FORT WORTH, Texas, Nov. 12, 2013 /PRNewswire/ -- Calloway's Nursery, Inc. (PK:CLWY) today reported revenues and operating results for the third quarter ended September 30, 2013.

Results for the Third Quarter

  • Revenue was $6.7 million for 2013, compared to revenue of $6.3 million for 2012. Same-store revenue (18 stores) was $6.5 million for 2013, compared to same-store revenue of $6.3 million for 2012.  The company opened one new store in August 2013, and had closed one store in May 2012.
  • Net loss was $0.9 million for 2013, compared to net loss of $1.1 million for 2012.
  • Diluted net loss per common share was $.11 for 2013, compared to diluted net loss per common share of $.13 for 2012.
  • The 2013 period included $197,000 (net of income tax effect) proxy contest expense ($.02 per share), and the 2012 period included a $368,000 (net of income tax effect) impairment charge on assets held for sale ($.05 per share).

Results for the Nine Months

  • Revenue was $37.0 million for 2013, compared to revenue of $36.1 million for 2012. Same-store revenue (18 stores) was $36.9 million for 2013, compared to same-store revenue of $35.2 million for 2012.
  • Net income was $1.4 million for 2013, compared to net income of $1.0 million for 2012.
  • Diluted net income per common share was $.17 for 2013, compared to diluted net income per common share of $.13 for 2012.
  • The 2013 period included $246,000 (net of income tax effect) proxy contest expense ($.03 per share), and the 2012 period included a $368,000 (net of income tax effect) impairment charge on assets held for sale ($.05 per share).

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,

2013

2012

2013

2012








Net revenue

$6,688

$6,338

$37,007

$36,104

Cost of goods sold

3,475

3,477

18,530

18,602








Gross profit

3,213

2,861

18,477

17,502








Operating expense

3,036

2,666

11,507

10,843

Advertising expense

155

85

1,119

990

Occupancy expense

868

821

2,456

2,521

Depreciation and amortization

122

136

380

397

Net interest expense

148

190

449

585

Proxy contest expense

298

--

373

--

Impairment of property held for sale

--

558

--

558








Total expenses

4,627

4,456

16,284

15,894

Income (loss) before provision for income taxes

(1,414)

(1,595)

2,193

1,608

Income tax expense (benefit)

(474)

(536)

783

594








Net income (loss)

($  940)

($1,059)

$ 1,410

$ 1,014








Weighted average number of common shares outstanding – basic and diluted

8,378

8,181

8,351

8,097
















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

($0.11)

($0.13)

$0.17

$0.13












 

CALLOWAY'S NURSERY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in thousands)

 ASSETS

September 30,

September 30,

2013

2012

Cash and cash equivalents

$ 3,346

$ 3,602

Accounts receivable

485

378

Inventories

4,196

3,947

Prepaids and other assets

16

121

Deferred income taxes

52

87

Property held for sale

1,508

1,508

      Total current assets

9,603

9,643

Property and equipment, net

15,404

14,635

Deferred income taxes

257

247

Other assets

171

214

      Total assets

$25,435

$24,739

LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable and accrued expenses

$6,236

$5,927

Current portion of long-term debt

886

852

      Total current liabilities

7,122

6,779

Long-term debt, net of current portion

9,601

10,403

Deferred rent payable

31

13

      Total liabilities

16,754

17,195

Shareholders' equity:


   Common stock

86

85

   Additional paid-in capital

11,082

10,951

   Accumulated deficit

(1,079)

(2,084)

10,089

8,952

   Less: Treasury stock, at cost

(1,408)

(1,408)

      Total shareholders' equity

8,681

7,544

      Total liabilities and shareholders' equity

$25,435

$24,739

 

CALLOWAY'S NURSERY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in thousands)


 Nine-Months Ended

September 30,

2013

2012

Cash flows from operating activities:


   Net income

$1,410

$1,014

Adjustments to reconcile net income to net cash provided by operating activities:


Depreciation and amortization

380

397

Impairment of property held for sale

--

558

Net change in operating assets and liabilities

(972)

(1,326)




Net cash provided by operating activities

818

643

Cash flows from investing activities:


Additions to property and equipment

(1,123)

(85)




Net cash (used for) investing activities

(1,123)

(85)

Cash flows from financing activities:


Repayments of debt

(599)

(604)

Proceeds from issuance of common stock

82

184




Net cash (used for) financing activities

(517)

(420)

Net increase (decrease) in cash and cash equivalents

(822)

138

Cash and cash equivalents at beginning of period

4,168

3,464

Cash and cash equivalents at end of period

$ 3,346

$ 3,602

 

SOURCE Calloway's Nursery, Inc.

Copyright 2013 PR Newswire

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