FORT WORTH, Texas, May 16, 2012 /PRNewswire/ -- Calloway's Nursery, Inc. (OTC-PINK: CLWY) today reported revenues and operating results for the first quarter ended March 31, 2012.

Results for the First Quarter

  • Revenue was $12.2 million for 2012, compared to revenue of $12.4 million for 2011. 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 current year.



  • Net income was $654,000 for 2012, compared to net income of $754,000 for 2011.



  • Diluted net income per common share was $.08 for 2012, compared to diluted net income per common share of $.10 for 2011.

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


March 31,


2012

2011

Net revenue

$12,186

$12,438

Cost of goods sold

5,788

5,991

   Gross profit

6,398

6,447

Operating expenses

3,735

3,734

Advertising expenses

467

378

Occupancy expenses

858

859

Depreciation and amortization

134

148

Net interest expense

198

200

   Total expenses

5,392

5,319

Income before provision for income taxes

1,006

1,128

Income tax expense

352

374

   Net income

$ 654

$ 754

Weighted average number of common shares

   outstanding – basic and diluted

7,998

7,563

Net income per common share - basic and diluted

$0.08

$0.10










 

CALLOWAY'S NURSERY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Amounts in thousands)


ASSETS


March 31,

March 31,


2012

2011

Cash and cash equivalents

$ 5,292

$ 5,749

Accounts receivable

1,429

489

Inventories

5,277

5,682

Prepaids and other assets

34

50

Deferred income taxes

87

415

      Total current assets

12,119

12,385

Property and equipment, net

16,853

17,309

Deferred income taxes

247

--

Other assets

235

311

      Total assets

$29,454

$30,005


                                 LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable and accrued expenses

$10,762

$12,064

Current portion of long-term debt

826

759

      Total current liabilities

11,588

12,823

Long-term debt, net of current portion

10,808

11,566

Deferred income taxes

--

51

Deferred rent payable

8

--

      Total liabilities

22,404

24,440

Shareholders' equity:





   Common stock

83

79

   Additional paid-in capital

10,819

10,533

   Accumulated deficit

(2,444)

(3,639)


8,458

6,973

   Less: Treasury stock, at cost

(1,408)

(1,408)

      Total shareholders' equity

7,050

5,565

      Total liabilities and shareholders' equity

$29,454

$30,005










 

CALLOWAY'S NURSERY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Amounts in thousands)






    Three-Months Ended


March 31,


2012

2011

Cash flows from operating activities:





   Net income

$654

$754

Adjustments to reconcile net income to net cash

    provided by operating activities:





Depreciation and amortization

134

148

Deferred income taxes

--

81

Net change in operating assets and liabilities

1,189

2,452

Net cash provided by operating activities

1,977

3,435

Cash flows from investing activities:





Additions to property and equipment

--

(8)

Net cash (used for) investing activities

--

(8)

Cash flows from financing activities:





Repayments of debt

(199)

(190)

Proceeds from issuance of common stock

50

47

Net cash (used for) financing activities

(149)

(143)

Net increase in cash and cash equivalents

1,828

3,284

Cash and cash equivalents at beginning of period

3,464

2,465

Cash and cash equivalents at end of period

$ 5,292

$ 5,749








           

 

SOURCE Calloway's Nursery, Inc.

Copyright 2012 PR Newswire

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