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NoneThe International Criminal Court issued arrest warrants on Thursday for Israeli Prime Minister Benjamin Netanyahu, his former defense minister and a Hamas military leader, accusing them of war crimes and crimes against humanity. The announcement came as health officials in the Gaza Strip said the death toll from the 13-month-old war between Israel and Hamas has surpassed 44,000. The warrant marked the first time that a sitting leader of a major Western ally has been accused of war crimes and crimes against humanity by a global court of justice. The ICC panel said there were reasonable grounds to believe that both Netanyahu and his ex-defense minister bear responsibility for the war crime of starvation and the crimes against humanity of murder, persecution and other inhumane acts. Israel’s war has caused heavy destruction across Gaza, decimated parts of the territory and driven almost the entire population of 2.3 million people from their homes, leaving most dependent on aid to survive. Israel launched its war in Gaza after Hamas-led militants stormed into southern Israel on Oct. 7, 2023, killing some 1,200 people, mostly civilians, and abducting another 250 . Around 100 hostages are still inside Gaza, at least a third of whom are believed to be dead. Here’s the Latest: UNITED NATIONS -- The U.N. humanitarian chief for Gaza is warning that the delivery of critical food, water, fuel and medical supplies is grinding to a halt throughout the territory and “the survival of two million people hangs in the balance.” Muhannad Hadi said in a statement Thursday that Israeli authorities have been banning commercial imports for more than six weeks and at the same time thefts from humanitarian convoys by armed individuals have surged. “In 2024, U.N. trucks have been looted 75 times –- including 15 such attacks since Nov. 4 alone –- and armed people have broken into U.N. facilities on 34 occasions,” he said. Last week, one driver was shot in the head and hospitalized along with another truck driver, Hadi said. And on Saturday 98 trucks were looted in a single attack which saw the vehicles damaged or stolen. The Gaza humanitarian coordinator said bakeries are closing because of lack of flour or fuel to operate generators. “Palestinian civilians are struggling to survive under unlivable conditions, amid relentless hostilities,” Hadi said. He demanded the immediate improvement of security and conditions throughout Gaza to allow the safe and unimpeded delivery of humanitarian aid “through lawful means.” Israel says it puts no limit on the supplies permitted into Gaza, and it blames the U.N. distribution system. But Israel’s official figures show the amount of aid it has let in has plunged since the beginning of October. The U.N has blamed Israeli military restrictions, along with widespread lawlessness that has led to theft of aid shipments. WASHINGTON — The White House fundamentally rejects the International Criminal Court’s decision to issue arrest warrants for senior Israeli officials, press secretary Karine Jean-Pierre said Thursday. She said the Biden administration was “deeply concerned by the prosecutor’s rush to seek arrest warrants and the troubling process errors that led to this decision.” The Biden administration has increased its warnings and appeals to Israeli Prime Minister Benjamin Netanyahu to do more to spare civilians in airstrikes and other attacks, and to allow more aid to reach Gaza. However, a 30-day Biden administration deadline came and went earlier this month for Israel to meet specific U.S. targets to improve its treatment of Palestinian civilians in Gaza trapped in the war. U.S. demands included that Israel lift a near-total ban on delivery of aid to hard-hit north Gaza for starving civilians there. KHAN YOUNIS, Gaza Strip — The three children were playing outside a cluster of tents housing displaced people in the Gaza Strip when an Israeli airstrike killed them, along with six other people. It’s become a grim, near-daily ritual more than 13 months into the Israel-Hamas war, which local health authorities said Thursday has killed over 44,000 Palestinians. Israel carries out frequent strikes against what it says are militants hiding in civilian areas, and women and children are nearly always among the dead. Wednesday’s strike killed Hamza al-Qadi, 7, his brother Abdulaziz, 5, and their sister Laila, 4, in a tent camp in the southern city of Khan Younis. Areej al-Qadi, their mother, says they were playing outside when they were killed. “All that’s left of them are their notebooks, their books and a blood-stained jacket,” she said as she broke into tears. “They were children who did nothing.” The Israeli military did not respond to a request for comment on the strike. Gaza’s Health Ministry said Thursday that 44,056 Palestinians have been killed and 104,268 wounded since the start of the war, which was ignited by Hamas’ Oct. 7 attack into Israel. Palestinian militants killed some 1,200 people that day, mostly civilians, and abducted around 250 people. The Health Ministry does not say how many of those killed in Gaza were fighters but says women and children make up more than half the fatalities. Israel, which rarely comments on individual strikes, says it has killed over 17,000 militants, without providing evidence. Hours after the ministry announced the latest toll, the International Criminal Court issued arrest warrants against Israeli Prime Minister Benjamin Netanyahu, his former defense minister and a Hamas military leader. Mahmoud bin Hassan, the children’s father, said he buried them on Thursday. He asked when the international community would take action to stop the war. “When the entire Palestinian population has been killed?” he said. NEW YORK — Human Rights Watch applauded the International Criminal Court's arrest warrants issued Thursday against both Israeli and Hamas officials. The warrants “break through the perception that certain individuals are beyond the reach of the law,” the associate international justice director at Human Rights Watch, Balkees Jarrah, said in a statement. The New York-based rights group earlier this month released a report saying Israel has committed war crimes and crimes against humanity in the Gaza Strip, including massive forced displacements that amount to ethnic cleansing. JERUSALEM — Israeli prosecutors have charged a former aide to Prime Minister Benjamin Netanyahu with leaking classified documents to international media, apparently to protect the Israeli leader from criticism as a hostage deal was collapsing. Eli Feldstein, a former media adviser to Netanyahu, was charged Thursday with leaking classified information with the intent of harming state security and obstruction of justice. The leaked documents are said to have formed the basis of a widely discredited article in the London-based Jewish Chronicle — which was later withdrawn — suggesting Hamas planned to spirit hostages out of Gaza through Egypt, and an article in Germany’s Bild newspaper that said Hamas was drawing out the hostage talks as a form of psychological warfare on Israel. Critics say the leaks were aimed at giving Netanyahu political cover as the case-fire talks ground to a halt. Some have accused Netanyahu of resisting a deal in to preserve his governing coalition, which includes hard-line members who have threatened to bring down the government if he makes concessions to Hamas. The leaks came at a time of public uproar over the deaths of six hostages who were killed by their Hamas captors as Israeli soldiers were closing in. The indictment said the leaks were meant “to create media influence on the public discourse in Israel in regards to the handling of the hostage situation, after the news of the murder of six hostages.” The indictment identified two other Netanyahu aides as being connected to the scheme, but only Feldstein and an unidentified reservist in Israeli military intelligence were charged. Netanyahu, who denies the accusations, has not been identified as a suspect in the burgeoning investigation. Israeli media say if convicted, Feldstein could potentially face life in prison. JERUSALEM -- The Israeli military has launched an investigation into the death of a 70-year-old Israeli man who entered Lebanon with Israeli forces and was killed in a Hezbollah ambush. Investigators are trying to determine, among other things, who allowed Zeev Erlich into the combat zone with the forces and why he was permitted to enter. According to Israeli media reports, Erlich was not on active duty when he was shot, but was wearing a military uniform and had a weapon. The army said he was a reservist with the rank of major and identified him as a “fallen soldier” when it announced his death. Erlich was a well-known West Bank settler and researcher of Jewish history. Media reports said Erlich was permitted to enter Lebanon to explore a local archaeological site. The army said a 20-year-old soldier was killed in the same incident, while an officer was badly wounded. The army announced Thursday that the chief of staff, Lt. Gen. Herzi Halevi, has appointed a team of experts “to examine and strengthen operational discipline and military culture” following the incident. It said its commander for northern Israel, Maj. Gen. Ori Gordin, would launch a separate “command inquiry,” while Israeli military police conduct a separate probe. Such investigations can lead to criminal charges. BEIRUT — At least 29 people were killed Thursday in Israeli strikes on different towns and villages across Lebanon, according to Lebanon’s Health Ministry and state-run media. In eastern Lebanon, Israeli airstrikes killed 26 people in six different towns in Baalbek province, the health ministry and the National News Agency said. In Tyre province, southern Lebanon, three people were killed in an Israeli strike, the health ministry said. The health ministry Wednesday said that over 3,550 people have been killed in the 13-month war between Hezbollah and Israel, the majority following Israel’s escalation in late September. The European Union's foreign policy chief has underlined that the arrest warrants issued by the International Criminal Court against Israeli Prime Minister Benjamin Netanyahu and Hamas officials are a legal and not political matter, and that they are binding on all 27 EU member countries and other signatories to the ICC to implement. “The tragedy in Gaza has to stop," Josep Borrell told reporters during a visit to Jordan. “It is not a political decision. It is the decision of an international court of justice, and the decision of the court has to be respected, and implemented.” “This decision is a binding decision on all state parties of the court, which include all members of the European Union," he added. ANKARA — Turkish President Recep Tayyip Erdogan’s ruling partyhas welcomed the decision by the International Criminal Court to issue arrest warrants against Israeli Prime Minister Benjamn Netanyahu and former Defense Minister Yoav Gallant, calling it a judgement made for the sake of “humanity.” Omer Celik, spokesman for the Erdogan’s party, said on the social media platform X that Netanyahu and Gallant would “eventually be held accountable for genocide.” Celik also criticised Israeli officials who described the ICC decision as antisemitic. Turkey is among the most vocal critics of Israel’s military actions in Gaza and has submitted a formal request to join a genocide case that South Africa has filed against Israel at the U.N.’s International Court of Justice. Dutch foreign minister Caspar Veldkamp, whose country hosts the International Criminal Court, has confirmed The Netherlands would arrest Israeli Prime Minister Benjamin Netanyahu if he arrived on Dutch soil. “The line from the government is clear. We are obliged to cooperate with the ICC ... we abide 100% by the Rome Statute,” he said in response to a question in parliament Thursday. Other European officials were more cautious. In France, a spokesman for the Foreign Ministry said he supported the International Criminal Court's prosecutor but declined to comment when asked more specifically if France would arrest Netanyahu if he were to step on French soil. “Today, combating impunity is our priority. We ratified the ICC Statute in 2000 and have consistently supported the court’s actions. Our response will align with these principles,” Christophe Lemoine told reporters at a press conference. Lemoine added that the warrants were “a complex legal issue ... It’s a situation that requires a lot of legal precautions.” In Italy, the foreign and justice ministries didn’t immediately respond to emails seeking comment about whether Italy, an ICC member which hosted the Rome conference that gave birth to the court, would honor the arrest warrant. Premier Giorgia Meloni hosted Prime Minister Benjamin Netanyahu in March 2023 and has strongly supported Israel since Oct. 7, while providing humanitarian aid for Palestinians in Gaza. JERUSALEM — Israel’s mostly ceremonial president, Isaac Herzog, has called the International Criminal Court's arrest warrants against Prime Minister Benjamin Netanyahu “a dark day for justice. A dark day for humanity.” In a post on X, he said the international court “has chosen the side of terror and evil over democracy and freedom, and turned the very system of justice into a human shield for Hamas’ crimes against humanity." Israel Katz, Israel’s new defense minister, said the decision was “a moral disgrace, entirely tainted by antisemitism, and drags the international judicial system to an unprecedented low.” He said it “serves Iran, the head of the snake, and its proxies.” Benny Gantz, a retired general and political rival to Netanyahu, also condemned the decision, saying it showed “moral blindness” and was a “shameful stain of historic proportion that will never be forgotten.” Hamas has welcomed the decision by the International Criminal Court to issue warrants against Israeli President Benjamin Netanyahu and his former defense minister Yoav Gallant, calling it an “important and historic precedent” after what it said was decades of injustice at the hands of a “fascist occupation.” The statement did not refer to the warrants issued for the militant group’s own leaders. Hamas called on all nations to “cooperate with the court in bringing the Zionist war criminals, Netanyahu and Gallant, to justice, and to work immediately to stop the crimes of genocide against innocent civilians in the Gaza Strip.” DEIR AL-BALAH, The Gaza Strip — Bakeries have reopened in the central Gaza Strip after being closed for several days because of flour shortages. The shortages appear to have been linked to the looting of nearly 100 truckloads of aid by armed men in southern Gaza last weekend. Associated Press footage showed a crowd of hundreds pushing and shouting outside a bakery in the central city of Deir al-Balah on Thursday. The day before the reopening, the price of a bag of 15 loaves of pita bread had climbed above $13. “In my house, there is not a morsel of bread, and the children are hungry,” said Sultan Abu Sultan, who was displaced from northern Gaza during the war. The amount of aid entering Gaza plunged in October as Israel launched a major offensive in the isolated north, where experts say famine may be underway . Hunger is widespread across the territory, even in central Gaza where aid groups have more access. Humanitarian organizations say Israeli restrictions, ongoing fighting and the breakdown of law and order make it difficult to deliver assistance. Israel’s offensive, launched after Hamas’ October 2023 attack, has displaced around 90% of Gaza’s population of 2.3 million people. Hundreds of thousands are crammed into tent camps with little in the way of public services and are reliant on international food aid. NICOSIA — The president of Cyprus says the European Union must play a bigger role in the Middle East as it can no longer stand by as an observer. President Nikos Christodoulides said the 27-member bloc needs to establish closer ties with countries that bolster regional stability like Egypt, Jordan and the Gulf states. “The conflict in the Middle East is taking place on the EU’s doorstep, in an area of vital interest to the bloc’s interests, where any escalation or regional spillover will have significant consequences on its security and stability,” Christodoulides told an Economist conference in the Cypriot capital. Christodoulides said EU member Cyprus for years has tried to get this message across to Brussels. The island nation earlier this year was the staging ground for a maritime corridor delivering some 20,000 tons of humanitarian aid to Gaza. The EU is wracked by members’ divisions over how peace should come about in the Middle East THE HAGUE — The International Criminal Court issued arrest warrants on Thursday for Israeli Prime Minister Benjamin Netanyahu, his former defense minister and Hamas officials, accusing them of war crimes and crimes against humanity over the war in Gaza and the October 2023 attacks that triggered Israel’s offensive in the Palestinian territory. The decision turns Netanyahu and the others into internationally wanted suspects and is likely to further isolate them and complicate efforts to negotiate a cease-fire to end the 13-month conflict. But its practical implications could be limited since Israel and its major ally, the United States, are not members of the court and several of the Hamas officials have been subsequently killed in the conflict. Netanyahu and other Israeli leaders have previously condemned ICC Chief Prosecutor Karim Khan’s request for the warrants as disgraceful and antisemitic. U.S. President Joe Biden also blasted the prosecutor and expressed support for Israel’s right to defend itself against Hamas. Hamas also slammed the request. The death toll in the Gaza Strip from the 13-month-old war between Israel and Hamas has surpassed 44,000, local health officials said Thursday. The Gaza Health Ministry does not distinguish between civilians and combatants in its count, but it has said that more than half of the fatalities are women and children. The Israeli military says it has killed over 17,000 militants, without providing evidence. The Health Ministry said 44,056 people have been killed and 104,268 wounded since the start of the war. It has said the real toll is higher because thousands of bodies are buried under rubble or in areas that medics cannot access. The war began when Hamas-led militants stormed into southern Israel on Oct. 7, 2023, killing some 1,200 people, mostly civilians, and abducting another 250 . Around 100 hostages are still inside Gaza, at least a third of whom are believed to be dead. Most of the rest were released during a cease-fire last year. Around 90% of Gaza's population of 2.3 million people have been displaced, often multiple times, and hundreds of thousands are living in squalid tent camps with little food, water or basic services. Israel says it tries to avoid harming civilians and blames their deaths on Hamas because the militants operate in residential areas, where they have built tunnels, rocket launchers and other military infrastructure. JERUSALEM — A rocket fired from Lebanon killed a man and wounded two others in northern Israel on Thursday, according to the Magen David Adom rescue service. The service said paramedics found the body of the man in his 30s near a playground in the town of Nahariya, near the border with Lebanon, after a rocket attack on Thursday. Israel meanwhile struck targets in southern Lebanon and several buildings south of Beirut, the Lebanese capital, after warning people to evacuate.

Kayode Tokede The Chairman, Access Holding Company Plc, Mr. Aigboje Aig-Imuokhuede, has commended the digital innovation efforts of the Nigerian Exchange Group following the successful N351billion Rights Issue completed to comply with the regulatory directive of the Central Bank of Nigeria. According to the statement from Access HoldCo, Mr. Aigboje Aig-Imuokhuede said “By leveraging the NGX’s E-offering platform – NGX Invest, the Company provided its shareholders with a seamless, efficient, and convenient subscriber experience significantly reducing barriers and democratizing participation in the Rights Issue.” In an article published by the World Federation of Exchanges, the Group Managing Director/Chief Executive Officer, Nigerian Exchange Group Plc, Mr Temi Popoola had emphasised that the platform was at the core of NGX Group’s digital strategy, stating that it was designed to streamline the distribution of securities in the Nigerian capital market. “Its user-friendly interface allows investors to onboard seamlessly and verify their identities through the Nigeria Inter-Bank Settlement System (NIBSS), using their Bank Verification Number (BVN). With NGX Invest, the traditionally complex and time-consuming process of investing is reduced to a few clicks, making it easier for investors across Nigeria, including those in underserved areas, to participate in the capital market.” The success of Access HoldCo’s capital raise, making it the first bank to officially comply with the CBN’s Banking Recapitalisation directive, is a key social proof and testament to the robustness of NGX Invest and demonstrates the potential of NGX Group’s platform to support the growth and business goals of its Issuers.Title: Repeating History? "Marvel Brawl" Unveils Classic OW 303 Tactics

WALNUT CREEK, Calif.--(BUSINESS WIRE)--Nov 25, 2024-- Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) ("Central"), a market leader in the pet and garden industries, today announced results for its fourth quarter and fiscal year ended September 28, 2024. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241125974807/en/ "We have a lot to be proud of this year. We increased non-GAAP EPS, continued margin expansion, made significant progress on our Cost and Simplicity program, and achieved strong profits in our Pet segment and record cash flow for the company. We accomplished this despite continued soft demand across our Pet segment, in particular in durable pet products, and a difficult garden season," said Niko Lahanas, Central Garden & Pet's new CEO. "While we expect the external environment to remain challenging, I am confident we have the right strategy and people in place to deliver profitable growth in fiscal 2025 and for the long term." Fiscal 2024 Results Net sales were $3.2 billion compared to $3.3 billion in the prior year, a decrease of 3%. Fiscal 2023 benefited from an additional week in the fourth quarter. Organic net sales decreased 4% excluding the impact of the acquisition of TDBBS in fiscal 2024 and the sale of the independent garden channel distribution business in fiscal 2023. Net sales for the Pet segment were $1.83 billion compared to $1.88 billion a year ago, a decrease of 2%. Pet organic net sales decreased 6%. Net sales for the Garden segment were $1.37 billion compared to $1.43 billion in the prior year, a decrease of 5%. Garden organic net sales decreased 1%. Gross margin expanded by 90 basis points to 29.5% from 28.6% in the prior year. On a non-GAAP basis, gross margin expanded by 110 basis points to 30.0% from 28.9% a year ago driven by productivity efforts and moderating inflation. Operating income was $185 million compared to $211 million in the prior year, a decrease of 12%. On a non-GAAP basis, operating income was $223 million compared to $227 million a year ago. Operating margin was 5.8% compared to 6.4% in the prior year. On a non-GAAP basis, operating margin expanded to 7.0% from 6.9% a year ago due to improved gross margin and continued cost discipline in selling, general and administrative expense. Net interest expense was $38 million compared to $50 million in the prior year driven by higher interest income. Other expense was $5.1 million compared to other income of $1.5 million a year ago due to the impairment of two underperforming equity investments in the fourth quarter. Net income was $108 million compared to $126 million in the prior year. On a non-GAAP basis, net income increased to $142 million from $138 million a year ago. Earnings per share were $1.62 compared to $1.88 in the prior year. On a non-GAAP basis, earnings per share increased to $2.13 from $2.07 a year ago. Adjusted EBITDA was $334 million compared to $343 million in the prior year. The effective tax rate for the fiscal year was 23.2% compared to 22.4% a year ago primarily due to an increase in the blended state income tax rate in the current year compared to the prior year. Fourth Quarter Fiscal 2024 Results Net sales were $669 million compared to $750 million a year ago, a decrease of 11%. The prior year quarter benefited from an extra week. Organic net sales decreased 13% excluding the impact of the acquisition of TDBBS and the sale of the independent garden channel distribution business. Gross margin contracted by 110 basis points to 25.2% compared to 26.3% a year ago primarily driven by the impairment of grass seed inventory more than offsetting moderating inflation and productivity efforts. On a non-GAAP basis, gross margin contracted by 60 basis points to 26.0% from 26.6% in the prior year. Operating loss was $32 million compared to operating income of $9 million a year ago. On a non-GAAP basis, operating loss was $11 million compared to operating income of $12 million reflecting lower volumes, the inventory impairment, and the timing of expenses related to productivity and commercial initiatives. Operating margin was (4.8)% compared to 1.2% in the prior year. On a non-GAAP basis, operating margin contracted to (1.7)% from 1.6% a year ago. Other expense was $6 million compared to $2 million in the prior year. Net interest expense was $6 million compared to $8 million a year ago. Net loss was $34 million compared to net income of $3 million in the prior year. On a non-GAAP basis, net loss was $12 million compared to net income $5 million a year ago. Loss per share was $0.51 compared to earnings per share of $0.04 in the prior year. On a non-GAAP basis, loss per share was $0.18 compared to earnings per share of $0.08 a year ago. Adjusted EBITDA was $17 million compared to $42 million in the prior year. Pet Segment Fourth Quarter Fiscal 2024 Results Net sales for the Pet segment were $435 million compared to $483 million in the prior year, a decrease of 10%. The decrease was primarily due to an extra week in the prior year quarter. Organic net sales decreased 14% excluding the impact of the acquisition of TDBBS. The Pet segment’s operating income was $14 million compared to $43 million a year ago. On a non-GAAP basis, operating income was $35 million compared to $48 million in the prior year due to lower volume and the timing of expenses related to productivity and commercial initiatives. Operating margin was 3.3% compared to 9.0% in the prior year. On a non-GAAP basis, operating margin was 8.0% compared to 9.9% a year ago. Pet segment adjusted EBITDA was $45 million compared to $58 million in the prior year quarter. Garden Segment Fourth Quarter Fiscal 2024 Results Net sales for the Garden segment were $234 million compared to $267 million a year ago, a decrease of 12%. The decrease was primarily due to an extra week in the prior year quarter. Organic net sales decreased 11% excluding the impact of the sale of the independent garden channel distribution business. The Garden segment’s operating loss was $29 million compared to a loss of $3 million in the prior year. On a non-GAAP basis, operating loss was $25 million compared to a loss of $5 million a year ago due to lower volume as well as the impairment of grass seed inventory. Operating margin was (12.3)% compared to (1.3)% in the prior year. On a non-GAAP basis, operating margin was (10.6)% compared to (2.0)% a year ago. Garden segment adjusted EBITDA was $(14) million compared to $6 million in the prior year. Liquidity and Debt At September 28, 2024, cash and cash equivalents was $754 million, compared to $489 million a year ago. The increase in cash and cash equivalents was driven by converting inventory to cash over the last 12 months and lower capital expenditures. Cash provided by operations for fiscal 2024 was $395 million, compared to $382 million in the prior year. The increase in cash provided by operations was primarily due to changes in working capital driven by the reduction in inventory. Total debt at September 28, 2024 and September 30, 2023 was $1.2 billion. The gross leverage ratio, calculated using the definitions for Indebtedness and EBITDA in Central's credit agreement, at the end of the quarter was 3.1x, in line with the prior year. Central repurchased 270,032 shares or $9 million of its stock during the quarter. Subsequent to the fiscal year end, Central purchased an additional 1,663,479 shares or $52 million of its stock through November 21, 2024. Non-GAAP Adjustments Fiscal 2024 Central recognized $45 million in non-GAAP charges in fiscal 2024, $28 million of which related to Cost & Simplicity initiatives. Within the Garden segment, this included closure and consolidation of one manufacturing facility, six distribution facilities and one research facility as well as beginning the wind-down of Central's pottery business. Within the Pet segment, this included the announced closure and consolidation of two manufacturing facilities related to a durable pet supply business as well as impairment of intangible assets related to this business due to changing market conditions and increased international competition. In addition to Cost & Simplicity related charges, Central recognized $4 million in charges related to the impairment of equity investments in two underperforming private businesses, partially offset by a gain on the settlement of a litigation. The $45 million overall charge was mostly noncash, with $16 million included in cost of goods sold, $21 million in selling, general and administrative expense, and $8 million in other expense. Fourth Quarter Fiscal 2024 Non-GAAP charges for the fourth quarter were $29 million, $12 million of which related to Cost & Simplicity initiatives, $13 million related to intangible impairments, and $4 million related to the equity investment write downs and partially offsetting a gain on the settlement of a litigation. The $29 million overall charge was mostly noncash, with $5 million included in cost of goods sold, $16 million in selling, general and administrative expense, and $8 million in other expense. Outlook for Fiscal 2025 Central currently expects fiscal 2025 non-GAAP EPS to be $2.20 or better. This outlook takes into consideration deflationary pressure in certain commodity businesses, evolving consumer behavior in an environment of macroeconomic and geopolitical uncertainty, and the challenging brick-and-mortar retail environment. Central expects fiscal 2025 capital spending to be in the range of $60-70 million. This outlook excludes the impact of any acquisitions, divestitures or restructuring activities that may occur during fiscal 2025, including projects under the Cost and Simplicity program. Conference Call Central will hold a conference call today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time), hosted by Niko Lahanas, CEO, and Brad Smith, CFO, to discuss these results and to provide a general business update. The conference call and related materials can be accessed at http://ir.central.com . Alternatively, to listen to the call by telephone, dial (201) 689-8345 (domestic and international) using confirmation #13748436. About Central Garden & Pet Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) understands home is central to life and has proudly nurtured happy and healthy homes for over 40 years. With fiscal 2024 net sales of $3.2 billion, Central is on a mission to lead the future of the pet and garden industries. The Company’s innovative and trusted products are dedicated to helping lawns grow greener, gardens bloom bigger, pets live healthier, and communities grow stronger. Central is home to a leading portfolio of more than 65 high-quality brands including Amdro ®, Aqueon ®, Cadet ®, C&S ®, Farnam ®, Ferry-Morse ®, Four Paws ®, Kaytee ®, Nylabone ® and Pennington ®, strong manufacturing and distribution capabilities, and a passionate, entrepreneurial growth culture. Central is based in Walnut Creek, California, with 6,450 employees primarily across North America. Visit www.central.com to learn more. Safe Harbor Statement “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts, including statements concerning evolving consumer demand and unfavorable retailer dynamics, productivity initiatives and estimated capital spending, and earnings guidance for fiscal 2025, 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. All forward-looking statements are based upon Central's current expectations and various assumptions. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this release including, but not limited to, the following factors: These risks and others are described in Central’s Securities and Exchange Commission filings. Central undertakes no obligation to publicly update these forward-looking statements to reflect new information, subsequent events or otherwise. CENTRAL GARDEN & PET COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) ASSETS September 28, 2024 September 30, 2023 Current assets: Cash and cash equivalents $ 753,550 $ 488,730 Restricted cash 14,853 14,143 Accounts receivable, net 326,220 332,890 Inventories, net 757,943 838,188 Prepaid expenses and other 34,240 33,172 Total current assets 1,886,806 1,707,123 Plant, property and equipment, net 379,166 391,768 Goodwill 551,361 546,436 Other intangible assets, net 473,280 497,228 Operating lease right-of-use assets 205,137 173,540 Other assets 57,689 62,553 Total $ 3,553,439 $ 3,378,648 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 212,606 $ 190,902 Accrued expenses 245,226 216,241 Current lease liabilities 57,313 50,597 Current portion of long-term debt 239 247 Total current liabilities 515,384 457,987 Long-term debt 1,189,809 1,187,956 Long-term lease liabilities 173,086 135,621 Deferred income taxes and other long-term obligations 117,615 144,271 Equity: Common stock ($.01 par value; 80 million shares authorized; 11,074,620 and 11,077,612 issued, respectively) 111 111 Class A common stock ($.01 par value; 100 million shares authorized; 54,446,194 and 54,472,902 issued, respectively) 544 544 Class B stock ($.01 par value; 3 million shares authorized; 1,602,374 and 1,602,374 issued, respectively) 16 16 Additional paid-in capital 598,098 594,282 Retained earnings 959,511 859,370 Accumulated other comprehensive loss (2,626 ) (2,970 ) Total Central Garden & Pet shareholders’ equity 1,555,654 1,451,353 Noncontrolling interest 1,891 1,460 Total equity 1,557,545 1,452,813 Total $ 3,553,439 $ 3,378,648 CENTRAL GARDEN & PET COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended Fiscal Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Net sales $ 669,489 $ 750,147 $ 3,200,460 $ 3,310,083 Cost of goods sold 500,537 552,694 2,256,725 2,363,241 Gross profit 168,952 197,453 943,735 946,842 Selling, general and administrative expenses 201,360 188,084 758,348 736,196 Operating (loss) income (32,408 ) 9,369 185,387 210,646 Interest expense (14,115 ) (13,138 ) (57,527 ) (57,025 ) Interest income 7,639 5,075 19,655 7,362 Other income (expense), net (6,137 ) (1,685 ) (5,090 ) 1,462 Income (loss) before income taxes and noncontrolling interest (45,021 ) (379 ) 142,425 162,445 Income tax (benefit) expense (10,621 ) (3,098 ) 33,112 36,348 Net income (loss) including noncontrolling interest (34,400 ) 2,719 109,313 126,097 Net income (loss) attributable to noncontrolling interest (242 ) (116 ) 1,330 454 Net income (loss) attributable to Central Garden & Pet Company $ (34,158 ) $ 2,835 $ 107,983 $ 125,643 Net income (loss) per share attributable to Central Garden & Pet Company: Basic $ (0.52 ) $ 0.04 $ 1.64 $ 1.92 Diluted $ (0.51 ) $ 0.04 $ 1.62 $ 1.88 Weighted average shares used in the computation of net income per share: Basic 65,939 65,265 65,711 65,493 Diluted 66,917 66,671 66,860 66,783 CENTRAL GARDEN & PET COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS Fiscal Year Ended September 28, 2024 September 30, 2023 September 24, 2022 (in thousands) Cash flows from operating activities: Net income $ 109,313 $ 126,097 $ 152,672 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 90,807 87,700 80,948 Amortization of deferred financing costs 2,687 2,698 2,657 Non-cash lease expense 56,180 51,868 48,656 Stock-based compensation 20,583 27,990 25,817 Debt extinguishment costs — — 169 Gain on sale of business — (5,845 ) — Deferred income taxes (14,482 ) (12,253 ) 28,128 Facility closures and business exit costs 27,842 15,674 — Impairment of intangibles 12,790 — — Other asset impairments 7,462 750 — Other 906 (525 ) (648 ) Changes in assets and liabilities (excluding businesses acquired): Receivables 11,857 43,980 7,004 Inventories 86,980 (256,443 ) Prepaid expenses and other assets 11,944 8,813 (6,031 ) Accounts payable 18,373 (19,962 ) (31,209 ) Accrued expenses 6,766 (33,495 ) Other long-term obligations (12,631 ) 9,595 (7,728 ) Operating lease liabilities (50,197 ) (48,692 ) (44,527 ) Net cash provided by (used in) operating activities 394,892 381,634 (34,030 ) Cash flows from investing activities: Additions to property, plant and equipment (43,135 ) (53,966 ) (115,205 ) Business acquired, net of cash acquired (60,226 ) — — Proceeds from sale of business — 20,000 — Payments for investments (1,650 ) (500 ) (27,818 ) Other investing activities (175 ) (115 ) 40 Net cash used in investing activities (105,186 ) (34,581 ) (142,983 ) Cash flows from financing activities: Repayments on revolving line of credit — (48,000 ) — Borrowings on revolving line of credit — 48,000 — Repayments of long-term debt (370 ) (338 ) (1,096 ) Repurchase of common stock, including shares surrendered for tax withholding (24,075 ) (37,161 ) (62,287 ) Payments of contingent consideration (95 ) (54 ) (216 ) Distribution to noncontrolling interest (899 ) — (806 ) Payment of financing costs — — (2,410 ) Net cash used in financing activities (25,438 ) (37,553 ) (66,815 ) Effect of exchange rate changes on cash and equivalents 1,261 1,189 (3,510 ) Net increase (decrease) in cash, cash equivalents and restricted cash 265,530 310,689 (247,338 ) Cash, cash equivalents and restricted cash at beginning of year 502,873 192,184 439,522 Cash, cash equivalents and restricted cash at end of year $ 768,403 $ 502,873 $ 192,184 Supplemental information: Cash paid for interest $ 57,531 $ 57,143 $ 57,928 Cash paid for income taxes – net of refunds 53,582 17,910 34,964 Non-cash investing and financing activities: Capital expenditures incurred but not paid 1,936 2,243 8,016 Liability for contingent performance based payments (20 ) (374 ) (847 ) Shares of common stock repurchased but not settled 536 — 911 Lease liabilities arising from obtaining right-of-use assets 95,391 42,777 70,794 Use of Non-GAAP Financial Measures We report our financial results in accordance with GAAP. However, to supplement the financial results prepared in accordance with GAAP, we use non-GAAP financial measures including non-GAAP net income and diluted net income per share, non-GAAP operating income, non-GAAP gross profit and gross margin, non-GAAP selling, general and administrative expense, adjusted EBITDA and organic net sales. Management uses these non-GAAP financial measures that exclude the impact of specific items (described below) in making financial, operating and planning decisions and in evaluating our performance. Management believes that these non-GAAP financial measures may be useful to investors in their assessment of our ongoing operating performance and provide additional meaningful comparisons between current results and results in prior operating periods. While Management believes that non-GAAP measures are useful supplemental information, such adjusted results are not intended to replace our GAAP financial results and should be read in conjunction with those GAAP results. Adjusted EBITDA is defined by us as income before income tax, net other expense, net interest expense and depreciation and amortization and stock-based compensation expense (or operating income plus depreciation and amortization expense and stock-based compensation expense). Adjusted EBITDA further excludes one-time charges related to facility closures exits of business, intangible and investment impairments and gains from a litigation settlement. We present adjusted EBITDA because we believe that adjusted EBITDA is a useful supplemental measure in evaluating the cash flows and performance of our business and provides greater transparency into our results of operations. Adjusted EBITDA is used by our management to perform such evaluations. Adjusted EBITDA should not be considered in isolation or as a substitute for cash flow from operations, income from operations or other income statement measures prepared in accordance with GAAP. We believe that adjusted EBITDA is frequently used by investors, securities analysts and other interested parties in their evaluation of companies, many of which present adjusted EBITDA when reporting their results. Other companies may calculate adjusted EBITDA differently and it may not be comparable. The reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are shown in the tables below. We have not provided a reconciliation of non-GAAP guidance measures to the corresponding GAAP measures on a forward-looking basis as we cannot do so without unreasonable efforts due to the potential variability and limited visibility of excluded items. For the same reasons, we are unable to address the probable significance of the unavailable information. Non-GAAP financial measures reflect adjustments based on the following items: From time to time in the future, there may be other items that we may exclude if we believe that doing so is consistent with the goal of providing useful information to investors and management. The non-GAAP adjustments made reflect the following: Facility closures and business exits (1) During the fourth quarter of fiscal year 2024, we recognized incremental expense of $7.5 million in our Pet segment in the consolidated statement of operations, from the closure of manufacturing facilities in California and Arizona. Additionally, we recognized incremental expense in our Garden segment of $3.9 million related to facility closures and business exits announced in fiscal 2023 and earlier in fiscal 2024. (2) During the third quarter of fiscal 2024, we recognized incremental expense of $11.1 million in the consolidated statement of operations, from the decision to exit the pottery business, the closure of a live goods distribution facility in Delaware and the relocation of our grass seed research facility. (3) During the second quarter of fiscal 2024, we recognized incremental expense of $5.3 million in the consolidated statement of operations from the closure of a manufacturing facility in California and the consolidation of our Southeast distribution network. (4) During the fourth quarter of fiscal 2023, we recognized a gain of $5.8 million from the sale of our independent garden center distribution business, which includes the impact of associated facility closure costs. The gain is included in selling, general and administrative expense in the consolidated statement of operations. (5) In fiscal 2023, we recognized incremental expense of $13.9 million in our Pet segment in the consolidated statement of operations from the closure of a manufacturing and distribution facility in Texas. Additionally, we recognized incremental expense of $1.8 million in our Pet segment in the consolidated statement of operations, from the closure of a second manufacturing and distribution facility in Texas. Intangible Impairments (6) During the fourth quarter of fiscal 2024, we recognized a non-cash impairment charge in our Pet segment of $12.8 million related to the impairment of intangible assets due primarily to changing market conditions resulting from the decline in demand for durable products and increased international competition. (7) In fiscal 2023, we recognized a non-cash impairment charge in our Pet segment of $2.8 million related to the impairment of intangible assets caused by the loss of a significant customer in our live fish business. Also, we recognized a non-cash impairment charge in our Garden segment of $3.9 million related to the impairment of intangible assets due to reduced demand for products we sold under an acquired trade name. The impairments were recorded as part of selling, general and administrative costs. Gain from litigation and investment impairment (8) Within corporate, the Company received $3.2 million during the fourth quarter of fiscal 2024 in settlement of litigation which gain is included in selling, general and administrative expense. Additionally, we recognized a $7.5 million non-cash impairment charge for two related private company investments that is included within Other income (expense) in the consolidated statement of operations. Net Income and Diluted Net Income Per Share Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended Fiscal Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (in thousands, except per share amount) GAAP net (loss) income attributable to Central Garden & Pet Company $ (34,158 ) $ 2,835 $ 107,983 $ 125,643 Facility closures (1)(2)(3)(5) 11,457 1,751 27,842 15,672 Intangible impairments (6)(7) 12,790 6,731 12,790 6,731 Litigation settlement (8) (3,200 ) — (3,200 ) — Independent channel distribution business sale (4) — (5,844 ) — (5,844 ) Investment impairment (8) 7,461 — 7,461 — Tax effect of adjustments (6,725 ) (332 ) (10,437 ) (3,705 ) Non-GAAP net (loss) income attributable to Central Garden & Pet Company $ (12,375 ) $ 5,141 $ 142,439 $ 138,497 GAAP diluted net income per share $ (0.51 ) $ 0.04 $ 1.62 $ 1.88 Non-GAAP diluted net income per share $ (0.18 ) $ 0.08 $ 2.13 $ 2.07 Shares used in GAAP and non-GAAP diluted net income per share calculation 66,917 66,671 66,860 66,783 Operating Income Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 28, 2024 Fiscal Year Ended September 28, 2024 GAAP Adjustments (1)(6)(8) Non-GAAP GAAP Adjustments (1)(2)(3)(6)(8) Non-GAAP (in thousands) Net sales $ 669,489 $ — $ 669,489 $ 3,200,460 $ — $ 3,200,460 Cost of goods sold and occupancy 500,537 5,209 495,328 2,256,725 16,349 2,240,376 Gross profit 168,952 (5,209 ) 174,161 943,735 (16,349 ) 960,084 Selling, general and administrative expenses 201,360 15,838 185,522 758,348 21,083 737,265 (Loss) Income from operations $ (32,408 ) $ (21,047 ) $ (11,361 ) $ 185,387 $ (37,432 ) $ 222,819 Gross margin 25.2 % 26.0 % 29.5 % 30.0 % Operating margin (4.8 )% (1.7 )% 5.8 % 7.0 % Operating Income Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 30, 2023 Fiscal Year Ended September 30, 2023 GAAP Adjustments (4)(5)(7) Non-GAAP GAAP Adjustments (4)(5)(7) Non-GAAP (in thousands) Net sales $ 750,147 $ — $ 750,147 $ 3,310,083 $ — $ 3,310,083 Cost of goods sold and occupancy 552,694 1,751 550,943 2,363,241 9,761 2,353,480 Gross profit 197,453 (1,751 ) 199,204 946,842 (9,761 ) 956,603 Selling, general and administrative expenses 188,084 887 187,197 736,196 6,798 729,398 Income from operations $ 9,369 $ (2,638 ) $ 12,007 $ 210,646 $ (16,559 ) $ 227,205 Gross margin 26.3 % 26.6 % 28.6 % 28.9 % Operating margin 1.2 % 1.6 % 6.4 % 6.9 % Pet Segment Operating Income Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended Fiscal Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (in thousands) GAAP operating income $ 14,310 $ 43,225 $ 203,425 $ 198,004 Facility closures (1)(5) 7,549 1,751 7,549 15,672 Intangible impairments (6)(7) 12,790 2,785 12,790 2,785 Non-GAAP operating income $ 34,649 $ 47,761 $ 223,764 $ 216,461 GAAP operating margin 3.3 % 9.0 % 11.1 % 10.5 % Non-GAAP operating margin 8.0 % 9.9 % 12.2 % 11.5 % Garden Segment Operating Income Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended Fiscal Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (in thousands) GAAP operating income $ (28,806 ) $ (3,432 ) $ 81,893 $ 123,455 Facility closures (1)(2)(3) 3,908 — 20,293 — Independent channel distribution business sale (4) — (5,844 ) — (5,844 ) Intangible impairments (7) — 3,946 — 3,946 Non-GAAP operating income (loss) $ (24,898 ) $ (5,330 ) $ 102,186 $ 121,557 GAAP operating margin (12.3 )% (1.3 )% 6.0 % 8.6 % Non-GAAP operating margin (10.6 )% (2.0 )% 7.5 % 8.5 % Organic Net Sales Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 28, 2024 Fiscal Year Ended September 28, 2024 Net sales (GAAP) Effect of acquisitions & divestiture on net sales Net sales organic Net sales (GAAP) Effect of acquisitions & divestitures on net sales Net sales organic (in millions) Reported net sales FY 2024 $ 669.5 $ 18.0 $ 651.5 $ 3,200.5 $ 66.4 $ 3,134.1 Reported net sales FY 2023 750.1 3.7 746.4 3,310.1 48.1 3,262.0 $ decrease $ (80.6 ) $ 14.3 $ (94.9 ) $ (109.6 ) $ 18.3 $ (127.9 ) % decrease (10.7 )% (12.7 )% (3.3 )% (3.9 )% Organic Pet Segment Net Sales Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 28, 2024 Fiscal Year Ended September 28, 2024 Net sales (GAAP) Effect of acquisitions & divestitures on net sales Net sales organic Net sales (GAAP) Effect of acquisitions & divestitures on net sales Net sales organic (in millions) Reported net sales FY 2024 $ 435.3 $ 18.0 $ 417.3 $ 1,832.8 $ 66.4 $ 1,766.4 Reported net sales FY 2023 482.8 — 482.8 1,877.2 — 1,877.2 $ decrease $ (47.5 ) $ 18.0 $ (65.5 ) $ (44.4 ) $ 66.4 $ (110.8 ) % decrease (9.8 )% (13.6 )% (2.4 )% (5.9 )% Organic Garden Segment Net Sales Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 28, 2024 Fiscal Year Ended September 28, 2024 Net sales (GAAP) Effect of acquisitions & divestitures on net sales Net sales organic Net sales (GAAP) Effect of acquisitions & divestitures on net sales Net sales organic (in millions) Reported net sales FY 2024 $ 234.2 $ — $ 234.2 $ 1,367.7 $ — $ 1,367.7 Reported net sales FY 2023 267.3 3.7 263.6 1,432.9 48.1 1,384.8 $ decrease $ (33.1 ) $ (3.7 ) $ (29.4 ) $ (65.2 ) $ (48.1 ) $ (17.1 ) % decrease (12.4 )% (11.2 )% (4.6 )% (1.2 )% Adjusted EBITDA Reconciliation GAAP to Non-GAAP Reconciliation Fiscal Year Ended September 28, 2024 Pet Garden Corp Total (in thousands) Net income attributable to Central Garden & Pet $ — $ — $ — $ 107,983 Interest expense, net — — — 37,872 Other expense — — — 5,090 Income tax expense — — — 33,112 Net income attributable to noncontrolling interest — — — 1,330 Sum of items below operating income — — — 77,404 Income (loss) from operations 203,425 81,893 (99,931 ) 185,387 Depreciation & amortization 43,642 44,403 2,762 90,807 Noncash stock-based compensation — — 20,583 20,583 Non-GAAP adjustments (1)(2)(3)(6)(8) 20,339 20,293 (3,200 ) 37,432 Adjusted EBITDA $ 267,406 $ 146,589 $ (79,786 ) $ 334,209 GAAP to Non-GAAP Reconciliation Fiscal Year Ended September 30, 2023 Pet Garden Corp Total (in thousands) Net income attributable to Central Garden & Pet $ — $ — $ — $ 125,643 Interest expense, net — — — 49,663 Other income — — — (1,462 ) Income tax expense — — — 36,348 Net income attributable to noncontrolling interest — — — 454 Sum of items below operating income — — — 85,003 Income (loss) from operations 198,004 123,455 (110,813 ) 210,646 Depreciation & amortization 41,126 43,375 3,199 87,700 Noncash stock-based compensation — — 27,990 27,990 Non-GAAP adjustments (4)(5)(7) 18,457 (1,898 ) — 16,559 Adjusted EBITDA $ 257,587 $ 164,932 $ (79,624 ) $ 342,895 Adjusted EBITDA Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 28, 2024 Pet Garden Corp Total (in thousands) Net loss attributable to Central Garden & Pet $ — $ — $ — $ (34,158 ) Interest expense, net — — — 6,476 Other expense — — — 6,137 Income tax benefit — — — (10,621 ) Net loss attributable to noncontrolling interest — — — (242 ) Sum of items below operating income — — — 1,750 Income (loss) from operations 14,310 (28,806 ) (17,912 ) (32,408 ) Depreciation & amortization 10,741 11,375 622 22,738 Noncash stock-based compensation — — 5,445 5,445 Non-GAAP adjustments (1)(2)(3)(6)(8) 20,339 3,908 (3,200 ) 21,047 Adjusted EBITDA $ 45,390 $ (13,523 ) $ (15,045 ) $ 16,822 Adjusted EBITDA Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 30, 2023 Pet Garden Corp Total (in thousands) Net income attributable to Central Garden & Pet $ — $ — $ — $ 2,835 Interest expense, net — — — 8,063 Other expense — — — 1,685 Income tax benefit — — — (3,098 ) Net loss attributable to noncontrolling interest — — — (116 ) Sum of items below operating income — — — 6,534 Income (loss) from operations 43,225 (3,432 ) (30,424 ) 9,369 Depreciation & amortization 10,479 10,892 825 22,196 Noncash stock-based compensation — — 7,358 7,358 Non-GAAP adjustments (4)(5)(7) 4,536 (1,898 ) — 2,638 Adjusted EBITDA $ 58,240 $ 5,562 $ (22,241 ) $ 41,561 View source version on businesswire.com : https://www.businesswire.com/news/home/20241125974807/en/ CONTACT: Investor & Media Contact Friederike Edelmann VP of Investor Relations & Corporate Sustainability (925) 412 6726 |fedelmann@central.com KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: RETAIL CONSUMER HOME GOODS SPECIALTY PETS CONSTRUCTION & PROPERTY LANDSCAPE SOURCE: Central Garden & Pet Company Copyright Business Wire 2024. PUB: 11/25/2024 04:03 PM/DISC: 11/25/2024 04:03 PM http://www.businesswire.com/news/home/20241125974807/en

Towns put on a show in the fourth quarter, dominating the paint on both ends of the floor. His relentless rebounding and scoring inside gave the Knicks a much-needed boost, extending their lead over the Raptors. With the game tied in the waning moments, Towns took matters into his own hands, sinking a crucial jump shot to put the Knicks ahead. But he wasn't done yet – Towns followed it up with another clutch basket, sealing the victory for the Knicks and sending the home crowd into a frenzy.

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