| Schedule of Quarterly Financial Data - Unaudited |
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Fiscal 2016 |
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1st Quarter
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2nd Quarter
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3rd Quarter
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4th Quarter
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(in thousands, except per share amounts) |
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Net sales |
$ |
359,812 |
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$ |
541,249 |
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$ |
514,544 |
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$ |
413,412 |
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Gross profit |
99,786 |
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169,339 |
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163,745 |
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120,180 |
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Net income (loss) attributable to Central Garden & Pet Company |
(8,602 |
) |
(1 |
) |
32,697 |
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26,030 |
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(2 |
) |
(5,611 |
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(3) |
Net income (loss) per share: |
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Basic |
$ |
(0.18 |
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$ |
0.67 |
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$ |
0.53 |
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$ |
(0.11 |
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Diluted |
$ |
(0.18 |
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$ |
0.65 |
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$ |
0.51 |
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$ |
(0.11 |
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Weighted average common shares outstanding: |
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Basic |
48,566 |
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48,717 |
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49,120 |
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49,453 |
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Diluted |
48,566 |
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50,445 |
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51,063 |
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49,453 |
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Fiscal 2015 |
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1st Quarter
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2nd Quarter
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3rd Quarter
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4th Quarter
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(in thousands, except per share amounts) |
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Net sales |
$ |
307,320 |
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$ |
497,602 |
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$ |
459,446 |
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$ |
386,369 |
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Gross profit |
87,981 |
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150,062 |
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142,037 |
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107,972 |
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Net income (loss) attributable to Central Garden & Pet Company |
(5,697 |
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23,237 |
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18,800 |
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(4,369 |
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(4) |
Net income (loss) per share: |
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Basic |
$ |
(0.12 |
) |
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$ |
0.48 |
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$ |
0.39 |
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$ |
(0.09 |
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Diluted |
$ |
(0.12 |
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$ |
0.47 |
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$ |
0.38 |
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$ |
(0.09 |
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Weighted average common shares outstanding: |
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Basic |
49,379 |
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48,384 |
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48,167 |
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48,322 |
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Diluted |
49,379 |
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49,439 |
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49,290 |
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48,322 |
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_______________________________
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(1) |
During the first quarter of fiscal 2016, the Company redeemed its 2018 Notes and issued senior notes due November 2023. As a result of the bond redemption, the Company incurred incremental expenses of $14.3 million, comprised of a call premium payment of $8.3 million, a $2.7 million payment of overlapping interest expense for 30 days and a $3.3 million non-cash charge for the write off of unamortized deferred financing costs and discount related to the 2018 Notes.
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(2) |
The Company recognized a $2.4 million gain in our Pet segment from the sale of a manufacturing plant resulting from rationalizing our facilities to reduce excess capacity during the third quarter of fiscal 2016.
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(3) |
The Company recognized a non-cash impairment charge of $16.6 million related to our investment in two joint ventures as a result of changes in marketplace conditions, and a non-cash impairment charge in our Pet segment of $1.8 million related to the impairment of certain indefinite-lived intangible assets due to declining sales volume during the fourth quarter of fiscal 2016.
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(4) |
The Company recognized a $7.3 million non-cash impairment charge to its indefinite-lived intangible assets as a result of increased competition and declining sales volume in its Pet segment during the fourth quarter of fiscal 2015.
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