| Segment Information |
10. Segment Information
Management has determined that the Company has two operating segments which are also reportable segments based on the level at which the Chief Executive Officer reviews the results of operations to make decisions regarding performance assessment and resource allocation. These operating segments are Pet Products and Garden Products and are presented in the table below (in thousands).
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Three Months Ended |
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Nine Months Ended |
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June 26,
2010
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June 25,
2011
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June 26,
2010
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June 25,
2011
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Net sales:
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Pet Products
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$ |
222,700 |
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$ |
227,256 |
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$ |
626,595 |
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$ |
639,464 |
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Garden Products
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242,786 |
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257,047 |
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550,063 |
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612,282 |
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Total net sales
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$ |
465,486 |
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$ |
484,303 |
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$ |
1,176,658 |
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$ |
1,251,746 |
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Income from operations:
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Pet Products
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$ |
32,611 |
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$ |
27,214 |
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$ |
85,002 |
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$ |
61,978 |
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Garden Products
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30,137 |
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17,962 |
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60,616 |
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56,900 |
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Corporate
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(10,108 |
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(8,582 |
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(31,935 |
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(29,137 |
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Total income from operations
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52,640 |
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36,594 |
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113,683 |
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89,741 |
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Interest expense – net
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(9,796 |
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(9,808 |
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(24,543 |
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(27,997 |
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Other income
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42 |
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318 |
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428 |
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116 |
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Income taxes
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15,860 |
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9,879 |
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33,026 |
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21,952 |
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Income including noncontrolling interest
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27,026 |
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17,225 |
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56,542 |
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39,908 |
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Net income attributable to noncontrolling interest
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1,153 |
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144 |
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1,943 |
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653 |
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Net income attributable to Central Garden & Pet Company
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$ |
25,873 |
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$ |
17,081 |
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$ |
54,599 |
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$ |
39,255 |
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Depreciation and amortization:
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Pet Products
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$ |
3,833 |
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$ |
3,576 |
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$ |
11,677 |
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$ |
10,917 |
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Garden Products
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1,575 |
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1,552 |
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4,546 |
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4,475 |
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Corporate
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1,838 |
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1,978 |
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5,486 |
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5,924 |
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Total depreciation and amortization
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$ |
7,246 |
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$ |
7,106 |
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$ |
21,709 |
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$ |
21,316 |
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Assets:
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June 26,
2010
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June 25,
2011
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September 25,
2010 |
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Pet Products
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$ |
405,703 |
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$ |
422,364 |
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$ |
385,894 |
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Garden Products
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373,394 |
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404,523 |
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323,387 |
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Corporate
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404,610 |
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328,845 |
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421,603 |
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Total assets
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$ |
1,183,707 |
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$ |
1,155,732 |
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$ |
1,130,884 |
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Goodwill (included in corporate assets above):
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Pet Products
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$ |
202,950 |
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$ |
201,639 |
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$ |
201,639 |
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Garden Products
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5,680 |
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7,709 |
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5,680 |
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Total goodwill
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$ |
208,630 |
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$ |
209,348 |
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$ |
207,319 |
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