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OFFON

CALLOWAY'S NURSERY, INC.

(CLWY)
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CALLOWAYS NURSERY : Calloway's Nursery Announces Results for First Quarter Ended March 31, 2009

05/06/2009 | 08:00am EST

FORT WORTH, Texas, May 6 /PRNewswire-FirstCall/ -- Calloway's Nursery, Inc. (Pink Sheets: CLWY) today reported revenues and operating results for the first quarter ended March 31, 2009.

Results for the First quarter

    --  Sales were $8.7 million for the 2009 quarter, compared to sales of $9.8
        million for the 2008 quarter.  Same-store (16 stores) sales were $7.5
        million for the 2009 quarter, compared to same-store sales of $7.1
        million for the 2008 quarter.
    --  Net loss was $257,000 for the 2009 quarter, compared to net loss of
        $124,000 for the 2008 quarter.

-- Diluted net loss per common share was $.04 for the 2009 quarter, compared to diluted net loss per common share of $.02 for the 2008 quarter.

Founded in 1986, Calloway's Nursery, Inc. operates nineteen retail garden centers in Texas: Calloway's Nursery in Dallas - Fort Worth and Cornelius Nursery in Houston.


                               CALLOWAY'S NURSERY, INC.
                 CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)
                  (Amounts in thousands, except per share amounts)


                                                        Three-Months Ended
                                                             March 31,
                                                             ---------
                                                         2009          2008
                                                         ----          ----

    Net sales                                          $8,682        $9,768
    Cost of goods sold                                  4,367         4,978
    Gross profit                                        4,315         4,790

    Operating expenses                                  3,300         3,543
    Advertising expenses                                  457           432
    Occupancy expenses                                    814           759
    Depreciation and amortization                         103            90
    Net interest expense                                  111           154

    Total expenses                                      4,785         4,978

    Loss before provision for income taxes               (470)         (188)

    Income tax benefit                                    213            64

    Net loss                                            ($257)        ($124)

    Weighted average number of common shares
     outstanding - basic and diluted                    6,950         6,950

    Net loss per common share - basic and diluted       ($.04)        ($.02)


                               CALLOWAY'S NURSERY, INC.
                  CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
                                (Amounts in thousands)


                                      ASSETS
                                                       March 31,    March 31,
                                                          2009        2008
                                                          ----        ----

    Cash and cash equivalents                           $2,539      $2,701
    Accounts receivable - trade                            427       1,368
    Accounts receivable - insurance                        685          --
    Inventories                                          5,431       5,599
    Prepaids and other assets                               52         147
    Deferred income taxes                                  162         324
      Total current assets                               9,296      10,139

    Property and equipment, net                         16,506      14,376
    Deferred income taxes                                  621         387
    Other assets                                           282         318

    Total assets                                       $26,705     $25,220

                        LIABILITIES AND SHAREHOLDERS' EQUITY

    Accounts payable and accrued expenses               $8,490      $8,557
    Current portion of long-term debt                      585         577
      Total current liabilities                          9,075       9,134

    Deferred rent payable                                   80         126
    Long-term debt, net of current portion              12,155      11,059
      Total liabilities                                 21,310      20,319

    Shareholders' equity:
     Common stock                                           72          72
     Additional paid-in capital                         10,220      10,220
     Accumulated deficit                                (3,489)     (3,983)
                                                         6,803       6,309
     Less: Treasury stock, at cost                      (1,408)     (1,408)
      Total shareholders' equity                         5,395       4,901

    Total liabilities and shareholders' equity         $26,705     $25,220


                               CALLOWAY'S NURSERY, INC.
            CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                               (Amounts in thousands)


                                                        Three-Months Ended
                                                             March 31,
                                                             ---------
                                                         2009         2008
                                                         ----         ----
    Cash flows from operating activities:
     Net loss                                           ($257)       ($124)
     Adjustments to reconcile net loss to net
      cash provided by operating activities:
      Depreciation and amortization                       103           90
      Net change in operating assets and
       liabilities                                      1,199          542
     Net cash provided by operating activities          1,045          508

    Cash flows from investing activities:
     Additions to property and equipment                 (860)      (2,576)
     Net cash used for investing activities              (860)      (2,576)

    Cash flows from financing activities:
     Proceeds from issuance of debt                       568        1,706
     Repayments of debt                                  (145)        (144)
     Net cash provided by financing activities            423        1,562
    Net increase (decrease) in cash and cash
     equivalents                                          608         (506)
    Cash and cash equivalents at beginning of
     period                                             1,931        3,207

    Cash and cash equivalents at end of period         $2,539       $2,701

SOURCE Calloway's Nursery, Inc.


ę PRNewswire 2009
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