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Calloway's Nursery Announces Results for Fourth Quarter Ended December 31, 2011

 

FORT WORTH, Texas, March 15, 2012 /PRNewswire/ -- Calloway's Nursery, Inc. (PK:CLWY) today reported revenues and operating results for the fourth quarter ended December 31, 2011.

Results for the Fourth Quarter

  • Revenue was $9.6 million for 2011, compared to revenue of $8.9 million for 2010. That was also the same-store revenue comparison since all nineteen retail stores had been open for more than twelve months at the start of the year.
  • Net income was $57,000 for 2011, compared to net loss of $0.6 million for 2010.
  • Diluted net income per common share was $.01 for 2011, compared to diluted net loss per common share of $.09 for 2010.

Results for the Year

  • Revenue was $46.6 million for 2011, compared to revenue of $43.3 million for 2010. That was also the same-store revenue comparison since all nineteen retail stores had been open for more than twelve months at the start of the year.
  • Net income was $1.3 million for 2011, compared to net income of $0.7 million for 2010. The 2010 period included a $246,000 extraordinary gain.
  • Diluted net income per common share was $.17 for 2011, compared to diluted net income per common share of $.09 for 2010. The 2010 period included a $.03 per-share extraordinary gain.

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


Year Ended


December 31,


December 31,


2011


2010


2011


2010









Net sales

$9,582


$8,930


$46,589


$43,282

Cost of goods sold

4,956


4,837


24,216


22,399

Gross profit

4,626


4,093


22,373


20,883









Operating expenses

3,309


3,460


14,565


14,062

Advertising expenses

379


388


1,306


1,186

Occupancy expenses

778


820


3,337


3,285

Depreciation and
 amortization

145


149


590


594

Net interest expense

225


238


831


1,062

Total expenses

4,836


5,055


20,629


20,189

Income (loss) before
 provision for income
 taxes and extraordinary
 gain

(210)


(962)


1,744


694

Income tax expense
   (benefit)

(267)


(321)


449


256

Net income (loss) before
 extraordinary gain

57


(641)


1,295


438

Extraordinary gain, net of
 income tax expense

--


--


--


246

Net income (loss)

$  57


($  641)


$ 1,295


$ 684


Weighted average number
 of common shares
 outstanding – basic and
 diluted

7,926


7,390


7,779


7,335









Income (loss) before
 extraordinary gain per
 common share – basic
 and diluted

$0.01


($0.09)


$0.17


$0.06









Extraordinary gain, net of
 tax, per common share -
 basic and diluted

--


--


--


0.03









Net income (loss) per
 common share
 - basic and diluted

$0.01


($0.09)


$0.17


$0.09




CALLOWAY'S NURSERY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Amounts in thousands)



ASSETS



December 31,


December 31,


2011


2010





Cash and cash equivalents

$ 3,464


$ 2,465

Accounts receivable

115


67

Inventories

2,166


2,097

Prepaids and other assets

11


68

Deferred income taxes

87


547

Total current assets

5,843


5,244





Property and equipment, net

16,987


17,449

Deferred income taxes

247


--

Other assets

245


317

 Total assets

$23,322


$23,010


LIABILITIES AND SHAREHOLDERS' EQUITY


Accounts payable and accrued expenses

$ 5,137


$ 5,680

Current portion of long-term debt

816


759

 Total current liabilities

5,953


6,439





Long-term debt, net of current portion

11,017


11,756

Deferred rent payable

6


--

Deferred income taxes

--


51


Total liabilities

16,976


18,246

Shareholders' equity:




 Common stock

82


78

 Additional paid-in capital

10,770


10,487

 Accumulated deficit

(3,098)


(4,393)


7,754


6,172

Less: Treasury stock, at cost

(1,408)


(1,408)


Total shareholders' equity

6,346


4,764

 Total liabilities and shareholders' equity

$23,322


$23,010




CALLOWAY'S NURSERY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Amounts in thousands)



Year Ended


December 31,


2011


2010

Cash flows from operating activities:




Net income

$1,295


$  684

Adjustments to reconcile net income to net cash
     provided by operating activities:




Depreciation and amortization

590


594

Gain on involuntary conversion of property and
     equipment

--


(372)

Deferred income taxes

162


352

Gain on sale of property and equipment

--


(113)

Net change in operating assets and liabilities

(525)


(1,042)

Net cash provided by operating activities

1,522


103





Cash flows from investing activities:




Additions to property and equipment

(40)


(578)

Proceeds from involuntary conversion of assets

--


769

Proceeds from sales of property and equipment

--


681


Net cash provided by (used for) investing activities

(40)


872





Cash flows from financing activities:




Repayments of debt

(770)


(1,090)

Proceeds from issuance of common stock

287


171

Net cash used for financing activities

(483)


(919)


Net increase in cash and cash equivalents

$  999


56

Cash and cash equivalents at beginning of period

$2,465


2,409





Cash and cash equivalents at end of period

$3,464


$2,465




SOURCE Calloway's Nursery, Inc.

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RELATED LINKS
http://www.calloways.com