Central Garden &Pet Announces First Quarter Results for Fiscal 2000.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)--February 3, 2000 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 manufacturer, supplier, and merchandiser of consumer lawn and garden and pet supply products, today announced financial results for the fiscal first quarter of 2000, ended December December: see month. 25, 1999. 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 $218.6 million, compared with $228.0 million in the comparable fiscal 1999 period. The Company recorded a net loss for the quarter of $6.5 million, or $0.33 per share, compared with a net loss of $435,000 or $0.01 per share in the comparable year-ago period. Central typically shows a loss in the three-month period ending in December, which is the slowest time of the year for the lawn and garden industry. The weighted average number of shares outstanding for the quarter decreased to 19,389,000 from 31,227,000 in the comparable year-ago period, which is primarily the result of the Company's stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program. The weighted average number of shares outstanding for the three-month periods ending December 1999 and 1998 exclude the potential impact of outstanding stock options and the Company's convertible securities, as such securities would be anti-dilutive in loss quarters. Central Garden &Pet Company is the nation's leading manufacturer, supplier, and merchandiser of consumer lawn and garden and pet supply products. Central's proprietary branded products include Pennington The name Pennington can refer to a number of different persons, places, and things. Place names In the United States
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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. Central offers its retail and branded manufacturing partners a wide array of value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. proven to increase sales and profitability, including logistics and distribution support, inventory management, advertising and promotional programs, in-store merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. service, and sales program development. 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. &uot;Safe Harbor&uot; 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 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 final accounting for all issues between the Company and Monsanto The Monsanto Company (NYSE: MON) is a multinational agricultural biotechnology corporation. It is the world's leading producer of the herbicide glyphosate, marketed as "Roundup". under the 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, such as the amounts receivable from Monsanto for cost reimbursements, payments for cost reductions and payments for services; the amounts payable to Monsanto for inventory; responsibility for obsolete inventory Obsolete Inventory Term that refers to inventory that is at the end of its product life cycle and has not seen any sales or usage for a set period of time usually determined by the industry. This type of inventory has to be written down and can cause large losses for a company. and for non-payment by Solaris' direct sales accounts; and costs associated with the realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. of the Company's lawn and garden distribution operations to reflect anticipated business levels for the fiscal year 2000.
Central Garden and Pet Company
Consolidated Statements Of Operations
(Unaudited)
(Dollars in thousands except per share amounts)
Three Months Ended
December 25, December 26,
1999 1998
---------- ----------
Net Sales $ 218,618 $ 228,021
Cost of Goods Sold
and Occupancy 160,362 171,540
---------- ----------
Gross Profit 58,256 56,481
Selling, General and
Administrative
Expenses 65,509 54,891
---------- ----------
Income (loss) from
Operations (7,253) 1,590
Interest Expense - Net 4,310 2,341
---------- ----------
Loss Before Income Taxes (11,563) (751)
Income Taxes (5,088) (316)
---------- ----------
Net Loss $ (6,475) $ (435)
========== ==========
Net Loss per Share
Basic and Diluted $ (0.33) $ (0.01)
========== ==========
Weighted Average
Shares Outstanding
Basic and Diluted 19,389 31,227
Central Garden &Pet Company
Condensed Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)
December 25, December 26, September 25,
1999 1998 1999
------------ ------------ -------------
Assets
Current
Assets:
Cash $ 9,521 $ 2,891 $ 8,017
Accounts
Receivable 113,129 133,150 149,411
Inventories 303,077 410,442 240,207
Inventories
Held for
Return to
Manufacturer 75,887 0 75,887
Other Current
Assets 11,423 25,534 11,254
---------- ---------- ----------
Total Current
Assets 513,037 572,017 484,776
Property and
Equipment - Net 96,022 89,026 94,179
Other Assets 395,160 380,109 376,875
---------- ---------- ----------
Total Assets $1,004,219 $1,041,152 $ 955,830
========== ========== ==========
Liabilities & Shareholders'
Equity
Current
Liabilities:
Notes Payable $ 165,812 $ 38,681 $ 95,883
Accounts Payable 200,013 260,649 188,113
Other Current
Liabilities 23,409 34,908 31,152
---------- ---------- ----------
Total Current
Liabilities 389,234 334,238 315,148
Long-Term
Liabilities 123,863 124,786 123,898
Other Long-Term
Obligations 20,440 20,191 21,057
Shareholders'
Equity 470,682 561,937 495,727
---------- ---------- ----------
Total
Liabilities & Shareholders'
Equity $1,004,219 $1,041,152 $ 955,830
========== ========== ==========
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