Calloway's Nursery, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014
March 18, 2015 at 02:49 pm EDT
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Calloway's Nursery Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, net revenue was $11.1 million, compared to $9.6 million for the same period of 2013. Same-store revenue (17 stores) was $8.9 million, compared to same-store revenue of $7.8 million last year. Income before provision for income taxes was $8.6 million against loss before provision for income taxes of $0.9 million last year. Net income was $5.6 million, compared to net loss of $0.6 million last year. The results included a $5.9 million (net of income tax) gain consisting of disposal gains and impairment losses on properties. Basic and diluted net income per common share was $0.67, compared to basic and diluted net loss per common share of $0.07 for 2013. The results included a $0.70 per share (net of income tax) gain consisting of disposal gains and impairment losses on properties. Earnings before income taxes, depreciation and amortization and net interest expense was $8.9 million compared to EBITDA of negative $0.6 million for 2013.
For the year, net revenue was $53.5 million, compared to revenue of $46.6 million for 2013. Same-store revenue (17 stores) was $45.6 million for 2014, compared to same-store revenue of $41.3 million for 2013. Income before provision for income taxes was $12.7 million against $1.3 million last year. Net income was $8.3 million for 2014, compared to net income of $0.8 million for 2013. The 2014 results included a $5.9 million (net of income tax) gain consisting of disposal gains and impairment losses on properties, and the 2013 results included $0.2 million (net of income tax) proxy contest expenses. Basic and diluted net income per common share was $1.00 for 2014, compared to basic and diluted net income per common share of $0.10 for 2013. The 2014 results included a $0.70 per share (net of income tax) gain consisting of disposal gains and impairment losses on properties, and the 2013 results included $0.03 per share (net of income tax) proxy contest expenses. EBITDA was $13.8 million for 2014 compared to EBITDA of $2.4 million for 2013. Adjusted EBITDA was $4.9 million for 2014 compared to adjusted EBITDA of $2.8 million for 2013. Net cash provided by operating activities was $3.3 million for 2014 compared to $1.6 million for 2013. Additions to property and equipment was $0.1 million for 2014 compared to $2.1 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.
CALLOWAY'S NURSERY, INC. 
