Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA), a leading innovator, marketer and producer of quality branded products for the lawn and garden and pet supplies markets, confirmed today that management will present at the CL King Best Ideas Conference in New York on Wednesday, September 12 at 8:30 a.m. ET. The live audiocast and presentation materials will be available on the Investor section of Central’s website at http://ir.central.com.
In advance of that presentation, the Company said today that for its fiscal fourth quarter-to-date through August, while its Pet segment continued to grow, delivering solid results so far, its Garden segment results have been adversely impacted by several factors. Accordingly, based on results through August, the Company now expects that current fourth quarter results will be roughly in line with its fiscal 2011 fourth quarter results.
The Garden segment has continued to be impacted by the drought affecting much of the country, which has lowered demand for fertilizer and control products. In addition, the Company’s décor business was impacted by the non-recurrence of significant seasonal décor sales and a one-time charge for updating its pottery products at a retailer. The Garden segment’s revenues and margins were both impacted by these events. Pet revenues and margins over the period fared better, increasing over the prior year period but did not fully offset the weakness in the Garden segment.
Despite the challenging environment in the fourth quarter, the Company expects to build on its market share gains of the last two years, as new innovation and increased distribution drive growth and profits. The Company already has secured significant retailer support for its base business and its new Garden innovations to be rolled out this coming Spring. It will also be promoting many of its Pet brands together for the first time. The Company remains pleased with the progress on its transformation.
About Central Garden & Pet
Central Garden & Pet Company is a leading innovator, marketer and producer of quality branded 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®, SMART SEED® and THE REBELS®; wild bird feed and the brand PENNINGTON®; weed and insect control and the brands AMDRO®, SEVIN®, IRONITE® and OVER-N-OUT®; and decorative outdoor patio products and the brands NORCAL POTTERY®, NEW ENGLAND POTTERY® and MATTHEWS FOUR SEASONS™. 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™ and ZODIAC®; aquatics and reptile and the brands OCEANIC SYSTEMS®, AQUEON® and ZILLA®; bird & small animal and the brands KAYTEE®, SUPER PET® and CRITTER TRAIL®; dog & cat and the brands TFH™, NYLABONE®, FOUR PAWS®, PINNACLE® and AVODERM®; and equine and the brands FARNAM®, VITA FLEX® and HORSE HEALTHTM PRODUCTS. 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 3,800 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 the fourth quarter of fiscal 2012, future market share gains, and improved efficiency and profitability from the Company's transformation initiatives, 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. These risks are described in the Central's Annual Report on Form 10-K, filed on November 21, 2011, as well as the Company's other Securities and Exchange Commission filings. Central undertakes no obligation to publicly update these forward-looking statements to reflect new information, subsequent events or otherwise.