Central Garden & Pet Company Announces Stock Repurchase Authorization
August 15 2019 - 2:45PM
Business Wire
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, announced today that its Board of Directors has authorized
a new stock repurchase program. Under the new program, the Company
is authorized to purchase up to $100 million of its common stock.
In addition, the new program also authorizes the Company to make
supplemental purchases to minimize dilution resulting from
issuances under its equity compensation plans. The Company is
permitted to purchase annually a number of shares equal to the
number of shares of restricted stock and stock options granted in
the prior fiscal year, to the extent not already repurchased, and
the current fiscal year.
The Company’s stock repurchase program authorizes the purchase
of its common stock through open market and privately negotiated
transactions, including through Rule 10b5-1 trading plans, at times
and in such amounts as management deems appropriate. The timing and
actual number of shares repurchased will depend on a variety of
factors, including price, corporate and regulatory requirements,
capital availability and other market conditions. The stock
repurchase program does not have an expiration date and may be
limited or terminated at any time without prior notice.
The Company recently completed the purchase of shares remaining
under the Board’s prior stock repurchase authorization.
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 the timing and amounts of
repurchases under our stock repurchase program, 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 and the related impact on our
businesses, including demand for our Animal Health products; 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190815005621/en/
Steve Zenker VP Finance - Investor Relations, FP&A &
Corporate Communications Central Garden & Pet Company
925-948-3657
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