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Exhibit 99.1
Central Garden & Pet Company Announces Fiscal 2019 & Fourth Quarter Results
Fiscal 2019 diluted EPS of $1.61 vs. $2.32 for fiscal 2018
Fiscal 2019 non-GAAP diluted EPS of $1.60 vs. $1.91 for fiscal 2018
Fiscal 2019 GAAP operating income of $152.1 million vs. $167.3 million for fiscal 2018
WALNUT CREEK, Calif.--(BUSINESS WIRE)--November 26, 2019--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 year and fourth quarter ended September 28, 2019.
Tim Cofer, Central Garden & Pet's new Chief Executive Officer said, “My early days at Central have strengthened my conviction that Central is well-positioned as a leader in the pet and garden industries. One of my observations is that we have opportunities to enhance our position by investing more in demand creation capabilities and initiatives to drive long-term sustainable profitable growth.”
Mr. Cofer continued, “These investments, while dampening our earnings growth rate in fiscal 2020, are expected to yield meaningful benefits in the years ahead. Over the next several months - informed by further conversations with all our stakeholders - I will be working with our team to build upon the current Central strategy and make adjustments where appropriate. I look forward to sharing the details of that plan in the spring.” Cofer concluded, “We have great brands, strong leadership, talented people and a dynamic entrepreneurial culture. I could not be more excited about the opportunities ahead.”
Commenting on the results for fiscal 2019, Niko Lahanas, CFO of Central Garden & Pet said, “We continue to feel confident about the fundamentals of our underlying businesses. A number of factors unfavorably impacted our performance in fiscal 2019, some of which may continue into 2020. The timing of the 2018 acquisition of the highly-seasonal Bell Nursery business, the underperformance of our animal health businesses, impacted by unfavorable weather and other factors, a higher amount of receivables and inventory write-offs, and a higher number of shares outstanding, all negatively impacted results versus the prior year.”
The following information was filed by Central Garden Pet Co (CENT) on Tuesday, November 26, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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