------- ---------
Loss Before Income Taxes (1,061) (1,194)
Income Taxes (416) (477)
--------- ---------
Net Loss $ (645) $ (717)
========= =========
Basic and Diluted Loss Per Common Share $ (0.03) $ ( 0.04)
========= =========
Weighted Average Shares Outstanding
Basic 19,877 19,060
Diluted 19,877 19,060
Central Garden & Pet Company
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
Dec. 27, Dec. 28, Sept. 27,
2003 2002 2003
--------- --------- ---------
Assets
Current Assets:
Cash & Cash Equivalents $ 65,265 $ 14,790 $ 77,604
Restricted Investments 15,052 --- ---
Accounts Receivable 113,839 105,843 146,075
Inventories 243,911 224,889 217,156
Other Current Assets 17,601 19,115 15,222
--------- --------- ---------
Total Current Assets 455,668 364,637 456,057
Property & Equipment - Net 101,873 99,060 101,538
Other Assets 274,261 269,280 271,503
--------- --------- ---------
Total $831,802 $732,977 $829,098
========= ========= =========
Liabilities & Shareholders' Equity
Current Liabilities:
Notes Payable $ -- $ 64,649 $ --
Accounts Payable 105,112 95,776 105,103
Accrued Expenses 47,556 39,392 47,061
Current Portion of Long-Term Debt 1,028 122,593 1,028
--------- --------- ---------
Total Current Liabilities 153,696 322,410 153,192
Long-Term Liabilities 249,782 29,592 249,225
Other Long-Term Obligations 1,570 2,059 1,585
Shareholders' Equity 426,754 378,916 425,096
--------- --------- ---------
Total $831,802 $732,977 $829,098
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