FORT WORTH, Texas, March 14, 2014 /PRNewswire/ -- Calloway's Nursery, Inc. (PK:CLWY) today reported revenues and operating results for the fourth quarter ended December 31, 2013.

Results for the Fourth Quarter

  • Revenue was $9.6 million for 2013, compared to revenue of $9.4 million for 2012. Same-store revenue (18 stores) was $9.3 million for 2013, compared to same-store revenue of $9.4 million for 2012. The company opened one new store in August 2013, and had closed one store in May 2012.
  • Net loss was $0.6 million for 2013, compared to net loss of $0.4 million for 2012.
  • Diluted net loss per common share was $.07 for 2013, compared to diluted net loss per common share of $.05 for 2012.

Results for the Year

  • Revenue was $46.6 million for 2013, compared to revenue of $45.6 million for 2012. Same-store revenue (18 stores) was $46.1 million for 2013, compared to same-store revenue of $44.6 million for 2012.
  • Net income was $0.8 million for 2013, compared to net income of $0.6 million for 2012.
  • Diluted net income per common share was $.10 for 2013, compared to diluted net income per common share of $.07 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

Year Ended

December 31,

December 31,

2013

2012

2013

2012








Net revenue

$9,637

$9,447

$46,644

 

$45,551

Cost of goods sold

5,574

5,286

24,104

23,888

 

Gross profit

4,063

4,161

22,540

21,663








Operating expense

3,328

3,220

14,835

14,063

Advertising expense

405

389

1,524

1,379

Occupancy expense

916

802

3,372

3,323

Depreciation and

  amortization

138

130

518

527

Net interest expense

144

222

593

807

Proxy contest expense

--

--

373

--

Impairment of property

  held for sale

--

--

--

558

 

Total expenses

4,931

4,763

21,215

20,657

Income (loss) before

  provision for income taxes

(868)

(602)

1,325

1,006

Income tax expense

   (benefit)

(285)

(197)

498

397

 

Net income (loss)

($ 583)

($405)

$ 827

$ 609








Weighted average

  number of common

  shares outstanding –

  basic and diluted

8,378

8,241

8,358

8,133








Net income (loss) per

  common share - basic

  and diluted

($0.07)

($0.05)

$0.10

$0.07


                                                                                                                                         

 

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

                                                                      ASSETS


December 31,

December 31,

2013

2012

Cash and cash equivalents

$ 3,887

$ 4,168

Accounts receivable

50

43

Inventories

2,403

2,254

Prepaids and other assets

55

13

Deferred income taxes

80

52

Property held for sale

1,508

1,508

      Total current assets

7,983

8,038

Property and equipment, net

15,299

14,661

Deferred income taxes

145

257

Other assets

166

187

      Total assets

$23,593

$23,143




                                 LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable and accrued expenses

$5,169

$4,853

Current portion of long-term debt

896

844

      Total current liabilities

6,065

5,697

Long-term debt, net of current portion

9,375

10,242

Deferred rent payable

55

15

      Total liabilities

15,495

15,954

Shareholders' equity:


   Common stock

86

85

   Additional paid-in capital

11,082

11,001

   Accumulated deficit

(1,662)

(2,489)

9,506

8,597

   Less: Treasury stock, at cost

(1,408)

(1,408)

      Total shareholders' equity

8,098

7,189

      Total liabilities and shareholders' equity

$23,593

$23,143

 

 

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


Year Ended

  December 31,

2013

2012

Cash flows from operating activities:


   Net income

$827

$609

Adjustments to reconcile net income to net cash

    provided by operating activities:


Depreciation and amortization

518

527

Impairment of property held for sale

--

558

Net change in operating assets and liabilities

263

(210)

Net cash provided by operating activities

1,608

1,484

Cash flows from investing activities:


Additions to property and equipment

(2,126)

(239)

Proceeds from sale/leaseback of property and

  equipment

1,000

--

Net cash (used for) investing activities

(1,126)

(239)

Cash flows from financing activities:


Repayments of debt

(845)

(775)

Proceeds from issuance of common stock

82

234

Net cash (used for) financing activities

(763)

(541)

Net increase (decrease) in cash and cash equivalents

(281)

704

Cash and cash equivalents at beginning of period

4,168

3,464

Cash and cash equivalents at end of period

$ 3,887

$ 4,168

 

SOURCE Calloway's Nursery, Inc.

Copyright 2014 PR Newswire

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