FORT WORTH, Texas, Nov. 19, 2014 /PRNewswire/ -- Calloway's Nursery, Inc. (PK: CLWY) today reported revenues and operating results for the third quarter ended September 30, 2014.

Results for the Third Quarter

  • Revenue was $7.7 million for 2014, compared to revenue of $6.7 million for 2013. Same-store revenue (18 stores) was $7.4 million for 2014, compared to same-store revenue of $6.5 million for 2013.
  • Net loss was $0.6 million for 2014, compared to net loss of $0.9 million for 2013.
  • Diluted net loss per common share was $.07 for 2014, compared to diluted net loss per common share of $.11 for 2013.
  • Earnings before income taxes, depreciation and amortization and net interest expense, a non-GAAP measure ("EBITDA"), was negative $0.6 million for 2014 compared to EBITDA of negative $1.1 million for 2013.

Results for the Nine Months

  • Revenue was $42.4 million for 2014, compared to revenue of $37.0 million for 2013. Same-store revenue (18 stores) was $40.6 million for 2014, compared to same-store revenue of $36.8 million for 2013.
  • Net income was $2.7 million for 2014, compared to net income of $1.4 million for 2013.
  • Diluted net income per common share was $.32 for 2014, compared to diluted net income per common share of $.17 for 2013.
  • EBITDA was $4.9 million for 2014 compared to EBITDA of $3.0 million for 2013.

Founded in 1986, Calloway's Nursery, Inc. is a 19-store garden center chain serving the Dallas - Fort Worth and Houston markets as Calloway's Nursery in D/FW and Cornelius Nursery in Houston. 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; 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,

2014

2013

2014

2013








Net revenue

$7,748

$6,688

$42,408

$37,007

Cost of goods sold

3,990

3,478

21,062

18,530

Gross profit

3,758

3,213

21,346

18,477








Operating expense

3,304

3,036

12,623

11,507

Advertising expense

110

155

1,113

1,119

Occupancy expense

918

868

2,676

2,456

Depreciation and amortization

125

122

390

380

Net interest expense

138

148

418

449

Proxy contest expense

--

298

--

373

Total expenses

4,595

4,627

17,220

16,284

Income (loss) before provision for income taxes

(837)

(1,414)

4,126

2,193

Provision for income taxes

(277)

(474)

1,404

783

Net income (loss)

($ 560)

($ 940)

$ 2,722

$ 1,410








Weighted average
 number of common 
 shares outstanding – 
 basic and diluted

8,378

8,378

8,378

8,351








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

($0.07)

($0.11)

$0.32

$0.17

 

 

CALLOWAY'S NURSERY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Amounts in thousands)

                                                       ASSETS

September 30,

September 30,

2014

2013

Cash and cash equivalents

$ 6,448

$ 3,346

Accounts receivable

268

485

Inventories

4,027

4,196

Prepaids and other assets

58

16

Deferred income taxes

90

52

Property held for sale

1,508

1,508

      Total current assets

12,399

9,603

Property and equipment, net

14,954

15,404

Deferred income taxes

135

257

Other assets

150

171

      Total assets

$27,638

$25,435




                              LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable and accrued expenses

$7,148

$6,236

Current portion of long-term debt

920

886

      Total current liabilities

8,068

7,122

Long-term debt, net of current portion

8,681

9,601

Deferred rent payable

69

31

      Total liabilities

16,818

16,754

Shareholders' equity:


   Common stock

86

86

   Additional paid-in capital

11,082

11,082

   Retained earnings (accumulated deficit)

1,060

(1,079)

12,228

10,089

   Less: Treasury stock, at cost

(1,408)

(1,408)

      Total shareholders' equity

10,820

8,681

      Total liabilities and shareholders' equity

$27,638

$25,435

 

 

CALLOWAY'S NURSERY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

(Amounts in thousands)



   Nine-Months Ended

        September 30,

2014

2013

Cash flows from operating activities:


   Net income

$2,722

$1,410

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


Depreciation and amortization

390

380

Net change in operating assets and liabilities

164

(972)

Net cash provided by operating activities

3,276

818

Cash flows from investing activities:


Additions to property and equipment

(45)

(2,123)

Proceeds from sale/leaseback of property and equipment

--

1,000

Net cash (used for) investing activities

(45)

(1,123)

Cash flows from financing activities:


Repayments of debt

(670)

(599)

Proceeds from issuance of common stock

--

82

Net cash (used for) financing activities

(670)

(517)

Net increase (decrease) in cash and cash equivalents

2,561

(822)

Cash and cash equivalents at beginning of period

3,887

4,168

Cash and cash equivalents at end of period

$ 6,448

$ 3,346

 

SOURCE Calloway's Nursery, Inc.

Copyright 2014 PR Newswire

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