Calloway's Nursery Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013
November 12, 2013 at 04:00 pm EST
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Calloway's Nursery Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, revenue was $6.7 million compared to revenue of $6.3 million for 2012. Same-store revenue (18 stores) was $6.5 million compared to same-store revenue of $6.3 million for 2012. Net loss was $0.9 million compared to net loss of $1.1 million for 2012. Basic and diluted net loss per common share was $0.11 compared to diluted net loss per common share of $0.13 for 2012. Loss before provision for income taxes was $1,414,000 compared to $1,595,000 a year ago.
For the nine months, revenue was $37.0 million compared to revenue of $36.1 million for 2012. Same-store revenue (18 stores) was $36.9 million compared to same-store revenue of $35.2 million for 2012. Net income was $1.4 million compared to net income of $1.0 million for 2012. Basic and diluted net income per common share was $0.17 compared to diluted net income per common share of $0.13 for 2012. Income before provision for income taxes was $2,193,000 compared to $1,608,000 a year ago. Net cash provided by operating activities was $818,000 compared to $643,000 a year ago. Additions to property and equipment were $1,123,000 compared to $85,000 a year ago.
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.