Q2 2020 sales increased 4.4% to $703.2
million
Q2 2020 diluted EPS of $0.78; an increase of
$0.05 vs. prior year
Full year 2020 guidance suspended given the
unprecedented COVID-19 pandemic
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 2020
second quarter ended March 28, 2020.
“We delivered a solid second quarter with both sales and profit
growing versus prior year, driven in part by our recent
acquisitions. This performance was achieved despite the recent
headwinds posed by the unprecedented challenges of COVID-19. I am
inspired by the level of commitment, creativity and collaboration I
have seen from our employees, and I am grateful for their efforts,
particularly those on the front line in our manufacturing,
logistics and merchandising teams, “ said Tim Cofer, CEO of Central
Garden & Pet. "Our primary focus has been on the health and
safety of our employees, as well as on company-wide business
continuity efforts."
Cofer continued, “Our company is proud to continue to serve our
customers and consumers and provide comfort to those who are now
spending more time taking care of their pets and tending to their
gardens. Although our organization remains acutely focused on the
immediate challenges of the pandemic, we have not lost sight of
developing our long-term strategy, and we continue to make good
progress on that front.”
Fiscal 2020 Second Quarter Financial
Results
Total net sales increased 4.4% to $703.2 million compared to
$673.7 million in the second quarter a year ago, driven in large
part by recent acquisitions. Total Company organic sales increased
0.5%, due to strength in the Pet segment.
Second quarter gross margin decreased 110 basis points to 29.5%,
due to an unfavorable mix of product sales and the impact of lower
volumes in certain businesses. Operating income increased to $66.1
million from $62.2 million in the second quarter a year ago.
Operating margin increased 20 basis points to 9.4% compared to
9.2%, due to gains in recent acquisitions.
Other expense was $1.0 million compared to other income of $0.5
million in the second quarter a year ago. The difference was
primarily due to unfavorable foreign exchange impact and the
absence of income from the Company's minority interest in Arden
Companies. The Arden business is now consolidated in Central's
Garden segment results, due to the Company's February 2019 purchase
of the remaining 55% interest in Arden.
The Company's net income was $42.7 million for the quarter
compared to $42.4 million in the second quarter a year ago. The
diluted earnings per share for the quarter was $0.78 compared to
$0.73 in the prior year quarter. EBITDA for the quarter was $79.3
million versus $74.0 million in the second quarter a year ago.
Pet Segment Fiscal 2020 Second Quarter
Results
Second quarter net sales for the Pet segment rose 6.7% to $360.8
million compared to the same period a year ago, aided by the
Company's C&S acquisition. Organic Pet sales increased by 3.8%,
with notable strength in dog treats and chews, pet distribution,
small animal supplies, and animal health. These gains were
partially offset by a decline in live fish sales due to a major
retailer exiting the category during fiscal 2019 and COVID-19
related live animal shipment limitations as well as the negative
impact of lower pet bedding sales, in part due to a fire at one of
the Company's facilities during the first quarter.
The Pet segment’s operating income increased 24.6% compared to
the second quarter a year ago to $33.6 million. Excluding the $2.5
million impairment charge for the live fish business in the second
quarter of fiscal 2019, the increase was 13.9%, aided by the
C&S acquisition and organic gains. Pet operating margin also
increased to 9.3%, up 130 basis points compared to the prior year
quarter. Pet's organic operating margin, excluding the impairment
charge, also improved, primarily due to volume strength and lower
administrative costs. Pet EBITDA of $42.1 million increased from
$35.0 million in the second quarter a year ago, or $37.6 million if
the prior year impairment is excluded.
Garden Segment Fiscal 2020 Second
Quarter Results
Second quarter net sales for the Garden segment rose 2.1% to
$342.4 million, driven by the Arden acquisition. Organic sales
decreased 2.8% over the prior year period, negatively impacted by
the Company's exit from the fashion decor pottery product line.
Lower revenues in the Company's grass seed and controls businesses
were also factors in the decline. These declines were partially
offset by strength in Garden distribution, wild bird feed, and live
plant categories.
The Garden segment's operating income decreased slightly to
$53.0 million in the quarter from $53.4 million in the second
quarter of fiscal 2019, and operating margin declined 40 basis
points to 15.5%. Excluding the inorganic impact of the Arden
acquisition and the related $3.2 million gain in the prior year
period, Garden organic operating margin was roughly flat. Garden
EBITDA of $56.3 million was up from $55.7 million in the second
quarter of fiscal 2019.
Fiscal Year-to-date 2020 Financial
Results
Year-to-date net sales of $1,186.1 million increased 4.4%
compared to $1,135.7 million a year ago, due in large part to
acquisitions. Organic sales increased 0.2%. Gross margin decreased
110 basis points to 28.5% compared to 29.6% in the first six months
of fiscal 2019, principally due to unfavorable mix of product sales
and the impact of lower volumes in certain businesses.
For the six months ended March 28, 2020, the Company reported
operating income of $68.2 million, a decrease of 5.8% from $72.3
million in the first six months of 2019. Operating margin of 5.7%
decreased 70 basis points from 6.4% driven by gross margin pressure
partially offset by lower administrative costs.
Net income decreased 13.4% to $38.3 million from $44.2 million a
year ago and diluted earnings per share of $0.69 declined 9.2% from
$0.76 per share a year ago. Year-to-date EBITDA was $94.5 million
versus $96.6 million a year ago.
Non-GAAP results for the 2019 fiscal year-to-date period exclude
the non-cash impairment of $2.5 million of intangible value
associated with the Company's live fish business, and a $3.2
million gain from the write-up of the Company's Arden acquisition,
both of which occurred in the Company's second fiscal quarter of
the prior year.
Additional Information
The Company's cash balance at the end of the quarter increased
to $331.6 million compared to $329.7 million in the second quarter
a year ago. Cash used by operations during the quarter was $74.6
million compared to $86.1 million a year ago due primarily to
favorable changes in working capital, primarily in inventory, as
well as increased EBITDA. Total debt at March 28, 2020 was $693.7
million compared to $697.8 million at March 30, 2019. Net interest
expense of $9.3 million for the second quarter increased $0.9
million from $8.4 million in the prior-year period, mainly due to
lower interest income due to market decline. The Company's leverage
ratio at the end of the second quarter, as defined in the Company's
credit agreement, was 2.9x compared to 3.2x at the end of the prior
year quarter. Subsequent to the second quarter, the Company
borrowed $200 million under its revolving credit facility to
increase financial flexibility while it navigates an uncertain
COVID-19 economic environment.
The Company’s effective tax rate for the second quarter of 2020
was 22.7%, compared with 21.3% for the second quarter of 2019.
During the quarter, the Company repurchased approximately 988
thousand shares, or $25.0 million, of its common stock. As of the
end of the quarter, the Company had $100 million available under
the Board’s previously authorized share repurchase program and an
additional 800,000 shares under the Board's equity dilution
authorization.
COVID-19 Update and 2020
Guidance
Going into March, at the outset of the COVID-19 outbreak in the
US, the Company was on course to deliver its full year
expectations; and, despite the outbreak, underlying business
momentum was solid, as evidenced by second quarter results.
In March, as the COVID-19 pandemic became more pronounced in the
US, our business experienced the practical realities of navigating
the pandemic - including the impact of retail location closures as
well as in-store curtailments or redirections of foot traffic and
limited access to specialty areas, such as outdoor garden or live
animals. This impact was largely mitigated in Q2 by the favorable
effect of evolving consumer spending patterns, including a rise in
demand related to increases in pet ownership, temporary consumables
stockpiling, and a pronounced shift from a mix of channels to
e-commerce.
Given the unprecedented uncertainty of the global COVID-19
crisis, including the lack of clarity into the future and the rapid
pace of change, the Company is suspending providing guidance for
fiscal 2020 until the COVID-19 situation in the US stabilizes.
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 second 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 #13700960.
A replay of the call will be available for three days by dialing
(201) 612-7415 and entering confirmation #13700960.
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 over
6,000 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 2020 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:
- the impact of the COVID-19 pandemic on our business, including
but not limited to, the impact on our workforce, operations, supply
chain, demand for our products and services, and our financial
results and condition; our ability to successfully manage the
challenges associated with the COVID-19 pandemic;
- 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;
- 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 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. The
Company has not filed its Form 10-Q for the fiscal quarter ended
March 28, 2020, so all financial results are preliminary and
subject to change.
CENTRAL GARDEN & PET COMPANY
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except share
and per share amounts)
(Unaudited)
ASSETS
March 28, 2020
March 30, 2019
September 28, 2019
Current assets:
Cash and cash equivalents
$
331,555
$
329,724
$
497,749
Restricted cash
13,021
16,115
12,952
Accounts receivable (less allowance for
doubtful accounts of $22,103, $16,818 and $21,128)
460,985
456,129
300,135
Inventories, net
517,207
517,158
466,197
Prepaid expenses and other
36,160
33,161
30,160
Total current assets
1,358,928
1,352,287
1,307,193
Plant, property and equipment, net
241,878
217,538
245,405
Goodwill
289,854
281,177
286,077
Other intangible assets, net
141,686
142,798
146,137
Operating lease right-of-use assets
99,098
—
—
Other assets
35,963
52,340
40,208
Total
$
2,167,407
$
2,046,140
$
2,025,020
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
186,871
$
157,596
$
149,246
Accrued expenses
137,723
136,413
129,166
Current lease liabilities
32,403
—
—
Current portion of long-term debt
103
5,119
113
Total current liabilities
357,100
299,128
278,525
Long-term debt
693,622
692,646
693,037
Long-term lease liabilities
70,760
—
—
Deferred income taxes and other long-term
obligations
52,483
55,064
57,281
Equity:
Common stock, $0.01 par value: 11,329,110,
12,145,135 and 11,543,969 shares outstanding at March 28, 2020,
March 30, 2019 and September 28, 2019
113
121
115
Class A common stock, $0.01 par value:
41,802,735, 44,386,792 and 42,968,493 shares outstanding at March
28, 2020, March 30, 2019 and September 28, 2019
418
444
430
Class B stock, $0.01 par value: 1,647,922
shares outstanding at March 28, 2020 and 1,652,262 at March 30,
2019 and September 28, 2019
16
16
16
Additional paid-in capital
562,625
592,331
575,380
Retained earnings
431,486
407,117
421,742
Accumulated other comprehensive loss
(1,645)
(1,280)
(1,676)
Total Central Garden & Pet Company
shareholders’ equity
993,013
998,749
996,007
Noncontrolling interest
429
553
170
Total equity
993,442
999,302
996,177
Total
$
2,167,407
$
2,046,140
$
2,025,020
CENTRAL GARDEN & PET COMPANY
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per
share amounts)
(Unaudited)
Three Months Ended
Six Months Ended
March 28, 2020
March 30, 2019
March 28, 2020
March 30, 2019
Net sales
$
703,229
$
673,701
$
1,186,057
$
1,135,691
Cost of goods sold and occupancy
496,112
467,650
847,674
799,458
Gross profit
207,117
206,051
338,383
336,233
Selling, general and administrative
expenses
141,012
143,898
270,213
263,899
Operating income
66,105
62,153
68,170
72,334
Interest expense
(10,753)
(10,640)
(21,394)
(21,254)
Interest income
1,417
2,255
3,421
4,792
Other income (expense)
(979)
500
(674)
308
Income before income taxes and
noncontrolling interest
55,790
54,268
49,523
56,180
Income tax expense
12,648
11,546
10,920
11,819
Income including noncontrolling
interest
43,142
42,722
38,603
44,361
Net income attributable to noncontrolling
interest
438
331
316
167
Net income attributable to Central
Garden & Pet Company
$
42,704
$
42,391
$
38,287
$
44,194
Net income per share attributable to
Central Garden & Pet Company:
Basic
$
0.79
$
0.74
$
0.70
$
0.78
Diluted
$
0.78
$
0.73
$
0.69
$
0.76
Weighted average shares used in the
computation of net income per share:
Basic
54,281
57,050
54,517
56,976
Diluted
54,952
58,026
55,220
58,013
Use of Non-GAAP Financial Measures
We report our financial results in accordance with accounting
principles generally accepted in the United States (GAAP). However,
to supplement the financial results prepared in accordance with
GAAP, we use non-GAAP financial measures including EBITDA and
organic sales. 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 a
substitute 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 and 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.
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.
The non-GAAP adjustments reflect the following:
- 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.
- 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.
Operating Income Reconciliation
GAAP to Non-GAAP
Reconciliation (in thousands) For the Three Months
Ended
GAAP to Non-GAAP
Reconciliation (in thousands) For the Six Months
Ended
Consolidated
Consolidated
March 28, 2020
March 30, 2019
March 28, 2020
March 30, 2019
GAAP operating income
$
66,105
$
62,153
$
68,170
$
72,334
Previously held investment interest fair
value remeasurement
(1)
—
(3,215)
—
(3,215)
Intangible asset impairment
(2)
—
2,540
—
2,540
Non-GAAP operating income
$
66,105
$
61,478
$
68,170
$
71,659
Pet Segment Operating Income
Reconciliation
GAAP to Non-GAAP
Reconciliation (in thousands) For the Three Months
Ended
GAAP to Non-GAAP
Reconciliation (in thousands) For the Six Months
Ended
Pet
Pet
March 28, 2020
March 30, 2019
March 28, 2020
March 30, 2019
GAAP operating income
$
33,617
$
26,984
$
63,839
$
56,739
Intangible asset impairment
(2)
—
2,540
—
2,540
Non-GAAP operating income
$
33,617
$
29,524
$
63,839
$
59,279
Garden Segment Operating Income
Reconciliation
GAAP to Non-GAAP
Reconciliation (in thousands) For the Three Months
Ended
GAAP to Non-GAAP
Reconciliation (in thousands) For the Six Months
Ended
Garden
Garden
March 28, 2020
March 30, 2019
March 28, 2020
March 30, 2019
GAAP operating income
$
53,020
$
53,355
$
44,652
$
48,718
Previously held investment interest fair
value remeasurement
(1)
—
(3,215)
—
(3,215)
Non-GAAP operating income
$
53,020
$
50,140
$
44,652
$
45,503
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 March 28, 2020
Consolidated
Pet Segment
Garden Segment
Percent change
Percent change
Percent change
Reported net sales - Q2 FY20 (GAAP)
$
703.2
$
360.8
$
342.4
Reported net sales - Q2 FY19 (GAAP)
673.7
338.2
335.5
Increase in net sales
29.5
4.4
%
22.6
6.7
%
6.9
2.1
%
Effect of acquisition and divestitures on
increase in net sales
26.1
9.9
16.2
Increase in organic net sales - Q2
FY20
$
3.4
0.5
%
$
12.7
3.8
%
$
(9.3)
(2.8)
%
GAAP to Non-GAAP
Reconciliation (in millions) For the Six Months Ended
March 28, 2020
Consolidated
Pet Segment
Garden Segment
Percent change
Percent change
Percent change
Reported net sales - Q2 FY20 YTD
(GAAP)
$
1,186.1
$
714.8
$
471.3
Reported net sales - Q2 FY19 YTD
(GAAP)
1,135.7
678.6
457.1
Increase in net sales
50.4
4.4
%
36.2
5.3
%
14.2
3.1
%
Effect of acquisition and divestitures on
increase in net sales
47.9
19.1
28.8
Increase (decrease) in organic net sales -
Q2 FY20 YTD
$
2.5
0.2
%
$
17.1
2.5
%
$
(14.6)
(3.2)
%
EBITDA Reconciliation
GAAP to Non-GAAP
Reconciliation (in thousands, except per share amounts)
For the Three Months Ended March 28, 2020
Garden
Pet
Corp
Total
Net income attributable to Central Garden
& Pet
—
—
—
$
42,704
Interest expense, net
—
—
—
9,336
Other income
—
—
—
979
Income tax expense
—
—
—
12,648
Net income attributable to noncontrolling
interest
—
—
—
438
Sum of items below operating income
—
—
—
23,401
Income (loss) from operations
$
53,020
$
33,617
$
(20,532)
$
66,105
Depreciation & amortization
3,324
8,441
1,411
13,176
EBITDA
$
56,344
$
42,058
$
(19,121)
$
79,281
EBITDA Reconciliation
GAAP to Non-GAAP
Reconciliation (in thousands, except per share amounts)
For the Three Months Ended March 30, 2019
Garden
Pet
Corp
Total
Net income attributable to Central Garden
& Pet
—
—
—
$
42,391
Interest expense, net
—
—
—
8,385
Other expense
—
—
—
(500)
Income tax expense
—
—
—
11,546
Net income attributable to noncontrolling
interest
—
—
—
331
Sum of items below operating income
—
—
—
19,762
Income (loss) from operations
$
53,355
$
26,984
$
(18,186)
$
62,153
Depreciation & amortization
2,312
8,039
1,526
11,877
EBITDA
$
55,667
$
35,023
$
(16,660)
$
74,030
EBITDA Reconciliation
GAAP to Non-GAAP
Reconciliation (in thousands, except per share amounts)
For the Six Months Ended March 28, 2020
Garden
Pet
Corp
Total
Net income attributable to Central Garden
& Pet
—
—
—
$
38,287
Interest expense, net
—
—
—
17,973
Other income
—
—
—
674
Income tax expense
—
—
—
10,920
Net income attributable to noncontrolling
interest
—
—
—
316
Sum of items below operating income
—
—
—
29,883
Income (loss) from operations
$
44,652
$
63,839
$
(40,321)
$
68,170
Depreciation & amortization
6,619
16,931
2,766
26,316
EBITDA
$
51,271
$
80,770
$
(37,555)
$
94,486
EBITDA Reconciliation
GAAP to Non-GAAP
Reconciliation (in thousands, except per share amounts)
For the Six Months Ended March 30, 2019
Garden
Pet
Corp
Total
Net income attributable to Central Garden
& Pet
—
—
—
$
44,194
Interest expense, net
—
—
—
16,462
Other expense
—
—
—
(308)
Income tax expense
—
—
—
11,819
Net income attributable to noncontrolling
interest
—
—
—
167
Sum of items below operating income
—
—
—
28,140
Income (loss) from operations
$
48,718
$
56,739
$
(33,123)
$
72,334
Depreciation & amortization
5,138
16,095
2,996
24,229
EBITDA
$
53,856
$
72,834
$
(30,127)
$
96,563
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200506005964/en/
Denise Hooper Central Garden & Pet Company 925.948.3671
Central Garden and Pet (NASDAQ:CENT)
Historical Stock Chart
From Jul 2024 to Jul 2024
Central Garden and Pet (NASDAQ:CENT)
Historical Stock Chart
From Jul 2023 to Jul 2024