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Calloway's Nursery Announces Results For Third Quarter Ended September 30, 2012

FORT WORTH, Texas, Nov. 14, 2012 /PRNewswire/ -- Calloway's Nursery, Inc. (PK:CLWY) today reported revenues and operating results for the third quarter ended September 30, 2012.

Results for the Third Quarter

  • Revenue was $6.3 million for 2012, compared to revenue of $5.9 million for 2011. Same-store revenue (18 stores) was $6.3 million for 2012, compared to same-store revenue of $5.7 million for 2011.
  • Net loss was $1.1 million for 2012, compared to net loss of $1.1 million for 2011.
  • Diluted net loss per common share was $.13 for 2012, compared to diluted net loss per common share of $.15 for 2011.
  • The 2012 period included a $368,000 (net of income tax effect) impairment charge on assets held for sale ($.05 per share).

Results for the Nine Months

  • Revenue was $36.1 million for 2012, compared to revenue of $37.0 million for 2011. Same-store revenue (18 stores) was $35.2 million for 2012, compared to same-store revenue of $35.8 million for 2011.
  • Net income was $1.0 million for 2012, compared to net income of $1.2 million for 2011.
  • Diluted net income per common share was $.13 for 2012, compared to diluted net income per common share of $.16 for 2011.
  • 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 an 18-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


Nine-Months Ended


September 30,


September 30,


2012


2011


2012


2011









Net revenue

$6,338


$5,860


$36,104


$37,007

Cost of goods sold

3,477


3,416


18,602


19,260

Gross profit

2,861


2,444


17,502


17,747









Operating expenses

2,666


2,807


10,843


11,256

Advertising expenses

85


115


990


927

Occupancy expenses

821


856


2,521


2,559

Depreciation and amortization

136


148


397


445

Net interest expense

190


200


585


606

Impairment of property held for sale

558


--


558


--

Total expenses

4,456


4,126


15,894


15,793

Income (loss) before provision for income taxes

(1,595)


(1,682)


1,608


1,954

Income tax expense (benefit)

(536)


(533)


594


716

Net income (loss)

($1,059)


($1,149)


$ 1,014


$ 1,238


Weighted average number of common shares outstanding – basic and diluted

8,181


7,886


8,097


7,769









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

($0.13)


($0.15)


$0.13


$0.16

 

 

CALLOWAY'S NURSERY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Amounts in thousands)


ASSETS


September 30,


September 30,


2012


2011

Cash and cash equivalents

$ 3,602


$ 2,531

Accounts receivable

378


243

Inventories

3,947


3,690

Prepaids and other assets

121


21

Deferred income taxes

87


547

Property held for sale

1,508


--

      Total current assets

9,643


7,032

Property and equipment, net

14,635


17,090

Deferred income taxes

247


--

Other assets

214


299

      Total assets

$24,739


$24,421


LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable and accrued expenses

$5,927


$6,126

Current portion of long-term debt

852


801

      Total current liabilities

6,779


6,927

Long-term debt, net of current portion

10,403


11,202

Deferred income taxes

--


51

Deferred rent payable

13


4

      Total liabilities

17,195


18,184

Shareholders' equity:




   Common stock

85


82

   Additional paid-in capital

10,951


10,718

   Accumulated deficit

(2,084)


(3,155)


8,952


7,645

   Less: Treasury stock, at cost

(1,408)


(1,408)

      Total shareholders' equity

7,544


6,237

      Total liabilities and shareholders' equity

$24,739


$24,421

 

 

CALLOWAY'S NURSERY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Amounts in thousands)



Nine-Months Ended


September 30,


2012


2011

Cash flows from operating activities:




   Net income

$1,014


$1,238

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




Depreciation and amortization

397


445

Deferred income taxes

--


--

Impairment of property held for sale

558


--

Net change in operating assets and liabilities

(1,326)


(1,254)

Net cash provided by operating activities

643


429

Cash flows from investing activities:




Additions to property and equipment

(85)


(30)

Net cash (used for) investing activities

(85)


(30)

Cash flows from financing activities:




Repayments of debt

(604)


(568)

Proceeds from issuance of common stock

184


235

Net cash (used for) financing activities

(420)


(333)

Net increase in cash and cash equivalents

138


66

Cash and cash equivalents at beginning of period

3,464


2,465

Cash and cash equivalents at end of period

$ 3,602


$ 2,531

 

SOURCE Calloway's Nursery, Inc.

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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