FORT WORTH, Texas, Nov. 12, 2013 /PRNewswire/ -- Calloway's Nursery, Inc. (PK:CLWY) today reported revenues and operating results for the third quarter ended September 30, 2013.
Results for the Third Quarter
- Revenue was $6.7 million for 2013, compared to revenue of $6.3 million for 2012. Same-store revenue (18 stores) was $6.5 million for 2013, compared to same-store revenue of $6.3 million for 2012. The company opened one new store in August 2013, and had closed one store in May 2012.
- Net loss was $0.9 million for 2013, compared to net loss of $1.1 million for 2012.
- Diluted net loss per common share was $.11 for 2013, compared to diluted net loss per common share of $.13 for 2012.
- The 2013 period included $197,000 (net of income tax effect) proxy contest expense ($.02 per share), and the 2012 period included a $368,000 (net of income tax effect) impairment charge on assets held for sale ($.05 per share).
Results for the Nine Months
- Revenue was $37.0 million for 2013, compared to revenue of $36.1 million for 2012. Same-store revenue (18 stores) was $36.9 million for 2013, compared to same-store revenue of $35.2 million for 2012.
- Net income was $1.4 million for 2013, compared to net income of $1.0 million for 2012.
- Diluted net income per common share was $.17 for 2013, compared to diluted net income per common share of $.13 for 2012.
- The 2013 period included $246,000 (net of income tax effect) proxy contest expense ($.03 per share), and the 2012 period included a $368,000 (net of income tax effect) impairment charge on assets held for sale ($.05 per share).
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. | |||||||||||
Three-Months Ended | Nine-Months Ended | ||||||||||
September 30, | September 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Net revenue | $6,688 | $6,338 | $37,007 | $36,104 | |||||||
Cost of goods sold | 3,475 | 3,477 | 18,530 | 18,602 | |||||||
Gross profit | 3,213 | 2,861 | 18,477 | 17,502 | |||||||
Operating expense | 3,036 | 2,666 | 11,507 | 10,843 | |||||||
Advertising expense | 155 | 85 | 1,119 | 990 | |||||||
Occupancy expense | 868 | 821 | 2,456 | 2,521 | |||||||
Depreciation and amortization | 122 | 136 | 380 | 397 | |||||||
Net interest expense | 148 | 190 | 449 | 585 | |||||||
Proxy contest expense | 298 | -- | 373 | -- | |||||||
Impairment of property held for sale | -- | 558 | -- | 558 | |||||||
Total expenses | 4,627 | 4,456 | 16,284 | 15,894 | |||||||
Income (loss) before provision for income taxes | (1,414) | (1,595) | 2,193 | 1,608 | |||||||
Income tax expense (benefit) | (474) | (536) | 783 | 594 | |||||||
Net income (loss) | ($ 940) | ($1,059) | $ 1,410 | $ 1,014 | |||||||
Weighted average number of common shares outstanding – basic and diluted | 8,378 | 8,181 | 8,351 | 8,097 | |||||||
Net income (loss) per common share - basic and diluted | ($0.11) | ($0.13) | $0.17 | $0.13 | |||||||
CALLOWAY'S NURSERY, INC. | |||
ASSETS | |||
September 30, | September 30, | ||
2013 | 2012 | ||
Cash and cash equivalents | $ 3,346 | $ 3,602 | |
Accounts receivable | 485 | 378 | |
Inventories | 4,196 | 3,947 | |
Prepaids and other assets | 16 | 121 | |
Deferred income taxes | 52 | 87 | |
Property held for sale | 1,508 | 1,508 | |
Total current assets | 9,603 | 9,643 | |
Property and equipment, net | 15,404 | 14,635 | |
Deferred income taxes | 257 | 247 | |
Other assets | 171 | 214 | |
Total assets | $25,435 | $24,739 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Accounts payable and accrued expenses | $6,236 | $5,927 | |
Current portion of long-term debt | 886 | 852 | |
Total current liabilities | 7,122 | 6,779 | |
Long-term debt, net of current portion | 9,601 | 10,403 | |
Deferred rent payable | 31 | 13 | |
Total liabilities | 16,754 | 17,195 | |
Shareholders' equity: | |||
Common stock | 86 | 85 | |
Additional paid-in capital | 11,082 | 10,951 | |
Accumulated deficit | (1,079) | (2,084) | |
10,089 | 8,952 | ||
Less: Treasury stock, at cost | (1,408) | (1,408) | |
Total shareholders' equity | 8,681 | 7,544 | |
Total liabilities and shareholders' equity | $25,435 | $24,739 | |
CALLOWAY'S NURSERY, INC. | |||
Nine-Months Ended | |||
September 30, | |||
2013 | 2012 | ||
Cash flows from operating activities: | |||
Net income | $1,410 | $1,014 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 380 | 397 | |
Impairment of property held for sale | -- | 558 | |
Net change in operating assets and liabilities | (972) | (1,326) | |
Net cash provided by operating activities | 818 | 643 | |
Cash flows from investing activities: | |||
Additions to property and equipment | (1,123) | (85) | |
Net cash (used for) investing activities | (1,123) | (85) | |
Cash flows from financing activities: | |||
Repayments of debt | (599) | (604) | |
Proceeds from issuance of common stock | 82 | 184 | |
Net cash (used for) financing activities | (517) | (420) | |
Net increase (decrease) in cash and cash equivalents | (822) | 138 | |
Cash and cash equivalents at beginning of period | 4,168 | 3,464 | |
Cash and cash equivalents at end of period | $ 3,346 | $ 3,602 | |
SOURCE Calloway's Nursery, Inc.