Quarterly report pursuant to Section 13 or 15(d)

Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables)

v2.4.0.6
Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables)
3 Months Ended
Dec. 29, 2012
Consolidating Condensed Financial Information of Guarantor Subsidiaries [Abstract]  
Condensed Statement of Operations based on the Company's understanding of the SEC's Interpretation
                                 
    CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
Three Months Ended December 29, 2012
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net sales

  $ 96,003     $ 209,045     $ (12,551   $ 292,497  

Cost of products sold and occupancy

    74,843       153,246       (12,551     215,538  
   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    21,160       55,799       0       76,959  

Selling, general and administrative expenses

    28,519       61,534       0       90,053  
   

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

    (7,359     (5,735     0       (13,094

Interest – net

    (10,299     49       0       (10,250

Other income (loss )

    248       (1,229     0       (981
   

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income taxes

    (17,410     (6,915     0       (24,325

Income tax benefit

    (6,383     (2,595     0       (8,978
   

 

 

   

 

 

   

 

 

   

 

 

 

Loss including noncontrolling interest

    (11,027     (4,320             (15,347

Loss attributable to noncontrolling interest

    (78     0       0       (78
   

 

 

   

 

 

   

 

 

   

 

 

 

Loss attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries

    (10,949     (4,320     0       (15,269

Equity in undistributed income of guarantor subsidiaries

    (4,320     0       4,320       0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Central Garden & Pet Co.

  $ (15,269   $ (4,320   $ 4,320     $ (15,269
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
Three Months Ended December 24, 2011
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net sales

  $ 101,913     $ 214,424     $ (14,271   $ 302,066  

Cost of products sold and occupancy

    78,735       156,864       (14,271     221,328  
   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    23,178       57,560       0       80,738  

Selling, general and administrative expenses

    29,201       62,817       0       92,018  
   

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

    (6,023     (5,257     0       (11,280

Interest – net

    (9,602     83       0       (9,519

Other income (loss )

    709       (823     0       (114
   

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income taxes

    (14,916     (5,997     0       (20,913

Income tax benefit

    (5,444     (2,202     0       (7,646
   

 

 

   

 

 

   

 

 

   

 

 

 

Loss including noncontrolling interest

    (9,472     (3,795             (13,267

Loss attributable to noncontrolling interest

    (177     0       0       (177
   

 

 

   

 

 

   

 

 

   

 

 

 

Loss attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries

    (9,295     (3,795     0       (13,090

Equity in undistributed income of guarantor subsidiaries

    (3,795     0       3,795       0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Central Garden & Pet Co.

  $ (13,090   $ (3,795   $ 3,795     $ (13,090
   

 

 

   

 

 

   

 

 

   

 

 

 
Consolidating Condensed Statements of Comprehensive Income
                                 
    CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended December 29, 2012
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net loss

  $ (11,027   $ (4,320   $ 0     $ (15,347

Other comprehensive loss:

                               

Foreign currency translation

    (42     0       0       (42
   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive loss

    (11,069     (4,320     0       (15,389

Comprehensive loss attributable to noncontrolling interests

    (78     0       0       (78
   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive loss attributable to Central Garden & Pet Company

  $ (10,991   $ (4,320   $ 0     $ (15,311
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended December 24, 2011
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net loss

  $ (9,472   $ (3,795   $ 0     $ (13,267

Other comprehensive income:

                               

Foreign currency translation

    91       0       0       91  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive loss

    (9,381     (3,795     0       (13,176

Comprehensive loss attributable to noncontrolling interests

    (177     0       0       (177
   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive loss attributable to Central Garden & Pet Company

  $ (9,204   $ (3,795   $ 0     $ (12,999
   

 

 

   

 

 

   

 

 

   

 

 

 
Condensed Balance Sheet based on the Company's understanding of the SEC Interpretation
                                 
    CONSOLIDATING CONDENSED BALANCE SHEET
December 29, 2012
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  
ASSETS                                

Cash and cash equivalents

  $ 7,925     $ 4,666     $ 0     $ 12,591  

Short term investments

    17,820       0       0       17,820  

Accounts receivable, net

    44,084       112,486       (5,803     150,767  

Inventories

    129,785       267,940       0       397,725  

Prepaid expenses and other assets

    38,498       28,131       0       66,629  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

    238,112       413,223       (5,803     645,532  

Land, buildings, improvements and equipment, net

    82,899       109,587       0       192,486  

Goodwill

            210,223       0       210,223  

Investment in guarantors

    666,645       0       (666,645     0  

Deferred income taxes and other assets

    54,445       43,386       0       97,831  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,042,101     $ 776,419     $ (672,448   $ 1,146,072  
   

 

 

   

 

 

   

 

 

   

 

 

 
LIABILITIES AND EQUITY                                

Accounts payable

  $ 65,042     $ 71,245     $ (5,803   $ 130,484  

Accrued expenses and other current liabilities

    47,186       36,703       0       83,889  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

    112,228       107,948       (5,803     214,373  

Long-term debt

    450,374       72       0       450,446  

Other long-term obligations

    29,214       1,754       0       30,968  

Shareholders’ equity attributable to Central Garden & Pet Co.

    450,046       666,645       (666,645     450,046  

Noncontrolling interest

    239       0       0       239  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total equity

    450,285       666,645       (666,645     450,285  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,042,101     $ 776,419     $ (672,448   $ 1,146,072  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    CONSOLIDATING CONDENSED BALANCE SHEET
September 29, 2012
(in thousands)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  
ASSETS        

Cash and cash equivalents

  $ 44,662     $ 3,813     $ 0     $ 48,475  

Short term investments

    22,705       0       0       22,705  

Accounts receivable, net

    48,339       159,328       (5,245     202,422  

Inventories

    97,017       233,015       0       330,032  

Prepaid expenses and other assets

    25,242       22,907       0       48,149  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

    237,965       419,063       (5,245     651,783  

Land, buildings, improvements and equipment, net

    81,727       109,436       0       191,163  

Goodwill

    0       210,223       0       210,223  

Investment in guarantors

    654,362       0       (654,362     0  

Other assets

    54,910       41,468       0       96,378  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,028,964     $ 780,190     $ (659,607   $ 1,149,547  
   

 

 

   

 

 

   

 

 

   

 

 

 
LIABILITIES AND EQUITY                                

Accounts payable

  $ 49,894     $ 82,013     $ (5,245   $ 126,662  

Accrued expenses and other liabilities

    38,673       41,149       0       79,822  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

    88,567       123,162       (5,245     206,484  

Long-term debt

    449,387       96       0       449,483  

Other long-term obligations

    26,127       2,570       0       28,697  

Shareholders’ equity attributable to Central Garden & Pet

    463,937       654,362       (654,362     463,937  

Noncontrolling interest

    946       0       0       946  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total equity

    464,883       654,362       (654,362     464,883  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,028,964     $ 780,190     $ (659,607   $ 1,149,547  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    CONSOLIDATING CONDENSED BALANCE SHEET
December 24, 2011
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  
ASSETS                                

Cash and cash equivalents

  $ 7,730     $ 2,559     $ 0     $ 10,289  

Short term investments

    17,820       0       0       17,820  

Accounts receivable, net

    45,519       98,548       (4,813     139,254  

Inventories

    124,538       241,205       0       365,743  

Prepaid expenses and other assets

    35,823       26,791       0       62,614  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

    231,430       369,103       (4,813     595,720  

Land, buildings, improvements and equipment, net

    75,071       105,330       0       180,401  

Goodwill

    0       210,223       0       210,223  

Investment in guarantors

    633,623       0       (633,623     0  

Other assets

    43,770       58,155       0       101,925  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 983,894     $ 742,811     $ (638,436   $ 1,088,269  
   

 

 

   

 

 

   

 

 

   

 

 

 
LIABILITIES AND EQUITY                                

Accounts payable

  $ 45,011     $ 81,811     $ (4,813   $ 122,009  

Accrued expenses and other liabilities

    41,605       25,585       0       67,190  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

    86,616       107,396       (4,813     189,199  

Long-term debt

    460,226       120       0       460,346  

Other long-term obligations

    12,581       1,672       0       14,253  

Shareholders’ equity attributable to Central Garden & Pet

    424,643       633,623       (633,623     424,643  

Noncontrolling interest

    (172     0       0       (172
   

 

 

   

 

 

   

 

 

   

 

 

 

Total equity

    424,471       633,623       (633,623     424,471  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 983,894     $ 742,811     $ (638,436   $ 1,088,269  
   

 

 

   

 

 

   

 

 

   

 

 

 
Condensed Cash Flows Statement on the Company's understanding of the SEC Interpretation
                                 
   

CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS

Three Months Ended December 29, 2012

( in thousands)

(unaudited)

 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net cash provided (used) by operating activities

  $ (25,358   $ (7,003   $ 4,320     $ (28,041
   

 

 

   

 

 

   

 

 

   

 

 

 

Additions to property and equipment

    (4,142     (3,883     0       (8,025

Proceeds from short term investments

    4,885       0       0       4,885  

Payment to acquire companies

    0       (4,835     0       (4,835

Investment in guarantor subsidiaries

    (12,283     16,603       (4,320     0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided (used) by investing activities

    (11,540     7,885       (4,320     (7,975
   

 

 

   

 

 

   

 

 

   

 

 

 

Repayments of long-term debt

    (55     (29     0       (84

Borrowings under revolving line of credit

    4,000       0       0       4,000  

Repayments under revolving line of credit

    (3,000             0       (3,000

Repurchase of common stock

    (327     0       0       (327

Proceeds from issuance of common stock

    97       0       0       97  

Distribution to minority interest

    (629     0       0       (629

Excess tax benefits from stock-based awards

    74       0       0       74  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided (used) by financing activities

    160       (29     0       131  

Effect of exchange rate changes on cash

    1       0       0       1  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

    (36,737     853       0       (35,884

Cash and cash equivalents at beginning of period

    44,662       3,813       0       48,475  
   

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

  $ 7,925     $ 4,666     $ 0     $ 12,591  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
   

CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS

Three Months Ended December 24, 2011

( in thousands)

(unaudited)

 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net cash provided (used) by operating activities

  $ (16,257   $ 15,941     $ 3,795     $ 3,479  
   

 

 

   

 

 

   

 

 

   

 

 

 

Additions to property and equipment

    (4,665     (4,520     0       (9,185

Investment in guarantor subsidiaries

    14,003       (10,208     (3,795     0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided (used) by investing activities

    9,338       (14,728     (3,795     (9,185
   

 

 

   

 

 

   

 

 

   

 

 

 

Repayments of long-term debt

    (59     (32     0       (91

Borrowings under revolving line of credit

    117,000       0       0       117,000  

Repayments under revolving line of credit

    (92,000     0       0       (92,000

Repurchase of common stock

    (21,266     0       0       (21,266

Proceeds from issuance of common stock

    192       0       0       192  

Excess tax benefits from stock-based awards

    74       0       0       74  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used by financing activities

    3,941       (32     0       3,909  

Effect of exchange rate changes on cash

    75       (20     0       55  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

    (2,903     1,161       0       (1,742

Cash and cash equivalents at beginning of period

    10,633       1,398       0       12,031  
   

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

  $ 7,730     $ 2,559     $ 0     $ 10,289