| Consolidating Condensed Financial Information of Guarantor Subsidiaries |
| 12. |
Consolidating Condensed Financial
Information of Guarantor Subsidiaries |
Certain 100% wholly-owned subsidiaries of the Company (as listed
below, collectively the “Guarantor Subsidiaries”) have
guaranteed fully and unconditionally, on a joint and several basis,
the obligation to pay principal and interest on the Company’s
2023 Notes. Certain subsidiaries and operating divisions are not
guarantors of the Notes. Those subsidiaries that are guarantors and
co-obligors of the Notes are as follows:
Farnam Companies, Inc.
Four Paws Products Ltd.
Gulfstream Home & Garden, Inc.
Kaytee Products, Incorporated
Matson, LLC
New England Pottery, LLC
Pennington Seed, Inc. (including Gro Tec, Inc. and All-Glass
Aquarium Co., Inc.)
Pets International, Ltd.
T.F.H. Publications, Inc.
Wellmark International (including B2E Corporation and B2E Biotech
LLC)
In lieu of providing separate audited financial statements for the
Guarantor Subsidiaries, the Company has included the accompanying
consolidating condensed financial statements based on the
Company’s understanding of the Securities and Exchange
Commission’s interpretation and application of Rule 3-10 of
the Securities and Exchange Commission’s Regulation S-X.
|
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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
Three Months Ended December 26, 2015
(in thousands)
|
|
|
|
|
| |
|
Parent |
|
|
Non-
Guarantor
Subsidiaries
|
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
|
Net sales
|
|
$ |
137,027 |
|
|
$ |
15,270 |
|
|
$ |
222,164 |
|
|
$ |
(14,649 |
) |
|
$ |
359,812 |
|
|
Cost of goods sold and occupancy
|
|
|
110,259 |
|
|
|
12,946 |
|
|
|
150,489 |
|
|
|
(13,668 |
) |
|
|
260,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
26,768 |
|
|
|
2,324 |
|
|
|
71,675 |
|
|
|
(981 |
) |
|
|
99,786 |
|
|
Selling, general and administrative expenses
|
|
|
32,954 |
|
|
|
3,779 |
|
|
|
55,261 |
|
|
|
(981 |
) |
|
|
91,013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
|
(6,186 |
) |
|
|
(1,455 |
) |
|
|
16,414 |
|
|
|
0 |
|
|
|
8,773 |
|
|
Interest expense
|
|
|
(22,508 |
) |
|
|
(12 |
) |
|
|
375 |
|
|
|
0 |
|
|
|
(22,145 |
) |
|
Interest income
|
|
|
21 |
|
|
|
1 |
|
|
|
0 |
|
|
|
0 |
|
|
|
22 |
|
|
Other income (expense)
|
|
|
(835 |
) |
|
|
(66 |
) |
|
|
428 |
|
|
|
0 |
|
|
|
(473 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before taxes and equity in earnings (loss) of
affiliates
|
|
|
(29,508 |
) |
|
|
(1,532 |
) |
|
|
17,217 |
|
|
|
0 |
|
|
|
(13,823 |
) |
|
Income tax expense (benefit)
|
|
|
(11,145 |
) |
|
|
(497 |
) |
|
|
6,442 |
|
|
|
0 |
|
|
|
(5,200 |
) |
|
Equity in earnings (loss) of affiliates
|
|
|
9,761 |
|
|
|
0 |
|
|
|
(762 |
) |
|
|
(8,999 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) including noncontrolling interest
|
|
|
(8,602 |
) |
|
|
(1,035 |
) |
|
|
10,013 |
|
|
|
(8,999 |
) |
|
|
(8,623 |
) |
|
Net loss attributable to noncontrolling interest
|
|
|
0 |
|
|
|
(21 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(21 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Central Garden & Pet
Company
|
|
$ |
(8,602 |
) |
|
$ |
(1,014 |
) |
|
$ |
10,013 |
|
|
$ |
(8,999 |
) |
|
$ |
(8,602 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
| |
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
Three Months Ended December 27, 2014
(in thousands)
|
|
|
|
|
| |
|
Parent |
|
|
Non-
Guarantor
Subsidiaries
|
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
|
Net sales
|
|
$ |
96,962 |
|
|
$ |
17,323 |
|
|
$ |
207,125 |
|
|
$ |
(14,090 |
) |
|
$ |
307,320 |
|
|
Cost of goods sold and occupancy
|
|
|
78,779 |
|
|
|
14,578 |
|
|
|
139,091 |
|
|
|
(13,109 |
) |
|
|
219,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
18,183 |
|
|
|
2,745 |
|
|
|
68,034 |
|
|
|
(981 |
) |
|
|
87,981 |
|
|
Selling, general and administrative expenses
|
|
|
27,851 |
|
|
|
3,999 |
|
|
|
55,974 |
|
|
|
(981 |
) |
|
|
86,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
|
(9,668 |
) |
|
|
(1,254 |
) |
|
|
12,060 |
|
|
|
0 |
|
|
|
1,138 |
|
|
Interest expense
|
|
|
(10,487 |
) |
|
|
(15 |
) |
|
|
(1 |
) |
|
|
0 |
|
|
|
(10,503 |
) |
|
Interest income
|
|
|
70 |
|
|
|
1 |
|
|
|
0 |
|
|
|
0 |
|
|
|
71 |
|
|
Other expense
|
|
|
(330 |
) |
|
|
0 |
|
|
|
(38 |
) |
|
|
0 |
|
|
|
(368 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before taxes and equity in earnings (loss) of
affiliates
|
|
|
(20,415 |
) |
|
|
(1,268 |
) |
|
|
12,021 |
|
|
|
0 |
|
|
|
(9,662 |
) |
|
Income tax expense (benefit)
|
|
|
(8,457 |
) |
|
|
(444 |
) |
|
|
4,932 |
|
|
|
0 |
|
|
|
(3,969 |
) |
|
Equity in earnings (loss) of affiliates
|
|
|
6,261 |
|
|
|
0 |
|
|
|
(587 |
) |
|
|
(5,674 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) including noncontrolling interest
|
|
|
(5,697 |
) |
|
|
(824 |
) |
|
|
6,502 |
|
|
|
(5,674 |
) |
|
|
(5,693 |
) |
|
Net income attributable to noncontrolling interest
|
|
|
0 |
|
|
|
4 |
|
|
|
0 |
|
|
|
0 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Central Garden & Pet
Company
|
|
$ |
(5,697 |
) |
|
$ |
(828 |
) |
|
$ |
6,502 |
|
|
$ |
(5,674 |
) |
|
$ |
(5,697 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS)
Three Months Ended December 26, 2015
(in thousands)
|
|
| |
|
Parent |
|
|
Non-
Guarantor
Subsidiaries
|
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
|
Net income (loss)
|
|
$ |
(8,602 |
) |
|
$ |
(1,035 |
) |
|
$ |
10,013 |
|
|
$ |
(8,999 |
) |
|
$ |
(8,623 |
) |
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
|
|
|
(233 |
) |
|
|
(142 |
) |
|
|
(51 |
) |
|
|
193 |
|
|
|
(233 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss)
|
|
|
(8,835 |
) |
|
|
(1,177 |
) |
|
|
9,962 |
|
|
|
(8,806 |
) |
|
|
(8,856 |
) |
|
Comprehensive loss attributable to noncontrolling interests
|
|
|
0 |
|
|
|
(21 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(21 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to Central Garden &
Pet Company
|
|
$ |
(8,835 |
) |
|
$ |
(1,156 |
) |
|
$ |
9,962 |
|
|
$ |
(8,806 |
) |
|
$ |
(8,835 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS)
Three Months Ended December 27, 2014
(in thousands)
|
|
| |
|
Parent |
|
|
Non-
Guarantor
Subsidiaries
|
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
|
Net income (loss)
|
|
$ |
(5,697 |
) |
|
$ |
(824 |
) |
|
$ |
6,502 |
|
|
$ |
(5,674 |
) |
|
$ |
(5,693 |
) |
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
|
|
|
(552 |
) |
|
|
(345 |
) |
|
|
(104 |
) |
|
|
449 |
|
|
|
(552 |
) |
|
Unrealized loss on securities
|
|
|
(10 |
) |
|
|
(0 |
) |
|
|
(0 |
) |
|
|
(0 |
) |
|
|
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss)
|
|
|
(6,259 |
) |
|
|
(1,169 |
) |
|
|
6,398 |
|
|
|
(5,225 |
) |
|
|
(6,255 |
) |
|
Comprehensive income attributable to noncontrolling interests
|
|
|
0 |
|
|
|
4 |
|
|
|
0 |
|
|
|
0 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to Central Garden &
Pet Company
|
|
$ |
(6,259 |
) |
|
$ |
(1,173 |
) |
|
$ |
6,398 |
|
|
$ |
(5,225 |
) |
|
$ |
(6,259 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
CONSOLIDATING CONDENSED BALANCE
SHEET
December 26, 2015
(in thousands)
|
|
| |
|
Parent |
|
|
Non-
Guarantor
Subsidiaries
|
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
3,162 |
|
|
$ |
5,034 |
|
|
$ |
810 |
|
|
$ |
0 |
|
|
$ |
9,006 |
|
|
Restricted cash
|
|
|
11,939 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
11,939 |
|
|
Accounts receivable, net
|
|
|
74,855 |
|
|
|
7,398 |
|
|
|
113,104 |
|
|
|
0 |
|
|
|
195,357 |
|
|
Inventories
|
|
|
142,215 |
|
|
|
17,252 |
|
|
|
256,991 |
|
|
|
0 |
|
|
|
416,458 |
|
|
Prepaid expenses and other
|
|
|
35,478 |
|
|
|
957 |
|
|
|
23,438 |
|
|
|
0 |
|
|
|
59,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
267,649 |
|
|
|
30,641 |
|
|
|
394,343 |
|
|
|
0 |
|
|
|
692,633 |
|
|
Land, buildings, improvements and equipment, net
|
|
|
51,182 |
|
|
|
3,787 |
|
|
|
108,979 |
|
|
|
0 |
|
|
|
163,948 |
|
|
Goodwill
|
|
|
0 |
|
|
|
0 |
|
|
|
209,089 |
|
|
|
0 |
|
|
|
209,089 |
|
|
Other long-term assets
|
|
|
68,077 |
|
|
|
3,539 |
|
|
|
75,988 |
|
|
|
(2,065 |
) |
|
|
145,539 |
|
|
Intercompany receivable
|
|
|
33,184 |
|
|
|
0 |
|
|
|
459,209 |
|
|
|
(492,393 |
) |
|
|
0 |
|
|
Investment in subsidiaries
|
|
|
1,062,324 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(1,062,324 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,482,416 |
|
|
$ |
37,967 |
|
|
$ |
1,247,608 |
|
|
$ |
(1,556,782 |
) |
|
$ |
1,211,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$ |
54,043 |
|
|
$ |
9,084 |
|
|
$ |
65,964 |
|
|
$ |
0 |
|
|
$ |
129,091 |
|
|
Accrued expenses
|
|
|
42,452 |
|
|
|
1,520 |
|
|
|
45,075 |
|
|
|
0 |
|
|
|
89,047 |
|
|
Current portion of long-term debt
|
|
|
262 |
|
|
|
0 |
|
|
|
30 |
|
|
|
0 |
|
|
|
292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
96,757 |
|
|
|
10,604 |
|
|
|
111,069 |
|
|
|
0 |
|
|
|
218,430 |
|
|
Long-term debt
|
|
|
435,835 |
|
|
|
0 |
|
|
|
58 |
|
|
|
0 |
|
|
|
435,893 |
|
|
Intercompany payable
|
|
|
447,265 |
|
|
|
45,128 |
|
|
|
0 |
|
|
|
(492,393 |
) |
|
|
0 |
|
|
Losses in excess of investment in subsidiaries
|
|
|
0 |
|
|
|
0 |
|
|
|
17,513 |
|
|
|
(17,513 |
) |
|
|
0 |
|
|
Other long-term obligations
|
|
|
4,159 |
|
|
|
0 |
|
|
|
55,911 |
|
|
|
(2,065 |
) |
|
|
58,005 |
|
|
Total Central Garden & Pet shareholders’ equity
|
|
|
498,400 |
|
|
|
(18,246 |
) |
|
|
1,063,057 |
|
|
|
(1,044,811 |
) |
|
|
498,400 |
|
|
Noncontrolling interest
|
|
|
0 |
|
|
|
481 |
|
|
|
0 |
|
|
|
0 |
|
|
|
481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
498,400 |
|
|
|
(17,765 |
) |
|
|
1,063,057 |
|
|
|
(1,044,811 |
) |
|
|
498,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,482,416 |
|
|
$ |
37,967 |
|
|
$ |
1,247,608 |
|
|
$ |
(1,556,782 |
) |
|
$ |
1,211,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
CONSOLIDATING CONDENSED BALANCE
SHEET
December 27, 2014
(in thousands)
|
|
| |
|
Parent |
|
|
Non-
Guarantor
Subsidiaries
|
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
71,579 |
|
|
$ |
5,505 |
|
|
$ |
2,504 |
|
|
$ |
0 |
|
|
$ |
79,588 |
|
|
Restricted cash
|
|
|
19,690 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
19,690 |
|
|
Short term investments
|
|
|
9,992 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
9,992 |
|
|
Accounts receivable, net
|
|
|
38,580 |
|
|
|
7,573 |
|
|
|
96,724 |
|
|
|
0 |
|
|
|
142,877 |
|
|
Inventories
|
|
|
101,870 |
|
|
|
22,481 |
|
|
|
275,585 |
|
|
|
0 |
|
|
|
399,936 |
|
|
Prepaid expenses and other
|
|
|
33,095 |
|
|
|
962 |
|
|
|
30,223 |
|
|
|
0 |
|
|
|
64,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
274,806 |
|
|
|
36,521 |
|
|
|
405,036 |
|
|
|
0 |
|
|
|
716,363 |
|
|
Land, buildings, improvements and equipment, net
|
|
|
59,829 |
|
|
|
3,607 |
|
|
|
100,110 |
|
|
|
0 |
|
|
|
163,546 |
|
|
Goodwill
|
|
|
0 |
|
|
|
0 |
|
|
|
208,233 |
|
|
|
0 |
|
|
|
208,233 |
|
|
Other long-term assets
|
|
|
17,153 |
|
|
|
4,121 |
|
|
|
83,088 |
|
|
|
(8,197 |
) |
|
|
96,165 |
|
|
Intercompany receivable
|
|
|
37,337 |
|
|
|
0 |
|
|
|
378,847 |
|
|
|
(416,184 |
) |
|
|
0 |
|
|
Investment in subsidiaries
|
|
|
989,226 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(989,226 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,378,351 |
|
|
$ |
44,249 |
|
|
$ |
1,175,314 |
|
|
$ |
(1,413,607 |
) |
|
$ |
1,184,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$ |
39,847 |
|
|
$ |
10,077 |
|
|
$ |
78,561 |
|
|
$ |
0 |
|
|
$ |
128,485 |
|
|
Accrued expenses
|
|
|
47,888 |
|
|
|
1,751 |
|
|
|
43,569 |
|
|
|
0 |
|
|
|
93,208 |
|
|
Current portion of long-term debt
|
|
|
50,259 |
|
|
|
0 |
|
|
|
30 |
|
|
|
|
|
|
|
50,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
137,994 |
|
|
|
11,828 |
|
|
|
122,160 |
|
|
|
0 |
|
|
|
271,982 |
|
|
Long-term debt
|
|
|
395,170 |
|
|
|
0 |
|
|
|
87 |
|
|
|
0 |
|
|
|
395,257 |
|
|
Intercompany payable
|
|
|
368,765 |
|
|
|
47,419 |
|
|
|
0 |
|
|
|
(416,184 |
) |
|
|
0 |
|
|
Losses in excess of investment in subsidiaries
|
|
|
0 |
|
|
|
0 |
|
|
|
14,900 |
|
|
|
(14,900 |
) |
|
|
0 |
|
|
Other long-term obligations
|
|
|
1,620 |
|
|
|
0 |
|
|
|
48,789 |
|
|
|
(8,197 |
) |
|
|
42,212 |
|
|
Central Garden & Pet shareholders’ equity
|
|
|
474,802 |
|
|
|
(15,052 |
) |
|
|
989,378 |
|
|
|
(974,326 |
) |
|
|
474,802 |
|
|
Noncontrolling interest
|
|
|
0 |
|
|
|
54 |
|
|
|
0 |
|
|
|
0 |
|
|
|
54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
474,802 |
|
|
|
(14,998 |
) |
|
|
989,378 |
|
|
|
(974,326 |
) |
|
|
474,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,378,351 |
|
|
$ |
44,249 |
|
|
$ |
1,175,314 |
|
|
$ |
(1,413,607 |
) |
|
$ |
1,184,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
CONSOLIDATING CONDENSED BALANCE
SHEET
September 26, 2015
(in thousands)
|
|
| |
|
Parent |
|
|
Non-
Guarantor
Subsidiaries
|
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
37,131 |
|
|
$ |
10,022 |
|
|
$ |
431 |
|
|
$ |
0 |
|
|
$ |
47,584 |
|
|
Restricted cash
|
|
|
13,157 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
13,157 |
|
|
Accounts receivable, net
|
|
|
51,376 |
|
|
|
6,775 |
|
|
|
149,251 |
|
|
|
0 |
|
|
|
207,402 |
|
|
Inventories
|
|
|
101,952 |
|
|
|
11,690 |
|
|
|
222,304 |
|
|
|
0 |
|
|
|
335,946 |
|
|
Prepaid expenses and other assets
|
|
|
23,807 |
|
|
|
848 |
|
|
|
25,076 |
|
|
|
0 |
|
|
|
49,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
227,423 |
|
|
|
29,335 |
|
|
|
397,062 |
|
|
|
0 |
|
|
|
653,820 |
|
|
Land, buildings, improvements and equipment, net
|
|
|
53,044 |
|
|
|
3,663 |
|
|
|
106,102 |
|
|
|
0 |
|
|
|
162,809 |
|
|
Goodwill
|
|
|
0 |
|
|
|
0 |
|
|
|
209,089 |
|
|
|
0 |
|
|
|
209,089 |
|
|
Other long-term assets
|
|
|
30,831 |
|
|
|
3,662 |
|
|
|
77,519 |
|
|
|
(6,133 |
) |
|
|
105,879 |
|
|
Intercompany receivable
|
|
|
10,311 |
|
|
|
0 |
|
|
|
440,327 |
|
|
|
(450,638 |
) |
|
|
0 |
|
|
Investment in subsidiaries
|
|
|
1,052,755 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(1,052,755 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,374,364 |
|
|
$ |
36,660 |
|
|
$ |
1,230,099 |
|
|
$ |
(1,509,526 |
) |
|
$ |
1,131,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$ |
23,544 |
|
|
$ |
2,543 |
|
|
$ |
62,802 |
|
|
$ |
0 |
|
|
$ |
88,889 |
|
|
Accrued expenses and other liabilities
|
|
|
39,680 |
|
|
|
1,789 |
|
|
|
46,255 |
|
|
|
0 |
|
|
|
87,724 |
|
|
Current portion of long term debt
|
|
|
261 |
|
|
|
0 |
|
|
|
30 |
|
|
|
0 |
|
|
|
291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
63,485 |
|
|
|
4,332 |
|
|
|
109,087 |
|
|
|
0 |
|
|
|
176,904 |
|
|
Long-term debt
|
|
|
396,626 |
|
|
|
0 |
|
|
|
65 |
|
|
|
0 |
|
|
|
396,691 |
|
|
Intercompany payable
|
|
|
407,197 |
|
|
|
43,441 |
|
|
|
0 |
|
|
|
(450,638 |
) |
|
|
0 |
|
|
Losses in excess of investment in subsidiaries
|
|
|
0 |
|
|
|
0 |
|
|
|
11,867 |
|
|
|
(11,867 |
) |
|
|
0 |
|
|
Other long-term obligations
|
|
|
1,770 |
|
|
|
0 |
|
|
|
55,985 |
|
|
|
(6,133 |
) |
|
|
51,622 |
|
|
Shareholders’ equity attributable to Central
Garden & Pet
|
|
|
505,286 |
|
|
|
(12,207 |
) |
|
|
1,053,095 |
|
|
|
(1,040,888 |
) |
|
|
505,286 |
|
|
Noncontrolling interest
|
|
|
0 |
|
|
|
1,094 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
505,286 |
|
|
|
(11,113 |
) |
|
|
1,053,095 |
|
|
|
(1,040,888 |
) |
|
|
506,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,374,364 |
|
|
$ |
36,660 |
|
|
$ |
1,230,099 |
|
|
$ |
(1,509,526 |
) |
|
$ |
1,131,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
CONSOLIDATING CONDENSED STATEMENT OF
CASH FLOWS
Three Months Ended December 26, 2015
(in thousands)
|
|
| |
|
Parent |
|
|
Non-
Guarantor
Subsidiaries
|
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations
|
|
|
Consolidated
|
|
|
Net cash provided (used) by operating activities
|
|
$ |
(18,211 |
) |
|
$ |
(1,039 |
) |
|
$ |
23,653 |
|
|
$ |
(4,884 |
) |
|
$ |
(481 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment
|
|
|
(606 |
) |
|
|
(226 |
) |
|
|
(4,424 |
) |
|
|
0 |
|
|
|
(5,256 |
) |
|
Payments to acquire companies, net of cash acquired
|
|
|
(68,529 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(68,529 |
) |
|
Change in restricted cash and cash equivalents
|
|
|
1,218 |
|
|
|
(0 |
) |
|
|
(0 |
) |
|
|
(0 |
) |
|
|
1,218 |
|
|
Other investing activities
|
|
|
(200 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(200 |
) |
|
Intercompany investing activities
|
|
|
(22,874 |
) |
|
|
(0 |
) |
|
|
(18,881 |
) |
|
|
41,755 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used by investing activities
|
|
|
(90,991 |
) |
|
|
(226 |
) |
|
|
(23,305 |
) |
|
|
41,755 |
|
|
|
(72,767 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayments on revolving line of credit
|
|
|
(37,000 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(37,000 |
) |
|
Borrowings on revolving line of credit
|
|
|
79,000 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
79,000 |
|
|
Repayments of long-term debt
|
|
|
(400,064 |
) |
|
|
(0 |
) |
|
|
(8 |
) |
|
|
(0 |
) |
|
|
(400,072 |
) |
|
Issuance of long-term debt
|
|
|
400,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
400,000 |
|
|
Excess tax benefits from stock-based awards
|
|
|
900 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
900 |
|
|
Repurchase of common stock
|
|
|
(1,167 |
) |
|
|
(0 |
) |
|
|
(0 |
) |
|
|
(0 |
) |
|
|
(1,167 |
) |
|
Distribution to parent
|
|
|
0 |
|
|
|
(4,884 |
) |
|
|
0 |
|
|
|
4,884 |
|
|
|
0 |
|
|
Distribution to noncontrolling interest
|
|
|
0 |
|
|
|
(592 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(592 |
) |
|
Payment of financing costs
|
|
|
(6,324 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,324 |
) |
|
Intercompany financing activities
|
|
|
40,069 |
|
|
|
1,686 |
|
|
|
0 |
|
|
|
(41,755 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used) provided by financing activities
|
|
|
75,414 |
|
|
|
(3,790 |
) |
|
|
(8 |
) |
|
|
(36,871 |
) |
|
|
34,745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rates on cash
|
|
|
(181 |
) |
|
|
67 |
|
|
|
39 |
|
|
|
(0 |
) |
|
|
(75 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
(33,969 |
) |
|
|
(4,988 |
) |
|
|
379 |
|
|
|
0 |
|
|
|
(38,578 |
) |
|
Cash and cash equivalents at beginning of period
|
|
|
37,131 |
|
|
|
10,022 |
|
|
|
431 |
|
|
|
0 |
|
|
|
47,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$ |
3,162 |
|
|
$ |
5,034 |
|
|
$ |
810 |
|
|
$ |
0 |
|
|
$ |
9,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
CONSOLIDATING CONDENSED STATEMENT OF
CASH FLOWS
Three Months Ended December 27, 2014
(in thousands)
|
|
| |
|
Parent |
|
|
Non-Guarantor
Subsidiaries
|
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations
|
|
|
Consolidated
|
|
|
Net cash (used) provided by operating activities
|
|
$ |
(6,874 |
) |
|
$ |
(1,400 |
) |
|
$ |
30,845 |
|
|
$ |
(6,719 |
) |
|
$ |
15,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment
|
|
|
(589 |
) |
|
|
(64 |
) |
|
|
(3,416 |
) |
|
|
0 |
|
|
|
(4,069 |
) |
|
Change in restricted cash and cash equivalents
|
|
|
(5,407 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(5,407 |
) |
|
Investment in short term investments
|
|
|
(12 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(12 |
) |
|
Intercompany investing activities
|
|
|
(20,431 |
) |
|
|
0 |
|
|
|
(27,423 |
) |
|
|
47,854 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used) provided by investing activities
|
|
|
(26,439 |
) |
|
|
(64 |
) |
|
|
(30,839 |
) |
|
|
47,854 |
|
|
|
(9,488 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayments of long-term debt
|
|
|
(67 |
) |
|
|
0 |
|
|
|
(5 |
) |
|
|
0 |
|
|
|
(72 |
) |
|
Proceeds from issuance of common stock
|
|
|
188 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
188 |
|
|
Excess tax benefits from stock-based awards
|
|
|
40 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
40 |
|
|
Repurchase of common stock
|
|
|
(3,742 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(3,742 |
) |
|
Distribution to parent
|
|
|
0 |
|
|
|
(6,719 |
) |
|
|
0 |
|
|
|
6,719 |
|
|
|
0 |
|
|
Distribution to noncontrolling interest
|
|
|
0 |
|
|
|
(1,680 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(1,680 |
) |
|
Intercompany financing activities
|
|
|
45,450 |
|
|
|
2,404 |
|
|
|
0 |
|
|
|
(47,854 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided (used) by financing activities
|
|
|
41,869 |
|
|
|
(5,995 |
) |
|
|
(5 |
) |
|
|
(41,135 |
) |
|
|
(5,266 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rates on cash
|
|
|
(448 |
) |
|
|
158 |
|
|
|
104 |
|
|
|
0 |
|
|
|
(186 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
8,108 |
|
|
|
(7,301 |
) |
|
|
105 |
|
|
|
0 |
|
|
|
912 |
|
|
Cash and cash equivalents at beginning of year
|
|
|
63,471 |
|
|
|
12,806 |
|
|
|
2,399 |
|
|
|
0 |
|
|
|
78,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of year
|
|
$ |
71,579 |
|
|
$ |
5,505 |
|
|
$ |
2,504 |
|
|
$ |
0 |
|
|
$ |
79,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|