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Calloway's Nursery Announces Results for Third Quarter Ended September 30, 2009
FORT WORTH, Texas, Nov. 4 /PRNewswire-FirstCall/ -- Calloway's Nursery, Inc. (Pink Sheets: CLWY) today reported revenues and operating results for the third quarter and nine-month periods ended September 30, 2009.
Results for the Third Quarter
- Sales were $5.0 million for 2009, compared to sales of $5.7 million for 2008. Same-store (16 stores) sales were $4.3 million for 2009, compared to same-store sales of $5.1 million for 2008.
- Net loss was $1,386,000 for 2009, compared to net loss of $850,000 for 2008. The 2008 quarter included a $140,000 extraordinary gain on the involuntary conversion of assets.
- Diluted net loss per common share was $.20 for 2009, compared to diluted net loss per common share of $.12 for 2008. The 2008 quarter included $.02 per-share extraordinary gain on the involuntary conversion of assets.
Results for the Nine-Month Period
- Sales were $30.3 million for 2009, compared to sales of $35.8 million for 2008. Same-store (16 stores) sales were $25.4 million for 2009, compared to same-store sales of $27.4 million for 2008.
- Net loss was $787,000 for 2009, compared to net income of $947,000 for 2008. The 2008 period included a $140,000 extraordinary gain on the involuntary conversion of assets.
- Diluted net loss per common share was $.11 for 2009, compared to diluted net income per common share of $.14 for 2008. The 2008 period included $.02 per-share extraordinary gain on the involuntary conversion of assets.
Founded in 1986, Calloway's Nursery, Inc. operates 18 retail garden centers in Texas: Calloway's Nursery in Dallas-Fort Worth and Cornelius Nursery in Houston.
CALLOWAY'S NURSERY, INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS (UNAUDITED)
(Amounts in thousands, except per share amounts)
Nine- Three-
Months Ended Months Ended
September 30, September 30,
2009 2008 2009 2008
---- ---- ---- ----
Net sales $30,255 $35,754 $5,042 $5,712
Cost of goods sold 16,849 18,670 2,918 3,050
------ ------ ----- -----
Gross profit 13,406 17,084 2,124 2,662
------ ------ ----- -----
Operating expenses 10,294 11,546 2,917 3,134
Advertising expenses 959 1,267 81 167
Occupancy expenses 2,491 2,241 834 573
Depreciation and
amortization 360 285 126 98
Net interest expense 476 469 177 174
--- --- --- ---
Total expenses 14,580 15,808 4,135 4,146
------ ------ ----- -----
Income (loss) before
provision for income
taxes and extraordinary
gain (1,174) 1,276 (2,011) (1,484)
Income tax expense
(benefit) (387) 469 (625) (494)
---- --- ---- ----
Net income (loss) before
extraordinary gain (787) 807 (1,386) (990)
Extraordinary gain, net
of income tax expense of
$72 -- 140 -- 140
--- --- --- ---
Net income (loss) $(787) $947 $(1,386) $(850)
===== ==== ======= =====
Weighted average number
of common shares
outstanding - basic and
diluted 6,980 6,950 7,035 6,950
Income (loss) before
extraordinary gain per
common share - basic and
diluted $(0.11) $0.12 $(0.20) $(0.14)
Extraordinary gain, net
of tax, per common share
- basic and diluted -- 0.02 -- 0.02
--- ---- --- ----
Net income (loss) per
common share - basic and
diluted $(0.11) $0.14 $(0.20) $(0.12)
====== ===== ====== ======
CALLOWAY'S NURSERY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in thousands)
ASSETS
September 30, September 30,
2009 2008
---- ----
Cash and cash equivalents $841 $1,133
Accounts receivable - trade 145 659
Accounts receivable - insurance 546 --
Inventories 2,822 3,982
Prepaids and other assets 22 57
Deferred income taxes 405 - -
--- ---
Total current assets 4,781 5,831
Property and equipment, net 16,963 17,622
Deferred income taxes 578 408
Other assets 326 312
--- ---
Total assets $22,648 $24,173
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued expenses $5,063 $4,314
Current portion of long-term debt 610 541
--- ---
Total current liabilities 5,673 4,855
Deferred rent payable 58 103
Long-term debt, net of current portion 11,986 13,243
------ ------
Total liabilities 17,717 18,201
------ ------
Shareholders' equity:
Common stock 73 72
Additional paid-in capital 10,285 10,220
Accumulated deficit (4,019) (2,912)
------ ------
6,339 7,380
Less: Treasury stock, at cost (1,408) (1,408)
------ ------
Total shareholders' equity 4,931 5,972
----- -----
Total liabilities and shareholders'
equity $22,648 $24,173
======= =======
CALLOWAY'S NURSERY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in thousands)
Nine-Months Ended
September 30,
-------------
2009 2008
---- ----
Cash flows from operating activities:
Net income (loss) $(787) $947
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depreciation and amortization 360 285
Deferred income taxes (418) 238
Gain on involuntary conversion of assets -- (140)
Net change in operating assets and
liabilities 984 (1,237)
--- ------
Net cash provided by operating activities 139 93
--- ---
Cash flows from investing activities:
Additions to property and equipment (923) (1,955)
Insurance proceeds from involuntary
conversion of property and equipment -- 277
--- ---
Net cash used for investing activities (923) (1,678)
---- ------
Cash flows from financing activities:
Repayments of debt (372) (489)
Proceeds from issuance of common stock 66 --
-- ---
Net cash used for financing activities (306) (489)
---- ----
Net decrease in cash and cash equivalents (1,090) (2,074)
Cash and cash equivalents at beginning of
period 1,931 3,207
----- -----
Cash and cash equivalents at end of period $841 $1,133
==== ======
SOURCE Calloway's Nursery, Inc.
RELATED LINKS
http://www.calloways.com