FORT WORTH, Texas, March 18, 2015 /PRNewswire/ -- Calloway's
Nursery, Inc. (PK: CLWY) today reported revenues and operating
results for the fourth quarter and year ended December 31, 2014.
Results for the Fourth Quarter
Revenue was $11.1 million for
2014, compared to revenue of $9.6
million for 2013. Same-store revenue (17 stores) was
$8.9 million for 2014, compared to
same-store revenue of $7.8 million
for 2013. The company had opened one new store in August 2013, and has closed one store in early
January 2015. Neither of these two
stores has been included in the calculation of same-store
revenue.
Net income was $5.6 million for
2014, compared to net loss of $0.6
million for 2013. The 2014 results included a $5.9 million (net of income tax) gain consisting
of disposal gains and impairment losses on properties.
Diluted net income per common share was $.67 for 2014, compared to diluted net loss per
common share of $.07 for 2013. The
2014 results included a $0.70 per
share (net of income tax) gain consisting of disposal gains and
impairment losses on properties.
Earnings before income taxes, depreciation and amortization and
net interest expense, a non-GAAP measure ("EBITDA"), was
$8.9 million for 2014 compared to
EBITDA of negative $0.6 million for
2013.
"Adjusted EBITDA", a non-GAAP measure, is EBITDA adjusted for
the effects of the gain consisting of disposal gains and impairment
losses on properties, and proxy contest expenses.
Adjusted EBITDA was $0
(break-even) for 2014 compared to Adjusted EBITDA of negative
$0.6 million for 2013.
Results for the Year
Revenue was $53.5 million for
2014, compared to revenue of $46.6
million for 2013. Same-store revenue (17 stores) was
$45.6 million for 2014, compared to
same-store revenue of $41.3 million
for 2013.
Net income was $8.3 million for
2014, compared to net income of $0.8
million for 2013. The 2014 results included a $5.9 million (net of income tax) gain consisting
of disposal gains and impairment losses on properties, and the 2013
results included $0.2 million (net of
income tax) proxy contest expenses.
Diluted net income per common share was $1.00 for 2014, compared to diluted net income
per common share of $.10 for 2013.
The 2014 results included a $0.70 per
share (net of income tax) gain consisting of disposal gains and
impairment losses on properties, and the 2013 results included
$0.03 per share (net of income tax)
proxy contest expenses.
EBITDA was $13.8 million for 2014
compared to EBITDA of $2.4 million
for 2013.
Adjusted EBITDA was $4.9 million
for 2014 compared to Adjusted EBITDA of $2.8
million for 2013.
Founded in 1986, Calloway's Nursery, Inc. is an 18-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
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
$11,107
|
|
$9,637
|
|
$53,515
|
|
$46,644
|
|
Cost of goods
sold
|
5,993
|
|
5,574
|
|
27,055
|
|
24,104
|
|
Gross
profit
|
5,114
|
|
4,063
|
|
26,460
|
|
22,540
|
|
|
|
|
|
|
|
|
|
Operating
expense
|
3,755
|
|
3,328
|
|
16,378
|
|
14,835
|
|
Advertising
expense
|
436
|
|
405
|
|
1,549
|
|
1,524
|
|
Occupancy
expense
|
923
|
|
916
|
|
3,599
|
|
3,372
|
|
Depreciation and
amortization
|
128
|
|
138
|
|
518
|
|
518
|
|
Net interest
expense
|
148
|
|
144
|
|
566
|
|
593
|
|
Proxy contest
expense
|
--
|
|
--
|
|
--
|
|
373
|
|
Total
expenses
|
5,390
|
|
4,931
|
|
22,610
|
|
21,215
|
|
(Gain) on disposals
and impairments of properties
|
(8,874)
|
|
--
|
|
(8,874)
|
|
--
|
|
Income (loss) before
provision for income taxes
|
8,598
|
|
(868)
|
|
12,724
|
|
1,325
|
|
Income tax expense
(benefit)
|
2,980
|
|
(285)
|
|
4,384
|
|
498
|
|
Net income
(loss)
|
$5,618
|
|
($ 583)
|
|
$8,340
|
|
$ 827
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding – basic and diluted
|
8,378
|
|
8,378
|
|
8,378
|
|
8,358
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share - basic and diluted
|
$0.67
|
|
($0.07)
|
|
$1.00
|
|
$0.10
|
|
CALLOWAY'S
NURSERY, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in
thousands)
|
|
|
ASSETS
|
|
December
31,
|
|
December
31,
|
|
2014
|
|
2013
|
|
Cash and cash
equivalents
|
$ 6,121
|
|
$ 3,887
|
|
Accounts
receivable
|
48
|
|
50
|
|
Inventories
|
2,069
|
|
2,403
|
|
Prepaids and other
assets
|
74
|
|
55
|
|
Deferred income
taxes
|
217
|
|
90
|
|
Property held for
sale
|
1,240
|
|
1,508
|
|
Total current
assets
|
9,769
|
|
7,993
|
|
Property and
equipment, net
|
13,337
|
|
15,299
|
|
Restricted
cash
|
9,143
|
|
--
|
|
Deferred income
taxes
|
--
|
|
135
|
|
Other
assets
|
194
|
|
166
|
|
Total
assets
|
$32,443
|
|
$23,593
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
Accounts payable and
accrued expenses
|
$5,322
|
|
$5,169
|
|
Current portion of
long-term debt
|
942
|
|
896
|
|
Total current
liabilities
|
6,264
|
|
6,065
|
|
Long-term debt, net
of current portion
|
6,850
|
|
9,375
|
|
Deferred rent
payable
|
74
|
|
55
|
|
Deferred income
taxes
|
2,817
|
|
--
|
|
Total
liabilities
|
16,005
|
|
15,495
|
|
Shareholders'
equity:
|
|
|
|
|
Common
stock
|
86
|
|
86
|
|
Additional paid-in capital
|
11,082
|
|
11,082
|
|
Retained
earnings (accumulated deficit)
|
6,678
|
|
(1,662)
|
|
17,846
|
|
9,506
|
|
Less:
Treasury stock, at cost
|
(1,408)
|
|
(1,408)
|
|
Total shareholders'
equity
|
16,438
|
|
8,098
|
|
Total liabilities and
shareholders' equity
|
$32,443
|
|
$23,593
|
|
CALLOWAY'S
NURSERY, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Amounts in
thousands)
|
|
|
|
Year
Ended
|
|
December
31,
|
|
2014
|
|
2013
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net
income
|
$8,340
|
|
$ 827
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
518
|
|
518
|
|
Deferred income
tax
|
2,825
|
|
84
|
|
Net gain on disposals
and impairments of properties
|
(8,874)
|
|
--
|
|
Net change in
operating assets and liabilities
|
461
|
|
179
|
|
Net cash provided by
operating activities
|
3,270
|
|
1,608
|
|
Cash flows from
investing activities:
|
|
|
|
|
Additions to property
and equipment
|
(117)
|
|
(2,126)
|
|
Proceeds from
sale/leaseback of property and equipment
|
--
|
|
1,000
|
|
Net cash (used for)
investing activities
|
(117)
|
|
(1,126)
|
|
Cash flows from
financing activities:
|
|
|
|
|
Repayments of
debt
|
(919)
|
|
(845)
|
|
Proceeds from issuance
of common stock
|
--
|
|
82
|
|
Net cash (used for)
financing activities
|
(919)
|
|
(763)
|
|
Net increase
(decrease) in cash and cash equivalents
|
2,234
|
|
(281)
|
|
Cash and cash
equivalents at beginning of period
|
3,887
|
|
4,168
|
|
Cash and cash
equivalents at end of period
|
$ 6,121
|
|
$ 3,887
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/calloways-nursery-announces-results-for-fourth-quarter-and-year-ended-december-31-2014-300052604.html
SOURCE Calloway's Nursery, Inc.