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Central Garden & Pet Company (CENT) filed Quarterly Report for the period ended 2011-03-26.
Central Garden & Pet Company has a market cap of $578.1 million; its shares were traded at around $9.78 with a P/E ratio of 13.8 and P/S ratio of 0.4. Central Garden & Pet Company had an annual average earning growth of 0.1% over the past 10 years.
This is the annual revenues and earnings per share of CENT over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of CENT.
Highlight of Business Operations:
Garden Products’ net sales increased $40.7 million, or 18.5%, to $260.3 million for the three months ended March 26, 2011 from $219.6 million in the comparable fiscal 2010 period. Garden branded product sales increased $46.2 million, partially offset by a decrease of $5.5 million in sales of other manufacturers’ products. Sales increased due primarily to a $16.3 million increase in grass seed, a $14.2 million increase in garden chemicals and control products and an $8.6 million increase in other garden supplies.
Net interest expense for the three months ended March 26, 2011 decreased $0.5 million or 5.4%, to $9.3 million from $9.8 million for the three months ended March 27, 2010. In March 2010, we issued $400 million of 8.25% 2018 Notes, tendered for our outstanding 9.125% 2013 Notes and paid the outstanding indebtedness under our senior term loan. As a result of this refinancing, we incurred an additional $3.2 million in interest expense comprised primarily of the remaining unamortized deferred charges related to the retired debt and the premium paid for the tender and call on the 2013 Notes. The higher interest expense in the prior year quarter was partially offset by our increased average borrowing rate and higher debt balance in the current year quarter. Our average borrowing rate for the current quarter increased to 8.1% compared to 5.8% for the prior year quarter. Debt outstanding on March 26, 2011 was $517.2 million compared to $415.1 million as of March 27, 2010.
Pet Products’ net sales increased $8.3 million, or 2.1%, to $412.2 million for the six months ended March 26, 2011 from $403.9 million in the comparable fiscal 2010 period. Pet branded product sales increased $7.8 million from the prior year period, due primarily to a sales increase of $5.4 million of bird feed products and $3.8 million of animal health products. The increased sales were due primarily to increased brand building and marketing investment and expanded product distribution. These sales increases were partially offset by decreased sales of dog and cat products.
Garden Products’ net sales increased $47.9 million, or 15.6%, to $355.2 million for the six months ended March 26, 2011 from $307.3 million in the comparable fiscal 2010 period. Garden branded product sales increased $51.9 million due primarily to a $25.9 million increase in grass seed, which was supported by increased marketing investment, and an $11.8 million increase in garden chemicals and control products, primarily increased sales of fertilizer products.
Net interest expense for the six months ended March 26, 2011 increased $3.5 million or 23.3%, to $18.2 million from $14.7 million for the six months ended March 27, 2010. The increase in interest expense resulted from both higher interest rates and increased borrowings in the current fiscal year, partially offset by increased interest charges in the second fiscal quarter of the prior year due to the expensing of the remaining unamortized deferred charges related to retired debt and the premium paid for the a tender call on our 2013 Notes. In March 2010, we issued $400 million of 8.25% 2018 Notes, tendered for our outstanding 9.125% 2013 Notes and paid the outstanding indebtedness under our senior term loan. As a result of this refinancing, our average borrowing rate for the current quarter increased to 8.4% compared to 5.2% for the prior year quarter. Debt outstanding on March 26, 2011 was $517.2 million compared to $415.1 million as of March 27, 2010.
Net cash provided by financing activities increased $103.3 million, from $39.4 million of cash used in financing activities for the six months ended March 27, 2010, to $63.9 million of cash provided by financing activities for the six months ended March 26, 2011. The increase in cash provided was due primarily to an increase in borrowings under our revolving line of credit of $117 million, partially offset by higher repurchases of our common stock during the six months ended March 26, 2011. For the six month period ending March 26, 2011, we repurchased and retired 1.4 million shares of our voting common stock at an aggregate cost of approximately $13.4 million, or approximately $9.53 per share, and 4.2 million shares of our non-voting Class A common stock at an aggregate cost of approximately $40.5 million, or approximately $9.56 per share.
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