Central Garden & Pet announces first quarter results for fiscal 1996; Revenues up 23.4%; Net loss reduced by 21.9%.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. 8, 1996--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 to the lawn and garden industry and a major supplier of pet and pool supplies, today announced financial results for the fiscal first quarter ended Dec. 30, 1995. In 1995, Central moved its fiscal year to end on the last Saturday Saturday: see week; Sabbath. in September September: see month. to better reflect the seasonality of the company's business. 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 increased 23.4% to $78.1 million from $63.3 million in the comparable 1994 period, primarily reflecting sales generated under the new Solaris A multitasking, multiprocessing operating system from Sun that runs on SPARC and x86-based computers. In 2005, Sun made Solaris free and open source. Known for its robustness and scalability, Solaris provides an enterprise-wide Unix environment that can manage thousands of nodes from one agreement. The company recorded a net loss for the quarter of $2.4 million, or $.26 per share, compared with a net loss of $3.0 million, or $.51 per share in the comparable 1994 quarter. The weighted average number of shares increased in the quarter to 8,959,000, compared to 5,945,000 in the comparable 1994 period, following a secondary offering of Central Common Stock on Nov. 15, 1995. Central typically shows losses in the three-month period ending in December December: see month. , which is the slowest time of the year for the lawn and garden industry. "We have worked hard at Central to establish a foundation for renewed growth and greater earnings stability, and we expect our financial results will continue to reflect those efforts," 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. "During the quarter we began to benefit from the expanded, long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. agreement with Solaris, our largest supplier, that became effective in October October: see month. . We also completed a successful secondary public stock offering in November November: see month. that raised approximately $36 million of additional equity which for the short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. will be used to pay down corporate debt. In addition, we are also focusing on increasing sales of our own proprietary branded products, an area that we believe holds particular promise for Central." Central Garden & Pet Company is a leading national distributor of lawn and garden supply products, as well as a major distributor of pet and pool supplies. -0-
Central Garden & Pet Co.
Consolidated Statements of Income
(Unaudited)
(Dollars in thousands, except per share)
Three Months Ended
December 25, December 30,
1994 1995
Net sales $63,289 $78,112 Cost of goods sold and occupancy 53,482 66,792 Gross profit 9,807 11,320 Selling, general and administrative expenses 13,109 13,852
Loss from operations (3,302) (2,532)
Interest expense - net (1,481) (1,376) Other income (expense) - net (272) (166) Loss before income taxes (5,055) (4,074) Income taxes (2,029) (1,711) Net loss $3,026 $(2,363) Weighted average shares outstanding 5,945 8,959 Net loss per share $(0.51) $ (0.26) -0-
Central Garden & Pet Co.
Condensed Consolidated Balance Sheets
(Dollars in Thousands)
September 30, December 30,
1995 1995
(unaudited)
Assets
Current Assets: Cash $ 143 $ 247 Accounts receivable 41,315 46,210 Inventories 69,425 100,485 Other current assets 5,751 5,810 Total current assets 116,634 152,752 Property and equipment - net 12,078 13,066 Other assets 13,968 13,737 Total assets $142,680 $179,555 Liabilities & Shareholders' Equity Current Liabilities: Notes payable $ 37,971 $ 27,846 Accounts payable 45,120 59,561 Other current liabilities 8,227 7,548 Total current liabilities 91,318 94,955 Long-term liabilities 11,130 11,052 Other long-term obligations 1,830 1,827 Shareholders' equity 38,402 71,721 Total liabilities & shareholders' equity $142,680 $179,555 CONTACT: Central Garden & Pet Co., Lafayette Gregory Reams REAMS Resource Evaluation And Management System , 510/283-4573 or Sard Verbinnen & Co., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Paul Verbinnen/David Reno, 212/687-8080 |
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