Fiscal 3Q 2019 sales increased 7.4% to
$706.6 million; Organic sales up 0.6%
Fiscal 3Q 2019 operating margin increased 50
basis points to 9.7%
Fiscal 3Q 2019 net income increased 11.1% to
$46.2 million
Fiscal 3Q 2019 diluted EPS increased to
$0.80 vs. $0.79 in Fiscal 3Q 2018
Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA),
a leading innovator, producer and distributor of branded and
private label products for the lawn & garden and pet supplies
markets, today announced financial results for its fiscal 2019
third quarter ended June 29, 2019.
Fiscal 2019 Third Quarter Financial
Results
Total net sales increased 7.4% to $706.6 million compared to
$657.9 million in the third quarter a year ago, driven in large
part by the acquisition of the remaining interest in Arden
Companies, in February 2019, as well as organic growth in the
Garden segment. Total Company organic sales increased 0.6%. Branded
product sales of $565.6 million increased 9.4%, and sales of other
manufacturers’ products of $141.0 million were relatively flat.
Third quarter operating income increased to $68.9 million from
$60.8 million in the third quarter a year ago. Operating margin
increased 50 basis points to 9.7% compared to 9.2%, due in part to
a higher gross margin, which increased 30 basis points, as well as
lower SG&A as a percent of sales. The gross margin improvement
was aided by pricing and the benefits of the Company's systematic
cost savings program. Corporate expenses for the period remained
flat but included non-recurring costs of $1.7 million related to
both the resolution of a legal matter and CEO search expenses
incurred during the quarter. EBITDA for the quarter was $82.0
million versus $73.4 million in the third quarter a year ago.
Other income declined to $0.2 million compared to $2.1 million
in the third quarter a year ago, primarily due to the absence of
income from the Company's Arden business, which now is consolidated
in the Garden segment.
Net income of $46.2 million increased 11.1% from $41.5 million
in the third quarter a year ago. Earnings per diluted share
increased to $0.80 in the quarter compared to $0.79 in the third
quarter a year ago. The increase occurred despite a 5.4 million or
10.3% increase in the number of shares outstanding compared to a
year ago, which reduced EPS by approximately eight cents.
"Led by strong results in two of our recent acquisitions and
continued sequential quarterly improvement in year-over-year margin
comparisons, Central resumed growing margins, operating income and
EBITDA during the quarter," said George Roeth, President & CEO
of Central Garden & Pet. "The growth occurred despite
challenges in our Pet segment's animal health businesses, which
faced significant headwinds caused in part by the difficult
economic environment in the agricultural sector and extremely
unfavorable weather for livestock and grain protection. We believe
some of the quarterly shortfall in these businesses was related to
timing and mix, and we continue to expect solid sales and profit
growth in the fourth quarter compared to last year."
Roeth continued, "During the quarter, we took actions to
strengthen our product portfolio. We acquired C&S Products, a
manufacturer of suet and other wild bird feed products. C&S
complements our existing wild bird feed business and fills a niche
that previously we had to outsource for production. Also during the
quarter, we exited two fashion-oriented pieces of our decor
business. We made this decision due to the complexity and costs of
operating the businesses, which while having made up over half of
our decor revenues, were not profitable for Central. We remain
committed to our terra cotta pottery business, which we will
continue to operate going forward."
Garden Segment Fiscal 2019 Third
Quarter Results
Third quarter net sales for the Garden segment rose 17.5% to
$356.4 million, driven by the Arden acquisition and favorable
organic growth, which increased 4.1% over the prior year period.
Higher revenues from the Company's Bell Nursery business as well as
a gain in the sales of other manufacturers' products drove the
organic sales increase, which more than offset unfavorable weather
conditions that resulted in lower sales of controls products. The
Garden segment’s branded product sales were $294.6 million in the
quarter, up 18.4% compared to the third quarter a year ago. Sales
of other manufacturers’ products increased 13.8% to $61.8
million.
The Garden segment's operating income increased 29.7% to $53.1
million in the quarter from $40.9 million in the third quarter of
fiscal 2018, and operating margin rose 140 basis points to 14.9%.
Both operating income and margin increases were driven in large
part by Arden and Bell Nursery, which helped overcome anticipated
exit costs associated with the decor business. Garden EBITDA of
$56.6 million was up from $43.7 million in the third quarter a year
ago.
Pet Segment Fiscal 2019 Third Quarter
Results
Third quarter net sales for the Pet segment decreased 1.3% to
$350.2 million compared to the same period a year ago. Organic Pet
sales were down 2.3%, due primarily to lower sales in the animal
health and pet distribution businesses, which more than offset
strength in the aquatics and dog treats businesses. The Pet
segment’s third quarter branded product sales were $271.0 million,
up 1.2% compared to a year ago, and sales of other manufacturers’
products were $79.2 million, a decrease of 8.8%.
The Pet segment’s operating income decreased 10.6% compared to
the third quarter a year ago to $35.1 million, and Pet operating
margin decreased to 10.0%, a decline of 110 basis points. Weakness
in the animal health businesses, due to unfavorable weather,
difficult economic conditions, and timing differences, negatively
impacted third quarter operating income and margin. Changes in
product sales mix and promotional expense timing in the Company's
dog and cat businesses also negatively impacted Pet margins.
Conversely, timing is expected to positively impact the Company's
fourth quarter revenues and margins. Stronger orders already
received early in the fourth quarter support this expectation. Pet
EBITDA of $43.1 million was down from $46.9 million in the third
quarter a year ago.
Year-to-date 2019
Summary:
Year-to-date net sales of $1,842.3 million increased 7.5%
compared with $1,713.0 million a year ago, due in large part to
acquisitions. Organic sales increased 0.6%, driven mainly by the
Garden segment's 2.8% gain. Pet organic sales for the period
declined 1.0%. Gross margin decreased 60 basis points to 30.2% from
30.8% in the first nine months of fiscal 2018 due to acquisitions.
Organic gross margin during the period was relatively flat.
Operating income of $141.2 million decreased 5.3% or $7.9
million from $149.1 million in the first nine months of 2018, due
in large part to lower Pet segment operating results, the impact of
the inclusion of Bell Nursery for the full period compared to a
year ago, and the delay of the implementation of pricing increases
until the second fiscal quarter. Operating margin of 7.7% decreased
100 basis points from 8.7% in the first nine months of fiscal
2018.
Net income decreased 20.1% to $90.3 million from $113.0 million
a year ago. Diluted earnings per share of $1.56 declined 27.4% from
$2.15 per share, due in large part to the impact of a greater
number of shares outstanding in the current year period and the
positive impact from a revaluation of deferred tax amounts in the
first quarter of fiscal 2018.
Additional Information
The Company's cash balance at the end of the quarter increased
to $445.6 million compared to $204.4 million in the third quarter a
year ago, reflecting the proceeds of the Company's equity offering
in August 2018. Cash provided by operations during the quarter
increased $60.4 million to $172.1 million compared to $111.7
million a year ago due to higher earnings and stronger working
capital management. Total debt at June 29, 2019 was $693.1 million
compared to $691.9 million at June 30, 2018. Net interest expense
of $8.5 million for the third quarter decreased $1.5 million from
$10.0 million in the prior-year period, mainly due to interest
earned on the Company's higher cash balances during the quarter.
The Company's leverage ratio at the end of the third quarter, as
defined in the Company's credit agreement, was 3.0x compared to
3.2x at the end of the prior year quarter.
The Company’s effective tax rate for the third quarter of 2019
was 23.5%, compared with 21.5% for the third quarter of 2018.
2019 Guidance
The Company is changing its previous fiscal 2019 guidance of
$1.80 or higher per diluted share. The Company now expects earnings
per diluted share of $1.72 or higher for the current fiscal year.
The reduction is driven by short-term challenges in the Company's
animal health businesses, and three cents of negative impact from
an unexpected legal resolution and cumulative CEO transition costs,
which were not included in the Company's previous guidance.
Conference Call
The Company will host a conference call today at 4:30 p.m.
Eastern Time / 1:30 p.m. Pacific Time to discuss its third quarter
results. The conference call will be accessible via the internet
through Central’s website, http://ir.central.com.
Alternatively, to listen to the call by telephone, dial (201)
689-8345 (domestic and international) using confirmation #13691792.
A replay of the call will be available for three days by dialing
(201) 612-7415 and entering confirmation #13691792.
About Central Garden &
Pet
Central Garden & Pet Company is a leading innovator,
producer and distributor of branded and private label products for
the lawn & garden and pet supplies markets. Committed to new
product innovation, our products are sold to specialty independent
and mass retailers. Participating categories in Lawn & Garden
include: Grass seed and the brands PENNINGTON®, and THE REBELS®;
wild bird feed and the brand PENNINGTON®; weed and insect control
and the brands AMDRO®, SEVIN®, and OVER-N-OUT®; fertilizer and the
brands PENNINGTON® and IRONITE®; live plants from BELL NURSERY;
outdoor cushions and pillows from ARDEN COMPANIES; and decorative
outdoor patio products under the PENNINGTON® brand. We also provide
a host of other regional and application-specific garden brands and
supplies. Participating categories in Pet include: Animal health
and the brands ADAMS™, COMFORT ZONE®, FARNAM®, HORSE HEALTH™ and
VITAFLEX®; aquatics and reptile and the brands AQUEON®, CORALIFE®,
SEGREST™ and ZILLA®; bird & small animal and the brands
KAYTEE®, Forti-Diet® and CRITTER TRAIL®; and dog & cat and the
brands TFH™, NYLABONE®, FOUR PAWS®, IMS®, CADET®, DMC™, K&H Pet
Products™, PINNACLE® and AVODERM®. We also provide a host of other
application-specific pet brands and supplies. Central Garden &
Pet Company is based in Walnut Creek, California, and has
approximately 5,400 employees, primarily in North America. For
additional information on Central Garden & Pet Company,
including access to the Company's SEC filings, please visit the
Company’s website at www.central.com.
“Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained in this release which
are not historical facts, including expectations for future
financial results, earnings guidance for fiscal 2019 expected cost
and mix improvements in the second half of fiscal 2019 and new
product offerings, are forward-looking statements 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. All forward-looking statements are
based upon the Company’s current expectations and various
assumptions. There are a number of risks and uncertainties that
could cause our actual results to differ materially from the
forward-looking statements contained in this release including, but
not limited to, the following factors:
- seasonality and fluctuations in the Company’s operating results
and cash flow;
- fluctuations in market prices for seeds and grains and other
raw materials and the Company’s inability to pass through cost
increases in a timely manner;
- adverse weather conditions;
- our dependence upon our key executives, including our success
in replacing our current CEO who has announced his intention to
retire at the end of the current fiscal year;
- potential acquisitions;
- the impact of new accounting regulations and the U.S. Tax Cuts
and Jobs Act on the Company's tax rate;
- dependence on a small number of customers for a significant
portion of our business;
- the impacts of recent tariffs or a potential trade war;
- risk associated with litigation arising from our business;
- uncertainty about new product innovations and marketing
programs; and
- competition in our industries.
These risks and others are described in the Company’s Securities
and Exchange Commission filings. The Company undertakes no
obligation to publicly update these forward-looking statements to
reflect new information, subsequent events or otherwise.
CENTRAL GARDEN & PET
COMPANY
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except share
and per share amounts)
(Unaudited)
ASSETS
June 29, 2019
June 30, 2018
September 29, 2018
Current assets:
Cash and cash equivalents
$
445,632
$
204,388
$
482,106
Restricted cash
10,924
13,978
10,899
Short term investments
119
—
—
Accounts receivable (less allowance for
doubtful accounts of $15,875, $22,021 and $24,125)
395,581
348,781
275,908
Inventories, net
464,917
428,007
427,823
Prepaid expenses and other
32,453
26,735
20,562
Total current assets
1,349,626
1,021,889
1,217,298
Land, buildings, improvements and
equipment—net
238,948
211,817
217,647
Goodwill
281,177
268,243
281,177
Other intangible assets—net
139,406
138,610
152,265
Other assets
55,761
67,846
38,822
Total
$
2,064,918
$
1,708,405
$
1,907,209
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
137,668
$
108,129
$
110,259
Accrued expenses
141,029
122,897
102,583
Current portion of long-term debt
116
119
122
Total current liabilities
278,813
231,145
212,964
Long-term debt
692,948
691,741
692,031
Deferred taxes and other long-term
obligations
58,834
40,798
49,380
Equity:
Common stock, $0.01 par value: 12,145,135
shares outstanding at June 29, 2019, June 30, 2018 and September
29, 2018
121
121
121
Class A common stock, $0.01 par value:
44,081,467, 38,373,324 and 43,953,265 shares outstanding at June
29, 2019, June 30, 2018 and September 29, 2018
440
384
439
Class B stock, $0.01 par value: 1,652,262
shares outstanding
16
16
16
Additional paid-in capital
589,849
392,412
590,168
Accumulated earnings
444,645
352,355
362,923
Accumulated other comprehensive loss
(1,426
)
(1,153
)
(1,218
)
Total Central Garden & Pet Company
shareholders’ equity
1,033,645
744,135
952,449
Noncontrolling interest
678
586
385
Total equity
1,034,323
744,721
952,834
Total
$
2,064,918
$
1,708,405
$
1,907,209
CENTRAL GARDEN & PET
COMPANY
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per
share amounts)
(Unaudited)
Three Months Ended
Nine Months Ended
June 29, 2019
June 30, 2018
June 29, 2019
June 30, 2018
Net sales
$
706,575
$
657,943
$
1,842,266
$
1,713,048
Cost of goods sold and occupancy
487,291
455,879
1,286,749
1,184,690
Gross profit
219,284
202,064
555,517
528,358
Selling, general and administrative
expenses
150,413
141,245
414,312
379,232
Operating income
68,871
60,819
141,205
149,126
Interest expense
(10,676
)
(10,597
)
(31,930
)
(28,577
)
Interest income
2,178
584
6,970
1,464
Other income
180
2,126
488
542
Income before income taxes and
noncontrolling interest
60,553
52,932
116,733
122,555
Income tax expense
14,212
11,395
26,031
8,802
Income including noncontrolling
interest
46,341
41,537
90,702
113,753
Net income (loss) attributable to
noncontrolling interest
189
(8
)
356
727
Net income attributable to Central
Garden & Pet Company
$
46,152
$
41,545
$
90,346
$
113,026
Net income per share attributable to
Central Garden & Pet Company:
Basic
$
0.81
$
0.81
$
1.58
$
2.22
Diluted
$
0.80
$
0.79
$
1.56
$
2.15
Weighted average shares used in the
computation of net income per share:
Basic
57,319
51,134
57,021
50,938
Diluted
57,985
52,575
57,937
52,670
Use of Non-GAAP Financial Measures
We report our financial results in accordance with U.S.
generally accepted accounting principles (GAAP). However, to
supplement the financial results prepared in accordance with GAAP,
we use non-GAAP financial measures including non-GAAP net sales and
operating income on a consolidated and segment basis, and non-GAAP
net income and diluted net income per share. Management believes
these non-GAAP financial measures that exclude the impact of
specific items (described below) may be useful to investors in
their assessment of our ongoing operating performance and provide
additional meaningful comparisons between current results and
results in prior operating periods.
EBITDA is defined by us as income before income tax, net other
expense, net interest expense and depreciation and amortization (or
operating income plus depreciation and amortization expense). We
present EBITDA because we believe that EBITDA is a useful
supplemental measure in evaluating the cash flows and performance
of our business and provides greater transparency into our results
of operations. EBITDA is used by our management to perform such
evaluation. EBITDA should not be considered in isolation or as
substitutes for cash flow from operations, income from operations
or other income statement measures prepared in accordance with
GAAP. We believe that EBITDA is frequently used by investors,
securities analysts and other interested parties in their
evaluation of companies, many of which present EBITDA when
reporting their results. Other companies may calculate EBITDA
differently, it may not be comparable.
We have also provided organic net sales, a non-GAAP measure that
excludes the impact of businesses purchased or exited in the prior
12 months, because we believe it permits investors to better
understand the performance of our historical business without the
impact of recent acquisitions or dispositions.
The reconciliations of these non-GAAP measures to the most
directly comparable financial measures calculated and presented in
accordance with GAAP are shown in the tables below. We have not
provided a reconciliation of non-GAAP guidance measures to the
corresponding GAAP measures on a forward-looking basis due to the
potential significant variability and limited visibility of the
excluded items. We believe that the non-GAAP financial measures
provide useful information to investors and other users of our
financial statements by allowing for greater transparency in the
review of our financial and operating performance. Management also
uses these non-GAAP financial measures in making financial,
operating and planning decisions and in evaluating our performance,
and we believe these measures similarly may be useful to investors
in evaluating our financial and operating performance and the
trends in our business from management's point of view. While our
management believes that non-GAAP measurements are useful
supplemental information, such adjusted results are not intended to
replace our GAAP financial results and should be read in
conjunction with those GAAP results.
Non-GAAP financial measures reflect adjustments based on the
following items:
- Gains from the fair value remeasurement of previously held
investment interests: we have excluded the impact of the fair value
remeasurement of a previously held investment interest as it
represents an infrequent transaction that occurs in limited
circumstances that impacts the comparability between operating
periods. We believe the adjustment of these gains supplements the
GAAP information with a measure that may be used to assess the
sustainability of our operating performance.
- Asset impairment charges: we have excluded the impact of asset
impairments on intangible assets as such non-cash amounts are
inconsistent in amount and frequency. We believe that the
adjustment of these charges supplements the GAAP information with a
measure that can be used to assess the sustainability of our
operating performance.
- The U.S. government enacted comprehensive tax legislation
commonly referred to as the Tax Cuts and Job Act (the "Tax Reform
Act") in December 2017. We have excluded the transitional impact of
the Tax Reform Act as the remeasurement of our deferred tax assets
and liabilities does not reflect the ongoing impact of the lower
U.S. statutory rate on our current year or future year
earnings.
From time to time in the future, there may be other items that
we may exclude if we believe that doing so is consistent with the
goal of providing useful information to investors and
management.
(1)
During the second quarter of fiscal 2019,
we recorded a preliminary, pending the finalization of the related
purchase accounting, non-cash $3.2 million gain in our Garden
segment from the fair value remeasurement of our previously held
45% interest in Arden upon our acquisition of the remaining 55%
interest. The gain was recorded as part of selling, general and
administrative costs in the condensed consolidated statements of
operations.
(2)
During the second quarter of fiscal 2019, we recognized a non-cash
impairment charge in our Pet segment of $2.5 million related to the
impairment of intangible assets caused by a retail customer exiting
the live fish business. The adjustment was recorded as part of
selling, general and administrative costs.
(3)
Transitional impact of U.S. Tax Reform: As a result of the Tax
Reform Act, the Company recorded a provisional tax benefit of $16.3
million in the first quarter of fiscal 2018, due to the
remeasurement of its deferred tax assets and liabilities. We have
excluded only this transitional impact and have not included in the
adjustment the ongoing impact of the lower U.S. statutory rate on
our current or future year earnings.
Operating Income Reconciliation
GAAP to Non-GAAP
Reconciliation (in thousands) For the Nine Months Ended
Consolidated
June 29, 2019
June 30, 2018
GAAP operating income
$
141,205
$
149,126
Previously held investment interest fair
value remeasurement
(1)
(3,215
)
—
Intangible asset impairment
(2)
2,540
—
Non-GAAP operating income
$
140,530
$
149,126
Pet Segment Operating Income
Reconciliation
GAAP to Non-GAAP
Reconciliation (in thousands) For the Nine Months Ended
Pet
June 29, 2019
June 30, 2018
GAAP operating income
$
91,805
$
108,202
Intangible asset impairment
(2)
2,540
—
Non-GAAP operating income
$
94,345
$
108,202
Garden Segment Operating Income
Reconciliation
GAAP to Non-GAAP
Reconciliation (in thousands) For the Nine Months Ended
Garden
June 29, 2019
June 30, 2018
GAAP operating income
$
101,821
$
93,975
Previously held investment interest fair
value remeasurement
(1)
(3,215
)
—
Non-GAAP operating income
$
98,606
$
93,975
GAAP to Non-GAAP
Reconciliation (in thousands, except per share amounts) For the
Nine Months Ended
Net Income and Diluted Net Income Per
Share Reconciliation
June 29, 2019
June 30, 2018
GAAP net income attributable to Central
Garden & Pet
$
90,346
$
113,026
Previously held investment interest fair
value remeasurement
(1)
(3,215
)
—
Intangible asset impairment
(2)
2,540
—
Tax effect of remeasurement and
impairment
151
—
Tax effect of revaluation of deferred tax
amounts
(3)
—
16,343
Non-GAAP net income attributable to
Central Garden & Pet
$
89,822
$
96,683
GAAP diluted net income per share
$
1.56
$
2.15
Non-GAAP diluted net income per share
$
1.55
$
1.84
Shares used in GAAP and non-GAAP diluted
net earnings per share calculation
57,937
52,670
Organic Net Sales Reconciliation
We have provided organic net sales, a non-GAAP measure that
excludes the impact of recent acquisitions and dispositions,
because we believe it permits investors to better understand the
performance of our historical business. We define organic net sales
as net sales from our historical business derived by excluding the
net sales from businesses acquired or exited in the preceding 12
months. After an acquired business has been part of our
consolidated results for 12 months, the change in net sales
thereafter is considered part of the increase or decrease in
organic net sales.
GAAP to Non-GAAP
Reconciliation (in millions) For the Three Months Ended June 29,
2019
Consolidated
Pet Segment
Garden Segment
Percent change
Percent change
Percent change
Reported net sales - Q3 FY19 (GAAP)
$
706.6
$
350.2
$
356.4
Reported net sales - Q3 FY18 (GAAP)
657.9
354.7
303.2
Increase in net sales
48.7
7.4
%
(4.5
)
(1.3
)%
53.2
17.5
%
Effect of acquisition and divestitures on
increase in net sales
44.6
3.7
40.9
Increase in organic net sales - Q3
2019
$
4.1
0.6
%
$
(8.2
)
(2.3
)%
$
12.3
4.1
%
GAAP to Non-GAAP
Reconciliation (in millions) For the Nine Months Ended June 29,
2019
Consolidated
Pet Segment
Garden Segment
Percent change
Percent change
Percent change
Reported net sales - Q3 FY19 YTD
(GAAP)
$
1,842.3
$
1,028.8
$
813.5
Reported net sales - Q3 FY18 YTD
(GAAP)
1,713.0
1,001.5
711.5
Increase in net sales
129.3
7.5
%
27.3
2.7
%
102.0
14.3
%
Effect of acquisition and divestitures on
increase in net sales
119.5
37.2
82.3
Increase (decrease) in organic net sales -
Q3 2019 YTD
$
9.8
0.6
%
$
(9.9
)
(1.0
)%
$
19.7
2.8
%
EBITDA Reconciliation
GAAP to Non-GAAP
Reconciliation (in thousands, except per share amounts) For the
Three Months Ended June 29, 2019
Garden
Pet
Corp
Total
Net income attributable to Central Garden
& Pet
—
—
—
$
46,152
Interest expense, net
—
—
—
8,498
Other income
—
—
—
(180
)
Income tax expense
—
—
—
14,212
Net income attributable to noncontrolling
interest
—
—
—
189
Sum of items below operating income
—
—
—
22,719
Income (loss) from operations
$
53,103
$
35,066
$
(19,298
)
$
68,871
Depreciation & amortization
3,497
8,083
1,502
13,082
EBITDA
$
56,600
$
43,149
$
(17,796
)
$
81,953
EBITDA Reconciliation
GAAP to Non-GAAP
Reconciliation (in thousands, except per share amounts) For the
Three Months Ended June 30, 2018
Garden
Pet
Corp
Total
Net income attributable to Central Garden
& Pet
—
—
—
$
41,545
Interest expense, net
—
—
—
10,013
Other income
—
—
—
(2,126
)
Income tax expense
—
—
—
11,395
Net income attributable to noncontrolling
interest
—
—
—
(8
)
Sum of items below operating income
—
—
—
19,274
Income (loss) from operations
$
40,929
$
39,242
$
(19,352
)
$
60,819
Depreciation & amortization
2,789
7,626
2,172
12,587
EBITDA
$
43,718
$
46,868
$
(17,180
)
$
73,406
EBITDA Reconciliation
GAAP to Non-GAAP
Reconciliation (in thousands, except per share amounts) For the
Nine Months Ended June 29, 2019
Garden
Pet
Corp
Total
Net income attributable to Central Garden
& Pet
—
—
—
$
90,346
Interest expense, net
—
—
—
24,960
Other income
—
—
—
(488
)
Income tax benefit
—
—
—
26,031
Net income attributable to noncontrolling
interest
—
—
—
356
Sum of items below operating income
—
—
—
50,859
Income (loss) from operations
$
101,821
$
91,805
$
(52,421
)
$
141,205
Depreciation & amortization
8,635
24,178
4,498
37,311
EBITDA
$
110,456
$
115,983
$
(47,923
)
$
178,516
EBITDA Reconciliation
GAAP to Non-GAAP
Reconciliation (in thousands, except per share amounts) For the
Nine Months Ended June 30, 2018
Garden
Pet
Corp
Total
Net income attributable to Central Garden
& Pet
—
—
—
$
113,026
Interest expense, net
—
—
—
27,113
Other income (expense)
—
—
—
(542
)
Income tax benefit
—
—
—
8,802
Net income attributable to noncontrolling
interest
—
—
—
727
Sum of items below operating income
—
—
—
36,100
Income (loss) from operations
$
93,975
$
108,202
$
(53,051
)
$
149,126
Depreciation & amortization
6,065
21,715
7,092
34,872
EBITDA
$
100,040
$
129,917
$
(45,959
)
$
183,998
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190801005982/en/
Steve Zenker VP Finance - Investor Relations, FP&A, &
Corporate Communications Central Garden & Pet Company
925.948.3657
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