Central Garden & Pet Reports Second Quarter Results for Fiscal 2004; Second Quarter Earnings Per Share Increased 34%.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)--May 6, 2004 Raises Fiscal 2004 Earnings Guidance Due to Sustained Organic Growth and Acquisitions Central Garden & Pet Company (Nasdaq:CENT) today announced its financial results for the fiscal second quarter of 2004, ended March 27, 2004. 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 second quarter were $359.0 million, an 8.6% increase from $330.5 million in the comparable fiscal 2003 period. The Company recorded net income for the quarter of $18.8 million, or $0.91 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, compared with net income of $13.5 million, or $0.68 per diluted share, in the comparable year-ago period. Year-over-year second quarter earnings per share increased 34%. The improved results for the second fiscal quarter of 2004 versus 2003 were primarily driven by continued growth of the Company's branded products, including contributions from the recent Kent Marine and 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. acquisitions, improved gross margins and lower interest expense. Income from operations for the second quarter of 2004 improved 22% to $34.4 million from $28.2 million in the year-ago period. Depreciation and amortization for the most recent quarter totaled $4.3 million, the same as the prior year. Net sales for the first six months of fiscal 2004 were $581.3 million, up 7.2%, compared with $542.4 million in the comparable 2003 period. Net income for the first half of 2004 was $18.2 million, or $0.88 per diluted share, compared with $12.8 million, or $0.64 per diluted share, in the comparable year ago period. Central continues to anticipate earnings growth from its existing operations and recent acquisitions, and is raising its estimate for fiscal 2004 net income from a range of $2.10-$2.20 per diluted share to a range of $2.15-$2.23 per diluted share, a 24% to 29% increase over fiscal 2003. This earnings guidance includes the recently completed acquisition of Interpet. The Company will discuss its fiscal second quarter 2004 results and the Interpet acquisition 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 , 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 The name Pennington can refer to a number of different persons, places, and things. Place names In the United States
Lilly is a surname and a female given name, and may refer to: People
"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 Six Months Ended
March 27, March 29, March 27, March 29,
2004 2003 2004 2003
--------- --------- --------- ---------
Net Sales $358,985 $330,509 $581,335 $542,445
Cost of Goods Sold and
Occupancy 246,959 231,419 407,238 382,137
--------- --------- --------- ---------
Gross Profit 112,026 99,090 174,097 160,308
Selling, General and
Administrative Expenses 77,669 70,916 136,180 130,170
--------- --------- --------- ---------
Income from Operations 34,357 28,174 37,917 30,138
Interest Expense (4,459) (6,341) (8,564) (9,184)
Interest Income 123 44 322 70
Other Income 985 671 270 330
--------- --------- --------- ---------
Income Before Income Taxes 31,006 22,548 29,945 21,354
Income Taxes 12,162 9,019 11,746 8,542
--------- --------- --------- ---------
Net Income $ 18,844 $ 13,529 $ 18,199 $ 12,812
========= ========= ========= =========
Earnings Per Common Share:
Basic $ 0.94 $ 0.70 $ 0.91 $ 0.67
Diluted $ 0.91 $ 0.68 $ 0.88 $ 0.64
========= ========= ========= =========
Weighted Average Shares Outstanding
Basic 20,030 19,234 19,939 19,147
Diluted 20,803 20,009 20,646 19,900
Central Garden & Pet Company
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
March 27, March 29, September 27,
2004 2003 2003
---------- ----------- -------------
Assets
Current Assets:
Cash and Equivalents $ 12,568 $ 7,007 $ 77,604
Restricted Investments 15,179 --- ---
Accounts Receivable 225,381 200,954 146,075
Inventories 252,614 231,438 217,156
Other Current Assets 10,766 13,926 15,222
---------- ----------- -------------
Total Current Assets 516,508 453,325 456,057
Property & Equipment - Net 101,347 99,235 101,538
Other Assets 335,482 272,936 271,503
---------- ----------- -------------
Total $ 953,337 $ 825,496 $ 829,098
========== =========== =============
Liabilities & Shareholders' Equity
Current Liabilities:
Notes Payable $ --- $ 81,747 $ ---
Accounts Payable 133,543 129,848 105,103
Accrued Expenses 55,663 48,220 47,061
Current Portion of Long-Term Debt 1,027 6,503 1,028
---------- ----------- -------------
Total Current Liabilities 190,233 266,318 153,192
Long-Term Debt 311,296 160,922 249,225
Other Long-Term Obligations 1,580 2,128 1,585
Shareholders' Equity 450,228 396,128 425,096
---------- ----------- -------------
Total $ 953,337 $ 825,496 $ 829,098
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