Consolidating Condensed Financial Information of Guarantor Subsidiaries |
11. |
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 $450 million 8.25% Senior Subordinated Notes (the “Notes”) due March 1,
2018. Certain subsidiaries and operating divisions are not guarantors of the Notes and have been included in the financial results of the Parent in the information below. These Non-Guarantor entities are not material to the Parent. Those
subsidiaries that are guarantors and co-obligors of the Notes are as follows:
Farnam Companies, Inc.
Four Paws Products Ltd.
Grant Laboratories, Inc.
Gulfstream Home & Garden, Inc.
Interpet USA, LLC
Kaytee Products, Inc.
Matthews Redwood & Nursery Supply, Inc.
Matson, LLC
New England Pottery, LLC
Pennington Seed, Inc. (including Pennington Seed, Inc. of Nebraska, Gro Tec, Inc., Seeds West, Inc., All-Glass
Aquarium Co., Inc. and Cedar Works, LLC.)
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.
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
Three Months Ended June 23, 2012
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net sales
|
|
$ |
161,734 |
|
|
$ |
398,615 |
|
|
$ |
(26,541 |
) |
|
$ |
533,808 |
|
Cost of products sold and occupancy
|
|
|
111,510 |
|
|
|
268,187 |
|
|
|
(26,541 |
) |
|
|
353,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
50,224 |
|
|
|
130,428 |
|
|
|
0 |
|
|
|
180,652 |
|
Selling, general and administrative expenses
|
|
|
41,061 |
|
|
|
90,622 |
|
|
|
0 |
|
|
|
131,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
9,163 |
|
|
|
39,806 |
|
|
|
0 |
|
|
|
48,969 |
|
Interest – net
|
|
|
(10,727 |
) |
|
|
32 |
|
|
|
0 |
|
|
|
(10,695 |
) |
Other income (loss)
|
|
|
(4,494 |
) |
|
|
4,596 |
|
|
|
0 |
|
|
|
102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(6,058 |
) |
|
|
44,434 |
|
|
|
0 |
|
|
|
38,376 |
|
Income taxes (tax benefit)
|
|
|
(2,361 |
) |
|
|
16,915 |
|
|
|
0 |
|
|
|
14,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) including noncontrolling interest
|
|
|
(3,697 |
) |
|
|
27,519 |
|
|
|
0 |
|
|
|
23,822 |
|
Income attributable to noncontrolling interest
|
|
|
1,123 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) attributable to Central Garden & Pet Co. before equity in undistributed income of guarantor
subsidiaries
|
|
|
(4,820 |
) |
|
|
27,519 |
|
|
|
0 |
|
|
|
22,699 |
|
Equity in undistributed income of guarantor subsidiaries
|
|
|
27,519 |
|
|
|
0 |
|
|
|
(27,519 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Central Garden & Pet Co.
|
|
$ |
22,699 |
|
|
$ |
27,519 |
|
|
$ |
(27,519 |
) |
|
$ |
22,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING
CONDENSED STATEMENT OF OPERATIONS
Three Months Ended June 25, 2011
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net sales
|
|
$ |
157,449 |
|
|
$ |
358,384 |
|
|
$ |
(31,530 |
) |
|
$ |
484,303 |
|
Cost of products sold and occupancy
|
|
|
118,876 |
|
|
|
247,568 |
|
|
|
(31,530 |
) |
|
|
334,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
38,573 |
|
|
|
110,816 |
|
|
|
0 |
|
|
|
149,389 |
|
Selling, general and administrative expenses
|
|
|
38,002 |
|
|
|
74,793 |
|
|
|
0 |
|
|
|
112,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
571 |
|
|
|
36,023 |
|
|
|
0 |
|
|
|
36,594 |
|
Interest – net
|
|
|
(9,947 |
) |
|
|
139 |
|
|
|
0 |
|
|
|
(9,808 |
) |
Other income (loss )
|
|
|
(576 |
) |
|
|
894 |
|
|
|
0 |
|
|
|
318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(9,952 |
) |
|
|
37,056 |
|
|
|
0 |
|
|
|
27,104 |
|
Income taxes (tax benefit)
|
|
|
(3,629 |
) |
|
|
13,508 |
|
|
|
0 |
|
|
|
9,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) including noncontrolling interest
|
|
|
(6,323 |
) |
|
|
23,548 |
|
|
|
0 |
|
|
|
17,225 |
|
Income attributable to noncontrolling interest
|
|
|
144 |
|
|
|
0 |
|
|
|
0 |
|
|
|
144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) attributable to Central Garden & Pet Co. before equity in undistributed income of guarantor
subsidiaries
|
|
|
(6,467 |
) |
|
|
23,548 |
|
|
|
0 |
|
|
|
17,081 |
|
Equity in undistributed income of guarantor subsidiaries
|
|
|
23,548 |
|
|
|
0 |
|
|
|
(23,548 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Central Garden & Pet Co.
|
|
$ |
17,081 |
|
|
$ |
23,548 |
|
|
$ |
(23,548 |
) |
|
$ |
17,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
Nine Months Ended June 23, 2012
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
|
|
Net sales
|
|
$ |
416,119 |
|
|
$ |
952,470 |
|
|
$ |
(65,812 |
) |
|
$ |
1,302,777 |
|
|
|
Cost of products sold and occupancy
|
|
|
298,413 |
|
|
|
661,090 |
|
|
|
(65,812 |
) |
|
|
893,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
117,706 |
|
|
|
291,380 |
|
|
|
0 |
|
|
|
409,086 |
|
|
|
Selling, general and administrative expenses
|
|
|
103,123 |
|
|
|
223,052 |
|
|
|
0 |
|
|
|
326,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
14,583 |
|
|
|
68,328 |
|
|
|
0 |
|
|
|
82,911 |
|
|
|
Interest – net
|
|
|
(30,769 |
) |
|
|
115 |
|
|
|
0 |
|
|
|
(30,654 |
) |
|
|
Other income (expense)
|
|
|
(5,161 |
) |
|
|
5,142 |
|
|
|
0 |
|
|
|
(19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(21,347 |
) |
|
|
73,585 |
|
|
|
0 |
|
|
|
52,238 |
|
|
|
Income tax (tax benefit)
|
|
|
(7,962 |
) |
|
|
27,678 |
|
|
|
0 |
|
|
|
19,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) including noncontrolling interest
|
|
|
(13,385 |
) |
|
|
45,907 |
|
|
|
0 |
|
|
|
32,522 |
|
|
|
Income attributable to noncontrolling interest
|
|
|
1,290 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) attributable to Central Garden & Pet Co. before equity in undistributed income of guarantor
subsidiaries
|
|
|
(14,675 |
) |
|
|
45,907 |
|
|
|
0 |
|
|
|
31,232 |
|
|
|
Equity in undistributed income of guarantor subsidiaries
|
|
|
45,907 |
|
|
|
0 |
|
|
|
(45,907 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Central Garden & Pet Co.
|
|
$ |
31,232 |
|
|
$ |
45,907 |
|
|
$ |
(45,907 |
) |
|
$ |
31,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING
CONDENSED STATEMENT OF OPERATIONS
Nine Months Ended June 25, 2011
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net sales
|
|
$ |
392,617 |
|
|
$ |
966,295 |
|
|
$ |
(107,166 |
) |
|
$ |
1,251,746 |
|
Cost of products sold and occupancy
|
|
|
290,338 |
|
|
|
672,859 |
|
|
|
(107,166 |
) |
|
|
856,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
102,279 |
|
|
|
293,436 |
|
|
|
0 |
|
|
|
395,715 |
|
Selling, general and administrative expenses
|
|
|
97,411 |
|
|
|
208,563 |
|
|
|
0 |
|
|
|
305,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
4,868 |
|
|
|
84,873 |
|
|
|
0 |
|
|
|
89,741 |
|
Interest – net
|
|
|
(28,303 |
) |
|
|
306 |
|
|
|
0 |
|
|
|
(27,997 |
) |
Other income (loss)
|
|
|
(2,611 |
) |
|
|
2,727 |
|
|
|
0 |
|
|
|
116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(26,046 |
) |
|
|
87,906 |
|
|
|
0 |
|
|
|
61,860 |
|
Income taxes (tax benefit)
|
|
|
(9,166 |
) |
|
|
31,118 |
|
|
|
0 |
|
|
|
21,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) including noncontrolling interest
|
|
|
(16,880 |
) |
|
|
56,788 |
|
|
|
0 |
|
|
|
39,908 |
|
Income attributable to noncontrolling interest
|
|
|
653 |
|
|
|
0 |
|
|
|
0 |
|
|
|
653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) attributable to Central Garden & Pet Co. before equity in undistributed income of guarantor
subsidiaries
|
|
|
(17,533 |
) |
|
|
56,788 |
|
|
|
0 |
|
|
|
39,255 |
|
Equity in undistributed income of guarantor subsidiaries
|
|
|
56,788 |
|
|
|
0 |
|
|
|
(56,788 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Central Garden & Pet Co.
|
|
$ |
39,255 |
|
|
$ |
56,788 |
|
|
$ |
(56,788 |
) |
|
$ |
39,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET
June 23, 2012
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries |
|
|
Eliminations |
|
|
Consolidated |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
35,163 |
|
|
$ |
5,536 |
|
|
$ |
0 |
|
|
$ |
40,699 |
|
Short term investments
|
|
|
17,820 |
|
|
|
0 |
|
|
|
0 |
|
|
|
17,820 |
|
Accounts receivable, net
|
|
|
82,218 |
|
|
|
173,163 |
|
|
|
(9,601 |
) |
|
|
245,780 |
|
Inventories
|
|
|
102,751 |
|
|
|
232,045 |
|
|
|
0 |
|
|
|
334,796 |
|
Prepaid expenses and other assets
|
|
|
18,922 |
|
|
|
27,185 |
|
|
|
0 |
|
|
|
46,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
256,874 |
|
|
|
437,929 |
|
|
|
(9,601 |
) |
|
|
685,202 |
|
Land, buildings, improvements and equipment, net
|
|
|
78,025 |
|
|
|
107,200 |
|
|
|
0 |
|
|
|
185,225 |
|
Goodwill
|
|
|
0 |
|
|
|
210,223 |
|
|
|
0 |
|
|
|
210,223 |
|
Investment in guarantors
|
|
|
663,351 |
|
|
|
0 |
|
|
|
(663,351 |
) |
|
|
0 |
|
Deferred income taxes and other assets
|
|
|
40,053 |
|
|
|
59,015 |
|
|
|
0 |
|
|
|
99,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,038,303 |
|
|
$ |
814,367 |
|
|
$ |
(672,952 |
) |
|
$ |
1,179,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$ |
37,202 |
|
|
$ |
97,510 |
|
|
$ |
(9,601 |
) |
|
$ |
125,111 |
|
Accrued expenses and other current liabilities
|
|
|
56,175 |
|
|
|
50,990 |
|
|
|
0 |
|
|
|
107,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
93,377 |
|
|
|
148,500 |
|
|
|
(9,601 |
) |
|
|
232,276 |
|
Long-term debt
|
|
|
449,406 |
|
|
|
124 |
|
|
|
0 |
|
|
|
449,530 |
|
Other long-term obligations
|
|
|
21,086 |
|
|
|
2,392 |
|
|
|
0 |
|
|
|
23,478 |
|
Shareholders’ equity attributable to Central Garden & Pet Co.
|
|
|
473,138 |
|
|
|
663,351 |
|
|
|
(663,351 |
) |
|
|
473,138 |
|
Noncontrolling interest
|
|
|
1,296 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
474,434 |
|
|
|
663,351 |
|
|
|
(663,351 |
) |
|
|
474,434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,038,303 |
|
|
$ |
814,367 |
|
|
$ |
(672,952 |
) |
|
$ |
1,179,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING
CONDENSED BALANCE SHEET
June 25, 2011
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries |
|
|
Eliminations |
|
|
Consolidated |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
10,121 |
|
|
$ |
1,112 |
|
|
$ |
0 |
|
|
$ |
11,233 |
|
Short term investments
|
|
|
15,320 |
|
|
|
0 |
|
|
|
0 |
|
|
|
15,320 |
|
Accounts receivable, net
|
|
|
79,252 |
|
|
|
185,662 |
|
|
|
(7,496 |
) |
|
|
257,418 |
|
Inventories
|
|
|
114,828 |
|
|
|
228,960 |
|
|
|
0 |
|
|
|
343,788 |
|
Prepaid expenses and other assets
|
|
|
17,502 |
|
|
|
22,593 |
|
|
|
0 |
|
|
|
40,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
237,023 |
|
|
|
438,327 |
|
|
|
(7,496 |
) |
|
|
667,854 |
|
Land, buildings, improvements and equipment, net
|
|
|
69,255 |
|
|
|
101,932 |
|
|
|
0 |
|
|
|
171,187 |
|
Goodwill
|
|
|
0 |
|
|
|
209,348 |
|
|
|
0 |
|
|
|
209,348 |
|
Investment in guarantors
|
|
|
707,281 |
|
|
|
0 |
|
|
|
(707,281 |
) |
|
|
0 |
|
Other assets
|
|
|
24,965 |
|
|
|
82,378 |
|
|
|
0 |
|
|
|
107,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,038,524 |
|
|
$ |
831,985 |
|
|
$ |
(714,777 |
) |
|
$ |
1,155,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$ |
37,472 |
|
|
$ |
85,404 |
|
|
$ |
(7,496 |
) |
|
$ |
115,380 |
|
Accrued expenses and other liabilities
|
|
|
55,413 |
|
|
|
37,463 |
|
|
|
0 |
|
|
|
92,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
92,885 |
|
|
|
122,867 |
|
|
|
(7,496 |
) |
|
|
208,256 |
|
Long-term debt
|
|
|
450,163 |
|
|
|
103 |
|
|
|
0 |
|
|
|
450,266 |
|
Other long-term obligations
|
|
|
2,370 |
|
|
|
1,734 |
|
|
|
0 |
|
|
|
4,104 |
|
Shareholders’ equity attributable to Central Garden & Pet Co.
|
|
|
492,506 |
|
|
|
707,281 |
|
|
|
(707,281 |
) |
|
|
492,506 |
|
Noncontrolling interest
|
|
|
600 |
|
|
|
0 |
|
|
|
0 |
|
|
|
600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
493,106 |
|
|
|
707,281 |
|
|
|
(707,281 |
) |
|
|
493,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,038,524 |
|
|
$ |
831,985 |
|
|
$ |
(714,777 |
) |
|
$ |
1,155,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING
CONDENSED BALANCE SHEET
September 24, 2011
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries |
|
|
Eliminations |
|
|
Consolidated |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
10,633 |
|
|
$ |
1,398 |
|
|
$ |
0 |
|
|
$ |
12,031 |
|
Short term investments
|
|
|
17,820 |
|
|
|
0 |
|
|
|
0 |
|
|
|
17,820 |
|
Accounts receivable, net
|
|
|
47,698 |
|
|
|
153,306 |
|
|
|
(5,587 |
) |
|
|
195,417 |
|
Inventories
|
|
|
102,861 |
|
|
|
226,685 |
|
|
|
0 |
|
|
|
329,546 |
|
Prepaid expenses and other assets
|
|
|
29,077 |
|
|
|
18,695 |
|
|
|
0 |
|
|
|
47,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
208,089 |
|
|
|
400,084 |
|
|
|
(5,587 |
) |
|
|
602,586 |
|
Land, buildings, improvements and equipment, net
|
|
|
72,505 |
|
|
|
103,897 |
|
|
|
0 |
|
|
|
176,402 |
|
Goodwill
|
|
|
0 |
|
|
|
210,223 |
|
|
|
0 |
|
|
|
210,223 |
|
Investment in guarantors
|
|
|
645,876 |
|
|
|
0 |
|
|
|
(645,876 |
) |
|
|
0 |
|
Other assets
|
|
|
38,622 |
|
|
|
65,170 |
|
|
|
0 |
|
|
|
103,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
965,092 |
|
|
$ |
779,374 |
|
|
$ |
(651,463 |
) |
|
$ |
1,093,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$ |
28,072 |
|
|
$ |
94,039 |
|
|
$ |
(5,587 |
) |
|
$ |
116,524 |
|
Accrued expenses and other liabilities
|
|
|
37,825 |
|
|
|
37,582 |
|
|
|
0 |
|
|
|
75,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
65,897 |
|
|
|
131,621 |
|
|
|
(5,587 |
) |
|
|
191,931 |
|
Long-term debt
|
|
|
435,245 |
|
|
|
85 |
|
|
|
0 |
|
|
|
435,330 |
|
Other long-term obligations
|
|
|
7,168 |
|
|
|
1,792 |
|
|
|
0 |
|
|
|
8,960 |
|
Shareholders’ equity attributable to Central Garden & Pet Co.
|
|
|
456,776 |
|
|
|
645,876 |
|
|
|
(645,876 |
) |
|
|
456,776 |
|
Noncontrolling interest
|
|
|
6 |
|
|
|
0 |
|
|
|
0 |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
456,782 |
|
|
|
645,876 |
|
|
|
(645,876 |
) |
|
|
456,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
965,092 |
|
|
$ |
779,374 |
|
|
$ |
(651,463 |
) |
|
$ |
1,093,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS
Nine Months Ended June 23, 2012
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries |
|
|
Eliminations |
|
|
Consolidated |
|
Net cash provided by operating activities
|
|
$ |
64,057 |
|
|
$ |
46,004 |
|
|
$ |
(45,907 |
) |
|
$ |
64,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property and equipment
|
|
|
(13,607 |
) |
|
|
(13,323 |
) |
|
|
0 |
|
|
|
(26,930 |
) |
Investment in guarantor subsidiaries
|
|
|
(17,475 |
) |
|
|
(28,432 |
) |
|
|
45,907 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used by investing activities
|
|
|
(31,082 |
) |
|
|
(41,755 |
) |
|
|
45,907 |
|
|
|
(26,930 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of long-term debt
|
|
|
49,288 |
|
|
|
0 |
|
|
|
0 |
|
|
|
49,288 |
|
Repayments of long-term debt
|
|
|
(175 |
) |
|
|
(91 |
) |
|
|
0 |
|
|
|
(266 |
) |
Borrowings under revolving line of credit
|
|
|
304,000 |
|
|
|
0 |
|
|
|
0 |
|
|
|
304,000 |
|
Repayments under revolving line of credit
|
|
|
(339,000 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(339,000 |
) |
Repurchase of common stock
|
|
|
(23,151 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(23,151 |
) |
Proceeds from issuance of common stock
|
|
|
1,291 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,291 |
|
Deferred financing costs
|
|
|
(1,715 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(1,715 |
) |
Excess tax benefits from stock-based awards
|
|
|
938 |
|
|
|
0 |
|
|
|
0 |
|
|
|
938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used by financing activities
|
|
|
(8,524 |
) |
|
|
(91 |
) |
|
|
0 |
|
|
|
(8,615 |
) |
Effect of exchange rate changes on cash
|
|
|
79 |
|
|
|
(20 |
) |
|
|
0 |
|
|
|
59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
|
24,530 |
|
|
|
4,138 |
|
|
|
0 |
|
|
|
28,668 |
|
Cash and cash equivalents at beginning of period
|
|
|
10,633 |
|
|
|
1,398 |
|
|
|
0 |
|
|
|
12,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$ |
35,163 |
|
|
$ |
5,536 |
|
|
$ |
0 |
|
|
$ |
40,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING
CONDENSED STATEMENT OF CASH FLOWS
Nine Months Ended June 25, 2011
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries |
|
|
Eliminations |
|
|
Consolidated |
|
Net cash provided by operating activities
|
|
$ |
61,141 |
|
|
$ |
(5,856 |
) |
|
$ |
(56,788 |
) |
|
$ |
(1,503 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property and equipment
|
|
|
(10,901 |
) |
|
|
(9,290 |
) |
|
|
0 |
|
|
|
(20,191 |
) |
Businesses acquired, net of cash acquired
|
|
|
(23,403 |
) |
|
|
(1,029 |
) |
|
|
0 |
|
|
|
(24,432 |
) |
Investment in guarantor subsidiaries
|
|
|
(73,372 |
) |
|
|
16,584 |
|
|
|
56,788 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided (used by) investing activities
|
|
|
(107,676 |
) |
|
|
6,265 |
|
|
|
56,788 |
|
|
|
(44,623 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayments of long-term debt
|
|
|
(93 |
) |
|
|
(128 |
) |
|
|
0 |
|
|
|
(221 |
) |
Proceeds from revolver
|
|
|
593,000 |
|
|
|
0 |
|
|
|
0 |
|
|
|
593,000 |
|
Repayments of revolver
|
|
|
(543,000 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(543,000 |
) |
Repurchase of common stock
|
|
|
(83,602 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(83,602 |
) |
Proceeds from issuance of common stock
|
|
|
1,436 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,436 |
|
Payment of financing costs
|
|
|
(1,034 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(1,034 |
) |
Excess tax benefits from stock-based awards
|
|
|
791 |
|
|
|
0 |
|
|
|
0 |
|
|
|
791 |
|
Distribution to noncontrolling interest
|
|
|
(1,500 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(1,500 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used by financing activities
|
|
|
(34,002 |
) |
|
|
(128 |
) |
|
|
0 |
|
|
|
(34,130 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
394 |
|
|
|
(365 |
) |
|
|
0 |
|
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
|
(80,143 |
) |
|
|
(84 |
) |
|
|
0 |
|
|
|
(80,227 |
) |
Cash and cash equivalents at beginning of period
|
|
|
90,265 |
|
|
|
1,195 |
|
|
|
0 |
|
|
|
91,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$ |
10,122 |
|
|
$ |
1,111 |
|
|
$ |
0 |
|
|
$ |
11,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|