Quarterly report pursuant to Section 13 or 15(d)

Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables)

v2.4.0.8
Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables)
3 Months Ended
Dec. 28, 2013
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Consolidating Condensed Statement of Operations Based on Company's Understanding of SEC's Interpretation

CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS

Three Months Ended December 28, 2013

(in thousands)

(unaudited)

 

     Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net sales

   $ 96,339      $ 205,306      $ (11,124   $ 290,521   

Cost of products sold and occupancy

     76,747        145,157        (11,124     210,780   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     19,592        60,149        0        79,741   

Selling, general and administrative expenses

     28,375        59,721        0        88,096   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from operations

     (8,783     428        0        (8,355

Interest – net

     (12,184     (20     0        (12,204

Other income (loss )

     415        (583     0        (168
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income taxes

     (20,552     (175     0        (20,727

Income tax benefit

     (7,848     (67     0        (7,915
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss including noncontrolling interest

     (12,704     (108       (12,812

Loss attributable to noncontrolling interest

     (104     0        0        (104
  

 

 

   

 

 

   

 

 

   

 

 

 

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

     (12,600     (108     0        (12,708

Equity in undistributed income of guarantor subsidiaries

     (108     0        108        0   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Central Garden & Pet Co.

   $ (12,708   $ (108   $ 108      $ (12,708
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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 Statements of Comprehensive Income (Loss) Based on Company's Understanding of SEC's Interpretation

CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE

INCOME (LOSS)

Three Months Ended December 28, 2013

(in thousands)

(unaudited)

 

     Parent     Guarantor
Subsidiaries
    Eliminations      Consolidated  

Net loss

   $ (12,704   $ (108   $ 0       $ (12,812

Other comprehensive income:

         

Foreign currency translation

     85        0        0         85   
  

 

 

   

 

 

   

 

 

    

 

 

 

Total comprehensive loss

     (12,619     (108     0         (12,727

Comprehensive loss attributable to noncontrolling interests

     (104     0        0         (104
  

 

 

   

 

 

   

 

 

    

 

 

 

Comprehensive loss attributable to Central Garden & Pet Company

   $ (12,515   $ (108   $ 0       $ (12,623
  

 

 

   

 

 

   

 

 

    

 

 

 

CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE

INCOME (LOSS)

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 Balance Sheet Based on Company's Understanding of SEC's Interpretation

CONSOLIDATING CONDENSED BALANCE SHEET

December 28, 2013

(in thousands)

(unaudited)

 

     Parent      Guarantor
Subsidiaries
     Eliminations     Consolidated  

ASSETS

          

Cash and cash equivalents

   $ 13,142       $ 3,569       $ 0      $ 16,711   

Short term investments

     14,220         0         0        14,220   

Accounts receivable, net

     43,850         103,997         (4,742     143,105   

Inventories

     137,276         290,163         0        427,439   

Prepaid expenses and other assets

     34,595         34,505         0        69,100   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total current assets

     243,083         432,234         (4,742     670,575   

Land, buildings, improvements and equipment, net

     76,990         110,148         0        187,138   

Goodwill

     0         205,756         0        205,756   

Investment in guarantors

     657,919         0         (657,919     0   

Deferred income taxes and other assets

     57,820         34,679         0        92,499   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 1,035,812       $ 782,817       $ (662,661   $ 1,155,968   
  

 

 

    

 

 

    

 

 

   

 

 

 

LIABILITIES AND EQUITY

          

Accounts payable

   $ 50,834       $ 74,456       $ (4,742   $ 120,548   

Accrued expenses and other current liabilities

     44,659         43,926         0        88,585   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total current liabilities

     95,493         118,382         (4,742     209,133   

Long-term debt

     449,444         21         0        449,465   

Other long-term obligations

     32,372         6,495         0        38,867   

Shareholders’ equity attributable to Central Garden & Pet Co.

     457,894         657,919         (657,919     457,894   

Noncontrolling interest

     609         0         0        609   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total equity

     458,503         657,919         (657,919     458,503   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 1,035,812       $ 782,817       $ (662,661   $ 1,155,968   
  

 

 

    

 

 

    

 

 

   

 

 

 

 

CONSOLIDATING CONDENSED BALANCE SHEET

September 28, 2013

(in thousands)

 

     Parent      Guarantor
Subsidiaries
     Eliminations     Consolidated  

ASSETS

          

Cash and cash equivalents

   $ 12,441       $ 2,715       $ 0      $ 15,156   

Short term investments

     17,820         0         0        17,820   

Accounts receivable, net

     43,660         153,734         (3,134     194,260   

Inventories

     114,662         277,272         0        391,934   

Prepaid expenses and other assets

     24,747         28,737         0        53,484   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total current assets

     213,330         462,458         (3,134     672,654   

Land, buildings, improvements and equipment, net

     78,662         110,251         0        188,913   

Goodwill

     0         205,756         0        205,756   

Investment in guarantors

     693,615         0         (693,615     0   

Other assets

     57,255         36,582         0        93,837   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 1,042,862       $ 815,047       $ (696,749   $ 1,161,160   
  

 

 

    

 

 

    

 

 

   

 

 

 

LIABILITIES AND EQUITY

          

Accounts payable

   $ 36,869       $ 69,834       $ (3,134   $ 103,569   

Accrued expenses and other liabilities

     33,664         45,096         0        78,760   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total current liabilities

     70,533         114,930         (3,134     182,329   

Long-term debt

     472,418         27         0        472,445   

Other long-term obligations

     29,887         6,475         0        36,362   

Shareholders’ equity attributable to Central Garden & Pet

     468,678         693,615         (693,615     468,678   

Noncontrolling interest

     1,346         0         0        1,346   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total equity

     470,024         693,615         (693,615     470,024   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 1,042,862       $ 815,047       $ (696,749   $ 1,161,160   
  

 

 

    

 

 

    

 

 

   

 

 

 

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 Statement of Cash Flows Based on Company's Understanding of SEC's Interpretation

CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS

Three Months Ended December 28, 2013

( in thousands)

(unaudited)

 

     Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net cash provided (used) by operating activities

   $ (10,458   $ 40,359      $ 108      $ 30,009   
  

 

 

   

 

 

   

 

 

   

 

 

 

Additions to property and equipment

     (1,549     (3,828     0        (5,377

Proceeds from short term investments

     3,600        0        0        3,600   

Investment in guarantor subsidiaries

     35,696        (35,588     (108     0   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided (used) by investing activities

     37,747        (39,416     (108     (1,777
  

 

 

   

 

 

   

 

 

   

 

 

 

Repayments of long-term debt

     (39     (37     0        (76

Borrowings under revolving line of credit

     45,000        0        0        45,000   

Repayments under revolving line of credit

     (68,000     0        0        (68,000

Payment of deferred financing costs

     (2,985     0        0        (2,985

Repurchase of common stock

     (401     0        0        (401

Proceeds from issuance of common stock

     200        0        0        200   

Distribution to minority interest

     (633     0        0        (633

Excess tax benefits from stock-based awards

     171        0        0        171   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided (used) by financing activities

     (26,687     (37     0        (26,724

Effect of exchange rate changes on cash

     99        (52     0        47   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase in cash and cash equivalents

     701        854        0        1,555   

Cash and cash equivalents at beginning of period

     12,441        2,715        0        15,156   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 13,142      $ 3,569      $ 0      $ 16,711   
  

 

 

   

 

 

   

 

 

   

 

 

 

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