Central Garden and Pet swings to profit
Walnut Creek, Calif.-based Central Garden and Pet reported a fourth-quarter net income of $8 million for the period ended Sept. 26, compared with a loss of $13.9 million reported for the same quarter last year. Sales were $363 million, down 12% from $414 million as reported for the same quarter last year.
The company also reported net sales for the Garden Products segment in the quarter were $160 million, down 15% from $188 million in the same period last year. Sales for the Pet Products segment were $204 million, down 10% from $226 million as reported last year.
For the full year, the company reported a net income of $65.9 million for 2009, compared with a $267.3 million loss in 2008. Net sales were $1.61 billion, down 5% from $1.7 billion reported last year.
“During fiscal 2009, we began to show improved performance from the implementation of our financial and operational priorities,” said William Brown, chairman and CEO. “We achieved these results by maintaining a strict focus on our core operating objectives: reducing investment in working capital, lowering expenses and improving gross margins. We believe these continuing initiatives will strengthen Central’s foundation as we move forward to a new phase of growth.”