Calloway's Nursery Announces Results for Fourth Quarter and Year Ended December 31, 2009
FORT WORTH, Texas, Feb. 17 /PRNewswire-FirstCall/ -- Calloway's Nursery, Inc. (Pink Sheets: CLWY) today reported revenues and operating results for the fourth quarter and year ended December 31, 2009.
Results for the Fourth Quarter
- Sales were $7.6 million for 2009, compared to sales of $8.6 million for 2008. Same-store (15 stores) sales were $6.1 million for 2009, compared to same-store sales of $7.3 million for 2008.
- Net loss was $834,000 for 2009, compared to net loss of $320,000 for 2008. The 2009 quarter included a $225,000 extraordinary gain and the 2008 quarter included a $268,000 extraordinary gain.
- Diluted net loss per common share was $.12 for 2009, compared to diluted net loss per common share of $.05 for 2008. The 2009 quarter included a $.03 per-share extraordinary gain and the 2008 quarter included a $.04 per-share extraordinary gain.
Results for the Year
- Sales were $37.9 million for 2009, compared to sales of $44.3 million for 2008. Same-store (15 stores) sales were $30.7 million for 2009, compared to same-store sales of $33.7 million for 2008.
- Net loss was $1,621,000 for 2009, compared to net income of $627,000 for 2008. The 2009 year included a $225,000 extraordinary gain and the 2008 year included a $408,000 extraordinary gain.
- Diluted net loss per common share was $.23 for 2009, compared to diluted net income per common share of $.09 for 2008. The 2009 year included a $.03 per-share extraordinary gain and the 2008 year included a $.06 per-share extraordinary gain.
Founded in 1986, Calloway's Nursery, Inc. operates 19 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)
Year Ended Three-Months Ended
December 31, December 31,
-------------- ------------------
2009 2008 2009 2008
---- ---- ---- ----
Net sales $37,878 $44,318 $7,623 $8,564
Cost of goods sold 21,385 24,014 4,536 5,344
------ ------ ----- -----
16,493 20,304 3,087 3,220
Gross profit ------ ------ ----- -----
Operating expenses 13,491 14,352 3,197 2,806
Advertising expenses 1,332 1,625 373 358
Occupancy expenses 3,323 2,965 832 724
Depreciation and
amortization 488 409 128 124
Net interest expense 641 586 165 117
--- --- --- ---
19,275 19,937 4,695 4,129
Total expenses ------ ------ ----- -----
Income (loss) before
provision for income taxes
and extraordinary gain (2,782) 367 (1,608) (909)
Income tax expense
(benefit) (936) 148 (549) (321)
---- --- ---- ----
Net income (loss) before
extraordinary gain (1,846) 219 (1,059) (588)
Extraordinary gain, net of
income tax expense of
$125, $210, $125 and $138 225 408 225 268
--- --- --- ---
$(1,621) $627 $(834) $(320)
Net income (loss) ======= ==== ===== =====
Weighted average number of
common shares outstanding
– basic and diluted 7,010 6,950 7,099 6,950
Income (loss) before
extraordinary gain per
common share – basic and
diluted $(0.26) $0.03 $(0.15) $(0.09)
Extraordinary gain, net of
tax, per common share -
basic and diluted 0.03 0.06 0.03 0.04
---- ---- ---- ----
Net income (loss) per
common share -basic and
diluted $(0.23) $0.09 $(0.12) $(0.05)
====== ===== ====== ======
CALLOWAY'S NURSERY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in thousands)
ASSETS
December 31, December 31,
2009 2008
------------ ------------
Cash and cash equivalents $2,409 $1,931
Accounts receivable - trade 25 36
Accounts receivable - insurance 397 1,077
Inventories 1,110 2,392
Prepaids and other assets 66 88
Deferred income taxes 834 265
--- ---
Total current assets 4,841 5,789
Property and equipment, net 18,033 15,749
Deferred income taxes 578 300
Other assets 308 287
--- ---
$23,760 $22,125
Total assets ======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued
expenses $5,975 $4,065
Current portion of long-term debt 675 585
--- ---
Total current liabilities 6,650 4,650
Deferred rent payable 47 91
Long-term debt, net of
current portion 12,930 11,732
------ ------
19,627 16,473
Total liabilities ------ ------
Shareholders' equity:
Common stock 74 72
Additional paid-in capital 10,320 10,220
Accumulated deficit (4,853) (3,232)
------ ------
5,541 7,060
Less: Treasury stock, at cost (1,408) (1,408)
------ ------
4,133 5,652
Total shareholders' equity ----- -----
Total liabilities and
shareholders' equity $23,760 $22,125
======= =======
CALLOWAY'S NURSERY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in thousands)
Year Ended
December 31,
------------
2009 2008
---- ----
Cash flows from operating activities:
Net income (loss) $(1,621) $627
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depreciation and amortization 488 409
Deferred income taxes (847) 81
Gain on involuntary conversion of assets (340) (618)
Loss on sales of property and equipment -- 344
Net change in operating assets and liabilities 3,840 (776)
----- ----
1,520 67
----- ---
Net cash provided by operating activities
Cash flows from investing activities:
Additions to property and equipment (987) (3,270)
Proceeds from involuntary conversion of property
and equipment 340 1,139
Proceeds from sale of property and equipment -- 5,626
--- -----
Net cash provided by (used for) investing
activities (647) 3,495
---- -----
Cash flows from financing activities:
Repayments of debt (497) (4,838)
Proceeds from issuance of common stock 102 --
--- ---
Net cash used for financing activities (395) (4,838)
---- ------
Net increased (decrease) in cash and cash
equivalents 478 (1,276)
Cash and cash equivalents at beginning of period 1,931 3,207
----- -----
Cash and cash equivalents at end of period $2,409 $1,931
====== ======
SOURCE Calloway's Nursery, Inc.
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