Calloway's Nursery Announces Results For Second Quarter Ended June 30, 2013

FORT WORTH, Texas, July 8, 2013 /PRNewswire/ -- Calloway's Nursery, Inc. (PK:CLWY) today reported revenues and operating results for the second quarter ended June 30, 2013.

Results for the Second Quarter

  • Revenue was $19.7 million for 2013, compared to revenue of $17.6 million for 2012. Same-store revenue (18 stores) was $19.7 million for 2013, compared to same-store revenue of $17.0 million for 2012.
  • Net income was $2.1 million for 2013, compared to net income of $1.4 million for 2012.
  • Diluted net income per common share was $.25 for 2013, compared to diluted net income per common share of $.17 for 2012.

Results for the Six Months

  • Revenue was $30.3 million for 2013, compared to revenue of $29.8 million for 2012. Same-store revenue (18 stores) was $30.3 million for 2013, compared to same-store revenue of $28.8 million for 2012.
  • Net income was $2.4 million for 2013, compared to net income of $2.1 million for 2012.
  • Diluted net income per common share was $.28 for 2013, compared to diluted net income per common share of $.26 for 2012.

Founded in 1986, Calloway's Nursery, Inc. is an 18-store garden center chain serving the Dallas - Fort Worth (as Calloway's Nursery) and Houston (as Cornelius Nursery) markets. The company strives to make gardening fun, easy and successful for customers by offering expert advice from Texas Certified Nursery Professionals; store environments that are educational and easy to shop; weekly gardening clinics that serve both novice and expert gardeners; displays and instructions to aid gardeners with design and color development in their yards; and a product selection of the best plant varieties available.

CALLOWAY'S NURSERY, INC.

CONDENSED CONSOLIDATED INCOME STATEMENTS (UNAUDITED)

(Amounts in thousands, except per share amounts)






Three-Months Ended


Six-Months Ended


June 30,


June 30,


2013


2012


2013


2012









Net revenue

$19,692


$17,580


$30,319


$29,766

Cost of goods sold

10,004


9,337


15,055


15,125

Gross profit

9,688


8,243


15,264


14,641









Operating expenses

4,791


4,442


8,546


8,177

Advertising expenses

565


438


964


905

Occupancy expenses

794


842


1,588


1,700

Depreciation and amortization

127


127


258


261

Net interest expense

151


197


301


395

Total expenses

6,428


6,046


11,657


11,438

Income before provision for income taxes

3,260


2,197


3,607


3,203

Income tax expense

1,128


778


1,257


1,130

Net income

$ 2,132


$ 1,419


$ 2,350


$ 2,073









Weighted average number of common shares outstanding – basic and diluted

8,370


8,110


8,337


8,054

















Net income per common share - basic and diluted

$0.25


$0.17


$0.28


$0.26

 

 

CALLOWAY'S NURSERY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Amounts in thousands)


ASSETS


June 30,


June 30,


2013


2012

Cash and cash equivalents

$ 6,860


$ 6,012

Accounts receivable

448


277

Inventories

3,017


3,219

Prepaids and other assets

15


32

Deferred income taxes

53


87

Property held for sale

1,508


--

      Total current assets

11,901


9,627

Property and equipment, net

15,970


16,784

Deferred income taxes

257


247

Other assets

177


225

      Total assets

$28,305


$26,883

LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable and accrued expenses

$7,988


$6,887

Current portion of long-term debt

869


836

      Total current liabilities

8,857


7,723

Long-term debt, net of current portion

9,801


10,596

Deferred rent payable

26


11

      Total liabilities

18,684


18,330

Shareholders' equity:




   Common stock

86


84

   Additional paid-in capital

11,082


10,902

   Accumulated deficit

(139)


(1,025)


11,029


9,961

   Less: Treasury stock, at cost

(1,408)


(1,408)

      Total shareholders' equity

9,621


8,553

      Total liabilities and shareholders' equity

$28,305


$26,883

 

 

CALLOWAY'S NURSERY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Amounts in thousands)




       Six-Months Ended


                June 30,


2013


2012

Cash flows from operating activities:




   Net income

$2,350


$2,073

Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

258


261

Net change in operating assets and liabilities

1,985


539

Net cash provided by operating activities

4,593


2,873

Cash flows from investing activities:




Additions to property and equipment

(1,567)


(58)

Net cash (used for) investing activities

(1,567)


(58)

Cash flows from financing activities:




Repayments of debt

(416)


(401)

Proceeds from issuance of common stock

82


134

Net cash (used for) financing activities

(334)


(267)

Net increase in cash and cash equivalents

2,692


2,548

Cash and cash equivalents at beginning of period

4,168


3,464

Cash and cash equivalents at end of period

$ 6,860


$ 6,012

 

SOURCE Calloway's Nursery, Inc.



RELATED LINKS
http://www.calloways.com

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