Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables)
|
6 Months Ended |
Mar. 29, 2014
|
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] |
|
Consolidating Condensed Statement of Operations Based on Company's Understanding of SEC's Interpretation |
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CONSOLIDATING CONDENSED STATEMENT
OF
OPERATIONS
Three Months Ended March 29, 2014
(in thousands)
(unaudited)
|
|
|
|
Parent |
|
|
Guarantor
Subsidiaries |
|
|
Eliminations |
|
|
Consolidated |
|
Net sales
|
|
$ |
170,227 |
|
|
$ |
344,890 |
|
|
$ |
(13,506 |
) |
|
$ |
501,611 |
|
Cost of products sold and occupancy
|
|
|
125,449 |
|
|
|
242,072 |
|
|
|
(13,506 |
) |
|
|
354,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
44,778 |
|
|
|
102,818 |
|
|
|
0 |
|
|
|
147,596 |
|
Selling, general and administrative expenses
|
|
|
34,843 |
|
|
|
67,984 |
|
|
|
0 |
|
|
|
102,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
9,935 |
|
|
|
34,834 |
|
|
|
0 |
|
|
|
44,769 |
|
Interest – net
|
|
|
(10,384 |
) |
|
|
(5 |
) |
|
|
0 |
|
|
|
(10,389 |
) |
Other income (loss )
|
|
|
(2,376 |
) |
|
|
2,484 |
|
|
|
0 |
|
|
|
108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(2,825 |
) |
|
|
37,313 |
|
|
|
0 |
|
|
|
34,488 |
|
Income taxes (tax benefit)
|
|
|
(798 |
) |
|
|
13,797 |
|
|
|
0 |
|
|
|
12,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) including noncontrolling interest
|
|
|
(2,027 |
) |
|
|
23,516 |
|
|
|
|
|
|
|
21,489 |
|
Income attributable to noncontrolling interest
|
|
|
594 |
|
|
|
0 |
|
|
|
0 |
|
|
|
594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) attributable to Central Garden & Pet Co.
before equity in undistributed income of guarantor subsidiaries
|
|
|
(2,621 |
) |
|
|
23,516 |
|
|
|
0 |
|
|
|
20,895 |
|
Equity in undistributed income of guarantor subsidiaries
|
|
|
23,516 |
|
|
|
0 |
|
|
|
(23,516 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Central Garden & Pet Co.
|
|
$ |
20,895 |
|
|
$ |
23,516 |
|
|
$ |
(23,516 |
) |
|
$ |
20,895 |
|
|
|
|
|
|
|
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CONSOLIDATING CONDENSED STATEMENT
OF
OPERATIONS
Three Months Ended March 30, 2013
(in thousands)
(unaudited)
|
|
|
|
Parent |
|
|
Guarantor
Subsidiaries |
|
|
Eliminations |
|
|
Consolidated |
|
Net sales
|
|
$ |
158,939 |
|
|
$ |
351,581 |
|
|
$ |
(12,351 |
) |
|
$ |
498,169 |
|
Cost of products sold and occupancy
|
|
|
116,559 |
|
|
|
240,791 |
|
|
|
(12,351 |
) |
|
|
344,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
42,380 |
|
|
|
110,790 |
|
|
|
0 |
|
|
|
153,170 |
|
Selling, general and administrative expenses
|
|
|
36,927 |
|
|
|
69,497 |
|
|
|
0 |
|
|
|
106,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
5,453 |
|
|
|
41,293 |
|
|
|
0 |
|
|
|
46,746 |
|
Interest – net
|
|
|
(10,922 |
) |
|
|
12 |
|
|
|
0 |
|
|
|
(10,910 |
) |
Other income (loss )
|
|
|
(3,065 |
) |
|
|
3,017 |
|
|
|
0 |
|
|
|
(48 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(8,534 |
) |
|
|
44,322 |
|
|
|
0 |
|
|
|
35,788 |
|
Income taxes (tax benefit)
|
|
|
(2,605 |
) |
|
|
15,433 |
|
|
|
0 |
|
|
|
12,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) including noncontrolling interest
|
|
|
(5,929 |
) |
|
|
28,889 |
|
|
|
|
|
|
|
22,960 |
|
Income attributable to noncontrolling interest
|
|
|
764 |
|
|
|
0 |
|
|
|
0 |
|
|
|
764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) attributable to Central Garden & Pet Co.
before equity in undistributed income of guarantor subsidiaries
|
|
|
(6,693 |
) |
|
|
28,889 |
|
|
|
0 |
|
|
|
22,196 |
|
Equity in undistributed income of guarantor subsidiaries
|
|
|
28,889 |
|
|
|
0 |
|
|
|
(28,889 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Central Garden & Pet Co.
|
|
$ |
22,196 |
|
|
$ |
28,889 |
|
|
$ |
(28,889 |
) |
|
$ |
22,196 |
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
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|
CONSOLIDATING CONDENSED STATEMENT
OF
OPERATIONS
Six Months Ended March 29, 2014
(in thousands)
(unaudited)
|
|
|
|
Parent |
|
|
Guarantor
Subsidiaries |
|
|
Eliminations |
|
|
Consolidated |
|
Net sales
|
|
$ |
266,566 |
|
|
$ |
550,196 |
|
|
$ |
(24,630 |
) |
|
$ |
792,132 |
|
Cost of products sold and occupancy
|
|
|
202,196 |
|
|
|
387,229 |
|
|
|
(24,630 |
) |
|
|
564,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
64,370 |
|
|
|
162,967 |
|
|
|
0 |
|
|
|
227,337 |
|
Selling, general and administrative expenses
|
|
|
63,218 |
|
|
|
127,705 |
|
|
|
0 |
|
|
|
190,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
1,152 |
|
|
|
35,262 |
|
|
|
0 |
|
|
|
36,414 |
|
Interest – net
|
|
|
(22,568 |
) |
|
|
(25 |
) |
|
|
0 |
|
|
|
(22,593 |
) |
Other income (loss )
|
|
|
(1,961 |
) |
|
|
1,901 |
|
|
|
0 |
|
|
|
(60 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(23,377 |
) |
|
|
37,138 |
|
|
|
0 |
|
|
|
13,761 |
|
Income taxes (tax benefit)
|
|
|
(8,646 |
) |
|
|
13,730 |
|
|
|
0 |
|
|
|
5,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) including noncontrolling interest
|
|
|
(14,731 |
) |
|
|
23,408 |
|
|
|
|
|
|
|
8,677 |
|
Income attributable to noncontrolling interest
|
|
|
490 |
|
|
|
0 |
|
|
|
0 |
|
|
|
490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) attributable to Central Garden & Pet Co.
before equity in undistributed income of guarantor subsidiaries
|
|
|
(15,221 |
) |
|
|
23,408 |
|
|
|
0 |
|
|
|
8,187 |
|
Equity in undistributed income of guarantor subsidiaries
|
|
|
23,408 |
|
|
|
0 |
|
|
|
(23,408 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Central Garden & Pet Co.
|
|
$ |
8,187 |
|
|
$ |
23,408 |
|
|
$ |
(23,408 |
) |
|
$ |
8,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT
OF
OPERATIONS
Six Months Ended March 30, 2013
(in thousands)
(unaudited)
|
|
|
|
Parent |
|
|
Guarantor
Subsidiaries |
|
|
Eliminations |
|
|
Consolidated |
|
Net sales
|
|
$ |
254,942 |
|
|
$ |
560,626 |
|
|
$ |
(24,902 |
) |
|
$ |
790,666 |
|
Cost of products sold and occupancy
|
|
|
191,402 |
|
|
|
394,037 |
|
|
|
(24,902 |
) |
|
|
560,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
63,540 |
|
|
|
166,589 |
|
|
|
0 |
|
|
|
230,129 |
|
Selling, general and administrative expenses
|
|
|
65,446 |
|
|
|
131,031 |
|
|
|
0 |
|
|
|
196,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
|
(1,906 |
) |
|
|
35,558 |
|
|
|
0 |
|
|
|
33,652 |
|
Interest – net
|
|
|
(21,221 |
) |
|
|
61 |
|
|
|
0 |
|
|
|
(21,160 |
) |
Other income (loss )
|
|
|
(2,817 |
) |
|
|
1,788 |
|
|
|
0 |
|
|
|
(1,029 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(25,944 |
) |
|
|
37,407 |
|
|
|
0 |
|
|
|
11,463 |
|
Income taxes (tax benefit)
|
|
|
(8,988 |
) |
|
|
12,838 |
|
|
|
0 |
|
|
|
3,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) including noncontrolling interest
|
|
|
(16,956 |
) |
|
|
24,569 |
|
|
|
|
|
|
|
7,613 |
|
Income attributable to noncontrolling interest
|
|
|
686 |
|
|
|
0 |
|
|
|
0 |
|
|
|
686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) attributable to Central Garden & Pet Co.
before equity in undistributed income of guarantor subsidiaries
|
|
|
(17,642 |
) |
|
|
24,569 |
|
|
|
0 |
|
|
|
6,927 |
|
Equity in undistributed income of guarantor subsidiaries
|
|
|
24,569 |
|
|
|
0 |
|
|
|
(24,569 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Central Garden & Pet Co.
|
|
$ |
6,927 |
|
|
$ |
24,569 |
|
|
$ |
(24,569 |
) |
|
$ |
6,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidating Condensed Statements of Comprehensive Income Based on Company's Understanding of SEC's Interpretation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED
STATEMENTS
OF COMPREHENSIVE INCOME
Three Months Ended March 29, 2014
(in thousands)
(unaudited)
|
|
|
|
Parent |
|
|
Guarantor
Subsidiaries |
|
|
Eliminations |
|
|
Consolidated |
|
Net income (loss)
|
|
$ |
(2,027 |
) |
|
$ |
23,516 |
|
|
$ |
0 |
|
|
$ |
21,489 |
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
|
|
|
2 |
|
|
|
0 |
|
|
|
0 |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss)
|
|
|
(2,025 |
) |
|
|
23,516 |
|
|
|
0 |
|
|
|
21,491 |
|
Comprehensive income attributable to noncontrolling interests
|
|
|
594 |
|
|
|
0 |
|
|
|
0 |
|
|
|
594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to Central
Garden & Pet Company
|
|
$ |
(2,619 |
) |
|
$ |
23,516 |
|
|
$ |
0 |
|
|
$ |
20,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED
STATEMENTS
OF COMPREHENSIVE INCOME
Three Months Ended March 30, 2013
(in thousands)
(unaudited)
|
|
|
|
Parent |
|
|
Guarantor
Subsidiaries |
|
|
Eliminations |
|
|
Consolidated |
|
Net income (loss)
|
|
$ |
(5,929 |
) |
|
$ |
28,889 |
|
|
$ |
0 |
|
|
$ |
22,960 |
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
|
|
|
(566 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(566 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss)
|
|
|
(6,495 |
) |
|
|
28,889 |
|
|
|
0 |
|
|
|
22,394 |
|
Comprehensive income attributable to noncontrolling interests
|
|
|
764 |
|
|
|
0 |
|
|
|
0 |
|
|
|
764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to Central
Garden & Pet Company
|
|
$ |
(7,259 |
) |
|
$ |
28,889 |
|
|
$ |
0 |
|
|
$ |
21,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED
STATEMENTS
OF COMPREHENSIVE INCOME
Six Months Ended March 29, 2014
(in thousands)
(unaudited)
|
|
|
|
Parent |
|
|
Guarantor
Subsidiaries |
|
|
Eliminations |
|
|
Consolidated |
|
Net income (loss)
|
|
$ |
(14,731 |
) |
|
$ |
23,408 |
|
|
$ |
0 |
|
|
$ |
8,677 |
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
|
|
|
87 |
|
|
|
0 |
|
|
|
0 |
|
|
|
87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss)
|
|
|
(14,644 |
) |
|
|
23,408 |
|
|
|
0 |
|
|
|
8,764 |
|
Comprehensive income attributable to noncontrolling interests
|
|
|
490 |
|
|
|
0 |
|
|
|
0 |
|
|
|
490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to Central
Garden & Pet Company
|
|
$ |
(15,134 |
) |
|
$ |
23,408 |
|
|
$ |
0 |
|
|
$ |
8,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED
STATEMENTS
OF COMPREHENSIVE INCOME
Six Months Ended March 30, 2013
(in thousands)
(unaudited)
|
|
|
|
Parent |
|
|
Guarantor
Subsidiaries |
|
|
Eliminations |
|
|
Consolidated |
|
Net income (loss)
|
|
$ |
(16,956 |
) |
|
$ |
24,569 |
|
|
$ |
0 |
|
|
$ |
7,613 |
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
|
|
|
(607 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(607 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss)
|
|
|
(17,563 |
) |
|
|
24,569 |
|
|
|
0 |
|
|
|
7,006 |
|
Comprehensive income attributable to noncontrolling interests
|
|
|
686 |
|
|
|
0 |
|
|
|
0 |
|
|
|
686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to Central
Garden & Pet Company
|
|
$ |
(18,249 |
) |
|
$ |
24,569 |
|
|
$ |
0 |
|
|
$ |
6,320 |
|
|
Consolidating Condensed Balance Sheet Based on Company's Understanding of SEC's Interpretation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE
SHEET
March 29, 2014
(in thousands)
(unaudited)
|
|
|
|
Parent |
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
14,820 |
|
|
$ |
1,928 |
|
|
$ |
0 |
|
|
$ |
16,748 |
|
Short term investments
|
|
|
14,220 |
|
|
|
0 |
|
|
|
0 |
|
|
|
14,220 |
|
Accounts receivable, net
|
|
|
104,384 |
|
|
|
226,821 |
|
|
|
(8,022 |
) |
|
|
323,183 |
|
Inventories
|
|
|
129,367 |
|
|
|
273,353 |
|
|
|
0 |
|
|
|
402,720 |
|
Prepaid expenses and other assets
|
|
|
25,719 |
|
|
|
30,163 |
|
|
|
0 |
|
|
|
55,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
288,510 |
|
|
|
532,265 |
|
|
|
(8,022 |
) |
|
|
812,753 |
|
Land, buildings, improvements and equipment, net
|
|
|
77,903 |
|
|
|
107,451 |
|
|
|
0 |
|
|
|
185,354 |
|
Goodwill
|
|
|
0 |
|
|
|
205,756 |
|
|
|
0 |
|
|
|
205,756 |
|
Investment in guarantors
|
|
|
741,485 |
|
|
|
0 |
|
|
|
(741,485 |
) |
|
|
0 |
|
Deferred income taxes and other assets
|
|
|
57,247 |
|
|
|
33,237 |
|
|
|
0 |
|
|
|
90,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,165,145 |
|
|
$ |
878,709 |
|
|
$ |
(749,507 |
) |
|
$ |
1,294,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$ |
63,803 |
|
|
$ |
86,371 |
|
|
$ |
(8,022 |
) |
|
$ |
142,152 |
|
Accrued expenses and other current liabilities
|
|
|
35,455 |
|
|
|
45,734 |
|
|
|
0 |
|
|
|
81,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
99,258 |
|
|
|
132,105 |
|
|
|
(8,022 |
) |
|
|
223,341 |
|
Long-term debt
|
|
|
544,917 |
|
|
|
115 |
|
|
|
0 |
|
|
|
545,032 |
|
Other long-term obligations
|
|
|
35,466 |
|
|
|
5,004 |
|
|
|
0 |
|
|
|
40,470 |
|
Shareholders’ equity attributable to Central
Garden & Pet Co.
|
|
|
484,301 |
|
|
|
741,485 |
|
|
|
(741,485 |
) |
|
|
484,301 |
|
Noncontrolling interest
|
|
|
1,203 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
485,504 |
|
|
|
741,485 |
|
|
|
(741,485 |
) |
|
|
485,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,165,145 |
|
|
$ |
878,709 |
|
|
$ |
(749,507 |
) |
|
$ |
1,294,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
March 30, 2013
(in thousands)
(unaudited)
|
|
|
|
Parent |
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
8,906 |
|
|
$ |
2,378 |
|
|
$ |
0 |
|
|
$ |
11,284 |
|
Short term investments
|
|
|
17,820 |
|
|
|
0 |
|
|
|
0 |
|
|
|
17,820 |
|
Accounts receivable, net
|
|
|
108,938 |
|
|
|
224,199 |
|
|
|
(10,947 |
) |
|
|
322,190 |
|
Inventories
|
|
|
145,781 |
|
|
|
290,102 |
|
|
|
0 |
|
|
|
435,883 |
|
Prepaid expenses and other assets
|
|
|
30,013 |
|
|
|
29,395 |
|
|
|
0 |
|
|
|
59,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
311,458 |
|
|
|
546,074 |
|
|
|
(10,947 |
) |
|
|
846,585 |
|
Land, buildings, improvements and equipment, net
|
|
|
82,948 |
|
|
|
110,725 |
|
|
|
0 |
|
|
|
193,673 |
|
Goodwill
|
|
|
0 |
|
|
|
210,223 |
|
|
|
0 |
|
|
|
210,223 |
|
Investment in guarantors
|
|
|
772,514 |
|
|
|
0 |
|
|
|
(772,514 |
) |
|
|
0 |
|
Deferred income taxes and other assets
|
|
|
53,747 |
|
|
|
42,353 |
|
|
|
0 |
|
|
|
96,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,220,667 |
|
|
$ |
909,375 |
|
|
$ |
(783,461 |
) |
|
$ |
1,346,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$ |
79,227 |
|
|
$ |
97,411 |
|
|
$ |
(10,947 |
) |
|
$ |
165,691 |
|
Accrued expenses and other current liabilities
|
|
|
39,520 |
|
|
|
37,666 |
|
|
|
0 |
|
|
|
77,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
118,747 |
|
|
|
135,077 |
|
|
|
(10,947 |
) |
|
|
242,877 |
|
Long-term debt
|
|
|
593,376 |
|
|
|
48 |
|
|
|
0 |
|
|
|
593,424 |
|
Other long-term obligations
|
|
|
32,915 |
|
|
|
1,736 |
|
|
|
0 |
|
|
|
34,651 |
|
Shareholders’ equity attributable to Central
Garden & Pet Co.
|
|
|
474,626 |
|
|
|
772,514 |
|
|
|
(772,514 |
) |
|
|
474,626 |
|
Noncontrolling interest
|
|
|
1,003 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
475,629 |
|
|
|
772,514 |
|
|
|
(772,514 |
) |
|
|
475,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,220,667 |
|
|
$ |
909,375 |
|
|
$ |
(783,461 |
) |
|
$ |
1,346,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidating Condensed Statement of Cash Flows Based on Company's Understanding of SEC's Interpretation |
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS
Six Months Ended March 29, 2014
( in thousands)
(unaudited)
|
|
|
|
Parent |
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net cash used by operating activities
|
|
$ |
(16,606 |
) |
|
$ |
(20,029 |
) |
|
$ |
(23,408 |
) |
|
$ |
(60,043 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property and equipment
|
|
|
(4,979 |
) |
|
|
(5,045 |
) |
|
|
0 |
|
|
|
(10,024 |
) |
Proceeds from short term investments
|
|
|
3,600 |
|
|
|
0 |
|
|
|
0 |
|
|
|
3,600 |
|
Payment to acquire companies
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Investment in guarantor subsidiaries
|
|
|
(47,870 |
) |
|
|
24,462 |
|
|
|
23,408 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided (used) by investing activities
|
|
|
(49,249 |
) |
|
|
19,417 |
|
|
|
23,408 |
|
|
|
(6,424 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayments of long-term debt
|
|
|
(104 |
) |
|
|
(99 |
) |
|
|
0 |
|
|
|
(203 |
) |
Borrowings under revolving line of credit
|
|
|
188,000 |
|
|
|
0 |
|
|
|
0 |
|
|
|
188,000 |
|
Repayments under revolving line of credit
|
|
|
(116,000 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(116,000 |
) |
Repurchase of common stock
|
|
|
(924 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(924 |
) |
Proceeds from issuance of common stock
|
|
|
461 |
|
|
|
0 |
|
|
|
0 |
|
|
|
461 |
|
Payment of deferred financing costs
|
|
|
(3,087 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(3,087 |
) |
Distribution to minority interest
|
|
|
(633 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(633 |
) |
Excess tax benefits from stock-based awards
|
|
|
321 |
|
|
|
0 |
|
|
|
0 |
|
|
|
321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided (used) by financing activities
|
|
|
68,034 |
|
|
|
(99 |
) |
|
|
0 |
|
|
|
67,935 |
|
Effect of exchange rate changes on cash
|
|
|
200 |
|
|
|
(76 |
) |
|
|
0 |
|
|
|
124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
2,379 |
|
|
|
(787 |
) |
|
|
0 |
|
|
|
1,592 |
|
Cash and cash equivalents at beginning of period
|
|
|
12,441 |
|
|
|
2,715 |
|
|
|
0 |
|
|
|
15,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$ |
14,820 |
|
|
$ |
1,928 |
|
|
$ |
0 |
|
|
$ |
16,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS
Six Months Ended March 30, 2013
( in thousands)
(unaudited)
|
|
|
|
Parent |
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net cash used by operating activities
|
|
$ |
(56,490 |
) |
|
$ |
(81,105 |
) |
|
$ |
(24,569 |
) |
|
$ |
(162,164 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property and equipment
|
|
|
(7,000 |
) |
|
|
(9,164 |
) |
|
|
0 |
|
|
|
(16,164 |
) |
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
|
|
|
(118,152 |
) |
|
|
93,583 |
|
|
|
24,569 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided (used) by investing activities
|
|
|
(120,267 |
) |
|
|
79,584 |
|
|
|
24,569 |
|
|
|
(16,114 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayments of long-term debt
|
|
|
(111 |
) |
|
|
(59 |
) |
|
|
0 |
|
|
|
(170 |
) |
Borrowings under revolving line of credit
|
|
|
186,000 |
|
|
|
0 |
|
|
|
0 |
|
|
|
186,000 |
|
Repayments under revolving line of credit
|
|
|
(42,000 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(42,000 |
) |
Repurchase of common stock
|
|
|
(2,454 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(2,454 |
) |
Proceeds from issuance of common stock
|
|
|
475 |
|
|
|
0 |
|
|
|
0 |
|
|
|
475 |
|
Distribution to minority interest
|
|
|
(629 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(629 |
) |
Excess tax benefits from stock-based awards
|
|
|
289 |
|
|
|
0 |
|
|
|
0 |
|
|
|
289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided (used) by financing activities
|
|
|
141,570 |
|
|
|
(59 |
) |
|
|
0 |
|
|
|
141,511 |
|
Effect of exchange rate changes on cash
|
|
|
(569 |
) |
|
|
145 |
|
|
|
0 |
|
|
|
(424 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
|
(35,756 |
) |
|
|
(1,435 |
) |
|
|
0 |
|
|
|
(37,191 |
) |
Cash and cash equivalents at beginning of period
|
|
|
44,662 |
|
|
|
3,813 |
|
|
|
0 |
|
|
|
48,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$ |
8,906 |
|
|
$ |
2,378 |
|
|
$ |
0 |
|
|
$ |
11,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|