FORT WORTH, Texas, May 14, 2014 /PRNewswire/ -- Calloway's Nursery, Inc. (PK: CLWY) today reported revenues and operating results for the first quarter ended March 31, 2014.
Results for the First Quarter
- Revenue was $10.0 million for 2014, compared to revenue of $10.6 million for 2013. Same-store revenue (18 stores) was $9.6 million for 2014, compared to same-store revenue of $10.6 million for 2013. The company opened a new store in August 2013
- Net loss was $0.1 million for 2014, compared to net income of $0.2 million for 2013.
- Diluted net loss per common share was $.02 for 2014, compared to diluted net income per common share of $.03 for 2013.
Founded in 1986, Calloway's Nursery, Inc. is a 19-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 | |||
March 31, | |||
2014 | 2013 | ||
Net revenue | $10,045 | $10,627 | |
Cost of goods sold | 4,942 | 5,051 | |
Gross profit | 5,103 | 5,576 | |
Operating expenses | 3,669 | 3,755 | |
Advertising expenses | 490 | 399 | |
Occupancy expenses | 861 | 794 | |
Depreciation and amortization | 138 | 131 | |
Net interest expense | 139 | 150 | |
Total expenses | 5,297 | 5,229 | |
Income (loss) before provision for income taxes | (194) | 347 | |
Income tax expense (benefit) | (56) | 129 | |
Net income (loss) | $ (138) | $ 218 | |
Weighted average number of common shares outstanding – basic and diluted | 8,378 | 8,304 | |
Net income (loss) per common share - basic and diluted | ($0.02) | $0.03 | |
CALLOWAY'S NURSERY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Amounts in thousands) | |||
ASSETS | |||
March 31, | March 31, | ||
2014 | 2013 | ||
Cash and cash equivalents | $ 2,017 | $ 3,795 | |
Accounts receivable | 2,258 | 1,541 | |
Inventories | 5,347 | 4,715 | |
Prepaids and other assets | 114 | 15 | |
Deferred income taxes | 161 | 52 | |
Property held for sale | 1,508 | 1,508 | |
Total current assets | 11,405 | 11,626 | |
Property and equipment, net | 15,186 | 15,007 | |
Deferred income taxes | 135 | 257 | |
Other assets | 161 | 182 | |
Total assets | $26,887 | $27,072 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Accounts payable and accrued expenses | $8,818 | $8,720 | |
Current portion of long-term debt | 905 | 857 | |
Total current liabilities | 9,723 | 9,577 | |
Long-term debt, net of current portion | 9,145 | 10,022 | |
Deferred rent payable | 59 | 21 | |
Total liabilities | 18,927 | 19,620 | |
Shareholders' equity: | |||
Common stock | 86 | 86 | |
Additional paid-in capital | 11,082 | 11,045 | |
Accumulated deficit | (1,800) | (2,271) | |
9,368 | 8,860 | ||
Less: Treasury stock, at cost | (1,408) | (1,408) | |
Total shareholders' equity | 7,960 | 7,452 | |
Total liabilities and shareholders' equity | $26,887 | $27,072 | |
CALLOWAY'S NURSERY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Amounts in thousands) | |||
Three-Months Ended | |||
March 31, | |||
2014 | 2013 | ||
Cash flows from operating activities: | |||
Net income (loss) | $ (138) | $ 218 | |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | |||
Depreciation and amortization | 138 | 131 | |
Deferred income taxes | (71) | -- | |
Net change in operating assets and liabilities | (1,553) | (83) | |
Net cash provided by (used for) operating activities | (1,624) | 266 | |
Cash flows from investing activities: | |||
Additions to property and equipment | (25) | (477) | |
Net cash (used for) investing activities | (25) | (477) | |
Cash flows from financing activities: | |||
Net repayments of debt | (221) | (207) | |
Proceeds from issuance of common stock | -- | 45 | |
Net cash (used for) financing activities | (221) | (162) | |
Net (decrease) in cash and cash equivalents | (1,870) | (373) | |
Cash and cash equivalents at beginning of period | 3,887 | 4,168 | |
Cash and cash equivalents at end of period | $2,017 | $3,795 | |
SOURCE Calloway's Nursery, Inc.