MARYSVILLE, Ohio, Nov. 11 /PRNewswire-FirstCall/ -- The Scotts Miracle-Gro Company , the world's leading marketer of branded consumer lawn and garden products, announced today it is in discussions with several of its largest retail partners in the United States to provide private label lawn fertilizer and growing media products for fiscal 2009 and possibly beyond. The discussions stem from the recent announcement by Spectrum Brands that it intends to exit those segments of the category.
"We believe we are uniquely positioned to leverage our supply chain and sales force to help our retailers meet all of their needs," said Jim Hagedorn, chairman and chief executive officer. "The discussions we have been having with a variety of retail partners have been productive and, we believe, could be mutually beneficial to both them and ScottsMiracle-Gro."
The Company reiterated its previous outlook for fiscal 2009 of adjusted net income of $2.00 per share on nominal sales growth. It does not anticipate updating that guidance during the current fiscal quarter.
About ScottsMiracle-Gro
With $3.0 billion in worldwide sales and more than 6,000 associates, The Scotts Miracle-Gro Company, through its wholly-owned subsidiary, The Scotts Company LLC, is the world's largest marketer of branded consumer products for lawn and garden care, with products for professional horticulture as well. The Company's brands are the most recognized in the industry. In the U.S., the Company's Scotts(R), Miracle-Gro(R) and Ortho(R) brands are market-leading in their categories, as is the consumer Roundup(R) brand, which is marketed in North America and most of Europe exclusively by Scotts and owned by Monsanto. The Company also owns Smith & Hawken(R), a leading brand of garden-inspired products that includes pottery, watering equipment, gardening tools, outdoor furniture and live goods, and Morning Song(R), a leading brand in the wild bird food market. In Europe, the Company's brands include Weedol(R), Pathclear(R), Evergreen(R), Levington(R), Miracle-Gro(R), KB(R), Fertiligene(R) and Substral(R). For additional information, visit us at http://www.scotts.com/ .
Statement under the Private Securities Litigation Act of 1995: Certain of the statements contained in this press release, including, but not limited to, information regarding the future economic performance and financial condition of the Company, the plans and objectives of the Company's management, and the Company's assumptions regarding such performance and plans are forward looking in nature. Actual results could differ materially from the forward-looking information in this release, due to a variety of factors, including, but not limited to:
-- Adverse weather conditions could adversely affect our sales and financial results;
-- Our historical seasonality could impair our ability to pay obligations and operating expenses as they come due;
-- An inability to remain in compliance with current debt covenants could impact our projected interest expense or ability to obtain additional credit without significant costs and therefore could adversely affect our financial health;
-- Public perceptions regarding the safety of our products, particularly in light of our recently announced product recalls, could adversely affect us;
-- Costs associated with our previously announced product recalls and product registration issues and the corresponding governmental investigation, including recall costs, legal and advertising expenses, lost sales and potential governmental fines could adversely affect our financial results;
-- The loss of one or more of our top customers could adversely affect our financial results because of the concentration of our sales to a small number of retail customers;
-- The expiration of certain patents could substantially increase our competition in the United States;
-- Compliance with environmental and other public health regulations could increase our cost of doing business; and
-- Our significant international operations make us more susceptible to fluctuations in currency exchange rates and to the costs of international regulation.
Additional detailed information concerning a number of the important factors that could cause actual results to differ materially from the forward-looking information contained in this release is readily available in the company's publicly filed quarterly, annual and other reports.
