FORT WORTH, Texas, March 15, 2012 /PRNewswire/ -- Calloway's Nursery, Inc. (PK:CLWY) today reported revenues and operating results for the fourth quarter ended December 31, 2011.

Results for the Fourth Quarter

  • Revenue was $9.6 million for 2011, compared to revenue of $8.9 million for 2010. That was also the same-store revenue comparison since all nineteen retail stores had been open for more than twelve months at the start of the year.
  • Net income was $57,000 for 2011, compared to net loss of $0.6 million for 2010.
  • Diluted net income per common share was $.01 for 2011, compared to diluted net loss per common share of $.09 for 2010.


Results for the Year

  • Revenue was $46.6 million for 2011, compared to revenue of $43.3 million for 2010. That was also the same-store revenue comparison since all nineteen retail stores had been open for more than twelve months at the start of the year.
  • Net income was $1.3 million for 2011, compared to net income of $0.7 million for 2010. The 2010 period included a $246,000 extraordinary gain.
  • Diluted net income per common share was $.17 for 2011, compared to diluted net income per common share of $.09 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

Year Ended


December 31,

December 31,


2011

2010

2011

2010
















Net sales

$9,582

$8,930

$46,589

$43,282

Cost of goods sold

4,956

4,837

24,216

22,399

Gross profit

4,626

4,093

22,373

20,883
















Operating expenses

3,309

3,460

14,565

14,062

Advertising expenses

379

388

1,306

1,186

Occupancy expenses

778

820

3,337

3,285

Depreciation and

 amortization

145

149

590

594

Net interest expense

225

238

831

1,062

Total expenses

4,836

5,055

20,629

20,189

Income (loss) before

 provision for income

 taxes and extraordinary

 gain

(210)

(962)

1,744

694

Income tax expense

   (benefit)

(267)

(321)

449

256

Net income (loss) before

 extraordinary gain

57

(641)

1,295

438

Extraordinary gain, net of

 income tax expense

--

--

--

246

Net income (loss)

$  57

($  641)

$ 1,295

$ 684


Weighted average number

 of common shares

 outstanding – basic and

 diluted

7,926

7,390

7,779

7,335
















Income (loss) before

 extraordinary gain per

 common share – basic

 and diluted

$0.01

($0.09)

$0.17

$0.06
















Extraordinary gain, net of

 tax, per common share -

 basic and diluted

--

--

--

0.03
















Net income (loss) per

 common share

 - basic and diluted

$0.01

($0.09)

$0.17

$0.09






CALLOWAY'S NURSERY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Amounts in thousands)


ASSETS




December 31,

December 31,


2011

2010








Cash and cash equivalents

$ 3,464

$ 2,465

Accounts receivable

115

67

Inventories

2,166

2,097

Prepaids and other assets

11

68

Deferred income taxes

87

547

Total current assets

5,843

5,244








Property and equipment, net

16,987

17,449

Deferred income taxes

247

--

Other assets

245

317

 Total assets

$23,322

$23,010


LIABILITIES AND SHAREHOLDERS' EQUITY


Accounts payable and accrued expenses

$ 5,137

$ 5,680

Current portion of long-term debt

816

759

 Total current liabilities

5,953

6,439








Long-term debt, net of current portion

11,017

11,756

Deferred rent payable

6

--

Deferred income taxes

--

51


Total liabilities

16,976

18,246

Shareholders' equity:





 Common stock

82

78

 Additional paid-in capital

10,770

10,487

 Accumulated deficit

(3,098)

(4,393)


7,754

6,172

Less: Treasury stock, at cost

(1,408)

(1,408)


Total shareholders' equity

6,346

4,764

 Total liabilities and shareholders' equity

$23,322

$23,010






CALLOWAY'S NURSERY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Amounts in thousands)


Year Ended


December 31,


2011

2010

Cash flows from operating activities:





Net income

$1,295

$  684

Adjustments to reconcile net income to net cash

     provided by operating activities:





Depreciation and amortization

590

594

Gain on involuntary conversion of property and

     equipment

--

(372)

Deferred income taxes

162

352

Gain on sale of property and equipment

--

(113)

Net change in operating assets and liabilities

(525)

(1,042)

Net cash provided by operating activities

1,522

103








Cash flows from investing activities:





Additions to property and equipment

(40)

(578)

Proceeds from involuntary conversion of assets

--

769

Proceeds from sales of property and equipment

--

681


Net cash provided by (used for) investing activities

(40)

872








Cash flows from financing activities:





Repayments of debt

(770)

(1,090)

Proceeds from issuance of common stock

287

171

Net cash used for financing activities

(483)

(919)


Net increase in cash and cash equivalents

$  999

56

Cash and cash equivalents at beginning of period

$2,465

2,409








Cash and cash equivalents at end of period

$3,464

$2,465






SOURCE Calloway's Nursery, Inc.

Copyright 2012 PR Newswire

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