Calloway's Nursery Announces Results For Third Quarter Ended September 30, 2014
FORT WORTH, Texas, Nov. 19, 2014 /PRNewswire/ -- Calloway's Nursery, Inc. (PK: CLWY) today reported revenues and operating results for the third quarter ended September 30, 2014.
Results for the Third Quarter
- Revenue was $7.7 million for 2014, compared to revenue of $6.7 million for 2013. Same-store revenue (18 stores) was $7.4 million for 2014, compared to same-store revenue of $6.5 million for 2013.
- Net loss was $0.6 million for 2014, compared to net loss of $0.9 million for 2013.
- Diluted net loss per common share was $.07 for 2014, compared to diluted net loss per common share of $.11 for 2013.
- Earnings before income taxes, depreciation and amortization and net interest expense, a non-GAAP measure ("EBITDA"), was negative $0.6 million for 2014 compared to EBITDA of negative $1.1 million for 2013.
Results for the Nine Months
- Revenue was $42.4 million for 2014, compared to revenue of $37.0 million for 2013. Same-store revenue (18 stores) was $40.6 million for 2014, compared to same-store revenue of $36.8 million for 2013.
- Net income was $2.7 million for 2014, compared to net income of $1.4 million for 2013.
- Diluted net income per common share was $.32 for 2014, compared to diluted net income per common share of $.17 for 2013.
- EBITDA was $4.9 million for 2014 compared to EBITDA of $3.0 million for 2013.
Founded in 1986, Calloway's Nursery, Inc. is a 19-store garden center chain serving the Dallas - Fort Worth and Houston markets as Calloway's Nursery in D/FW and Cornelius Nursery in Houston. 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; 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 |
Nine-Months Ended |
||||||||||
| September 30, |
September 30, |
||||||||||
| 2014 |
2013 |
2014 |
2013 |
||||||||
| Net revenue |
$7,748 |
$6,688 |
$42,408 |
$37,007 |
|||||||
| Cost of goods sold |
3,990 |
3,478 |
21,062 |
18,530 |
|||||||
| Gross profit |
3,758 |
3,213 |
21,346 |
18,477 |
|||||||
| Operating expense |
3,304 |
3,036 |
12,623 |
11,507 |
|||||||
| Advertising expense |
110 |
155 |
1,113 |
1,119 |
|||||||
| Occupancy expense |
918 |
868 |
2,676 |
2,456 |
|||||||
| Depreciation and amortization |
125 |
122 |
390 |
380 |
|||||||
| Net interest expense |
138 |
148 |
418 |
449 |
|||||||
| Proxy contest expense |
-- |
298 |
-- |
373 |
|||||||
| Total expenses |
4,595 |
4,627 |
17,220 |
16,284 |
|||||||
| Income (loss) before provision for income taxes |
(837) |
(1,414) |
4,126 |
2,193 |
|||||||
| Provision for income taxes |
(277) |
(474) |
1,404 |
783 |
|||||||
| Net income (loss) |
($ 560) |
($ 940) |
$ 2,722 |
$ 1,410 |
|||||||
| Weighted average |
8,378 |
8,378 |
8,378 |
8,351 |
|||||||
| Net income (loss) per |
($0.07) |
($0.11) |
$0.32 |
$0.17 |
|||||||
| CALLOWAY'S NURSERY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Amounts in thousands) |
|||
| ASSETS |
|||
| September 30, |
September 30, |
||
| 2014 |
2013 |
||
| Cash and cash equivalents |
$ 6,448 |
$ 3,346 |
|
| Accounts receivable |
268 |
485 |
|
| Inventories |
4,027 |
4,196 |
|
| Prepaids and other assets |
58 |
16 |
|
| Deferred income taxes |
90 |
52 |
|
| Property held for sale |
1,508 |
1,508 |
|
| Total current assets |
12,399 |
9,603 |
|
| Property and equipment, net |
14,954 |
15,404 |
|
| Deferred income taxes |
135 |
257 |
|
| Other assets |
150 |
171 |
|
| Total assets |
$27,638 |
$25,435 |
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|||
| Accounts payable and accrued expenses |
$7,148 |
$6,236 |
|
| Current portion of long-term debt |
920 |
886 |
|
| Total current liabilities |
8,068 |
7,122 |
|
| Long-term debt, net of current portion |
8,681 |
9,601 |
|
| Deferred rent payable |
69 |
31 |
|
| Total liabilities |
16,818 |
16,754 |
|
| Shareholders' equity: |
|||
| Common stock |
86 |
86 |
|
| Additional paid-in capital |
11,082 |
11,082 |
|
| Retained earnings (accumulated deficit) |
1,060 |
(1,079) |
|
| 12,228 |
10,089 |
||
| Less: Treasury stock, at cost |
(1,408) |
(1,408) |
|
| Total shareholders' equity |
10,820 |
8,681 |
|
| Total liabilities and shareholders' equity |
$27,638 |
$25,435 |
|
| CALLOWAY'S NURSERY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) |
|||
| Nine-Months Ended |
|||
| September 30, |
|||
| 2014 |
2013 |
||
| Cash flows from operating activities: |
|||
| Net income |
$2,722 |
$1,410 |
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|||
| Depreciation and amortization |
390 |
380 |
|
| Net change in operating assets and liabilities |
164 |
(972) |
|
| Net cash provided by operating activities |
3,276 |
818 |
|
| Cash flows from investing activities: |
|||
| Additions to property and equipment |
(45) |
(2,123) |
|
| Proceeds from sale/leaseback of property and equipment |
-- |
1,000 |
|
| Net cash (used for) investing activities |
(45) |
(1,123) |
|
| Cash flows from financing activities: |
|||
| Repayments of debt |
(670) |
(599) |
|
| Proceeds from issuance of common stock |
-- |
82 |
|
| Net cash (used for) financing activities |
(670) |
(517) |
|
| Net increase (decrease) in cash and cash equivalents |
2,561 |
(822) |
|
| Cash and cash equivalents at beginning of period |
3,887 |
4,168 |
|
| Cash and cash equivalents at end of period |
$ 6,448 |
$ 3,346 |
|
SOURCE Calloway's Nursery, Inc.
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