EXHIBIT 99.1

CENTRAL GARDEN & PET REPORTS THIRD QUARTER RESULTS

INCOME FROM OPERATIONS INCREASES 24% FROM PRIOR YEAR

NARROWS FISCAL 2003 EARNINGS GUIDANCE

TO $1.70-$1.75 PER DILUTED SHARE

LAFAYETTE, CALIFORNIA, August 5, 2003 — Central Garden & Pet Company (NASDAQ: CENT) today announced its financial results for the fiscal third quarter of 2003, ended June 28, 2003.

Net sales for the third quarter increased 3% to $345.1 million from $335.6 million in the comparable fiscal 2002 period. Income from operations for the third fiscal quarter of 2003 increased 24% to $32.6 million from $26.3 million in the year-ago period. The Company recorded net income for the quarter of $17.2 million, or $0.86 per diluted share, compared with net income of $18.4 million, or $0.84 per diluted share, in the comparable year-ago period. The 2002 quarter included $6.0 million of non-taxable life insurance proceeds, partially offset by a $2.8 million write down of an equity investment. Excluding these items, net income for the third quarter of fiscal 2002 would have been $14.0 million, or $0.65 per diluted share. Average shares outstanding on a diluted basis decreased from 23.2 million shares in the 2002 quarter to 20.1 million shares in the 2003 quarter primarily due to the redemption of our convertible subordinated notes in January 2003.

The improved results for the third fiscal quarter of 2003 were driven by continued sales growth of our brands as well as lower administrative and litigation expenses. Partially offsetting these improvements were higher than normal grain prices and higher interest costs, due primarily to the Company’s issuance of $150 million of 9 1/8% senior subordinated notes due 2013 and the refinancing of its senior credit facility. In connection with its senior credit facility refinancing,

the Company incurred a charge to interest expense in the 2003 third quarter of $0.4 million for fees and expenses associated with the early retirement of the replaced credit facility.

Depreciation and amortization expense for the most recent quarter totaled $4.5 million compared to $4.3 million in the prior year. Unusual expenses, consisting primarily of litigation expenses, were $1.2 million and $3.7 million in the third fiscal quarters of 2003 and 2002, respectively.

Net sales for the first nine months of fiscal 2003 were $887.6 million, a 6% increase from $837.0 million in the comparable 2002 period. Net income for the first nine months of 2003 was $30.0 million, or $1.49 per diluted share, compared with $27.8 million, or $1.36 per diluted share, in the comparable year ago period, before the effect of adopting SFAS No. 142 on September 30, 2001. In the first nine months of fiscal 2002, including the effect of the non-cash SFAS No. 142 accounting charge of $146.7 million, or $112.2 million after-tax, the Company reported a net loss of $84.4 million, or $3.55 per diluted share. Average shares outstanding on a diluted basis decreased from 22.8 million shares in the fiscal 2002 period to 21.8 million shares in the fiscal 2003 period due primarily to the redemption of our convertible subordinated notes in January 2003.

Central continues to anticipate substantial earnings growth for fiscal 2003 with net income expected to be in the range of $1.70-$1.75 per diluted share.

The Company will discuss its fiscal third quarter 2003 results on an earnings conference call today at 4:30 p.m. EDT. The earnings conference call will be simultaneously broadcast over the Internet through Central’s website, http://www.centralgardenandpet.com/. To listen to the webcast, please log on to the website prior to the scheduled call time to register and download any necessary audio software.

Central Garden & Pet Company is a leading innovator, marketer and producer of quality branded products for the pet and lawn and garden supplies markets. Our pet products include pet bird and small animal food, aquarium products, flea, tick, mosquito and other pest control products, edible bones, cages, carriers, pet books, and other dog, cat, reptile and small animal products. These products are sold under a number of brand names, including Kaytee, All-Glass Aquarium, Zodiac, Pre-Strike, Altosid, Nylabone, TFH and Four Paws. Our lawn and garden products include grass seed, wild bird food, weed and insect control products, decorative outdoor patio products and ant control products. These products are sold under a number of brand names, including Pennington, Norcal Pottery, Lilly Miller, Matthews Four Seasons, AMDRO and

Grant’s. For additional information on Central Garden & Pet, including access to the Company’s SEC filings, please visit the Company’s website at http://www.centralgardenandpet.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 future earnings guidance, 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 Company’s Securities and Exchange Commission filings, including, without limitation, the resolution of the litigation between the Company and The Scotts Company; the success of and the costs associated with the realignment of the Company’s lawn and garden distribution operations; any liabilities to which the Company may become subject as a result of the August 2, 2000 fire at its Phoenix distribution center; and the impact of any other outstanding or potential litigation.

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(Tables Follow)

Central Garden & Pet Company

Consolidated Statements of Income

(Unaudited)

(In thousands, except per share amounts)

Central Garden & Pet Company

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

Central Garden & Pet Company

Reconciliation of Non-GAAP Disclosure Items⁽¹⁾

(Unaudited)

(In thousands, except per share amounts)

⁽¹⁾ Three-month period ended June 29, 2002, adjusted for non-taxable insurance proceeds and write down of an equity investment.