In Part 1 of this three-part podcast, we start by presenting some background on Central Garden & Pet, and we discuss management changes over the last few years that have affected the company’s strategy. We draw comparisons in our analysis to other consumer product firms, and discuss management’s ability to achieve acceptable levels of ROI in its two segments. After this high-level discussion, we take a detailed tour of many of the businesses in its Pet segment, which depending upon the variation of earnings in the problematic Garden segment, we think generally contain about two-thirds of the earnings power of the company. GARP Research, which is the producer of Stocks-in-Depth, recently published an over 50-page long initiation report on Central Garden & Pet. In the following two episodes of Stocks in Depth, we will resume with the Aquatics portion within the Pet segment, cover the Garden segment, and then in Part 3 we will devote considerable time to imparting some of our analysis of the competitive dynamics and market sizes for the plethora of businesses in the Pet and Garden segments.