Consolidating Condensed Financial Information of Guarantor Subsidiaries |
20. 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
2018 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, Inc.
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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CONSOLIDATING CONDENSED
STATEMENT OF OPERATIONS
Fiscal Year
Ended September 26, 2015
(in
thousands)
|
|
|
|
Parent |
|
|
Non-Guarantor
Subsidiaries |
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net sales
|
|
$ |
494,143 |
|
|
$ |
100,127 |
|
|
$ |
1,136,958 |
|
|
$ |
(80,491 |
) |
|
$ |
1,650,737 |
|
Cost of goods sold and
occupancy
|
|
|
387,632 |
|
|
|
76,597 |
|
|
|
773,369 |
|
|
|
(74,913 |
) |
|
|
1,162,685 |
|
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|
|
|
|
|
|
|
|
|
|
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|
|
|
|
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|
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Gross profit
|
|
|
106,511 |
|
|
|
23,530 |
|
|
|
363,589 |
|
|
|
(5,578 |
) |
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|
488,052 |
|
Selling, general and
administrative expenses
|
|
|
126,223 |
|
|
|
18,329 |
|
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|
257,643 |
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(5,578 |
) |
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396,617 |
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Income (loss) from
operations
|
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|
(19,712 |
) |
|
|
5,201 |
|
|
|
105,946 |
|
|
|
0 |
|
|
|
91,435 |
|
Interest expense
|
|
|
(39,893 |
) |
|
|
(268 |
) |
|
|
134 |
|
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|
0 |
|
|
|
(40,027 |
) |
Interest income
|
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|
126 |
|
|
|
3 |
|
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|
0 |
|
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|
0 |
|
|
|
129 |
|
Other income
(expense)
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|
(372 |
) |
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|
407 |
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|
(22 |
) |
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|
0 |
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|
13 |
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|
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|
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Income (loss) before taxes
and equity in earnings of affiliates
|
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|
(59,851 |
) |
|
|
5,343 |
|
|
|
106,058 |
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|
0 |
|
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|
51,550 |
|
Income tax expense
(benefit)
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(21,562 |
) |
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|
2,089 |
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|
38,008 |
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0 |
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|
18,535 |
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Equity in earnings of
affiliates
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|
70,260 |
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0 |
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2,445 |
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(72,705 |
) |
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0 |
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Net income including
noncontrolling interest
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|
31,971 |
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|
3,254 |
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|
70,495 |
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(72,705 |
) |
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|
33,015 |
|
Noncontrolling
interest
|
|
|
0 |
|
|
|
1,044 |
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|
0 |
|
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|
0 |
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|
|
1,044 |
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Net income attributable to
Central Garden & Pet Company
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$ |
31,971 |
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|
$ |
2,210 |
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$ |
70,495 |
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$ |
(72,705 |
) |
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$ |
31,971 |
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CONSOLIDATING CONDENSED
STATEMENT OF OPERATIONS
Fiscal Year
Ended September 27, 2014
(in
thousands)
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|
Parent |
|
|
Non-Guarantor
Subsidiaries |
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|
Guarantor
Subsidiaries
|
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|
Eliminations |
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Consolidated |
|
Net sales
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$ |
460,781 |
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|
$ |
109,453 |
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$ |
1,103,926 |
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$ |
(69,803 |
) |
|
$ |
1,604,357 |
|
Cost of goods sold and
occupancy
|
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|
370,492 |
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|
87,028 |
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|
757,217 |
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(64,404 |
) |
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1,150,333 |
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Gross profit
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|
90,289 |
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|
22,425 |
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|
346,709 |
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(5,399 |
) |
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|
454,024 |
|
Selling, general and
administrative expenses
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|
117,240 |
|
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|
18,230 |
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|
267,740 |
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(5,399 |
) |
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397,811 |
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Income (loss) from
operations
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(26,951 |
) |
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|
4,195 |
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|
78,969 |
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0 |
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|
56,213 |
|
Interest expense
|
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|
(42,742 |
) |
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|
(218 |
) |
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|
116 |
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0 |
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|
42,844 |
|
Interest income
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|
92 |
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|
2 |
|
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|
0 |
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|
0 |
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|
94 |
|
Other income
(expense)
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|
186 |
|
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|
583 |
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|
(366 |
) |
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0 |
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|
403 |
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Income (loss) before taxes
and equity in earnings of affiliates
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(69,415 |
) |
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|
4,562 |
|
|
|
78,719 |
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|
0 |
|
|
|
13,866 |
|
Income tax expense
(benefit)
|
|
|
(26,962 |
) |
|
|
756 |
|
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|
30,251 |
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|
0 |
|
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|
4,045 |
|
Equity in earnings of
affiliates
|
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|
51,257 |
|
|
|
0 |
|
|
|
1,506 |
|
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|
(52,763 |
) |
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|
0 |
|
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Net income loss including
noncontrolling interest
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|
8,804 |
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|
3,806 |
|
|
|
49,974 |
|
|
|
(52,763 |
) |
|
|
9,821 |
|
Noncontrolling
interest
|
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|
0 |
|
|
|
1,017 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,017 |
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Net income attributable to
Central Garden & Pet Company
|
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$ |
8,804 |
|
|
$ |
2,789 |
|
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$ |
49,974 |
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$ |
(52,763 |
) |
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$ |
8,804 |
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CONSOLIDATING CONDENSED
STATEMENT OF OPERATIONS
Fiscal Year
Ended September 28, 2013
(in
thousands)
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|
Parent |
|
|
Non-Guarantor
Subsidiaries |
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net sales
|
|
$ |
453,001 |
|
|
$ |
88,822 |
|
|
$ |
1,186,328 |
|
|
$ |
(74,518 |
) |
|
$ |
1,653,633 |
|
Cost of goods sold and
occupancy
|
|
|
364,120 |
|
|
|
73,068 |
|
|
|
821,524 |
|
|
|
(68,981 |
) |
|
|
1,189,731 |
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Gross profit
|
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|
88,881 |
|
|
|
15,754 |
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|
364,804 |
|
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(5,537 |
) |
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|
463,902 |
|
Selling, general and
administrative expenses
|
|
|
127,644 |
|
|
|
19,340 |
|
|
|
282,300 |
|
|
|
(5,537 |
) |
|
|
423,747 |
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Income (loss) from
operations
|
|
|
(38,763 |
) |
|
|
(3,586 |
) |
|
|
82,504 |
|
|
|
0 |
|
|
|
40,155 |
|
Interest expense
|
|
|
(42,925 |
) |
|
|
(263 |
) |
|
|
76 |
|
|
|
0 |
|
|
|
43,112 |
|
Interest income
|
|
|
140 |
|
|
|
2 |
|
|
|
0 |
|
|
|
0 |
|
|
|
142 |
|
Other income
(expense)
|
|
|
(250 |
) |
|
|
398 |
|
|
|
(825 |
) |
|
|
0 |
|
|
|
(677 |
) |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before taxes
and equity in earnings of affiliates
|
|
|
(81,798 |
) |
|
|
(3,449 |
) |
|
|
81,755 |
|
|
|
0 |
|
|
|
(3,492 |
) |
Income tax expense
(benefit)
|
|
|
(46,789 |
) |
|
|
(2,567 |
) |
|
|
46,764 |
|
|
|
0 |
|
|
|
(2,592 |
) |
Equity in earnings of
affiliates
|
|
|
33,080 |
|
|
|
0 |
|
|
|
(2,561 |
) |
|
|
(30,519 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) including
noncontrolling interest
|
|
|
(1,929 |
) |
|
|
(882 |
) |
|
|
32,430 |
|
|
|
(30,519 |
) |
|
|
(900 |
) |
Noncontrolling
interest
|
|
|
0 |
|
|
|
1,029 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,029 |
|
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|
|
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Net income (loss)
attributable to Central Garden & Pet Company
|
|
$ |
(1,929 |
) |
|
$ |
(1,911 |
) |
|
$ |
32,430 |
|
|
$ |
(30,519 |
) |
|
$ |
(1,929 |
) |
|
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CONSOLIDATING CONDENSED
STATEMENTS OF
COMPREHENSIVE INCOME
Fiscal Year
Ended September 26, 2015
(in
thousands)
|
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|
|
Parent |
|
|
Non-Guarantor
Subsidiaries |
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net income
|
|
$ |
31,971 |
|
|
$ |
3,254 |
|
|
$ |
70,495 |
|
|
$ |
(72,705 |
) |
|
$ |
33,015 |
|
Other comprehensive
loss:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on
securities
|
|
|
(10 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
(10 |
) |
Reclassification of
realized loss on securities included in net income
|
|
|
20 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
20 |
|
Foreign currency
translation
|
|
|
(1,078 |
) |
|
|
(537 |
) |
|
|
(380 |
) |
|
|
917 |
|
|
|
(1,078 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
income
|
|
|
30,903 |
|
|
|
2,717 |
|
|
|
70,115 |
|
|
|
(71,788 |
) |
|
|
31,947 |
|
Comprehensive income
attributable to noncontrolling interests
|
|
|
0 |
|
|
|
1,044 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
attributable to Central Garden & Pet Company
|
|
$ |
30,903 |
|
|
$ |
1,673 |
|
|
$ |
70,115 |
|
|
$ |
(71,788 |
) |
|
$ |
30,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED
STATEMENTS OF
COMPREHENSIVE INCOME
Fiscal Year
Ended September 27, 2014
(in
thousands)
|
|
|
|
Parent |
|
|
Non-Guarantor
Subsidiaries |
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net income
|
|
$ |
8,804 |
|
|
$ |
3,806 |
|
|
$ |
49,974 |
|
|
$ |
(52,763 |
) |
|
$ |
9,821 |
|
Other comprehensive
loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation
|
|
|
0 |
|
|
|
(200 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(200 |
) |
Unrealized loss on
securities
|
|
|
(10 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
income
|
|
|
8,794 |
|
|
|
3,606 |
|
|
|
49,974 |
|
|
|
(52,763 |
) |
|
|
9,611 |
|
Comprehensive income
attributable to noncontrolling interests
|
|
|
0 |
|
|
|
1,017 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
attributable to Central Garden & Pet Company
|
|
$ |
8,794 |
|
|
$ |
2,589 |
|
|
$ |
49,974 |
|
|
$ |
(52,763 |
) |
|
$ |
8,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED
STATEMENTS OF
COMPREHENSIVE INCOME
Fiscal Year
Ended September 28, 2013
(in
thousands)
|
|
|
|
Parent |
|
|
Non-Guarantor
Subsidiaries |
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net income
(loss)
|
|
$ |
(1,929 |
) |
|
$ |
(882 |
) |
|
$ |
32,430 |
|
|
$ |
(30,519 |
) |
|
$ |
(900 |
) |
Other comprehensive
loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation
|
|
|
0 |
|
|
|
(97 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(97 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income
(loss)
|
|
|
(1,929 |
) |
|
|
(979 |
) |
|
|
32,430 |
|
|
|
(30,519 |
) |
|
|
(997 |
) |
Comprehensive income
attributable to noncontrolling interests
|
|
|
0 |
|
|
|
1,029 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss
attributable to Central Garden & Pet Company
|
|
$ |
(1,929 |
) |
|
$ |
(2,008 |
) |
|
$ |
32,430 |
|
|
$ |
(30,519 |
) |
|
$ |
(2,026 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
33,988 |
|
|
|
3,662 |
|
|
|
77,519 |
|
|
|
(6,133 |
) |
|
|
109,036 |
|
Intercompany
receivable
|
|
|
10,311 |
|
|
|
0 |
|
|
|
440,327 |
|
|
|
(450,638 |
) |
|
|
0 |
|
Investment in
subsidiaries
|
|
|
1,052,755 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(1,052,755 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,377,521 |
|
|
$ |
36,660 |
|
|
$ |
1,230,099 |
|
|
$ |
(1,509,526 |
) |
|
$ |
1,134,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
399,783 |
|
|
|
0 |
|
|
|
65 |
|
|
|
0 |
|
|
|
399,848 |
|
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
|
|
$ |
1,377,521 |
|
|
$ |
36,660 |
|
|
$ |
1,230,099 |
|
|
$ |
(1,509,526 |
) |
|
$ |
1,134,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED
BALANCE SHEET
September 27, 2014
(in
thousands)
|
|
|
|
Parent |
|
|
Non-Guarantor
Subsidiaries |
|
|
Guarantor
Subsidiaries |
|
|
Eliminations |
|
|
Consolidated |
|
ASSETS
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$ |
63,471 |
|
|
$ |
12,806 |
|
|
$ |
2,399 |
|
|
$ |
0 |
|
|
$ |
78,676 |
|
Restricted cash
|
|
|
14,283 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
14,283 |
|
Short term
investments
|
|
|
9,990 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
9,990 |
|
Accounts receivable,
net
|
|
|
41,235 |
|
|
|
8,268 |
|
|
|
144,226 |
|
|
|
0 |
|
|
|
193,729 |
|
Inventories
|
|
|
79,199 |
|
|
|
15,210 |
|
|
|
231,977 |
|
|
|
0 |
|
|
|
326,386 |
|
Prepaid expenses and other
assets
|
|
|
26,092 |
|
|
|
816 |
|
|
|
21,580 |
|
|
|
0 |
|
|
|
48,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
234,270 |
|
|
|
37,100 |
|
|
|
400,182 |
|
|
|
0 |
|
|
|
671,552 |
|
Land, buildings,
improvements and equipment, net
|
|
|
63,059 |
|
|
|
3,649 |
|
|
|
100,141 |
|
|
|
0 |
|
|
|
166,849 |
|
Goodwill
|
|
|
0 |
|
|
|
0 |
|
|
|
208,233 |
|
|
|
0 |
|
|
|
208,233 |
|
Other long term
assets
|
|
|
25,230 |
|
|
|
4,244 |
|
|
|
83,713 |
|
|
|
(11,094 |
) |
|
|
102,093 |
|
Intercompany
receivable
|
|
|
16,906 |
|
|
|
0 |
|
|
|
351,423 |
|
|
|
(368,329 |
) |
|
|
0 |
|
Investment in
subsidiaries
|
|
|
983,413 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(983,413 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,322,878 |
|
|
$ |
44,993 |
|
|
$ |
1,143,692 |
|
|
$ |
(1,362,836 |
) |
|
$ |
1,148,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$ |
28,937 |
|
|
$ |
3,542 |
|
|
$ |
55,949 |
|
|
$ |
0 |
|
|
$ |
88,428 |
|
Accrued expenses and other
liabilities
|
|
|
34,412 |
|
|
|
1,868 |
|
|
|
48,390 |
|
|
|
0 |
|
|
|
84,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
63,349 |
|
|
|
5,410 |
|
|
|
104,339 |
|
|
|
0 |
|
|
|
173,098 |
|
Long-term debt
|
|
|
449,855 |
|
|
|
0 |
|
|
|
93 |
|
|
|
0 |
|
|
|
449,948 |
|
Intercompany
payable
|
|
|
323,315 |
|
|
|
45,014 |
|
|
|
0 |
|
|
|
(368,329 |
) |
|
|
0 |
|
Losses in excess of
investment in subsidiaries
|
|
|
0 |
|
|
|
0 |
|
|
|
7,594 |
|
|
|
(7,594 |
) |
|
|
0 |
|
Other long-term
obligations
|
|
|
1,636 |
|
|
|
0 |
|
|
|
48,686 |
|
|
|
(11,094 |
) |
|
|
39,228 |
|
Shareholders’ equity
attributable to Central Garden & Pet
|
|
|
484,723 |
|
|
|
(7,161 |
) |
|
|
982,980 |
|
|
|
(975,819 |
) |
|
|
484,723 |
|
Noncontrolling
interest
|
|
|
0 |
|
|
|
1,730 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
484,723 |
|
|
|
(5,431 |
) |
|
|
982,980 |
|
|
|
(975,819 |
) |
|
|
486,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,322,878 |
|
|
$ |
44,993 |
|
|
$ |
1,143,692 |
|
|
$ |
(1,362,836 |
) |
|
$ |
1,148,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED
STATEMENT OF CASH FLOWS
Fiscal Year
Ended September 26, 2015
(in
thousands)
|
|
|
|
Parent |
|
|
Non-Guarantor
Subsidiaries |
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net cash (used) provided by
operating activities
|
|
$ |
(18,948 |
) |
|
$ |
7,372 |
|
|
$ |
105,744 |
|
|
$ |
(6,719 |
) |
|
$ |
87,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property,
plant and equipment
|
|
|
(2,687 |
) |
|
|
(405 |
) |
|
|
(18,938 |
) |
|
|
0 |
|
|
|
(22,030 |
) |
Payments to acquire
companies, net of expenses
|
|
|
(38,384 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(38,384 |
) |
Change in restricted cash
and cash equivalents
|
|
|
1,126 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,126 |
|
Maturities of short term
investments
|
|
|
9,997 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
9,997 |
|
Investment in short term
investments
|
|
|
(17 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(17 |
) |
Other investing
activities
|
|
|
(546 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(546 |
) |
Intercompany investing
activities
|
|
|
6,595 |
|
|
|
0 |
|
|
|
(88,905 |
) |
|
|
82,310 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used) provided by
investing activities
|
|
|
(23,916 |
) |
|
|
(405 |
) |
|
|
(107,843 |
) |
|
|
82,310 |
|
|
|
(49,854 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayments on revolving
line of credit
|
|
|
(312,000 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(312,000 |
) |
Borrowings on revolving
line of credit
|
|
|
312,000 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
312,000 |
|
Repayments of long-term
debt
|
|
|
(50,262 |
) |
|
|
0 |
|
|
|
(27 |
) |
|
|
0 |
|
|
|
(50,289 |
) |
Proceeds from issuance of
common stock
|
|
|
200 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
200 |
|
Excess tax benefits from
stock-based awards
|
|
|
2,154 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
2,154 |
|
Repurchase of common
stock
|
|
|
(18,497 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(18,497 |
) |
Payment of deferred
financing costs
|
|
|
(258 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(258 |
) |
Distribution to
parent
|
|
|
0 |
|
|
|
(6,719 |
) |
|
|
0 |
|
|
|
6,719 |
|
|
|
0 |
|
Distribution to
noncontrolling interest
|
|
|
0 |
|
|
|
(1,680 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(1,680 |
) |
Intercompany financing
activities
|
|
|
83,884 |
|
|
|
(1,574 |
) |
|
|
0 |
|
|
|
(82,310 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided (used) by
financing activities
|
|
|
17,221 |
|
|
|
(9,973 |
) |
|
|
(27 |
) |
|
|
(75,591 |
) |
|
|
(68,370 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rates on
cash
|
|
|
(697 |
) |
|
|
222 |
|
|
|
158 |
|
|
|
0 |
|
|
|
(317 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash and cash equivalents
|
|
|
(26,340 |
) |
|
|
(2,784 |
) |
|
|
(1,968 |
) |
|
|
0 |
|
|
|
(31,092 |
) |
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
|
|
$ |
37,131 |
|
|
$ |
10,022 |
|
|
$ |
431 |
|
|
$ |
0 |
|
|
$ |
47,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED
STATEMENT OF CASH FLOWS
Fiscal Year
Ended September 27, 2014
(in
thousands)
|
|
|
|
Parent |
|
|
Non-Guarantor
Subsidiaries |
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net cash (used) provided by
operating activities
|
|
$ |
(4,139 |
) |
|
$ |
7,420 |
|
|
$ |
125,720 |
|
|
$ |
(2,534 |
) |
|
$ |
126,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property,
plant and equipment
|
|
|
(6,721 |
) |
|
|
(1,027 |
) |
|
|
(9,425 |
) |
|
|
0 |
|
|
|
(17,173 |
) |
Businesses acquired, net of
cash acquired
|
|
|
0 |
|
|
|
0 |
|
|
|
(20,282 |
) |
|
|
0 |
|
|
|
(20,282 |
) |
Proceeds from disposal of
plant and equipment
|
|
|
0 |
|
|
|
0 |
|
|
|
8,737 |
|
|
|
0 |
|
|
|
8,737 |
|
Change in restricted cash
and cash equivalents
|
|
|
(14,283 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(14,283 |
) |
Maturities of short term
investments
|
|
|
17,820 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
17,820 |
|
Investment in short term
investments
|
|
|
(10,000 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(10,000 |
) |
Intercompany investing
activities
|
|
|
(6,726 |
) |
|
|
0 |
|
|
|
(104,926 |
) |
|
|
111,652 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used) provided by
investing activities
|
|
|
(19,910 |
) |
|
|
(1,027 |
) |
|
|
(125,896 |
) |
|
|
111,652 |
|
|
|
(35,181 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayments on revolving
line of credit
|
|
|
(301,000 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(301,000 |
) |
Borrowings on revolving
line of credit
|
|
|
278,000 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
278,000 |
|
Repayments of long-term
debt
|
|
|
(243 |
) |
|
|
0 |
|
|
|
(124 |
) |
|
|
0 |
|
|
|
(367 |
) |
Proceeds from issuance of
common stock
|
|
|
1,165 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,165 |
|
Excess tax benefits from
stock-based awards
|
|
|
498 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
498 |
|
Repurchase of common
stock
|
|
|
(2,332 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(2,332 |
) |
Payment of deferred
financing costs
|
|
|
(3,090 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(3,090 |
) |
Distribution to
parent
|
|
|
0 |
|
|
|
(2,534 |
) |
|
|
0 |
|
|
|
2,534 |
|
|
|
0 |
|
Distribution to
noncontrolling interest
|
|
|
0 |
|
|
|
(633 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(633 |
) |
Intercompany financing
activities
|
|
|
109,057 |
|
|
|
2,595 |
|
|
|
0 |
|
|
|
(111,652 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided (used) by
financing activities
|
|
|
82,055 |
|
|
|
(572 |
) |
|
|
(124 |
) |
|
|
(109,118 |
) |
|
|
(27,759 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rates on
cash
|
|
|
27 |
|
|
|
(18 |
) |
|
|
(16 |
) |
|
|
0 |
|
|
|
(7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash and cash equivalents
|
|
|
58,033 |
|
|
|
5,803 |
|
|
|
(316 |
) |
|
|
0 |
|
|
|
63,520 |
|
Cash and cash equivalents
at beginning of year
|
|
|
5,438 |
|
|
|
7,003 |
|
|
|
2,715 |
|
|
|
0 |
|
|
|
15,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
at end of year
|
|
$ |
63,471 |
|
|
$ |
12,806 |
|
|
$ |
2,399 |
|
|
$ |
0 |
|
|
$ |
78,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED
STATEMENT OF CASH FLOWS
Fiscal Year
Ended September 28, 2013
(in
thousands)
|
|
|
|
Parent |
|
|
Non-Guarantor
Subsidiaries |
|
|
Guarantor
Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net cash (used) provided by
operating activities
|
|
$ |
(31,250 |
) |
|
$ |
(11,632 |
) |
|
$ |
17,116 |
|
|
$ |
(2,516 |
) |
|
$ |
(28,282 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property,
plant and equipment
|
|
|
(8,656 |
) |
|
|
(337 |
) |
|
|
(16,179 |
) |
|
|
0 |
|
|
|
(25,172 |
) |
Businesses acquired, net of
cash acquired
|
|
|
0 |
|
|
|
0 |
|
|
|
(4,835 |
) |
|
|
0 |
|
|
|
(4,835 |
) |
Sale of short term
investments
|
|
|
4,885 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
4,885 |
|
Intercompany investing
activities
|
|
|
8,986 |
|
|
|
0 |
|
|
|
2,923 |
|
|
|
(11,909 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used) provided by
investing activities
|
|
|
5,215 |
|
|
|
(337 |
) |
|
|
(18,091 |
) |
|
|
(11,909 |
) |
|
|
(25,122 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayments on revolving
line of credit
|
|
|
(368,000 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(368,000 |
) |
Borrowings on revolving
line of credit
|
|
|
391,000 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
391,000 |
|
Repayments of long-term
debt
|
|
|
(206 |
) |
|
|
0 |
|
|
|
(126 |
) |
|
|
0 |
|
|
|
(332 |
) |
Proceeds from issuance of
common stock
|
|
|
613 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
613 |
|
Excess tax benefits from
stock-based awards
|
|
|
388 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
388 |
|
Repurchase of common
stock
|
|
|
(2,731 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(2,731 |
) |
Distribution to
parent
|
|
|
0 |
|
|
|
(2,516 |
) |
|
|
0 |
|
|
|
2,516 |
|
|
|
0 |
|
Distribution to
noncontrolling interest
|
|
|
0 |
|
|
|
(629 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(629 |
) |
Intercompany financing
activities
|
|
|
(28,896 |
) |
|
|
16,987 |
|
|
|
0 |
|
|
|
11,909 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided (used) by
financing activities
|
|
|
(7,832 |
) |
|
|
13,842 |
|
|
|
(126 |
) |
|
|
14,425 |
|
|
|
20,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rates on
cash
|
|
|
36 |
|
|
|
(263 |
) |
|
|
3 |
|
|
|
0 |
|
|
|
(224 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash and cash equivalents
|
|
|
(33,831 |
) |
|
|
1,610 |
|
|
|
(1,098 |
) |
|
|
0 |
|
|
|
(33,319 |
) |
Cash and cash equivalents
at beginning of year
|
|
|
39,269 |
|
|
|
5,393 |
|
|
|
3,813 |
|
|
|
0 |
|
|
|
48,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
at end of year
|
|
$ |
5,438 |
|
|
$ |
7,003 |
|
|
$ |
2,715 |
|
|
$ |
0 |
|
|
$ |
15,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|