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Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables) | 3 Months Ended
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Dec. 28, 2013
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] |
Consolidating Condensed Statement of Operations Based on Company's Understanding of SEC's Interpretation | CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS Three Months Ended December 28, 2013 (in thousands) (unaudited)
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Net sales |  | $ | 96,339 |  |  | $ | 205,306 |  |  | $ | (11,124 | ) |  | $ | 290,521 |
Cost of products sold and occupancy |  |  | 76,747 |  |  |  | 145,157 |  |  |  | (11,124 | ) |  |  | 210,780 |
Gross profit |  |  | 19,592 |  |  |  | 60,149 |  |  |  | 0 |  |  |  | 79,741 |
Selling, general and administrative expenses |  |  | 28,375 |  |  |  | 59,721 |  |  |  | 0 |  |  |  | 88,096 |
Income (loss) from operations |  |  | (8,783 | ) |  |  | 428 |  |  |  | 0 |  |  |  | (8,355 | )
Interest – net |  |  | (12,184 | ) |  |  | (20 | ) |  |  | 0 |  |  |  | (12,204 | )
Other income (loss ) |  |  | 415 |  |  |  | (583 | ) |  |  | 0 |  |  |  | (168 | )
Loss before income taxes |  |  | (20,552 | ) |  |  | (175 | ) |  |  | 0 |  |  |  | (20,727 | )
Income tax benefit |  |  | (7,848 | ) |  |  | (67 | ) |  |  | 0 |  |  |  | (7,915 | )
Loss including noncontrolling interest |  |  | (12,704 | ) |  |  | (108 | ) |  |  |  |  |  |  | (12,812 | )
Loss attributable to noncontrolling interest |  |  | (104 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (104 | )
Loss attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries |  |  | (12,600 | ) |  |  | (108 | ) |  |  | 0 |  |  |  | (12,708 | )
Equity in undistributed income of guarantor subsidiaries |  |  | (108 | ) |  |  | 0 |  |  |  | 108 |  |  |  | 0 |
Net loss attributable to Central Garden & Pet Co. |  | $ | (12,708 | ) |  | $ | (108 | ) |  | $ | 108 |  |  | $ | (12,708 | )
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS Three Months Ended December 29, 2012 (in thousands) (unaudited)
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Net sales |  | $ | 96,003 |  |  | $ | 209,045 |  |  | $ | (12,551 | ) |  | $ | 292,497 |
Cost of products sold and occupancy |  |  | 74,843 |  |  |  | 153,246 |  |  |  | (12,551 | ) |  |  | 215,538 |
Gross profit |  |  | 21,160 |  |  |  | 55,799 |  |  |  | 0 |  |  |  | 76,959 |
Selling, general and administrative expenses |  |  | 28,519 |  |  |  | 61,534 |  |  |  | 0 |  |  |  | 90,053 |
Loss from operations |  |  | (7,359 | ) |  |  | (5,735 | ) |  |  | 0 |  |  |  | (13,094 | )
Interest – net |  |  | (10,299 | ) |  |  | 49 |  |  |  | 0 |  |  |  | (10,250 | )
Other income (loss ) |  |  | 248 |  |  |  | (1,229 | ) |  |  | 0 |  |  |  | (981 | )
Loss before income taxes |  |  | (17,410 | ) |  |  | (6,915 | ) |  |  | 0 |  |  |  | (24,325 | )
Income tax benefit |  |  | (6,383 | ) |  |  | (2,595 | ) |  |  | 0 |  |  |  | (8,978 | )
Loss including noncontrolling interest |  |  | (11,027 | ) |  |  | (4,320 | ) |  |  |  |  |  |  | (15,347 | )
Loss attributable to noncontrolling interest |  |  | (78 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (78 | )
Loss attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries |  |  | (10,949 | ) |  |  | (4,320 | ) |  |  | 0 |  |  |  | (15,269 | )
Equity in undistributed income of guarantor subsidiaries |  |  | (4,320 | ) |  |  | 0 |  |  |  | 4,320 |  |  |  | 0 |
Net loss attributable to Central Garden & Pet Co. |  | $ | (15,269 | ) |  | $ | (4,320 | ) |  | $ | 4,320 |  |  | $ | (15,269 | )
Consolidating Condensed Statements of Comprehensive Income (Loss) Based on Company's Understanding of SEC's Interpretation | CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended December 28, 2013 (in thousands) (unaudited)
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Net loss |  | $ | (12,704 | ) |  | $ | (108 | ) |  | $ | 0 |  |  | $ | (12,812 | )
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation |  |  | 85 |  |  |  | 0 |  |  |  | 0 |  |  |  | 85 |
Total comprehensive loss |  |  | (12,619 | ) |  |  | (108 | ) |  |  | 0 |  |  |  | (12,727 | )
Comprehensive loss attributable to noncontrolling interests |  |  | (104 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (104 | )
Comprehensive loss attributable to Central Garden & Pet Company |  | $ | (12,515 | ) |  | $ | (108 | ) |  | $ | 0 |  |  | $ | (12,623 | )
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended December 29, 2012 (in thousands) (unaudited)
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Net loss |  | $ | (11,027 | ) |  | $ | (4,320 | ) |  | $ | 0 |  |  | $ | (15,347 | )
Other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation |  |  | (42 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (42 | )
Total comprehensive loss |  |  | (11,069 | ) |  |  | (4,320 | ) |  |  | 0 |  |  |  | (15,389 | )
Comprehensive loss attributable to noncontrolling interests |  |  | (78 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (78 | )
Comprehensive loss attributable to Central Garden & Pet Company |  | $ | (10,991 | ) |  | $ | (4,320 | ) |  | $ | 0 |  |  | $ | (15,311 | )
Consolidating Condensed Balance Sheet Based on Company's Understanding of SEC's Interpretation | CONSOLIDATING CONDENSED BALANCE SHEET December 28, 2013 (in thousands) (unaudited)
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 13,142 |  |  | $ | 3,569 |  |  | $ | 0 |  |  | $ | 16,711 |
Short term investments |  |  | 14,220 |  |  |  | 0 |  |  |  | 0 |  |  |  | 14,220 |
Accounts receivable, net |  |  | 43,850 |  |  |  | 103,997 |  |  |  | (4,742 | ) |  |  | 143,105 |
Inventories |  |  | 137,276 |  |  |  | 290,163 |  |  |  | 0 |  |  |  | 427,439 |
Prepaid expenses and other assets |  |  | 34,595 |  |  |  | 34,505 |  |  |  | 0 |  |  |  | 69,100 |
Total current assets |  |  | 243,083 |  |  |  | 432,234 |  |  |  | (4,742 | ) |  |  | 670,575 |
Land, buildings, improvements and equipment, net |  |  | 76,990 |  |  |  | 110,148 |  |  |  | 0 |  |  |  | 187,138 |
Goodwill |  |  | 0 |  |  |  | 205,756 |  |  |  | 0 |  |  |  | 205,756 |
Investment in guarantors |  |  | 657,919 |  |  |  | 0 |  |  |  | (657,919 | ) |  |  | 0 |
Deferred income taxes and other assets |  |  | 57,820 |  |  |  | 34,679 |  |  |  | 0 |  |  |  | 92,499 |
Total |  | $ | 1,035,812 |  |  | $ | 782,817 |  |  | $ | (662,661 | ) |  | $ | 1,155,968 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 50,834 |  |  | $ | 74,456 |  |  | $ | (4,742 | ) |  | $ | 120,548 |
Accrued expenses and other current liabilities |  |  | 44,659 |  |  |  | 43,926 |  |  |  | 0 |  |  |  | 88,585 |
Total current liabilities |  |  | 95,493 |  |  |  | 118,382 |  |  |  | (4,742 | ) |  |  | 209,133 |
Long-term debt |  |  | 449,444 |  |  |  | 21 |  |  |  | 0 |  |  |  | 449,465 |
Other long-term obligations |  |  | 32,372 |  |  |  | 6,495 |  |  |  | 0 |  |  |  | 38,867 |
Shareholders’ equity attributable to Central Garden & Pet Co. |  |  | 457,894 |  |  |  | 657,919 |  |  |  | (657,919 | ) |  |  | 457,894 |
Noncontrolling interest |  |  | 609 |  |  |  | 0 |  |  |  | 0 |  |  |  | 609 |
Total equity |  |  | 458,503 |  |  |  | 657,919 |  |  |  | (657,919 | ) |  |  | 458,503 |
Total |  | $ | 1,035,812 |  |  | $ | 782,817 |  |  | $ | (662,661 | ) |  | $ | 1,155,968 |
CONSOLIDATING CONDENSED BALANCE SHEET September 28, 2013 (in thousands)
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 12,441 |  |  | $ | 2,715 |  |  | $ | 0 |  |  | $ | 15,156 |
Short term investments |  |  | 17,820 |  |  |  | 0 |  |  |  | 0 |  |  |  | 17,820 |
Accounts receivable, net |  |  | 43,660 |  |  |  | 153,734 |  |  |  | (3,134 | ) |  |  | 194,260 |
Inventories |  |  | 114,662 |  |  |  | 277,272 |  |  |  | 0 |  |  |  | 391,934 |
Prepaid expenses and other assets |  |  | 24,747 |  |  |  | 28,737 |  |  |  | 0 |  |  |  | 53,484 |
Total current assets |  |  | 213,330 |  |  |  | 462,458 |  |  |  | (3,134 | ) |  |  | 672,654 |
Land, buildings, improvements and equipment, net |  |  | 78,662 |  |  |  | 110,251 |  |  |  | 0 |  |  |  | 188,913 |
Goodwill |  |  | 0 |  |  |  | 205,756 |  |  |  | 0 |  |  |  | 205,756 |
Investment in guarantors |  |  | 693,615 |  |  |  | 0 |  |  |  | (693,615 | ) |  |  | 0 |
Other assets |  |  | 57,255 |  |  |  | 36,582 |  |  |  | 0 |  |  |  | 93,837 |
Total |  | $ | 1,042,862 |  |  | $ | 815,047 |  |  | $ | (696,749 | ) |  | $ | 1,161,160 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 36,869 |  |  | $ | 69,834 |  |  | $ | (3,134 | ) |  | $ | 103,569 |
Accrued expenses and other liabilities |  |  | 33,664 |  |  |  | 45,096 |  |  |  | 0 |  |  |  | 78,760 |
Total current liabilities |  |  | 70,533 |  |  |  | 114,930 |  |  |  | (3,134 | ) |  |  | 182,329 |
Long-term debt |  |  | 472,418 |  |  |  | 27 |  |  |  | 0 |  |  |  | 472,445 |
Other long-term obligations |  |  | 29,887 |  |  |  | 6,475 |  |  |  | 0 |  |  |  | 36,362 |
Shareholders’ equity attributable to Central Garden & Pet |  |  | 468,678 |  |  |  | 693,615 |  |  |  | (693,615 | ) |  |  | 468,678 |
Noncontrolling interest |  |  | 1,346 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,346 |
Total equity |  |  | 470,024 |  |  |  | 693,615 |  |  |  | (693,615 | ) |  |  | 470,024 |
Total |  | $ | 1,042,862 |  |  | $ | 815,047 |  |  | $ | (696,749 | ) |  | $ | 1,161,160 |
CONSOLIDATING CONDENSED BALANCE SHEET December 29, 2012 (in thousands) (unaudited)
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 7,925 |  |  | $ | 4,666 |  |  | $ | 0 |  |  | $ | 12,591 |
Short term investments |  |  | 17,820 |  |  |  | 0 |  |  |  | 0 |  |  |  | 17,820 |
Accounts receivable, net |  |  | 44,084 |  |  |  | 112,486 |  |  |  | (5,803 | ) |  |  | 150,767 |
Inventories |  |  | 129,785 |  |  |  | 267,940 |  |  |  | 0 |  |  |  | 397,725 |
Prepaid expenses and other assets |  |  | 38,498 |  |  |  | 28,131 |  |  |  | 0 |  |  |  | 66,629 |
Total current assets |  |  | 238,112 |  |  |  | 413,223 |  |  |  | (5,803 | ) |  |  | 645,532 |
Land, buildings, improvements and equipment, net |  |  | 82,899 |  |  |  | 109,587 |  |  |  | 0 |  |  |  | 192,486 |
Goodwill |  |  |  |  |  |  | 210,223 |  |  |  | 0 |  |  |  | 210,223 |
Investment in guarantors |  |  | 666,645 |  |  |  | 0 |  |  |  | (666,645 | ) |  |  | 0 |
Deferred income taxes and other assets |  |  | 54,445 |  |  |  | 43,386 |  |  |  | 0 |  |  |  | 97,831 |
Total |  | $ | 1,042,101 |  |  | $ | 776,419 |  |  | $ | (672,448 | ) |  | $ | 1,146,072 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 65,042 |  |  | $ | 71,245 |  |  | $ | (5,803 | ) |  | $ | 130,484 |
Accrued expenses and other current liabilities |  |  | 47,186 |  |  |  | 36,703 |  |  |  | 0 |  |  |  | 83,889 |
Total current liabilities |  |  | 112,228 |  |  |  | 107,948 |  |  |  | (5,803 | ) |  |  | 214,373 |
Long-term debt |  |  | 450,374 |  |  |  | 72 |  |  |  | 0 |  |  |  | 450,446 |
Other long-term obligations |  |  | 29,214 |  |  |  | 1,754 |  |  |  | 0 |  |  |  | 30,968 |
Shareholders’ equity attributable to Central Garden & Pet Co. |  |  | 450,046 |  |  |  | 666,645 |  |  |  | (666,645 | ) |  |  | 450,046 |
Noncontrolling interest |  |  | 239 |  |  |  | 0 |  |  |  | 0 |  |  |  | 239 |
Total equity |  |  | 450,285 |  |  |  | 666,645 |  |  |  | (666,645 | ) |  |  | 450,285 |
Total |  | $ | 1,042,101 |  |  | $ | 776,419 |  |  | $ | (672,448 | ) |  | $ | 1,146,072 |
Consolidating Condensed Statement of Cash Flows Based on Company's Understanding of SEC's Interpretation | CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS Three Months Ended December 28, 2013 ( in thousands) (unaudited)
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Net cash provided (used) by operating activities |  | $ | (10,458 | ) |  | $ | 40,359 |  |  | $ | 108 |  |  | $ | 30,009 |
Additions to property and equipment |  |  | (1,549 | ) |  |  | (3,828 | ) |  |  | 0 |  |  |  | (5,377 | )
Proceeds from short term investments |  |  | 3,600 |  |  |  | 0 |  |  |  | 0 |  |  |  | 3,600 |
Investment in guarantor subsidiaries |  |  | 35,696 |  |  |  | (35,588 | ) |  |  | (108 | ) |  |  | 0 |
Net cash provided (used) by investing activities |  |  | 37,747 |  |  |  | (39,416 | ) |  |  | (108 | ) |  |  | (1,777 | )
Repayments of long-term debt |  |  | (39 | ) |  |  | (37 | ) |  |  | 0 |  |  |  | (76 | )
Borrowings under revolving line of credit |  |  | 45,000 |  |  |  | 0 |  |  |  | 0 |  |  |  | 45,000 |
Repayments under revolving line of credit |  |  | (68,000 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (68,000 | )
Payment of deferred financing costs |  |  | (2,985 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (2,985 | )
Repurchase of common stock |  |  | (401 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (401 | )
Proceeds from issuance of common stock |  |  | 200 |  |  |  | 0 |  |  |  | 0 |  |  |  | 200 |
Distribution to minority interest |  |  | (633 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (633 | )
Excess tax benefits from stock-based awards |  |  | 171 |  |  |  | 0 |  |  |  | 0 |  |  |  | 171 |
Net cash provided (used) by financing activities |  |  | (26,687 | ) |  |  | (37 | ) |  |  | 0 |  |  |  | (26,724 | )
Effect of exchange rate changes on cash |  |  | 99 |  |  |  | (52 | ) |  |  | 0 |  |  |  | 47 |
Net increase in cash and cash equivalents |  |  | 701 |  |  |  | 854 |  |  |  | 0 |  |  |  | 1,555 |
Cash and cash equivalents at beginning of period |  |  | 12,441 |  |  |  | 2,715 |  |  |  | 0 |  |  |  | 15,156 |
Cash and cash equivalents at end of period |  | $ | 13,142 |  |  | $ | 3,569 |  |  | $ | 0 |  |  | $ | 16,711 |
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS Three Months Ended December 29, 2012 ( in thousands) (unaudited)
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Net cash provided (used) by operating activities |  | $ | (25,358 | ) |  | $ | (7,003 | ) |  | $ | 4,320 |  |  | $ | (28,041 | )
Additions to property and equipment |  |  | (4,142 | ) |  |  | (3,883 | ) |  |  | 0 |  |  |  | (8,025 | )
Proceeds from short term investments |  |  | 4,885 |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,885 |
Payment to acquire companies |  |  | 0 |  |  |  | (4,835 | ) |  |  | 0 |  |  |  | (4,835 | )
Investment in guarantor subsidiaries |  |  | (12,283 | ) |  |  | 16,603 |  |  |  | (4,320 | ) |  |  | 0 |
Net cash provided (used) by investing activities |  |  | (11,540 | ) |  |  | 7,885 |  |  |  | (4,320 | ) |  |  | (7,975 | )
Repayments of long-term debt |  |  | (55 | ) |  |  | (29 | ) |  |  | 0 |  |  |  | (84 | )
Borrowings under revolving line of credit |  |  | 4,000 |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,000 |
Repayments under revolving line of credit |  |  | (3,000 | ) |  |  |  |  |  |  | 0 |  |  |  | (3,000 | )
Repurchase of common stock |  |  | (327 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (327 | )
Proceeds from issuance of common stock |  |  | 97 |  |  |  | 0 |  |  |  | 0 |  |  |  | 97 |
Distribution to minority interest |  |  | (629 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (629 | )
Excess tax benefits from stock-based awards |  |  | 74 |  |  |  | 0 |  |  |  | 0 |  |  |  | 74 |
Net cash provided (used) by financing activities |  |  | 160 |  |  |  | (29 | ) |  |  | 0 |  |  |  | 131 |
Effect of exchange rate changes on cash |  |  | 1 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |
Net increase (decrease) in cash and cash equivalents |  |  | (36,737 | ) |  |  | 853 |  |  |  | 0 |  |  |  | (35,884 | )
Cash and cash equivalents at beginning of period |  |  | 44,662 |  |  |  | 3,813 |  |  |  | 0 |  |  |  | 48,475 |
Cash and cash equivalents at end of period |  | $ | 7,925 |  |  | $ | 4,666 |  |  | $ | 0 |  |  | $ | 12,591 |

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