Calloway's Nursery Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015
January 14, 2016 at 02:56 pm EST
Share
Calloway's Nursery Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, net revenue was $10,043,000 compared to $11,107,000 a year ago. Loss before provision for income taxes was $161,000 against income before provision for income taxes of $8,598,000 last year. Net loss was $117,000 or $0.01 per basic and diluted share compared to net income of $5,618,000 or $0.67 per basic and diluted share last year. Same-store revenue was $10.0 million compared to same-store revenue of $9.1 million for 2014. Earnings before income taxes, depreciation and amortization and net interest expense, a non-GAAP measure (EBITDA), was $0.1 million compared to EBITDA of $8.9 million for 2014. Adjusted EBITDA was $0.1 million compared to Adjusted EBITDA of $0 (break-even) for 2014.
For the year, net revenue was $49,960,000 compared to $53,515,000 a year ago. Same-store revenue was $49.2 million compared to same-store revenue of $46.6 million for 2014. Income before provision for income taxes was $2,873,000 against $12,724,000 last year. Net income was $1,848,000 or $0.22 per basic and diluted share compared to $8,340,000 or $1.00 per basic and diluted share last year. EBITDA was $3.8 million compared to EBITDA of $13.8 million for 2014. Adjusted EBITDA was $3.8 million compared to Adjusted EBITDA of $4.9 million for 2014. Net cash provided by operating activities was $1,383,000 compared to $3,270,000 a year ago. Additions to property and equipment were $8,900,000 compared to $117,000 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.