Published on 29 - April - 2008
Scotts suspends second quarter resultsManagement too 'consumed' with product recalls to adequately prepare.
US – Scotts Miracle Gro Co has delayed its quarterly results until May 5 as its management has been 'consumed' with issues related to product recalls.
Results were to be released yesterday (Tuesday April 29, 2008).
Last week, the U.S. Environmental Protection Agency (EPA) issued 'stop sale, use or removal' orders for four products: Miracle Gro Shake 'n Feed with Weed Preventer All Purpose Plant Food, Scotts Bonus S Max, Scotts Turf Builder Max and Scotts Turf Builder Max SLS Fertiliser wit .28 Halts (not sold in stores).
The EPA says the products carry false or misleading labels.
"Over the past week, most of our leadership team was consumed with issues related to the product recalls we announced," ceo Jim Hagedorn said in a press statement.
"Those events have prevented us form adequately preparing for our earnings release and conference call."
Scotts, which said it was co-operating with the EPA, said the two products together accounted for less than one per cent of total sales.