CALLOWAY'S NURSERY, INC. 
By FORT WORTH, Texas, May 14, 2014 /PRNewswire/ -- Calloway's Nursery, Inc. (PK: CLWY) today reported revenues and operating results for the first quarter ended March 31, 2014.
Results for the First Quarter
-- Revenue was $10.0 million for 2014, compared to revenue of $10.6 million
for 2013. Same-store revenue (18 stores) was $9.6 million for 2014,
compared to same-store revenue of $10.6 million for 2013. The company
opened a new store in August 2013
-- Net loss was $0.1 million for 2014, compared to net income of $0.2
million for 2013.
-- Diluted net loss per common share was $.02 for 2014, compared to diluted
net income per common share of $.03 for 2013.
Founded in 1986, Calloway's Nursery, Inc. is a 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
March 31,
---------
2014 2013
---- ----
Net revenue $10,045 $10,627
Cost of goods sold 4,942 5,051
Gross profit 5,103 5,576
----- -----
Operating expenses 3,669 3,755
Advertising expenses 490 399
Occupancy expenses 861 794
Depreciation and
amortization 138 131
Net interest expense 139 150
Total expenses 5,297 5,229
----- -----
Income (loss) before
provision for income
taxes (194) 347
Income tax expense
(benefit) (56) 129
--- ---
Net income (loss) $(138) $218
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Weighted average number
of common shares
outstanding - basic and
diluted 8,378 8,304
Net income (loss) per
common share -basic
and diluted ($0.02) $0.03
CALLOWAY'S NURSERY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in thousands)
ASSETS
March 31, March 31,
2014 2013
---- ----
Cash and cash
equivalents $2,017 $3,795
Accounts
receivable 2,258 1,541
Inventories 5,347 4,715
Prepaids and
other assets 114 15
Deferred income
taxes 161 52
Property held
for sale 1,508 1,508
----- -----
Total current
assets 11,405 11,626
Property and
equipment, net 15,186 15,007
Deferred income
taxes 135 257
Other assets 161 182
--- ---
Total assets $26,887 $27,072
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LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts
payable and
accrued
expenses $8,818 $8,720
Current portion
of long-term
debt 905 857
--- ---
Total current
liabilities 9,723 9,577
Long-term
debt, net of
current
portion 9,145 10,022
Deferred rent
payable 59 21
--- ---
Total
liabilities 18,927 19,620
------ ------
Shareholders' equity:
Common stock 86 86
Additional
paid-in
capital 11,082 11,045
Accumulated
deficit (1,800) (2,271)
------ ------
9,368 8,860
Less: Treasury
stock, at cost (1,408) (1,408)
------ ------
Total
shareholders'
equity 7,960 7,452
----- -----
Total
liabilities
and
shareholders'
equity $26,887 $27,072
======= =======
CALLOWAY'S NURSERY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in thousands)
Three-Months Ended
March 31,
---------
2014 2013
---- ----
Cash flows from operating activities:
Net income (loss) $(138) $218
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization 138 131
Deferred income taxes (71) --
Net change in operating assets and liabilities (1,553) (83)
------ ---
Net cash provided by (used for) operating activities (1,624) 266
------ ---
Cash flows from investing activities:
Additions to property and equipment (25) (477)
--- ----
Net cash (used for) investing activities (25) (477)
--- ----
Cash flows from financing activities:
Net repayments of debt (221) (207)
Proceeds from issuance of common stock -- 45
--- ---
Net cash (used for) financing activities (221) (162)
---- ----
Net (decrease) in cash and cash equivalents (1,870) (373)
Cash and cash equivalents at beginning of period 3,887 4,168
----- -----
Cash and cash equivalents at end of period $2,017 $3,795
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SOURCE Calloway's Nursery, Inc.
