Central Garden & Pet Q3 Profit Falls

(RTTNews) - Central Garden & Pet Co. (CENT, CENTA) reported net income for the third quarter of $4.7 million or $0.09 per share, compared to $13.7 million or $0.28 per share for the year-ago quarter.

The latest quarter results were negatively impacted by a $16.9 million charge related to the discontinuance of two Garden products introduced in the spring of 2013 but benefited from a $2.0 million gain on the sale of certain fixed assets.

Excluding items, adjusted net income for the latest quarter was $14.1 million or $0.28 per share.

Net sales for the third quarter fell 11% to $437.99 million from $494.13 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.33 per share on revenue of $482.60 million for the third quarter. Analysts' estimates tpically exclude special items.