Q3 2020 sales increased 18.0% to $833.5
million Q3 2020 diluted EPS of $1.27; an increase of $0.47
vs. prior year Full year 2020 diluted EPS now projected to
be $1.90 or better Investor Day to be held in conjunction
with fiscal 2020 earnings release
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 record financial results for its fiscal
2020 third quarter ended June 27, 2020.
"Thanks to the hard work and dedication of our employees and our
relentless focus on meeting the needs of our customers and
consumers, we are proud to report that Central Garden & Pet
delivered the strongest quarter in the Company’s history. I am very
pleased with how we continue to navigate the challenging external
landscape, while prioritizing the health and safety of our people
and executing against our evolving strategy and goals" said Tim
Cofer, CEO of Central Garden & Pet.
Cofer continued, “We will be holding a virtual Investor Day in
conjunction with the announcement of our year end and fourth
quarter results. Attendees can expect to hear more about our
Vision2025 strategy, engage with our top leaders and learn about
how Central Garden & Pet is poised for growth in the
future.”
Fiscal 2020 Third Quarter Financial
Results
Total net sales increased 18.0% to $833.5 million compared to
$706.6 million in the third quarter a year ago, principally driven
by organic strength in both the Garden and Pet segments as well as
the inorganic contribution of the Company's C&S acquisition.
Total Company organic sales increased 16.5% for the quarter.
Third quarter gross margin increased 40 basis points to 31.4%,
due to a favorable mix of product sales and pricing. Operating
income increased to $104.6 million from $68.9 million in the third
quarter a year ago. Operating margin increased 290 basis points to
12.6% compared to 9.7%, due to gross margin gains, improved
overhead leverage, as well as pandemic-related reductions in
promotional activity.
Other expense was $3.5 million compared to other income of $0.2
million in the third quarter a year ago. The difference was
primarily due to a non-cash impairment charge of $3.6 million
related to the Company's investment in two joint ventures impacted
by the COVID-19 global pandemic.
The Company's net income was $68.8 million for the quarter
compared to $46.2 million in the third quarter a year ago. Diluted
earnings per share for the quarter was $1.27 compared to $0.80 in
the prior year quarter. EBITDA for the quarter was $117.9 million
versus $82.0 million in the third quarter a year ago.
Garden Segment Fiscal 2020 Third
Quarter Results
Third quarter net sales for the Garden segment rose 17.9% to
$420.2 million, driven by broad-based strength across the
portfolio, including gains in garden distribution, controls and
fertilizers, wild bird feed, and grass seed. Organic sales also
rose 17.9% over the prior year period.
The Garden segment's operating income increased to $77.8 million
in the quarter from $53.1 million in the third quarter of fiscal
2019, and operating margin rose 360 basis points to 18.5%. Garden
EBITDA of $81.3 million was up from $56.6 million in the third
quarter of fiscal 2019, primarily due to stronger sales volume
coupled with reduced administrative spending.
Pet Segment Fiscal 2020 Third Quarter
Results
Third quarter net sales for the Pet segment rose 18.0% to $413.3
million compared to the same period a year ago, aided by the
Company's C&S acquisition. Organic Pet sales increased by
15.0%, with notable strength in pet distribution, dog treats and
chews, animal health, and small animal food and supplies. 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 and supply limitations.
The Pet segment’s operating income increased to $50.8 million,
up 44.8% compared to the third quarter of fiscal 2019, and
operating margin rose 230 basis points to 12.3%. Pet's organic
operating margin improved 220 basis points to 12.2%. Pet EBITDA of
$59.1 million increased from $43.1 million in the third quarter a
year ago, primarily driven by volume strength, favorable mix, and
overhead efficiencies.
Fiscal Year-to-date 2020 Financial
Results
Year-to-date net sales of $2,019.5 million increased 9.6%
compared to $1,842.3 million a year ago. Organic sales increased
6.4%, driven by strength in both segments with the most significant
contributions coming from distribution, dog treats and chews, wild
bird feed, and controls and fertilizers. These gains were partially
offset by lower year-to-date sales of pet beds, live fish, and
grass seed as well as the impact of our exit of the fashion decor
pottery product line. Gross margin decreased 50 basis points to
29.7% compared to 30.2% in the first nine months of fiscal 2019,
principally due to unfavorable mix of product sales and the impact
of lower volumes in certain businesses.
For the nine months ended June 27, 2020, the Company reported
operating income of $172.8 million, an increase of 22.4% from
$141.2 million in the first nine months of 2019. Operating margin
of 8.6% increased 90 basis points from 7.7% driven by efficiencies
in selling, general and administrative expense partially offset by
gross margin pressure.
Net income increased 18.5% to $107.1 million from $90.3 million
a year ago and diluted earnings per share of $1.95 increased 25.0%
from $1.56 per share a year ago. Year-to-date EBITDA was $212.4
million versus $178.5 million a year ago.
Non-GAAP results for fiscal 2020 exclude a non-cash impairment
of $3.6 million for two private company investments. The 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 second fiscal quarter of the prior year.
Additional Information
The Company's cash balance at the end of the quarter increased
to $495.3 million compared to $445.6 million in the third quarter a
year ago. Cash provided by operations during the quarter was $181.6
million compared to $172.1 million a year ago due primarily to
increased EBITDA partially offset by changes in working capital
largely related to strong demand trends in the current year quarter
(receivables, payables and liabilities were up while inventory was
down). Total debt at June 27, 2020 was $694.0 million compared to
$693.1 million at June 29, 2019. Net interest expense of $11.5
million for the third quarter increased $3.0 from $8.5 million in
the prior-year period, mainly due to lower interest income
resulting from lower market interest rates. The Company's leverage
ratio at the end of the third quarter, as defined in the Company's
credit agreement, was 2.4x compared to 3.0x at the end of the prior
year quarter.
The Company’s effective tax rate for the third quarter of 2020
was 22.6%, compared with 23.5% for the third quarter of 2019.
During the third quarter, the Company repurchased approximately
194,000 shares, or $5.1 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 600,000 shares available under the Board's equity
dilution authorization.
2020 Guidance and Virtual Investor
Day
Given performance year-to-date and planned incremental
investment levels in the fourth quarter, the Company currently
projects full year 2020 EPS to be at or above $1.90, representing
strong growth over prior year EPS of $1.61. As a reminder, the
Company's fiscal fourth quarter is generally a smaller earnings
quarter and this, coupled with heightened investment spending, lead
the Company to anticipate a slight loss in the final quarter of
fiscal 2020.
The Company will unveil its new, long-term strategy, named
Vision2025, at a virtual Investor Day that will be coordinated with
fiscal 2020 earnings release in late November 2020. This virtual
event will include an overview of the new strategy, commentary from
key leaders and a live Q&A session. The exact date and
registration details will be communicated at a later date.
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 #13706151.
A replay of the call will be available for three days by dialing
(201) 612-7415 and entering confirmation #13706151.
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
expectations for investment spending in the fourth fiscal quarter,
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
June 27, 2020, so all financial results are preliminary and subject
to change.
(Tables Follow)
CENTRAL GARDEN & PET
COMPANY
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except share
and per share amounts)
(Unaudited)
ASSETS
June 27, 2020
June 29, 2019
September 28, 2019
Current assets:
Cash and cash equivalents
$
495,339
$
445,632
$
497,749
Restricted cash
13,536
10,924
12,952
Short term investments
—
119
—
Accounts receivable (less allowance for
doubtful accounts of $24,034, $15,875 and $21,128)
503,288
395,581
300,135
Inventories, net
425,919
464,917
466,197
Prepaid expenses and other
29,211
32,453
30,160
Total current assets
1,467,293
1,349,626
1,307,193
Plant, property and equipment, net
239,240
238,948
245,405
Goodwill
289,854
281,177
286,077
Other intangible assets, net
138,305
139,406
146,137
Operating lease right-of-use assets
99,111
—
—
Other assets
30,166
55,761
40,208
Total
$
2,263,969
$
2,064,918
$
2,025,020
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
178,728
$
137,668
$
149,246
Accrued expenses
174,776
141,029
129,166
Current lease liabilities
31,648
—
—
Current portion of long-term debt
98
116
113
Total current liabilities
385,250
278,813
278,525
Long-term debt
693,915
692,948
693,037
Long-term lease liabilities
71,458
—
—
Deferred income taxes and other long-term
obligations
52,994
58,834
57,281
Equity:
Common stock, $0.01 par value: 11,300,810,
12,145,135 and 11,543,969 shares outstanding at June 27, 2020, June
29, 2019 and September 28, 2019
113
121
115
Class A common stock, $0.01 par value:
41,747,928, 44,081,467 and 42,968,493 shares outstanding at June
27, 2020, June 29, 2019 and September 28, 2019
417
440
430
Class B stock, $0.01 par value: 1,647,922
shares outstanding at June 27, 2020 and 1,652,262 at June 29, 2019
and September 28, 2019
16
16
16
Additional paid-in capital
563,371
589,849
575,380
Retained earnings
497,192
444,645
421,742
Accumulated other comprehensive loss
(1,684
)
(1,426
)
(1,676
)
Total Central Garden & Pet Company
shareholders’ equity
1,059,425
1,033,645
996,007
Noncontrolling interest
927
678
170
Total equity
1,060,352
1,034,323
996,177
Total
$
2,263,969
$
2,064,918
$
2,025,020
CENTRAL GARDEN & PET
COMPANY
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per
share amounts)
(Unaudited)
Three Months Ended
Nine Months Ended
June 27, 2020
June 29, 2019
June 27, 2020
June 29, 2019
Net sales
$
833,483
$
706,575
$
2,019,540
$
1,842,266
Cost of goods sold and occupancy
571,423
487,291
1,419,097
1,286,749
Gross profit
262,060
219,284
600,443
555,517
Selling, general and administrative
expenses
157,420
150,413
427,633
414,312
Operating income
104,640
68,871
172,810
141,205
Interest expense
(11,829
)
(10,676
)
(33,223
)
(31,930
)
Interest income
358
2,178
3,779
6,970
Other income (expense)
(3,541
)
180
(4,215
)
488
Income before income taxes and
noncontrolling interest
89,628
60,553
139,151
116,733
Income tax expense
20,291
14,212
31,211
26,031
Income including noncontrolling
interest
69,337
46,341
107,940
90,702
Net income attributable to noncontrolling
interest
537
189
853
356
Net income attributable to Central
Garden & Pet Company
$
68,800
$
46,152
$
107,087
$
90,346
Net income per share attributable to
Central Garden & Pet Company:
Basic
$
1.29
$
0.81
$
1.97
$
1.58
Diluted
$
1.27
$
0.80
$
1.95
$
1.56
Weighted average shares used in the
computation of net income per share:
Basic
53,441
57,319
54,261
57,021
Diluted
54,168
57,985
54,984
57,937
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:
(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)
During the third quarter of fiscal 2020,
we recorded a non-cash impairment charge for two private company
investments. The impairment was recorded as part of other income
(expense).
Operating Income Reconciliation
GAAP to Non-GAAP
Reconciliation (in thousands) For the Nine Months
Ended
Consolidated
June 27, 2020
June 29, 2019
GAAP operating income
$
172,810
$
141,205
Previously held investment interest fair
value remeasurement
(1)
—
(3,215
)
Intangible asset impairment
(2)
—
2,540
Non-GAAP operating income
$
172,810
$
140,530
Pet Segment Operating Income
Reconciliation
GAAP to Non-GAAP
Reconciliation (in thousands) For the Nine Months
Ended
Pet
June 27, 2020
June 29, 2019
GAAP operating income
$
114,599
$
91,805
Intangible asset impairment
(2)
—
2,540
Non-GAAP operating income
$
114,599
$
94,345
Garden Segment Operating Income
Reconciliation
GAAP to Non-GAAP
Reconciliation (in thousands) For the Nine Months
Ended
Garden
June 27, 2020
June 29, 2019
GAAP operating income
$
122,439
$
101,821
Previously held investment interest fair
value remeasurement
(1)
—
(3,215
)
Non-GAAP operating income
$
122,439
$
98,606
GAAP to Non-GAAP
Reconciliation (in thousands, except per share amounts)
For the Three Months Ended
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 27, 2020
June 29, 2019
June 27, 2020
June 29, 2019
GAAP net income attributable to Central
Garden & Pet
$
68,800
$
46,152
$
107,087
$
90,346
Previously held investment interest fair
value remeasurement
(1)
—
—
(1)
—
(3,215
)
Intangible asset impairment
(2)
—
—
(2)
—
2,540
Investment impairments
(3)
$
3,566
$
—
(3)
3,566
—
Tax effect of remeasurement and
impairment
$
(807
)
$
—
(800
)
151
Non-GAAP net income attributable to
Central Garden & Pet
$
71,559
$
46,152
$
109,853
$
89,822
GAAP diluted net income per share
$
1.27
$
0.80
$
1.95
$
1.56
Non-GAAP diluted net income per share
$
1.32
$
0.80
$
2.00
$
1.55
Shares used in GAAP and non-GAAP diluted
net earnings per share calculation
54,168
57,985
54,984
57,937
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 27, 2020
Consolidated
Pet Segment
Garden Segment
Percent change
Percent change
Percent change
Reported net sales - Q3 FY20 (GAAP)
$
833.5
$
413.3
$
420.2
Reported net sales - Q3 FY19 (GAAP)
706.6
350.2
356.4
Increase in net sales
126.9
18.0
%
63.1
18.0
%
63.8
17.9
%
Effect of acquisition and divestitures on
increase in net sales
10.4
10.4
—
Increase in organic net sales - Q3
FY20
$
116.5
16.5
%
$
52.7
15.0
%
$
63.8
17.9
%
GAAP to Non-GAAP
Reconciliation (in millions) For the Nine Months
Ended June 27, 2020
Consolidated
Pet Segment
Garden Segment
Percent change
Percent change
Percent change
Reported net sales - Q3 FY20 YTD
(GAAP)
$
2,019.5
$
1128.1
$
891.4
Reported net sales - Q3 FY19 YTD
(GAAP)
1,842.3
1028.8
813.5
Increase in net sales
177.2
9.6
%
99.3
9.7
%
77.9
9.6
%
Effect of acquisition and divestitures on
increase in net sales
58.4
29.6
28.8
Increase in organic net sales - Q3 FY20
YTD
$
118.8
6.4
%
$
69.7
6.8
%
$
49.1
6.0
%
EBITDA Reconciliation
GAAP to Non-GAAP
Reconciliation (in thousands, except per share amounts)
For the Three Months Ended June 27, 2020
Garden
Pet
Corp
Total
Net income attributable to Central Garden
& Pet
—
—
—
$
68,800
Interest expense, net
—
—
—
11,471
Other expense
—
—
—
3,541
Income tax expense
—
—
—
20,291
Net income attributable to noncontrolling
interest
—
—
—
537
Sum of items below operating income
—
—
—
35,840
Income (loss) from operations
$
77,787
$
50,760
$
(23,907)
$
104,640
Depreciation & amortization
3,538
8,374
1,371
13,283
EBITDA
$
81,325
$
59,134
$
(22,536)
$
117,923
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 Nine Months Ended June 27, 2020
Garden
Pet
Corp
Total
Net income attributable to Central Garden
& Pet
—
—
—
$
107,087
Interest expense, net
—
—
—
29,444
Other expense
—
—
—
4,215
Income tax expense
—
—
—
31,211
Net income attributable to noncontrolling
interest
—
—
—
853
Sum of items below operating income
—
—
—
65,723
Income (loss) from operations
$
122,439
$
114,599
$
(64,228
)
$
172,810
Depreciation & amortization
10,157
25,305
4,136
39,598
EBITDA
$
132,596
$
139,904
$
(60,092
)
$
212,408
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 expense
—
—
—
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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200805005930/en/
Denise Hooper Central Garden & Pet Company 925.948.3671
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