Calloway's Nursery Announces Results for Second Quarter Ended June 30, 2014
August 06 2014 - 8:00AM
PR Newswire (US)
FORT WORTH, Texas, Aug. 6, 2014 /PRNewswire/ -- Calloway's
Nursery, Inc. (PK:CLWY) today
reported revenues and operating results for the second quarter
ended June 30, 2014.
Results for the Second Quarter
- Revenue was $24.6 million for
2014, compared to revenue of $19.7
million for 2013. Same-store revenue (18 stores) was
$23.6 million for 2014, compared to
same-store revenue of $19.7 million
for 2013.
- Net income was $3.4 million for
2014, compared to net income of $2.1
million for 2013.
- Diluted net income per common share was $.41 for 2014, compared to diluted net income per
common share of $.25 for 2013.
- Earnings before income taxes, depreciation and amortization and
net interest expense ("EBITDA") was $5.4
million for 2014 compared to EBITDA of $3.5 million for 2013.
Results for the Six Months
- Revenue was $34.7 million for
2014, compared to revenue of $30.3
million for 2013. Same-store revenue (18 stores) was
$33.2 million for 2014, compared to
same-store revenue of $30.3 million
for 2013.
- Net income was $3.3 million for
2014, compared to net income of $2.4
million for 2013.
- Diluted net income per common share was $.39 for 2014, compared to diluted net income per
common share of $.28 for 2013.
- EBITDA was $5.5 million for 2014
compared to EBITDA of $4.2 million
for 2013.
Founded in 1986, Calloway's Nursery, Inc. is an 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
|
|
Six-Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
$24,615
|
|
$19,692
|
|
$34,660
|
|
$30,319
|
|
Cost of goods
sold
|
12,130
|
|
10,004
|
|
17,072
|
|
15,055
|
|
Gross
profit
|
12,485
|
|
9,688
|
|
17,588
|
|
15,264
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
5,650
|
|
4,716
|
|
9,319
|
|
8,471
|
|
Advertising
expenses
|
513
|
|
565
|
|
1,003
|
|
964
|
|
Occupancy
expenses
|
897
|
|
794
|
|
1,758
|
|
1,588
|
|
Depreciation
and
amortization
|
127
|
|
127
|
|
265
|
|
258
|
|
Net interest
expense
|
141
|
|
151
|
|
280
|
|
301
|
|
Proxy contest
expense
|
--
|
|
75
|
|
--
|
|
75
|
|
Total
expenses
|
7,328
|
|
6,428
|
|
12,625
|
|
11,657
|
|
Income before
provision
for income
taxes
|
5,157
|
|
3,260
|
|
4,963
|
|
3,607
|
|
Income tax
expense
|
1,737
|
|
1,128
|
|
1,681
|
|
1,257
|
|
Net income
|
$ 3,420
|
|
$ 2,132
|
|
$ 3,282
|
|
$ 2,350
|
|
|
|
|
|
|
|
|
|
Weighted
average
number of
common
shares
outstanding –
basic and
diluted
|
8,378
|
|
8,370
|
|
8,378
|
|
8,337
|
|
|
|
|
|
|
|
|
|
Net income
per
common share -
basic
and
diluted
|
$0.41
|
|
$0.25
|
|
$0.39
|
|
$0.28
|
|
CALLOWAY'S
NURSERY, INC.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|
|
(Amounts in
thousands)
|
|
|
ASSETS
|
|
June
30,
|
|
June
30,
|
|
2014
|
|
2013
|
|
Cash and cash
equivalents
|
$ 9,230
|
|
$ 6,860
|
|
Accounts
receivable
|
496
|
|
448
|
|
Inventories
|
3,336
|
|
3,017
|
|
Prepaids and other
assets
|
57
|
|
15
|
|
Deferred income
taxes
|
90
|
|
53
|
|
Property held for
sale
|
1,508
|
|
1,508
|
|
Total current
assets
|
14,717
|
|
11,901
|
|
Property and
equipment, net
|
15,069
|
|
15,970
|
|
Deferred income
taxes
|
135
|
|
257
|
|
Other
assets
|
155
|
|
177
|
|
Total
assets
|
$30,076
|
|
$28,305
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
Accounts payable and
accrued expenses
|
$8,806
|
|
$7,988
|
|
Current portion of
long-term debt
|
912
|
|
869
|
|
Total current
liabilities
|
9,718
|
|
8,857
|
|
Long-term debt, net
of current portion
|
8,914
|
|
9,801
|
|
Deferred rent
payable
|
64
|
|
26
|
|
Total
liabilities
|
18,696
|
|
18,684
|
|
Shareholders'
equity:
|
|
|
|
|
Common
stock
|
86
|
|
86
|
|
Additional paid-in capital
|
11,082
|
|
11,082
|
|
Retained
earnings (accumulated deficit)
|
1,620
|
|
(139)
|
|
12,788
|
|
11,029
|
|
Less:
Treasury stock, at cost
|
(1,408)
|
|
(1,408)
|
|
Total shareholders'
equity
|
11,380
|
|
9,621
|
|
Total liabilities and
shareholders' equity
|
$30,076
|
|
$28,305
|
|
CALLOWAY'S
NURSERY, INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(UNAUDITED)
|
|
(Amounts in
thousands)
|
|
|
Six-Months
Ended
|
|
June
30,
|
|
2014
|
|
2013
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net
income
|
$3,282
|
|
$2,350
|
|
Adjustments to
reconcile net income to net cash
provided
by operating activities:
|
|
|
|
|
Depreciation and
amortization
|
265
|
|
258
|
|
Net change in
operating assets and liabilities
|
2,276
|
|
1,985
|
|
Net cash provided by
operating activities
|
5,823
|
|
4,593
|
|
Cash flows from
investing activities:
|
|
|
|
|
Additions to property
and equipment
|
(35)
|
|
(1,567)
|
|
Net cash (used for)
investing activities
|
(35)
|
|
(1,567)
|
|
Cash flows from
financing activities:
|
|
|
|
|
Repayments of
debt
|
(445)
|
|
(416)
|
|
Proceeds from issuance
of common stock
|
--
|
|
82
|
|
Net cash (used for)
financing activities
|
(445)
|
|
(334)
|
|
Net increase in cash
and cash equivalents
|
5,343
|
|
2,692
|
|
Cash and cash
equivalents at beginning of period
|
3,887
|
|
4,168
|
|
Cash and cash
equivalents at end of period
|
$ 9,230
|
|
$ 6,860
|
SOURCE Calloway's Nursery,
Inc.
Copyright 2014 PR Newswire
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