Ladies and gentlemen, thank you for standing by. Welcome to Central Garden & Pet's Third Quarter Fiscal Year 2015 Financial Results Conference Call. My name is Rob and I will be your conference operator for today. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will be given at that time. As a reminder, this conference call is being recorded. I would now like to turn the call over to Steven Zenker, Vice President of Investor Relations and Communications. Please go ahead, sir. Steven Zenker - Vice President-Investor Relations & Communications: Thank you, Rob. Good afternoon, everyone. Thank you for joining us. With me on the call today are John Ranelli, Central's President and Chief Executive Officer, and Lori Varlas, Central's Chief Financial Officer. Our press release providing results for our third quarter ended June 27, 2015 is available on our website at www.central.com. Also on the website is the GAAP to non-GAAP reconciliation with the non-GAAP measures discussed on this call. Before I turn the call over to John, I would like to remind you that statements made during this conference call which are not historical facts, including expectations for new product introductions, future acquisitions and improved revenue and profitability are forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those implied by forward-looking statements. These risks and others are described in Central's Securities and Exchange Commission filing, including our Annual Report on Form 10-K filed December 11, 2014, and in our Quarterly Report on Form 10-Q to be filled on or about August 5, 2015. Central undertakes no obligation to publicly update these forward-looking statements to reflect new information, subsequent events or otherwise. Now I will turn the call over to…

Thank you. We'll now be conducting a question-and-answer session. Thank you. Our first question is coming from the line of Bill Chappell with SunTrust Robinson. Please go ahead with your question.

Thanks, guys. John R. Ranelli - President & Chief Executive Officer: Hello, Bill.

How are you? John R. Ranelli - President & Chief Executive Officer: Good.

John, I guess just to the succession issue. Maybe help us understand the outlook if you're – again, I know you're expanding it or extending it, but you're still there for 15 more months. Is the point to really refocus on acquisitions and really change the company or kind of more of the same and then bring in somebody new in the next six months and see where the vision goes from there? John R. Ranelli - President & Chief Executive Officer: No. I believe that the concept behind my contract as structured by the board is based on the successes that we have been having and are having and building the foundation of the financial performance going from $0.20 a share to $0.33 a share and then to a number this year which will be $0.63 or higher. I think the board is very pleased with the direction that we're going and they wanted to keep the concepts that we're doing and the execution of going forward. So they wanted to make sure that we had continuity in succession of the management team. And we went and put the contract together that has the company and I working together for another six years.

Okay. And in terms of looking at where we are in the turnaround, the streamlining, even identifying the cost savings, I mean, is this a realization that we're halfway there or more than halfway there? And in terms of – or are you starting to pivot more towards the marketing and stem (28:38) side, or is there still more cost savings to be found? John R. Ranelli - President & Chief Executive Officer: Great question. Basically, we think that our foundation is now in place. And we have opportunity with that foundation in place to grow and take advantage of Central's, can I call it, financial and operating leverage. In other words, I believe that we could increase our sales significantly without adding that much to our cost base.

And when you talk about increasing sales significantly, is the goal to grow in line with, let's say, the mid-single digit of the Pet category and the low-single digit of the Garden category? And maybe you could give us some color on recent wins or market share gains to just give us some better understanding of what's going on there. John R. Ranelli - President & Chief Executive Officer: Sure. In the area of growth, we have gone into the marketplace and I am really pleased to say that on the Garden side that our market share has stayed relatively flat, if not increased this year. So, I'm very pleased with our Garden performance. In our Pet segment, we were looking at some numbers yesterday. Over the 52-week period, our market share has actually declined, which we expected given where we were on our base coming off of the time that we turned internal (30:30). Where we are now was that over the last 13 weeks we were flat in market share and over the last month we were up. So I'm seeing significant improvements in our POS. And they're mostly driven by two things; one is increased distribution. Recent increases in distribution have come – a significant amount of them have come in our Aquatics business in Petco. And we're very, very pleased with that and also the sales growth that we're getting from it. So we're going both after increased distribution and increased sales growth by using our marketing tools that we have, both from a push and pull basis going forward.

Great. Thanks for the color.

Thank you. Our next question is from the line of Brian Nagel with Oppenheimer. Please go ahead with your question. Brian W. Nagel - Oppenheimer & Co., Inc. (Broker): Hi. Good afternoon. John R. Ranelli - President & Chief Executive Officer: Hi, Brian. Lori A. Varlas - Chief Financial Officer, Secretary & Senior VP: Hey, Brian. Brian W. Nagel - Oppenheimer & Co., Inc. (Broker): Congratulations on a nice quarter. John R. Ranelli - President & Chief Executive Officer: Thank you. Brian W. Nagel - Oppenheimer & Co., Inc. (Broker): I've got a couple of questions. One is somewhat of a follow up on the prior question. But the acquisitions, John, I think as we look at your story and it sounds like that we're preparing now at least the last couple of quarters that Central's more in the mindset of making acquisitions. Are there any broad parameters we could be thinking about? What type of company, either from the financial perspective or size, that you're looking to acquire? John R. Ranelli - President & Chief Executive Officer: I really couldn't hear the question. But I assume that what the question was, was are there any particular size of business that our potential acquisitions could be in. Is that correct? Brian W. Nagel - Oppenheimer & Co., Inc. (Broker): That's correct. Sorry about my connection being bad. That's correct. Yeah, go ahead. John R. Ranelli - President & Chief Executive Officer: No, there's no particular size. We like to keep our leverage ratio somewhere between 3 times and 4 times. Obviously, for an acquisition, we would go above that to acquire the right acquisition. But we'd like to stay pretty close to our ditty, (33:04) which is in the Pet and Garden business. We have a lot of confidence in…

Our next question is from the line of Grant Jordan with Wells Fargo Advisors. Please proceed with your questions.

Good afternoon. I may have missed this, but can you repeat on the grass seed, were you able to maintain share or did you lose share during the first six months of the year? Lori A. Varlas - Chief Financial Officer, Secretary & Senior VP: Yes, from a grass seed perspective, it was not a great grass seed year. We've certainly seen the trajectory and the impact of those overall grass seeds, but from a share perspective, I think we're holding our own.

Okay. That's what I thought I heard you say. Second question. Now that the balance sheet has improved, is there any thought to we're going to pay down more of the bonds or do a refi? Or is more strategic activity on the back burner with the management changes? John R. Ranelli - President & Chief Executive Officer: We and our advisors are constantly watching the market. And please remember that we repurchased $50 million of bonds not too long ago, in fact, earlier in the year. And also our call premium expires next March. We're going to continue looking at the markets, continually look at our acquisitions, continuing to look at our capital structure and we will do what's right at the right time given our opportunities.

Okay. Thank you.

Our next question is from the line of Carla Casella with JPMorgan. Please go ahead with your questions.

Hi. So you've got the question on M&A. I'm wondering also if there's any other of your businesses that you would consider selling as you've exited some of your lower performers in the past. John R. Ranelli - President & Chief Executive Officer: We're constantly looking at our portfolio. Right now there is no business that we would be interested in selling.

Okay. Great. And then just given all the changes in management, does it make you any more open to looking at offers like you had in the past for the entire business? John R. Ranelli - President & Chief Executive Officer: There are no plans to sell the company.

Okay, great. Thank you.

Thank you. Our next question comes from the line of Gregg Hillman with First Wilshire. Please go ahead with your question.

Hey. Good afternoon. Hey, John, could you review the competitive dynamics of the flea and tick control market? I noticed that Bayer is in some of the stores, but also in just other products, taking share, outlets like Walmart. Can you compare how that market has changed over time and where the sales are occurring and in what channel? And what that portends for you in the future? Whether that will be less? I know it's a great little cash cow for you, but do you think that's sustainable? And also talk about your applicator thing, whether that's a differentiating thing, whether that's getting traction. Just review the whole thing for me, please. Lori A. Varlas - Chief Financial Officer, Secretary & Senior VP: Yeah, so our flea and tick business. I think that that space, that category certainly has been evolving. Over the last several years, there's a lot more competitors than there were years ago. We have good products. You talked about the applicator. I think that's a differentiator. It tends to appeal to our consumers as far as how the active ingredients get applied to their pet. And it's certainly an important area of our business. If you look at the results for the quarter, if you look at our operating income, the flea and tick business actually helped our operating income from that perspective.

So it improved year-over-year? Lori A. Varlas - Chief Financial Officer, Secretary & Senior VP: The flea and tick operating margin did, yeah.

But but did the actual operating income improve as opposed to margins? Lori A. Varlas - Chief Financial Officer, Secretary & Senior VP: Yeah, we had some challenges, as I'd mentioned, in our flea and tick in our Club channel sales were down so we certainly felt the impact of that.

Okay. And by the way, how does that applicator thing work? Lori A. Varlas - Chief Financial Officer, Secretary & Senior VP: You open it up and put the active ingredient in it, close it back up and you just drag it along the along the pet's back and it distributes the active ingredient within the fur.

And you don't get any on your hands when you're doing it? You don't have to wear gloves or something like that? Lori A. Varlas - Chief Financial Officer, Secretary & Senior VP: No.

Okay. Okay. That's pretty great. And then can you talk about is dog food an important segment for you? I mean, like is it more important than flea and tick at this point or is just pet food in general? Lori A. Varlas - Chief Financial Officer, Secretary & Senior VP: So, I think there's a two-part answer to that particular question. We have dog food that's in our product portfolio, it's smaller than some of our other categories. If you look at our third-party distribution and you look at the Pet category in general, we do distribute third-party dog food products on behalf of other manufacturers. And so (40:43) our third-party as well as our own branded business. It's important, but in our own personal portfolio, dog food plays a smaller role.

Okay. And then finally in the fertilizer and controls area – well, let's just say the fertilizer area. I take it you have a lot of fertilizer. How's that differentiated from Miracle-Gro products? John R. Ranelli - President & Chief Executive Officer: I don't think I would want to talk about our products versus our competitors' products. I think you can see that in the marketplace. But our fertilizer business is growing, growing significantly this year, and primarily from increased distribution, but we've also had increased sell-through.

Okay. That's great. That's all I have at this time. Thanks. Lori A. Varlas - Chief Financial Officer, Secretary & Senior VP: Thank you.

Thank you. Our final question today is coming from the line of Hale Holden with Barclays. Please proceed with your question.

Thank you for taking the call. I just had two quick ones. Can you give us input commodity price outlook for where you're thinking for the next six months or so? Lori A. Varlas - Chief Financial Officer, Secretary & Senior VP: Yeah, so from a commodity perspective, a lot of the harvest is just beginning or about to begin as we head into the fall. What we've seen from our input costs for grass seed, the cost of grass seed has been rising over the past year. I think we'll have to wait and see how the yields are and the demands are. I think that might be a better question for next quarter once we see those yields.

Okay. And then back, I don't know, 18 months ago when you had the Pennington Sprayer recall, or lack of sale issue, you had asked us to give you two years to three years of innovation. And I was wondering where you were on the pipeline on new products? And then specifically if you could kind of blend that into the distribution gains that you got on Aquatics. Was that new product-related or just sales and knocking on doors related? John R. Ranelli - President & Chief Executive Officer: Great question. What we had to do 18 months ago was to re-establish our business unit managers who were experts in the various businesses and categories that we participated in. Once we did that, what we did was built product development organizations under them. We had prior to 18 months ago a centralized product development process, which wasn't yielding the product that we would like. After distributing the business responsibility to the various business units, each of them went and built a product development team. The results of that team have been very encouraging. I would say that given where we wanted to be about this time, we are. We're there. Where are we with the total objective? I would say we're about 50% of the way there with regard to what I would call a success level. So we're moving quickly, but it does take a while to get product developed, designed with a new team and into the marketplace. Where we are is that the basic foundation is in place to do that and that product is now being introduced into the marketplace, but it will probably be another year to two before you will fully see that on our income statement. With regard to the aquatics product, I think they're about 50% from where they would like to be. I would say that part of those sales were as a result of new product, but part of it was also increased distribution and a lot of increased sell-through from both existing products due to product promotions that we're running, incremental space that we've achieved. And I'm very, very pleased with where we are and where we're going.

Just one follow on. Have you seen the aquatics generally start to stabilize? I know it has been a declining category for a little while, maybe not Central-specific, but just aquatics generically. John R. Ranelli - President & Chief Executive Officer: I would say that it is starting to stabilize. But for us, we are increasing our market share.

Thank you for the time. I appreciate it.

Thank you. I will now turn the floor back to Mr. John Ranelli for additional and further comments. John R. Ranelli - President & Chief Executive Officer: Well, thank you for your questions and for joining us on the call today. We look forward to talking to you again on our next call. Thank you.

Thank you. This will conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.