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.