FORT WORTH, Texas, May 13, 2015 /PRNewswire/ -- Calloway's
Nursery, Inc. (CLWY) today reported revenues and operating results
for the first quarter ended March 31,
2015.
Results for the First Quarter
Revenue was $10.2 million for
2015, compared to revenue of $10.0
million for 2014. Same-store revenue (18 stores) was
$10.2 million for 2015, compared to
same-store revenue of $8.8 million
for 2014. The company closed one store in early January 2015 which has not been included in the
calculation of same-store revenue.
Net loss was $0.3 million for
2015, compared to net loss of $0.1
million for 2014.
Diluted net loss per common share was $.04 for 2015, compared to diluted net loss per
common share of $.02 for 2014.
Earnings before income taxes, depreciation and amortization and
net interest expense, a non-GAAP measure ("EBITDA"), was negative
$0.2 million for 2015 compared to
EBITDA of $0.1 million for 2014.
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
|
|
March
31,
|
|
2015
|
|
2014
|
|
|
|
|
|
Net
revenue
|
$10,218
|
|
$10,045
|
|
Cost of goods
sold
|
5,282
|
|
4,942
|
|
Gross
profit
|
4,936
|
|
5,103
|
|
|
|
|
|
Operating
expense
|
3,813
|
|
3,669
|
|
Advertising
expense
|
445
|
|
490
|
|
Occupancy
expense
|
859
|
|
861
|
|
Depreciation and
amortization
|
131
|
|
138
|
|
Net interest
expense
|
117
|
|
139
|
|
Total
expenses
|
5,365
|
|
5,297
|
|
|
|
|
|
Loss before provision
for income taxes
|
(429)
|
|
(194)
|
|
Income tax
(benefit)
|
(116)
|
|
(56)
|
|
Net loss
|
($ 313)
|
|
($ 138)
|
|
|
|
|
|
Weighted average
number of common shares outstanding – basic and diluted
|
8,378
|
|
8,378
|
|
|
|
|
|
Net loss per common
share - basic and diluted
|
($0.04)
|
|
($0.02)
|
|
CALLOWAY'S
NURSERY, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in
thousands)
|
|
|
ASSETS
|
|
March
31,
|
|
March
31,
|
|
2015
|
|
2014
|
|
Cash and cash
equivalents
|
$4,664
|
|
$ 2,017
|
|
Accounts
receivable
|
1,471
|
|
2,258
|
|
Inventories
|
4,796
|
|
5,347
|
|
Prepaids and other
assets
|
80
|
|
114
|
|
Deferred income
taxes
|
348
|
|
161
|
|
Property held for
sale
|
1,240
|
|
1,508
|
|
Total current
assets
|
12,599
|
|
11,405
|
|
Property and
equipment, net
|
14,827
|
|
15,186
|
|
Restricted
cash
|
7,730
|
|
--
|
|
Deferred income
taxes
|
--
|
|
135
|
|
Other
assets
|
150
|
|
161
|
|
Total
assets
|
$35,306
|
|
$26,887
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
Accounts payable and
accrued expenses
|
$8,724
|
|
$8,818
|
|
Current portion of
long-term debt
|
956
|
|
905
|
|
Total current
liabilities
|
9,680
|
|
9,723
|
|
Long-term debt, net
of current portion
|
6,606
|
|
9,145
|
|
Deferred rent
payable
|
78
|
|
59
|
|
Deferred income
taxes
|
2,817
|
|
--
|
|
Total
liabilities
|
19,181
|
|
18,927
|
|
Shareholders'
equity:
|
|
|
|
|
Common
stock
|
86
|
|
86
|
|
Additional paid-in capital
|
11,082
|
|
11,082
|
|
Retained
earnings (accumulated deficit)
|
6,365
|
|
(1,800)
|
|
17,533
|
|
9,368
|
|
Less:
Treasury stock, at cost
|
(1,408)
|
|
(1,408)
|
|
Total shareholders'
equity
|
16,125
|
|
7,960
|
|
Total liabilities and
shareholders' equity
|
$35,306
|
|
$26,887
|
|
CALLOWAY'S
NURSERY, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Amounts in
thousands)
|
|
|
|
Three-Months Ended
|
|
March
31,
|
|
2015
|
|
2014
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net
loss
|
($ 313)
|
|
($ 138)
|
|
Adjustments to
reconcile net loss to net cash (used for) operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
131
|
|
138
|
|
Deferred income
tax
|
(131)
|
|
(71)
|
|
Net change in
operating assets and liabilities
|
(706)
|
|
(1,553)
|
|
|
|
|
|
Net cash (used for)
operating activities
|
(1,019)
|
|
(1,624)
|
|
Cash flows from
investing activities:
|
|
|
|
|
Additions to property
and equipment
|
(208)
|
|
(25)
|
|
Net cash (used for)
investing activities
|
(208)
|
|
(25)
|
|
Cash flows from
financing activities:
|
|
|
|
|
Repayments of
debt
|
(230)
|
|
(221)
|
|
Proceeds from issuance
of common stock
|
--
|
|
--
|
|
Net cash (used for)
financing activities
|
(230)
|
|
(221)
|
|
Net increase
(decrease) in cash and cash equivalents
|
(1,457)
|
|
(1,870)
|
|
Cash and cash
equivalents at beginning of period
|
6,121
|
|
3,887
|
|
Cash and cash
equivalents at end of period
|
$ 4,664
|
|
$ 2,017
|
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SOURCE Calloway's Nursery, Inc.