Central Garden & Pet posts wider Q4 loss
Central Garden & Pet Company’s loss widened in the fourth fiscal quarter of 2013, prompting a contrite response from president and CEO John Ranelli on the company’s lack of sufficient progress.
"Our financial results are simply unacceptable," said Ranelli. "While we will see some improvements along the way, it is going to take another year or two to get our performance consistently where we want it to be. We are taking deliberate actions to improve our company’s performance and achieve its true potential. We will continue to focus on putting our customers first, cutting costs, and raising profits to drive shareholder value."
The Company reported net sales of $368.8 million for the quarter ended Sept. 28, 2013, down 7% on a year-over-year basis.
Meanwhile, a net loss of $22.6 million for the quarter was more than double that of 2012’s Q4 loss of $10.1 million.
For the full year, the company’s net sales were $1.65 billion, down 3% from $1.70 billion in fiscal 2012. The net loss for the full year was $1.9 million, compared to earnings of $21.2 million in the previous year.
"We have made good progress in our Pet segment in laying the foundation for future success," added Ranelli. "However, our Garden results are disappointing. We are beginning to implement the same operating philosophies and disciplines we are instituting in our Pet segment to drive improvement in our Garden segment. Although our Company’s results are expected to be choppy, I am confident these improvements will drive more favorable results over the long term."
Ron Kass named president and COO of Hunter Douglas
Hunter Douglas has promoted Ron Kass to the title of president and COO, effective Jan. 1, 2014.
"Hunter Douglas and I are most fortunate, indeed, to have an individual of Ron’s high caliber and outstanding record of performance to take on this new and larger leadership role for our great company," said president and CEO Marv Hopkins. "I have no doubt he will help lead Hunter Douglas to even higher levels of excellence in the months and years ahead."
Kass, who currently serves as president of the Hunter Douglas Design Products Group and the Independent Fabricator Group of companies (as well as the EVP of marketing), has been with the company since 2005.
"It is noteworthy that each of these important organizations has, under Kass’s intelligent and inspired leadership over the past several years, significantly improved its overall performance and results," added Hopkins.
Previously, Kass was president and CEO of fabrics company The Robert Allen Group. He also worked for 13 years at Knoll, a global office and residential furnishings company.
Kass will continue to report directly to Hopkins, who will become chairman and CEO.
Bissell Pet Foundation logs $635,000 in donations
The Bissell Pet Foundation has announced its net 2013 contribution toward animal welfare, which comes in at $635,000 to 90 different organizations across the country.
"With literally millions of homeless pets euthanized every year in the U.S., we focus on funding programs that will do the most to change this heartbreaking outcome," explains Cathy Bissell, founder of the Pet Foundation. "It brings me and my team so much joy to know we are helping to save the lives of thousands of animals through these grant awards."
Now in its second year, the Bissell Pet Foundation is supported in part by Bissell Homecare, Inc. and has raised over $1.1 million total, most of which has gone to spay and neuter programs.
Bissell Homecare has contributed up to $250,000 each year to the Pet Foundation based on its pet product sales.