Calloway's Nursery Announces Results for Fourth Quarter Ended December 31, 2010
February 16 2011 - 12:36PM
PR Newswire (US)
FORT WORTH, Texas, Feb. 16, 2011 /PRNewswire/ -- Calloway's
Nursery, Inc. (Pink Sheets: CLWY)
today reported revenues and operating results for the fourth
quarter ended December 31, 2010.
Results for the Fourth Quarter
- Sales were $9.4 million for 2010,
compared to sales of $7.6 million for
2009. Same-store (17 stores) sales were $7.4
million for 2010, compared to same-store sales of
$6.7 million for 2009.
- Net loss was $321,000 for 2010,
compared to net loss of $1.1 million
for 2009. The 2009 period included a $227,000 extraordinary gain.
- Diluted net loss per common share was $.04 for 2010, compared to diluted net loss per
common share of $.15 for 2009.
Results for the Year
- Sales were $43.8 million for
2010, compared to sales of $37.9
million for 2009. Same-store (17 stores) sales were
$36.7 million for 2010, compared to
same-store sales of $34.8 million for
2009.
- Net income was $1.0 million for
2010, compared to net loss of $1.8
million for 2009. The 2010 period included a $246,000 extraordinary gain and the 2009 period
included a $227,000 extraordinary
gain.
- Diluted net income per common share was $.14 for 2010, compared to diluted net loss per
common share of $.26 for 2009. The
2010 period included a $.03 per-share
extraordinary gain and the 2009 period included a $.03 per-share extraordinary gain.
Founded in 1986, Calloway's Nursery, Inc. is a 19-store garden center
chain serving the Dallas - Fort
Worth (as Calloway's Nursery) and Houston (as Cornelius Nursery) markets.
The company strives to make gardening fun, easy and successful for
customers by offering expert advice from Texas Certified Nursery
Professionals; store environments that are educational and easy to
shop; weekly gardening clinics that serve both novice and expert
gardeners; displays and instructions to aid gardeners with design
and color development in their yards; and a product selection of
the best plant varieties available.
|
CALLOWAY'S
NURSERY, INC.
CONDENSED
CONSOLIDATED INCOME STATEMENTS
(UNAUDITED)
(Amounts in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three-Months
Ended
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$9,415
|
|
$7,623
|
|
$43,767
|
|
$37,878
|
|
|
Cost of goods sold
|
4,837
|
|
4,535
|
|
22,399
|
|
21,385
|
|
|
Gross profit
|
4,578
|
|
3,088
|
|
21,368
|
|
16,493
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
3,460
|
|
3,190
|
|
14,062
|
|
13,484
|
|
|
Advertising expenses
|
388
|
|
373
|
|
1,186
|
|
1,332
|
|
|
Occupancy expenses
|
820
|
|
878
|
|
3,285
|
|
3,369
|
|
|
Depreciation and
amortization
|
149
|
|
128
|
|
594
|
|
488
|
|
|
Net interest expense
|
238
|
|
165
|
|
1,062
|
|
641
|
|
|
Total expenses
|
5,055
|
|
4,734
|
|
20,189
|
|
19,314
|
|
|
Income (loss) before provision
for income taxes and extraordinary gain
|
(477)
|
|
(1,646)
|
|
1,179
|
|
(2,821)
|
|
|
Income tax expense
(benefit)
|
(156)
|
|
(362)
|
|
421
|
|
(749)
|
|
|
Net income (loss) before
extraordinary gain
|
(321)
|
|
(1,284)
|
|
758
|
|
(2,072)
|
|
|
Extraordinary gain, net of
income tax expense
|
-
|
|
227
|
|
246
|
|
227
|
|
Net income (loss)
|
($ 321)
|
|
($ 1,057)
|
|
$ 1,004
|
|
($ 1,845)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
common shares outstanding – basic and diluted
|
7,390
|
|
7,099
|
|
7,299
|
|
7,010
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
extraordinary gain per common share – basic and diluted
|
($0.04)
|
|
($0.18)
|
|
$0.11
|
|
($0.29)
|
|
|
|
|
|
|
|
|
|
|
|
Extraordinary gain, net of tax,
per common share - basic and diluted
|
-
|
|
0.03
|
|
0.03
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common
share - basic and diluted
|
($0.04)
|
|
($0.15)
|
|
$0.14
|
|
($0.26)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALLOWAY'S
NURSERY, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Amounts in
thousands)
|
|
|
ASSETS
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 2,465
|
|
$ 2,409
|
|
|
Accounts receivable
|
67
|
|
801
|
|
|
Inventories
|
2,097
|
|
1,110
|
|
|
Prepaids and other
assets
|
68
|
|
66
|
|
|
Deferred income taxes
|
331
|
|
241
|
|
|
Assets held for sale
|
-
|
|
568
|
|
|
Total current
assets
|
5,028
|
|
5,195
|
|
|
|
|
|
|
|
Property and equipment,
net
|
17,449
|
|
17,465
|
|
|
Deferred income taxes
|
-
|
|
607
|
|
|
Other assets
|
317
|
|
308
|
|
Total assets
|
$22,794
|
|
$23,575
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Accounts payable and accrued
expenses
|
$ 5,195
|
|
$ 6,014
|
|
|
Current portion of long-term
debt
|
759
|
|
1,105
|
|
|
Total current
liabilities
|
5,954
|
|
7,119
|
|
|
|
|
|
|
|
Deferred rent payable
|
-
|
|
47
|
|
|
Long-term debt, net of current
portion
|
11,756
|
|
12,500
|
|
|
|
|
|
|
|
Total
liabilities
|
17,710
|
|
19,666
|
|
|
Shareholders' equity:
|
|
|
|
|
|
Common stock
|
78
|
|
74
|
|
|
Additional paid-in
capital
|
10,487
|
|
10,320
|
|
|
Accumulated
deficit
|
(4,073)
|
|
(5,077)
|
|
|
6,492
|
|
5,317
|
|
|
Less: Treasury stock, at
cost
|
(1,408)
|
|
(1,408)
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
5,084
|
|
3,909
|
|
|
Total liabilities
and shareholders' equity
|
$22,794
|
|
$23,575
|
|
|
|
|
|
|
|
|
|
|
|
CALLOWAY'S NURSERY,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in
thousands)
|
|
|
Year
Ended
|
|
|
December
31,
|
|
|
2010
|
|
2009
|
|
|
Cash flows from operating
activities:
|
|
|
|
|
|
Net income
(loss)
|
$1,004
|
|
($1,845)
|
|
|
Adjustments to reconcile
net income (loss) to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
594
|
|
488
|
|
|
Gain on involuntary
conversion of property and equipment
|
(372)
|
|
(344)
|
|
|
Gain on sales of property
and equipment
|
(113)
|
|
-
|
|
|
Deferred income
taxes
|
517
|
|
(283)
|
|
|
Net change in operating
assets and liabilities
|
(1,527)
|
|
3,223
|
|
|
Net cash provided by
operating activities
|
103
|
|
1,239
|
|
|
|
|
|
|
|
Cash flows from investing
activities:
|
|
|
|
|
|
Additions to property and
equipment
|
(578)
|
|
(912)
|
|
|
Proceeds from involuntary
conversion of assets
|
769
|
|
621
|
|
|
Proceeds from sales of
property and equipment
|
681
|
|
-
|
|
|
Net cash provided by (used
for) investing activities
|
872
|
|
(291)
|
|
|
|
|
|
|
|
Cash flows from financing
activities:
|
|
|
|
|
|
Repayments of
debt
|
(1,090)
|
|
(572)
|
|
|
Proceeds from issuance of
common stock
|
171
|
|
102
|
|
|
Net cash used for
financing activities
|
(919)
|
|
(470)
|
|
|
Net increase in cash and cash
equivalents
|
56
|
|
478
|
|
|
Cash and cash equivalents at
beginning of period
|
2,409
|
|
1,931
|
|
|
|
|
|
|
|
Cash and cash equivalents at end
of period
|
$2,465
|
|
$2,409
|
|
|
|
|
|
|
|
SOURCE Calloway's Nursery,
Inc.
Copyright 2011 PR Newswire
Calloways Nursery (CE) (USOTC:CLWY)
Historical Stock Chart
From Feb 2025 to Mar 2025
Calloways Nursery (CE) (USOTC:CLWY)
Historical Stock Chart
From Mar 2024 to Mar 2025
Real-Time news about Calloways Nursery Inc (CE) (OTCMarkets): 0 recent articles
More Calloways Nursery News Articles
