FORT WORTH, Texas, Nov. 16, 2011 /PRNewswire/ -- Calloway's Nursery, Inc. (Pink Sheets: CLWY) today reported revenues and operating results for the third quarter ended September 30, 2011.

Results for the Third Quarter

  • Revenue was $5.9 million for 2011, compared to revenue of $5.6 million for 2010. That was also the same-store revenue comparison since all nineteen retail stores have been open for more than twelve months at the start of the current year.
  • Net loss was $1.1 million for 2011, compared to net loss of $1.0 million for 2010.
  • Diluted net loss per common share was $.15 for 2011, compared to diluted net loss per common share of $.13 for 2010.


Results for the Nine Month Period

  • Revenue was $37.0 million for 2011, compared to revenue of $34.4 million for 2010. That was also the same-store revenue comparison since all nineteen retail stores have been open for more than twelve months at the start of the current year.
  • Net income was $1.2 million for 2011, compared to net income of $1.3 million for 2010. The 2010 period included a $246,000 extraordinary gain.
  • Diluted net income per common share was $.16 for 2011, compared to diluted net income per common share of $.18 for 2010. The 2010 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

Nine-Months Ended


September 30,

September 30,


2011

2010

2011

2010
















Net sales

$5,860

$5,619

$37,007

$34,352

Cost of goods sold

3,416

3,117

19,260

17,562

Gross profit

2,444

2,502

17,747

16,790
















Operating expenses

2,807

2,671

11,256

10,602

Advertising expenses

115

90

927

798

Occupancy expenses

856

811

2,559

2,465

Depreciation and amortization

148

153

445

445

Net interest expense

200

245

606

824

Total expenses

4,126

3,970

15,793

15,134

Income (loss) before provision for income taxes and extraordinary gain

(1,682)

(1,468)

1,954

1,656

Income tax expense (benefit)

(533)

(497)

716

577

Net income (loss) before extraordinary gain

(1,149)

(971)

1,238

1,079

Extraordinary gain, net of income tax expense

--

--

--

246


Net income (loss)

($1,149)

($  971)

$ 1,238

$ 1,325


Weighted average number of common shares outstanding – basic and diluted

7,886

7,338

7,769

7,268
















Income (loss) before extraordinary gain per common share – basic and diluted

($0.15)

($0.13)

$0.16

$0.15
















Extraordinary gain, net of tax, per common share - basic and diluted

--

--

--

0.03
















Net income (loss) per common share - basic and diluted

($0.15)

($0.13)

$0.16

$0.18








CALLOWAY'S NURSERY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Amounts in thousands)



ASSETS


September 30,

September 30,


2011

2010








Cash and cash equivalents

$ 2,531

$ 1,851

Accounts receivable

243

325

Inventories

3,690

3,171

Prepaids and other assets

21

21

Deferred income taxes

547

--

Total current assets

7,032

5,368








Property and equipment, net

17,090

17,599

Deferred income taxes

--

167

Other assets

299

291


 Total assets

$24,421

$23,425


LIABILITIES AND SHAREHOLDERS' EQUITY


Accounts payable and accrued expenses

$ 6,126

$ 5,372

Current portion of long-term debt

801

3,363

 Total current liabilities

6,927

8,735








Deferred rent payable

4

14

Long-term debt, net of current portion

11,202

9,311

Deferred income taxes

51

--


Total liabilities

18,184

18,060

Shareholders' equity:





  Common stock

82

77

  Additional paid-in capital

10,718

10,448

  Accumulated deficit

(3,155)

(3,752)


7,645

6,773

Less: Treasury stock, at cost

(1,408)

(1,408)


Total shareholders' equity

6,237

5,365

 Total liabilities and shareholders' equity

$24,421

$23,425






CALLOWAY'S NURSERY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Amounts in thousands)


Nine-Months Ended


September 30,




2011

2010

Cash flows from operating activities:





Net income

$1,238

$1,325

Adjustments to reconcile net income to net cash provided by (used for) operating activities:





Depreciation and amortization

445

445

Gain on involuntary conversion of assets

--

(372)

Net change in operating assets and liabilities

(1,254)

(1,863)

Net cash provided by (used for) operating activities

429

(465)








Cash flows from investing activities:





Additions to property and equipment

(86)

(579)

Proceeds from involuntary conversion of assets

--

606

Proceeds from sales of property and equipment

--

680

Net cash provided by (used for) investing activities

(86)

707








Cash flows from financing activities:





Proceeds from issuance of debt

56

--

Repayments of debt

(568)

(931)

Proceeds from issuance of common stock

235

131

Net cash used for financing activities

(277)

(800)

Net increase (decrease) in cash and cash equivalents

66

(558)

Cash and cash equivalents at beginning of period

2,465

2,409








Cash and cash equivalents at end of period

$2,531

$1,851






SOURCE Calloway's Nursery, Inc.

Copyright 2011 PR Newswire

Calloways Nursery (CE) (USOTC:CLWY)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Calloways Nursery (CE) Charts.
Calloways Nursery (CE) (USOTC:CLWY)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Calloways Nursery (CE) Charts.