Central Garden & Pet Company (CENT) Tops Q3 EPS by 10c; Appoints New CFO
Central Garden & Pet Company (NASDAQ: CENT) reported Q3 EPS of $0.38, $0.10 better than the analyst estimate of $0.28. Revenue for the quarter came in at $459.4 million versus the consensus estimate of $456.24 million.
Central Garden & Pet also announced the resignation of Lori Varlas, Senior Vice President and Chief Financial Officer. Ms. Varlas is leaving the Company effective September 2, 2015 and has accepted a senior level position at another company. She will be staying through the month of August to ensure a smooth transition and subsequently, will provide services under her post-employment agreement.
The Board of Directors has named David N. Chichester as Acting Chief Financial Officer. Mr. Chichester has served for 13 years on Central’s Board as Audit Committee Financial Expert. Mr. Chichester has an extensive background in corporate finance having served as CFO or held senior finance positions at several companies including Starbucks and Marriott Corporation. He brings significant financial management, accounting, disclosure, and risk assessment experience to the Acting CFO role.
"On behalf of the Board of Directors and the entire company, I want to thank Lori for her invaluable contributions,” said John Ranelli, President & CEO of Central Garden & Pet. “Lori leaves us as a stronger Company. She has assembled an experienced and talented financial team that will help us ensure a seamless transition until we name a permanent successor. I wish her continued success in her future endeavors.” Ranelli added, “I look forward to working with David in his new role as we continue to execute on our growth strategy.”
For earnings history and earnings-related data on Central Garden & Pet Company (CENT) click here.
