Calloway's Nursery Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014
August 06, 2014 at 08:00 am EDT
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Calloway's Nursery Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net revenue of $24,615,000 compared to $19,692,000 a year ago. Income before provision for income taxes was $5,157,000 compared to $3,260,000 a year ago. Net income was $3,420,000 or $0.41 per basic and diluted share compared to $2,132,000 or $0.25 per basic and diluted share a year ago. Earnings before income taxes, depreciation and amortization and net interest expense was $5.4 million for 2014 compared to EBITDA of $3.5 million for 2013.
For the six months, the company reported net revenue of $34,660,000 compared to $30,319,000 a year ago. Income before provision for income taxes was $4,963,000 compared to $3,607,000 a year ago. Net income was $3,282,000 or $0.39 per basic and diluted share compared to $2,350,000 or $0.28 per basic and diluted share a year ago. Net cash provided by operating activities was $5,823,000 compared to $4,593,000 a year ago. Additions to property and equipment were $35,000 compared to $1,567,000 a year ago. EBITDA was $5.5 million for 2014 compared to EBITDA of $4.2 million for 2013.
Calloway's Nursery, Inc. is a garden center. The Company is engaged in the sales of living plants and related products, pottery, home decor and seasonal merchandise to individual consumers in its physical garden center retail stores. It offers landscape design services to individual consumers, landscape installation services to individual consumers and precision maintenance services to individual consumers. It operates over 27 retail garden centers in the two metropolitan areas in Texas: Dallas-Fort Worth (as Calloway's Nursery) and Houston (as Cornelius Nursery). Its products include birding, Cornelius home decor, fertilizers, garden tools, gift cards, insect and pest control, lawn decor, mosquito control solutions, pottery, soils and mulches and weed control and fungicide. Its plants and flowers include annuals, bulbs, dwarfs, edibles, ferns, grasses and others. Its subsidiary is Cornelius Nurseries, Inc., which owns the Cornelius Nursery retail store property in the Houston market.