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EXHIBIT 99.1
[LOGO OF CENTRAL GARDEN & PET]
Corporate Office
3697 Mt. Diablo Blvd., Suite 310
Lafayette, CA 94549
(925) 283-4573
Fax (925) 283-4984
FOR IMMEDIATE RELEASE
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Contact: Gregory Reams
Central Garden & Pet
(925) 283-4573
CENTRAL GARDEN & PET COMPANY ANNOUNCES DISCONTINUANCE OF DISTRIBUTION
RELATIONSHIP WITH THE SCOTTS COMPANY
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LAFAYETTE, CALIFORNIA, July 19, 2000 - Central Garden & Pet Company
(NASDAQ: CENT) today announced that it has learned from The Scotts Company
(NYSE: SMG) that Scotts intends to discontinue its distribution relationship
with Central after September 30, 2000. The affected products would include
Scotts(R), Ortho(R) and Miracle-Gro(R) products and consumer Roundup(R) products
manufactured by Pharmacia Corporation (formerly known as Monsanto Company) for
which Scotts acts as Pharmacia's exclusive sales agent.
For Central Garden & Pet's current year ending September 2000, the revenue
attributable to the affected products is estimated to be approximately $185-195
million. The gross profit associated with these sales in the current year is
approximately $31-33 million (8-10% of estimated total gross profit for the
current year). Central expects this loss of gross profit to be significantly
offset next year with expense reductions and other business growth.
Central expects that it will take steps to realign its lawn and garden
distribution operations to reflect the reduced business levels which it
anticipates for the fiscal year 2001. As a result, Central expects to record
substantial one-time charges in the fiscal year ending September 2000.
As previously announced, Scotts and Pharmacia have each initiated
litigation against Central arising out of the prior distribution relationship.
In addition, on July 7, 2000, Central filed suit against Scotts and Pharmacia
seeking damages and injunctive relief as well as
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restitution for, among other things, breach of contract and violations of the
antitrust laws by Scotts and Pharmacia.
Central Garden & Pet Company is the nation's leading manufacturer,
supplier, and merchandiser of consumer lawn and garden and pet supply products.
Central's proprietary branded products include Pennington Seed(R), Kaytee(R),
TFH(R), Nylabone(R), Zodiac(R), and Four Paws(R) pet products, Island(R)
aquariums(R), Matthews(R) Four Seasons products and Grant's(R) ant control
products. Central offers its retail and branded manufacturing partners a wide
array of value-added services proven to increase sales and profitability,
including logistics and distribution support, inventory management, advertising
and promotional programs, in-store merchandising service, and sales program
development. For additional information on Central Garden & Pet, including
access to the Company's SEC filings, please visit the Company's website at
http://www.centralgardenandpet.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: The statements contained in this release which are not historical facts
are forward-looking statements that are subject to risks and uncertainties that
could cause actual results to differ materially from those set forth in or
implied by forward-looking statements. These risks are described in the
Company's Securities and Exchange Commission filings, including, without
limitation, the final accounting for all issues between the Company and Monsanto
under the Solaris Agreement, such as the amounts receivable from Monsanto for
cost reimbursements, payments for cost reductions and payments for services; the
amounts payable to Monsanto for inventory; responsibility for obsolete inventory
and for non-payment by Solaris' direct sales accounts; and costs associated with
the realignment of the Company's lawn and garden distribution operations to
reflect anticipated business levels for the fiscal year 2000.
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