(RTTNews) - Thursday, branded gardening products maker Central Garden & Pet Co. (CENT: News ) reported a turn to a profit in the fourth quarter from a year ago, on lower expenses notwithstanding a decline in sales. Results for the quarter were also helped by the absence of goodwill and other impairments of $27.76 million recorded last year.

Central Garden reported a fourth quarter profit of $8.0 million, compared to a net loss of $13.9 million in the year-ago period. On a per share basis, net income was $0.12, compared to a net loss of $0.20 in the prior-year period.

Analysts polled by Thomson Reuters expected earnings of $0.12 per share for the quarter. Analysts' estimates typically exclude one-time items.

Results for the prior-year quarter included a non-cash, pre-tax charge related to goodwill and other impairments of $27.76 million. In the fourth-quarter, cost of goods sold decreased to $246.93 million from $299.72 million in the prior-year period.

Central Garden net sales fell 12% to $363.17 million from $413.97 in the year-ago period. Analysts expected fourth-quarter revenue of $403.74 million.

Segment-wise, sales of branded products declined 12% to $311 million and sales of other manufacturers' products decreased 14% to $52 million in the fourth-quarter, compared to the year-ago period.
Expenses declined to $96.31 million from $98.80 million, while interest expense was $4.86 million, compared to $7.69 million in the year-earlier quarter.

For the full-year, Central Garden reported a profit of $65.9 million, compared to a net loss of $267.3 million last year. Earnings per share was $0.94, compared to a loss of $3.76 last year. Analysts expected full-year earnings of $0.94 per share.

Last year's results include a non-cash, pre-tax charge of $430 million related to the impairment of goodwill, other intangibles and long-lived assets and a pre-tax gain of $11.1 million related to the sale of properties and legal settlement proceeds.

Central Garden net sales declined 5% to $1.61 billion from $1.70 billion last year. Analysts expected full-year revenue of $1.65 billion.

CENT closed Thursday's regular trading session at $10.06, down $0.18, on the Nasdaq.

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by RTT Staff Writer

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