CG&P CFO leaves on a good note
Central Garden and Pet Company had a big news day on Tuesday.
For one, its senior VP and CFO Lori Varlas announced her resignation, effective Sept. 2.
Two, the company released its quarterly earnings report, with all indications pointing to a strong last act for Varlas.
Net sales for the third quarter ended June 27 were up 4.9% to $459.4 million, compared to $438.0 million for the year-ago period.
Meanwhile, net income took a big leap from $4.7 million last year to $18.8 million in 2015.
Central Garden and Pet Company had a big news day on Tuesday.
For one, its senior VP and CFO Lori Varlas announced her resignation, effective Sept. 2.
Two, the company released its quarterly earnings report, with all indications pointing to a strong last act for Varlas.
Net sales for the third quarter ended June 27 were up 4.9% to $459.4 million, compared to $438.0 million for the year-ago period.
Meanwhile, net income took a big leap from $4.7 million last year to $18.8 million in 2015.
“The positive impact of the actions we have taken over the past two years to increase revenue, lower SG&A expenses and improve operating margins are clearly reflected in our third quarter financial results, which came in significantly above last year’s reported and adjusted results, as well as above our earlier expectations,” said John Ranelli, president & CEO of Central Garden & Pet. “The trend in Pet revenues continues to be on the upswing, and both our Garden and Pet segments showed solid gains in operating income. We are focused on continuing to drive earnings growth in the years ahead through our initiatives to increase revenues and lower costs.”
In Varlas' place will be acting CFO David Chichester, who has been serving for 13 years on the company's board as Audit Committee Financial Expert. His corporate finance chops come from various senior-level positions he's held at companies like Starbucks and Marriott Corporation.
According to the company, Varlas has accepted a senior-level position at another company, but she will stay on through August to assist with the transition and will continue providing services under a post-employment agreement.
"On behalf of the board of directors and the entire company, I want to thank Lori for her invaluable contributions,” said Ranelli. “Lori leaves us as a stronger company. She has assembled an experienced and talented financial team that will help us ensure a seamless transition until we name a permanent successor. I wish her continued success in her future endeavors.”
The company noted that though it's still early, Central Garden & Pet is expecting fiscal 2015 earnings per share of $0.63 or higher, nearly double last year's adjusted earnings per share of $0.33.