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WALNUT CREEK, CA - Central Garden & Pet Co. (NASDAQ:CENT), a leading innovator in the pet and garden supplies industries, disclosed updates to executive compensation and shareholder voting results in a recent SEC Form 8-K filing.
On Monday, the company’s Compensation Committee approved cash bonus payments for fiscal 2024 to its named executive officers. These bonuses were not included in the 2025 Proxy Statement filed on December 30, 2024, as the amounts had not been determined at that time. The updated compensation details are now available, reflecting adjustments to the Non-Equity Incentive Plan Compensation and Total (EPA:TTEF) columns for fiscal 2024. The company maintains strong financial health with a current ratio of 3.47, indicating robust liquidity to meet its obligations.
The company reported that former CEO Timothy P. Cofer, who resigned on October 6, 2023, received a prorated salary and accrued paid time off, while Nicholas Lahanas, who transitioned from CFO to CEO on September 29, 2024, received compensation in various forms including salary, stock awards, and non-equity incentive plan compensation.
Additionally, the Compensation Committee approved salary increases for John Hanson, President of Pet Consumer Products, John D. Walker, President of Garden Consumer Products, and William E. Brown, Chairman of the Board, effective January 1, 2025.
In the same filing, Central Garden & Pet announced the shareholder voting outcomes from the Annual Meeting held on Tuesday, February 12, 2025. Shareholders elected ten directors to serve until the 2026 Annual Meeting and ratified Deloitte & Touche LLP as the company’s independent registered public accounting firm for the fiscal year ending September 27, 2025.
The Board withdrew a proposal to amend the company’s Fourth Amended and Restated Certificate of Incorporation prior to the Annual Meeting, as detailed in the Supplement to the Proxy Statement filed on February 11, 2025.
This news is based on the latest SEC filing by Central Garden & Pet and provides an update on the company’s governance and financial management.
In other recent news, Central Garden & Pet Company reported robust fiscal first quarter earnings and revenue, significantly surpassing analyst estimates. The firm posted earnings per share of $0.21, a marked improvement over the predicted -$0.02, and revenue of $656 million, which exceeded the forecasted $630.43 million. This strong performance was attributed to increased shipments, productivity gains, and easing inflation.
The Pet segment reported a 4% rise in net sales to $427 million, while the Garden segment saw a 2% growth to $229 million. Despite these positive outcomes, the company maintained its fiscal 2025 guidance for non-GAAP EPS of $2.20 or better, slightly below the analyst consensus of $2.24.
Furthermore, Central Garden & Pet improved its gross margin by 160 basis points to 29.8% and grew its operating income to $28 million, up from $8 million a year ago. The company also repurchased 1.68 million shares or $52 million of its stock during the quarter. These are the latest developments for Central Garden & Pet Company.
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