FORT WORTH, Texas, Aug. 6, 2014 /PRNewswire/ -- Calloway's Nursery, Inc. (PK:CLWY) today reported revenues and operating results for the second quarter ended June 30, 2014.

Results for the Second Quarter

  • Revenue was $24.6 million for 2014, compared to revenue of $19.7 million for 2013. Same-store revenue (18 stores) was $23.6 million for 2014, compared to same-store revenue of $19.7 million for 2013.
  • Net income was $3.4 million for 2014, compared to net income of $2.1 million for 2013.
  • Diluted net income per common share was $.41 for 2014, compared to diluted net income per common share of $.25 for 2013.
  • Earnings before income taxes, depreciation and amortization and net interest expense ("EBITDA") was $5.4 million for 2014 compared to EBITDA of $3.5 million for 2013.

Results for the Six Months

  • Revenue was $34.7 million for 2014, compared to revenue of $30.3 million for 2013. Same-store revenue (18 stores) was $33.2 million for 2014, compared to same-store revenue of $30.3 million for 2013.
  • Net income was $3.3 million for 2014, compared to net income of $2.4 million for 2013.
  • Diluted net income per common share was $.39 for 2014, compared to diluted net income per common share of $.28 for 2013.
  • EBITDA was $5.5 million for 2014 compared to EBITDA of $4.2 million for 2013.

Founded in 1986, Calloway's Nursery, Inc. is an 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

Six-Months Ended

June 30,

June 30,

2014

2013

2014

2013








Net revenue

$24,615

$19,692

$34,660

$30,319

Cost of goods sold

12,130

10,004

17,072

15,055

Gross profit

12,485

9,688

17,588

15,264








Operating expenses

5,650

4,716

9,319

8,471

Advertising expenses

513

565

1,003

964

Occupancy expenses

897

794

1,758

1,588

Depreciation and

 amortization

127

127

265

258

Net interest expense

141

151

280

301

Proxy contest expense

--

75

--

75

Total expenses

7,328

6,428

12,625

11,657

Income before provision

 for income taxes

5,157

3,260

4,963

3,607

Income tax expense

1,737

1,128

1,681

1,257

Net income

$ 3,420

$ 2,132

$ 3,282

$ 2,350








Weighted average

 number of common

 shares outstanding –

 basic and diluted

8,378

8,370

8,378

8,337








Net income per

 common share - basic

 and diluted

$0.41

$0.25

$0.39

$0.28

 

CALLOWAY'S NURSERY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Amounts in thousands)

                                                       ASSETS

June 30,

June 30,

2014

2013

Cash and cash equivalents

$ 9,230

$ 6,860

Accounts receivable

496

448

Inventories

3,336

3,017

Prepaids and other assets

57

15

Deferred income taxes

90

53

Property held for sale

1,508

1,508

      Total current assets

14,717

11,901

Property and equipment, net

15,069

15,970

Deferred income taxes

135

257

Other assets

155

177

      Total assets

$30,076

$28,305

                              LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable and accrued expenses

$8,806

$7,988

Current portion of long-term debt

912

869

      Total current liabilities

9,718

8,857

Long-term debt, net of current portion

8,914

9,801

Deferred rent payable

64

26

      Total liabilities

18,696

18,684

Shareholders' equity:


   Common stock

86

86

   Additional paid-in capital

11,082

11,082

   Retained earnings (accumulated deficit)

1,620

(139)

12,788

11,029

   Less: Treasury stock, at cost

(1,408)

(1,408)

      Total shareholders' equity

11,380

9,621

      Total liabilities and shareholders' equity

$30,076

$28,305

 

CALLOWAY'S NURSERY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 (UNAUDITED)

(Amounts in thousands)


Six-Months Ended

June 30,

2014

2013

Cash flows from operating activities:


   Net income

$3,282

$2,350

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


Depreciation and amortization

265

258

Net change in operating assets and liabilities

2,276

1,985

Net cash provided by operating activities

5,823

4,593

Cash flows from investing activities:


Additions to property and equipment

(35)

(1,567)

Net cash (used for) investing activities

(35)

(1,567)

Cash flows from financing activities:


Repayments of debt

(445)

(416)

Proceeds from issuance of common stock

--

82

Net cash (used for) financing activities

(445)

(334)

Net increase in cash and cash equivalents

5,343

2,692

Cash and cash equivalents at beginning of period

3,887

4,168

Cash and cash equivalents at end of period

$ 9,230

$ 6,860

 

SOURCE Calloway's Nursery, Inc.

Copyright 2014 PR Newswire

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