Central Garden & Pet Co. (Nasdaq : CENT) Message Board

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Non-Tech : Central Garden & Pet Co. (Nasdaq : CENT)

CENT 32.71

+1.1%

3:59 PM EST

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To: Dale Stempson who wrote (3)	7/8/1999 6:14:00 AM
From: Dale Stempson	of 73

REF: Hambrecht & Quist (6/8/99) Company: Central Garden & Pet Co. Price: 11.59 Recommendation: Buy Notes: a, b, f Date: 6/8/99 Reducing Q3 Estimates on Lower than Expected Sales We are lowering our Q3 estimates on CENT as a "longer" garden season has not materialized -- leading to the likelihood of a top line miss in the key selling quarter. Additionally, with high expense levels in Q3, we believe EPS may come in significantly below our previous $0.72 target. We now expect revenues to be flat at $504 million with EPS declining 16% to $0.50. Our new FY99 targets are $1.50 billion and $1.33 (were $1.53 billion and $1.55). We believe some of the "news" is in the stock and leave CENT at a BUY based on long term valuation. 1998 A 1999 E 2000 E Q1 EPS $(0.02) $(0.01) $-- Q2 EPS 0.42 0.51 -- Q3 EPS 0.59 0.50 -- Q4 EPS 0.22 0.35 -- FY EPS 1.35 1.33 1.65 FY REVS (M) 1,295 1,500 1,603 CY EPS 1.25 1.35 1.67 CY P/E 9 9 7 FY Ends Sep Current Price $11.59 52-Week Range $11-34 Market Cap(M) $450 Shares Out(M) 32.8 Book Value $10.42 Net Cash/Share $0.10 3-Year EPS Growth 15% CY99 P/E-to-Growth 0.6 Note Legend: (a) Hambrecht & Quist LLC maintains a market in these stocks. (b) Hambrecht & Quist LLC has been an underwriting manager, or co-manager, or has privately placed securities of these companies within the last three years. (f) Options are available on these issues. ______________________________ Regards - Dale

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