CENT - chart thoughts?
Do you or Dabum have any chart thoughts on CENT? In the last few days of trading it has had more than the average volume, with "crazy" prize moves during the day. (taking away stop/loss orders?)
CENT recently released earnings with "Record 4Q 2003 Net Income of $0.23 Per Diluted Share Compared to $0.04 in 4Q 2002."
Thanks for your thoughts on CENT!
Central Garden & Pet Announces Record Fourth Quarter and Full Year Results for Fiscal 2003
Thursday November 20, 4:05 pm ET
LAFAYETTE, Calif.--(BUSINESS WIRE)--Nov. 20, 2003--
Record 4Q 2003 Net Income of $0.23 Per Diluted Share Compared to
$0.04 in 4Q 2002
Record Fiscal 2003 Net Income of $1.73 Per Diluted Share Compared to
$1.44 in 2002
Provides Fiscal 2004 Net Income Guidance in the Range of
$2.00-$2.10 Per Diluted Share
Central Garden & Pet Company (Nasdaq:CENT - News) today announced financial results for the fiscal fourth quarter and full year ended September 27, 2003. This includes record net income for both periods.
For the fiscal fourth quarter of 2003 the Company reported net sales of $257.4 million, up 7% from $240.8 million in the comparable 2002 period. Net income for the quarter increased to a record $4.6 million, or $0.23 per diluted share, from $751,000, or $0.04 per diluted share, in the year ago period. The improved results were driven by continued sales growth of the Company's branded products as well as lower administrative and litigation expenses. Partially offsetting these improvements were higher interest costs and slightly higher grain prices compared to the prior year period.
Depreciation and amortization expense for the fiscal 2003 fourth quarter totaled $4.6 million compared to $4.8 million in the prior year.
Net sales for fiscal 2003 were $1.15 billion, a 6% increase from $1.08 billion in the fiscal 2002 period. Net income for the year was $34.6 million, or $1.73 per diluted share, compared with $28.5 million, or $1.44 per diluted share for fiscal 2002, before the effect of adopting SFAS No. 142 on September 30, 2001. Including the effect of the non-cash SFAS No. 142 accounting charge of $146.7 million, or $112.2 million after-tax, the Company reported a net loss of $83.7 million, or $3.44 per diluted share, for fiscal 2002. Average shares outstanding on a diluted basis decreased from 23.0 million shares in the fiscal 2002 period to 20.1 million shares in the fiscal 2003 period due primarily to the redemption of the Company's convertible subordinated notes in January 2003.
Depreciation and amortization expense for fiscal 2003 totaled $17.9 million compared to $17.6 million in the prior year.
Central anticipates substantial earnings growth in fiscal 2004. The Company's expectation is that fiscal 2004 net income will be in the range of $2.00-$2.10 per diluted share, a 16% to 21% increase over 2003.
The Company will discuss its fourth quarter, fiscal 2003 results and 2004 earnings guidance on an earnings conference call today at 4:30 p.m. EST. The earnings conference call will be simultaneously broadcast over the Internet through Central's website, centralgardenandpet.com. To listen to the webcast, please log on to the website prior to the scheduled call time to register and download any necessary audio software.
Central Garden & Pet Company is a leading innovator, marketer and producer of quality branded products for the pet and lawn and garden supplies markets. Our pet products include pet bird and small animal food, aquarium products, flea, tick, mosquito and other pest control products, edible bones, cages, carriers, pet books, and other dog, cat, reptile and small animal products. These products are sold under a number of brand names, including Kaytee, All-Glass Aquarium, Zodiac, Pre-Strike, Altosid, Nylabone, TFH and Four Paws. Our lawn and garden products include grass seed, wild bird food, weed and insect control products, decorative outdoor patio products and ant control products. These products are sold under a number of brand names, including Pennington, Norcal Pottery, Lilly Miller, Matthews Four Seasons, AMDRO and Grant's. For additional information on Central Garden & Pet, including access to the Company's SEC filings, please visit the Company's website at centralgardenandpet.com.
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