Fiscal 2017 diluted EPS of $1.52 vs. diluted
EPS of $0.87 for fiscal 2016
Fiscal 2017 non-GAAP diluted EPS of $1.50
vs. non-GAAP diluted EPS of $1.26 for fiscal 2016
Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA),
a leading innovator, producer and distributor of branded and
private label products for the lawn & garden and pet supplies
markets, today announced financial results for its fiscal year and
fourth quarter ended September 30, 2017.
Fiscal 2017 Summary
Net sales of $2.05 billion increased 12.3% compared to $1.83
billion a year ago. Branded product sales of $1.65 billion
increased 14.1% and sales of other manufacturers’ products
increased 5.7% to $408.9 million. Fiscal 2017 contained an
additional week compared to fiscal 2016. Organic sales growth,
adjusting for businesses purchased or exited that impacted the year
and excluding the extra week, rose 4.8%. The Pet and Garden
segments both experienced meaningful organic growth. Gross margin
improved 60 basis points to 30.8% compared to 30.2% in the prior
year, with both the Garden and Pet segments contributing to the
increase. The Company's gross margin benefited from higher sales
volumes and cost savings, including manufacturing efficiencies and
more favorable input costs.
Fiscal 2017 GAAP Operating Income, Net
Earnings and EPS
- Operating income of $156.1 million
increased 20.7% from $129.4 million in fiscal 2016;
- Operating margin of 7.6% increased 50
basis points compared to fiscal 2016;
- Net income of $78.8 million, increased
77.1% compared to $44.5 million in fiscal 2016; and
- Earnings per share increased 74.7% to
$1.52 per fully diluted share.
Fiscal 2017 Non-GAAP Operating Income, Net
Earnings and EPS
- Non-GAAP results for fiscal 2017
exclude $2.0 million from the sale of a Garden distribution
facility in the first quarter;
- Non-GAAP results for fiscal 2016
exclude $14.3 million of charges in the first quarter related to
the Company's refinancing of its fixed rate notes, $2.4 million of
income related to the sale of a manufacturing plant in the third
quarter, and non-cash impairment charges of $18.4 million in the
fourth quarter primarily related to the Company's investment in an
anti-microbial technology venture. Only $1.8 million of the fourth
quarter impairment charge impacted operating income;
- Non-GAAP operating income for fiscal
2017 was $154.1 million and an operating margin of 7.5% compared to
$128.8 million and 7.0% in the prior year;
- Non-GAAP net income for fiscal 2017 was
$77.5 million, a 20.4% gain compared to $64.4 million in the period
a year ago;
- Non-GAAP earnings per fully diluted
share increased 19.0% to $1.50.
Fiscal 2017 Fourth Quarter Financial
Results
Net sales increased 18.6% to $490.5 million compared to $413.4
million in the fourth quarter a year ago, benefiting from
acquisitions, an extra week compared to the prior year period, and
strength in the Company's dog & cat and controls &
fertilizer categories. Branded product sales of $393.5 million
increased 19.4% and sales of other manufacturers’ products of $97.0
million increased 15.9%. Organic sales growth excluding the extra
week increased 3.6%. The Pet and Garden segments both experienced
organic growth; gross margin improved 50 basis points compared to
the fourth quarter a year ago to 29.6%, on increased volume and
greater efficiencies.
Fourth Quarter GAAP Operating Income, Net
Earnings and EPS
- Operating income of $14.4 million was
up $1.4 million or 10.6% compared to $13.0 million in the fourth
quarter a year ago. Operating margin of 2.9% decreased 20 basis
points compared to the fourth quarter a year ago, due to higher
SG&A expenses, including increased demand creation spending and
an additional $2.3 million expense related to a contingent earn out
for a fiscal 2017 Pet segment acquisition;
- Net income increased to $4.3 million
from a loss of $5.6 million in the fourth quarter a year ago;
- Earnings per fully-diluted share
increased to $0.08 from a loss of $0.11 in the fourth quarter a
year ago.
Fourth Quarter Non-GAAP Operating Income,
Net Earnings and EPS
- Non-GAAP results for the fourth quarter
of 2016 exclude non-cash impairment charges of $18.4 million
including $1.8 million that impacted operating income;
- Non-GAAP operating income was $14.4
million and non-GAAP operating margin was 2.9%; compared to $14.8
million and 3.6% in the fourth quarter of fiscal 2016. The decline
was due in large part to the higher SG&A spending to drive
future demand and a $2.3 million charge related to a contingent
earn-out for a fiscal 2017 Pet segment acquisition;
- Non-GAAP net income of $4.3 million
decreased $2.3 million compared to the fourth quarter a year ago;
and
- Non-GAAP earnings per diluted share of
$0.08 decreased from $0.13 in the fourth quarter a year ago.
"We are very pleased with the record revenue and earnings that
Central realized in 2017," said George Roeth, President & CEO
of Central Garden & Pet. "Even more gratifying is the success
we achieved in significantly advancing our strategy to support
long-term sustainable growth in the future." Roeth continued, "The
market share gains and innovation that we rolled out during the
year were key drivers of our success. We executed well in both of
our segments and partnered closely with our customers to help bring
superior value to consumers."
Pet Segment Fiscal 2017 Fourth Quarter
Results
Fourth quarter net sales for the Pet segment increased 22.1% to
$330.5 million, from the same period a year ago, with acquisitions
and an extra week significant factors. The Pet segment’s branded
product sales were $267.4 million, up 24.7% compared to the fourth
quarter a year ago, and sales of other manufacturers’ products were
$63.1 million, an increase of 12.3%. Pet organic sales, excluding
the extra week grew 3.4%, on strength in the dog & cat
businesses.
The Pet segment’s operating income rose 21.8% to $27.5 million
compared to the fourth quarter a year ago, which included a $1.8
million non-cash intangible impairment. Pet operating margin was
flat at 8.3%, aided by the absence of the impairment charge taken
in the prior year but negatively impacted by a $2.3 million
contingent earn-out charge in the current year related to a recent
acquisition. Another factor affecting margins was increased
facilities and warehouse costs related to a successful new pet
distribution business model initiative.
Garden Segment Fiscal 2017 Fourth
Quarter Results
Net sales for the Garden segment, all organic, increased 12.0%
compared to the fourth quarter a year ago to $160.0 million. The
Garden segment’s branded product sales were $126.1 million in the
quarter, up 9.4% compared to the fourth quarter a year ago. Sales
of other manufacturers’ products gained 23.3% to $33.9 million.
Organic sales, excluding the extra week, were up 4.1% on strength
in the segment's controls & fertilizer category and an increase
in sales of other manufacturers' products.
The Garden segment’s operating income in the quarter decreased
to $0.2 million compared to $2.7 million in the fourth quarter a
year ago. Garden operating margin declined 170 basis points to
0.2%. Increased demand creation spending, to fuel growth in the
future, as well as costs related to the reset of product in the
Company's decor business, drove the decline.
2018 Guidance
The Company currently expects earnings per fully-diluted share
of $1.62 or higher for fiscal 2018, an increase of 6.6% or more
from the prior year on a GAAP basis despite fiscal 2018 having one
less week than fiscal 2017. On a non-GAAP basis, excluding the
Garden facility sale from the first quarter of 2017, the expected
earnings increase is 8.0% or higher. While the Company expects the
strong execution of its strategies to continue its momentum into
2018 and beyond, it does expect some quarterly bumpiness, due to
such factors as investment timing, how the quarterly calendar falls
versus the prior year, and the impact of a highly seasonal JV in
which it invested in fiscal 2017.
In addition, the guidance excludes any impact from new M&A
activities and any potential change to the Company's tax rate. A
recent accounting standard changes the GAAP requirements for the
way companies are required to account for some of the impacts
related to non-cash equity compensation expense and is expected to
impact the Company in 2018 and in future years. The Company
believes the change will result in a lower tax rate in 2018,
although the impact could vary depending on a number of factors,
including the price of the Company's stock. The Company plans to
provide an estimate as it gains more clarity on the impact as it
moves through the fiscal year. Capital expenditures are expected to
be approximately $40 million in the fiscal 2018.
Mr. Roeth said, "As we look ahead to 2018, we continue to be
committed to our strategy, which is working. We have a long runway
of opportunities and continue to stay focused on growing revenues
organically by reinvesting cost savings in sustainable, profitable
organic growth and using our cash flow and debt capacity to add
additional growth through disciplined acquisitions. All-in-all, we
continue to be very optimistic about the future."
Additional Information
At September 30, 2017, the Company’s cash and short-term
investment balance was $32.4 million, compared to $93.0 million a
year ago. Cash flow from operations for the fourth quarter of
fiscal 2017 was $71.7 million, compared to $61.8 million in the
fourth quarter of fiscal 2016.
Total debt at September 30, 2017 was $395.7 million
compared to $395.3 million at September 24, 2016. Net interest
expense was $7.2 million for the fourth quarter compared to $6.6
million in the prior-year period. The increase in interest expense
was due primarily to the extra week in the fourth quarter of fiscal
2017. During the quarter, the Company did not repurchase any shares
of its common stock. Approximately $35 million remains available
under the Board approved share repurchase program.
Conference Call
The Company will host a conference call today at 4:30 p.m.
Eastern Time / 1:30 p.m. Pacific Time to discuss its fourth quarter
and fiscal 2017 results. The conference call will be accessible via
the internet through Central’s website, http://ir.central.com.
Alternatively, to listen to the call by telephone, dial (201)
689-8345 (domestic and international) using confirmation #13673101.
A replay of the call will be available for ten days by dialing
(201) 612-7415 and entering confirmation #13673101.
About Central Garden &
Pet
Central Garden & Pet Company is a leading innovator,
marketer and producer of quality branded products for the lawn
& garden and pet supplies markets. Committed to new product
innovation, our products are sold to specialty independent and mass
retailers. Participating categories in Lawn & Garden include:
Grass seed and the brands PENNINGTON®, and THE REBELS®; wild bird
feed and the brand PENNINGTON®; weed and insect control and the
brands AMDRO®, SEVIN®, IRONITE® and OVER-N-OUT®; and decorative
outdoor patio products under the PENNINGTON ® brand. We also
provide a host of other regional and application-specific garden
brands and supplies. Participating categories in Pet include:
Animal health and the brands ADAMS™ and ZODIAC®; aquatics and
reptile and the brands AQUEON®, CORALIFE®, SEGREST™ and ZILLA®;
bird & small animal and the brands KAYTEE®, Forti-Diet® and
CRITTER TRAIL®; dog & cat and the brands TFH™, NYLABONE®, FOUR
PAWS®, IMS™, CADET®, DMC™, K&H Pet Products®, PINNACLE® and
AVODERM®; and equine and the brands FARNAM®, HORSE HEALTH™ and
VITAFLEX®. We also provide a host of other application-specific pet
brands and supplies. Central Garden & Pet Company is based in
Walnut Creek, California, and has approximately 4,100 employees,
primarily in North America. For additional information on Central
Garden & Pet Company, including access to the Company's SEC
filings, please visit the Company’s website at www.central.com.
“Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained in this release which
are not historical facts, including expectations for future
favorable results and cost reductions, operating margin expansion,
and earnings guidance for fiscal 2018 are forward-looking
statements that are subject to risks and uncertainties that could
cause actual results to differ materially from those set forth in
or implied by forward-looking statements. All forward-looking
statements are based upon the Company’s current expectations and
various assumptions. There are a number of risks and uncertainties
that could cause our actual results to differ materially from the
forward-looking statements contained in this release including, but
not limited to, the following factors:
- seasonality and fluctuations in the
Company’s operating results and cash flow;
- fluctuations in market prices for seeds
and grains and other raw materials and the Company’s ability to
pass through cost increases in a timely manner;
- adverse weather conditions;
- our dependence upon our key
executives;
- the impact of new accounting
regulations and potential federal tax reform on the Company's tax
rate;
- dependence on a small number of
customers for a significant portion of our business;
- uncertainty about new product
innovations and marketing programs; and
- competition in our industries.
These risks and others are described in the Company’s Securities
and Exchange Commission filings. The Company undertakes no
obligation to publicly update these forward-looking statements to
reflect new information, subsequent events or otherwise.
CENTRAL GARDEN & PET
COMPANY
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
Unaudited
ASSETS September 30, 2017
September 24, 2016 Current assets: Cash and
cash equivalents $ 32,397 $ 92,982 Restricted cash 12,645 10,910
Accounts receivable, net 237,868 201,151 Inventories 382,101
362,004 Prepaid expenses, deferred income taxes and other 18,045
16,249 Total current assets 683,056 683,296
Plant, property and equipment, net 180,913 158,224 Goodwill 256,275
231,385 Other intangible assets, net 116,067 95,865 Deferred income
taxes and other assets 70,595 11,913 Total $
1,306,906 $ 1,180,683
LIABILITIES AND
EQUITY Current liabilities: Accounts payable $ 103,283 $
102,413 Accrued expenses 116,549 99,343 Current portion of
long-term debt 375 463 Total current liabilities
220,207 202,219 Long-term debt 395,278 394,806 Deferred
income taxes and other long-term obligations 54,279 29,071
Equity: Common stock 122 120 Class A common stock 380 374 Class B
stock 16 16 Additional paid-in capital 396,790 393,297 Retained
earnings 239,329 160,501 Accumulated other comprehensive income
(loss) (951 ) (1,294 ) Total Central Garden & Pet shareholders’
equity 635,686 553,014 Noncontrolling interest 1,456 1,573
Total equity 637,142 554,587 Total $ 1,306,906
$ 1,180,683
CENTRAL GARDEN & PET
COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except per share
amounts)
(unaudited)
Three Months Ended Fiscal Year Ended
September 30,2017
September 24,2016
September 30,2017
September 24,2016
Net sales $ 490,464 $ 413,412 $ 2,054,478 $ 1,829,017 Cost of goods
sold and occupancy 345,136 293,232 1,421,670
1,275,967 Gross profit 145,328 120,180 632,808 553,050
Selling, general and administrative expenses 130,947 105,355
476,696 421,864 Intangible asset impairment — 1,828 —
1,828 Operating income 14,381 12,997 156,112 129,358
Interest expense (7,233 ) (6,642 ) (28,209 ) (42,847 ) Interest
income 48 66 147 140 Other income (expense) (1,315 ) (16,770 )
(1,621 ) (17,013 ) Income before income taxes and noncontrolling
interest 5,881 (10,349 ) 126,429 69,638 Income tax expense 2,078
(4,456 ) 46,699 24,053 Net income including
noncontrolling interest 3,803 (5,893 ) 79,730 45,585 Net income
attributable to noncontrolling interest (456 ) (282 ) 902
1,071 Net income attributable to Central Garden & Pet
Company $ 4,259 $ (5,611 ) $ 78,828 $ 44,514
Net income per share attributable to Central Garden &
Pet Company: Basic $ 0.08 $ (0.11 ) $ 1.57 $ 0.91
Diluted $ 0.08 $ (0.11 ) $ 1.52 $ 0.87
Weighted average shares used in the computation of net
income per share: Basic 50,654 49,453 50,230 48,964 Diluted 51,935
49,453 51,820 51,075
Use of Non-GAAP Financial Measures
We report our financial results in accordance with U.S.
generally accepted accounting principles (GAAP). However, to
supplement the financial results prepared in accordance with GAAP,
we use non-GAAP financial measures including non-GAAP net sales on
a consolidated and segment basis, non-GAAP selling, general and
administrative (SG&A) expense, non-GAAP operating income on a
consolidated and segment basis, non-GAAP interest expense, non-GAAP
other income (expense) and non-GAAP net income and diluted net
income per share. Management believes these non-GAAP financial
measures that exclude the impact of specific items (described
below) may be useful to investors in their assessment of our
ongoing operating performance and provide additional meaningful
comparisons between current results and results in prior operating
periods.
The reconciliations of these non-GAAP measures to the most
directly comparable financial measures calculated and presented in
accordance with GAAP are shown in the tables below. We believe that
the non-GAAP financial measures provide useful information to
investors and other users of our financial statements, by allowing
for greater transparency in the review of our financial and
operating performance. Management also uses these non-GAAP
financial measures in making financial, operating and planning
decisions and in evaluating our performance, and we believe these
measures similarly may be useful to investors in evaluating our
financial and operating performance and the trends in our business
from management's point of view. While our management believes that
non-GAAP measurements are useful supplemental information, such
adjusted results are not intended to replace our GAAP financial
results and should be read in conjunction with those GAAP
results.
Non-GAAP financial measures reflect adjustments based on the
following items:
- Asset impairment charges: we have
excluded the impact of asset impairments on intangible assets and
equity method investments as such non-cash amounts are inconsistent
in amount and frequency. We believe that the adjustment of these
charges supplements the GAAP information with a measure that can be
used to assess the sustainability of our operating
performance.
- Gains on disposals of significant plant
assets: we have excluded the impact of gains on the disposal of
significant plant assets as these represent infrequent transactions
that impact the comparability between operating periods. We believe
the adjustment of these gains supplements the GAAP information with
a measure that may be used to assess the sustainability of our
operating performance.
- Loss on early extinguishment of debt:
we have excluded the charges associated with the refinancing of our
2018 Notes as the amount and frequency of such charges is not
consistent and is significantly impacted by the timing and size of
debt financing transactions.
- Tax impact: adjustment represents the
impact of the tax effect of the pre-tax non-GAAP adjustments
excluded from non-GAAP net income. The tax impact of the non-GAAP
adjustments is calculated based on the consolidated effective tax
rate on a GAAP basis, applied to the non-GAAP adjustments, unless
the underlying item has a materially different tax treatment.
- We have also provided organic net
sales, a non-GAAP measure that excludes the impact of businesses
purchased or exited in the prior 12 months, because we believe it
permits investors to better understand the performance of our
historical business without the impact of recent acquisitions or
dispositions. For fiscal 2017, we have also adjusted our organic
net sales for our estimate of the impact of the extra week on our
2017 fiscal year net sales.
From time to time in the future, there may be other items that
we may exclude if we believe that doing so is consistent with the
goal of providing useful information to investors and
management.
The non-GAAP adjustments made reflect the following:
(1) During the fourth quarter of fiscal 2016 and fiscal
2015, we recognized non-cash impairment charges in our Pet segment
of $1.8 million and $7.3 million, respectively, related to the
impairment of intangible assets caused by increased competition and
declining volume of sales. These impairments are included within
intangible asset impairment. (2) During fiscal 2017, we
recognized a $2.0 million gain in our Garden segment from the sale
of a distribution facility. During fiscal 2016, we recorded 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. These adjustments were recorded as part of selling,
general and administrative costs. (3) During the first
quarter of fiscal 2016, we redeemed our 2018 Notes and issued
senior notes due November 2023. As a result of the bond redemption,
we 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. These amounts are
included in Interest expense in the consolidated statements of
operations. (4) During the fourth quarter of fiscal 2016, we
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, which impacted the expected cash flows and
recoverability of the investment. The impairment is included within
other income (expense).
GAAP to Non-GAAP
Reconciliation(in thousands) For the Fiscal Year
Ended September Non-GAAP Adjustments
2017
2016 Impairments of intangible assets (1) $ — $ 1,828
(Gain)/loss on disposal of plant assets (2) (2,050 ) (2,363 )
Incremental expenses from note redemption and issuance (3) — 14,339
Impairment of equity method investments (4) — 16,572
Total non-GAAP adjustments (2,050 ) 30,376 Tax effects of non-GAAP
adjustments (757 ) (10,492 ) Total net income impact from non-GAAP
adjustments $ (1,293 ) $ 19,884
GAAP
to Non-GAAP Reconciliation(in thousands) For the
Fiscal Year Ended September SG&A Expense
Reconciliation
2017
2016
GAAP SG&A expense $ 476,696 $ 421,864 SG&A expense impact
from non-GAAP adjustments
(1)(2)
2,050 2,363 Non-GAAP SG&A expense $ 478,746
$ 424,227 GAAP SG&A expense as a percentage of
net sales 23.2 % 23.1 % Non-GAAP SG&A expense as a percentage
of net sales 23.3 % 23.2 %
Operating Income
Reconciliation GAAP operating income $ 156,112 $ 129,358 Total
operating income impact from non-GAAP adjustments
(1)(2)
(2,050 ) (535 ) Non-GAAP operating income $ 154,062 $
128,823 GAAP operating margin 7.6 % 7.1 % Non-GAAP operating
margin 7.5 % 7.0 %
Pet Segment Operating Income
Reconciliation GAAP Pet segment operating income $131,622 $
119,930 Total operating income impact from non-GAAP adjustments
(1)(2)
N/A (535 ) Non-GAAP Pet segment operating income N/A
$ 119,395 GAAP Pet segment operating margin 11.1 % Non-GAAP
Pet operating margin 11.0 %
Garden Segment Operating
Income Reconciliation GAAP Garden segment operating income $
87,298 70,317 Total operating income impact from non-GAAP
adjustments
(2)
(2,050 ) N/A Non-GAAP Garden segment operating income $
85,248 N/A GAAP Garden segment operating margin 10.8
% Non-GAAP Garden segment operating margin 10.5 %
Interest Expense Reconciliation GAAP interest expense
$(28,209 ) $ (42,847 ) Impact from non-GAAP adjustment
(3)
N/A 14,339 Non-GAAP interest expense N/A $
(28,508 )
GAAP to Non-GAAP
Reconciliation(in thousands, except per share amounts)
For the Fiscal Year Ended September Other Income
(Expense) Reconciliation 2017
2016
GAAP other income (expense) $ (1,621 ) (17,013
)
Impact from non-GAAP adjustment
(4)
N/A 16,572
Non-GAAP other income (expense) N/A (441
)
GAAP to Non-GAAP Reconciliation(in
thousands) For the Fiscal Year Ended September Net
Income and Diluted Net Income Per Share Reconciliation
2017 2016 GAAP net income attributable to
Central Garden & Pet $ 78,828 $ 44,514 Total non-GAAP
adjustments (1)(2) (3)(4) (2,050 ) 30,376 Tax effects of non-GAAP
adjustments 757 (10,492 ) Total net income impact from
non-GAAP adjustments $ (1,293 ) $ 19,884 Non-GAAP net income
attributable to Central Garden & Pet $ 77,535 $ 64,398
GAAP diluted net income per share $ 1.52 $ 0.87 Non-GAAP
diluted net income per share $ 1.50 $ 1.26 Shares used in GAAP and
non-GAAP diluted net earnings per share calculation 51,820 51,075
GAAP to Non-GAAP Reconciliation(in
thousands) For the Quarter Ended September 30, 2017
Net income and diluted net income per share September 30,
2017 September 24, 2016 GAAP net income (loss) $
4,259 $ (5,611 ) Total non-GAAP Adjustments (1)(2) (3)(4) — 18,400
Tax effect — (6,224 ) Net income impact — 12,176 Non-GAAP
net income $ 4,259 $ 6,565 GAAP diluted income (loss) per share $
0.08 $ (0.11 ) Non-GAAP diluted income per share $ 0.08 $ 0.13
Basic 50,654 49,453 Diluted 51,935 51,645
GAAP to Non-GAAP Reconciliation(in thousands) For
the Quarter Ended September 30, 2017 Operating income
reconciliation September 30, 2017 September
24, 2016 GAAP operating income $ 14,381 $ 12,997 Total
operating income impact from non-GAAP
(1)
— 1,828 Non-GAAP operating income 14,381 14,825 GAAP
operating margin 2.9 % 3.1 % Non-GAAP operating margin 2.9 % 3.6 %
Net sales $ 490,464 $ 413,412
Organic Net Sales Reconciliation
We have provided organic net sales, a non-GAAP measure that
excludes the impact of acquisitions and dispositions, because we
believe it permits investors to better understand the performance
of our historical business. We define organic net sales as net
sales from our historical business derived by excluding the net
sales from businesses acquired or exited in the preceding 12
months. After an acquired business has been part of our
consolidated results for 12 months, the change in net sales
thereafter is considered part of the increase or decrease in
organic net sales.
GAAP to Non-GAAP ReconciliationFor the Fiscal Year
Ended September 30, 2017 Consolidated Pet
Segment Garden Segment
PercentChange
PercentChange
PercentChange
Reported net sales FY 2017 (GAAP) $ 2,054.5 $ 1,246.4
$ 808.1 Reported net sales FY 2016 (GAAP)
1,829.0 1,081.8 747.2 Increase in net sales
225.5 12.3 % 164.6 15.2 % 60.9 8.2 % Effect of acquisitions and
dispositions on increase in net sales 104.7 110.3
(5.6 ) Increase in organic net sales 120.8 6.6 % 54.3 5.0 % 66.5
8.9 % Estimated impact of extra week in fiscal 2017 on organic
sales 32.8 21.4 11.4 Organic net sales
adjusted for extra week $ 88.0 4.8 % $ 32.9 3.0 % $
55.1 7.4 %
GAAP to Non-GAAP
ReconciliationFor the Quarter Ended September 30, 2017
Consolidated Pet Segment Garden
Segment
PercentChange
PercentChange
PercentChange
Reported net sales Q4 FY17 (GAAP) $ 490.5 $ 330.5
$ 160.0 Reported net sales Q4 FY16
(GAAP) $ 413.4 $ 270.6 $ 142.8 Increase in net
sales $ 77.1 18.6 % $ 59.9 22.1 % $ 17.2 12.0 % Effect of
acquisition and divestitures on increase in net sales $ 29.3
$ 29.3 $ — Increase in organic net sales $ 47.8 11.6
% $ 30.6 11.3 % $ 17.2 12.0 % Impact estimate of extra week in Q4
FY17 $ 32.8 $ 21.4 $ 11.4 Adjusted organic net sales $ 15.0 3.6 % $
9.2 3.4 % $ 5.8 4.1 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171128006421/en/
Central Garden & Pet CompanySteve Zenker, 925-948-3657VP of
Investor Relations & Communications
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