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Prospector
Profile
07.1635
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| Central Garden & Pet Company |
NAICS |
311100 |
| 1340 Treat Boulevard, Suite 600
Walnut Creek, CA 94597 |
Description |
Pet Supplies Mfg. |
| (925) 948-4000 |
Employees |
4860 |
| http://www.central.com/ |
Revenue |
(mil) |
1671.1500 |
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Income |
(mil) |
32.3000 |
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Assets |
(mil) |
1646.8200 |
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Liability |
(mil) |
869.8500 |
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(for the year ended 2007-11-29) |
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Category:
Low Rating
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Event:
Moody's Investors Service lowered the rating on Central Garden & Pet Company's senior subordinated notes to Caa1 from B3 and the rating on its secured credit facilities to B1 from Ba3. The downgrade reflects the company's weak operating performance for the quarter and fiscal year-ended Sept. 29, 2007 that has resulted in elevated borrowing levels and deteriorated credit metrics. The company has indicated that the quarter ended December 2007 will be much weaker than the same period last year. As such, Moody's has concerns over the company's ability to comply with the financial covenants governing its credit facilities. The company's weakened operating performance also heightens Moody's concern over the company's reduction in financial cushion to absorb further commodity volatility or adverse weather conditions which impact its markets. The rating outlook was revised to negative from stable.
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Intellectual Property:
The Company holds numerous patents in the United States and in other countries and has several patent applications pending in the United States and in other countries. In addition to patents, it has numerous active ingredient registrations, end-use product registrations and trade secrets, including certain technology used in the Wellmark operations for the production of (S)-Methoprene, which has been licensed from Novartis. In addition, it has developed certain improvements that are proprietary relating to the synthesis of (S)-Methoprene. The success of certain portions of its business, partly depends on the ability to continue to maintain trade secret information and to keep both licensed and owned trade secret information confidential. Along with patents, active ingredient registrations, end use product registrations and trade secrets, the Company owns a number of trademarks, service marks, trade names and logotypes. [SEC Filing 10-K 11-28-07]
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Description:
Central Garden & Pet Company makes and distributes lawn, garden, and pet supplies, providing its products to pet supplies retailers, home improvement centers, nurseries, and mass merchandisers from approximately 30 manufacturing plants and 30 distribution centers located throughout the U.S.
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Officers:
William E. Brown (CEO); Stuart W. Booth (CFO)
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Auditor:
Deloitte & Touche LLP
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Securities:
Common Stock Symbol CENT; NasdaqGS;
71,828,468 common shares outstanding as of Nov. 12, 2007.
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