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Calloway's Nursery Announces Results for Third Quarter Ended September 30, 2009

Posted : Wed, 04 Nov 2009 20:57:43 GMT
Author : Calloway's Nursery, Inc.
Category : Press Release
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FORT WORTH, Texas, Nov. 4 TX-Calloway-Nurs-earn

FORT WORTH, Texas, Nov. 4 /PRNewswire-FirstCall/ -- Calloway's Nursery, Inc. (Pink Sheets: CLWY) today reported revenues and operating results for the third quarter and nine-month periods ended September 30, 2009.

Results for the Third Quarter

  • Sales were $5.0 million for 2009, compared to sales of $5.7 million for 2008. Same-store (16 stores) sales were $4.3 million for 2009, compared to same-store sales of $5.1 million for 2008.
  • Net loss was $1,386,000 for 2009, compared to net loss of $850,000 for 2008. The 2008 quarter included a $140,000 extraordinary gain on the involuntary conversion of assets.
  • Diluted net loss per common share was $.20 for 2009, compared to diluted net loss per common share of $.12 for 2008. The 2008 quarter included $.02 per-share extraordinary gain on the involuntary conversion of assets.

Results for the Nine-Month Period

  • Sales were $30.3 million for 2009, compared to sales of $35.8 million for 2008. Same-store (16 stores) sales were $25.4 million for 2009, compared to same-store sales of $27.4 million for 2008.
  • Net loss was $787,000 for 2009, compared to net income of $947,000 for 2008. The 2008 period included a $140,000 extraordinary gain on the involuntary conversion of assets.
  • Diluted net loss per common share was $.11 for 2009, compared to diluted net income per common share of $.14 for 2008. The 2008 period included $.02 per-share extraordinary gain on the involuntary conversion of assets.

Founded in 1986, Calloway's Nursery, Inc. operates 18 retail garden centers in Texas: Calloway's Nursery in Dallas-Fort Worth and Cornelius Nursery in Houston.


                             CALLOWAY'S NURSERY, INC.
                CONDENSED CONSOLIDATED INCOME STATEMENTS (UNAUDITED)
                  (Amounts in thousands, except per share amounts)

                                    Nine-            Three-
                                 Months Ended     Months Ended
                                 September 30,    September 30,
                                 2009     2008    2009    2008
                                 ----     ----    ----    ----

    Net sales                 $30,255  $35,754  $5,042  $5,712
    Cost of goods sold         16,849   18,670   2,918   3,050
                               ------   ------   -----   -----
    Gross profit               13,406   17,084   2,124   2,662
                               ------   ------   -----   -----

    Operating expenses         10,294   11,546   2,917   3,134
    Advertising expenses          959    1,267      81     167
    Occupancy expenses          2,491    2,241     834     573
    Depreciation and
     amortization                 360      285     126      98
    Net interest expense          476      469     177     174
                                  ---      ---     ---     ---
    Total expenses             14,580   15,808   4,135   4,146
                               ------   ------   -----   -----
    Income (loss) before
     provision for income
     taxes and extraordinary
     gain                      (1,174)   1,276  (2,011) (1,484)
    Income tax expense
     (benefit)                   (387)     469    (625)   (494)
                                 ----      ---    ----    ----
    Net income (loss) before
     extraordinary gain          (787)     807  (1,386)   (990)
    Extraordinary gain, net
     of income tax expense of
     $72                           --      140      --     140
                                  ---      ---     ---     ---

    Net income (loss)           $(787)    $947 $(1,386)  $(850)
                                =====     ==== =======   =====

    Weighted average number
     of common shares
     outstanding - basic and
     diluted                    6,980    6,950   7,035   6,950

    Income (loss) before
     extraordinary gain per
     common share - basic and
     diluted                   $(0.11)   $0.12  $(0.20) $(0.14)
    Extraordinary gain, net
     of tax, per common share
     - basic and diluted           --     0.02      --    0.02
                                  ---     ----     ---    ----
    Net income (loss) per
     common share - basic and
     diluted                   $(0.11)   $0.14  $(0.20) $(0.12)
                               ======    =====  ======  ======



                    CALLOWAY'S NURSERY, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
                              (Amounts in thousands)

                                ASSETS

                                          September 30,  September 30,
                                              2009           2008
                                              ----           ----
    Cash and cash equivalents                 $841         $1,133
    Accounts receivable - trade                145            659
    Accounts receivable - insurance            546             --
    Inventories                              2,822          3,982
    Prepaids and other assets                   22             57
    Deferred income taxes                      405            - -
                                               ---            ---
      Total current assets                   4,781          5,831

    Property and equipment, net             16,963         17,622
    Deferred income taxes                      578            408
    Other assets                               326            312
                                               ---            ---
        Total assets                       $22,648        $24,173
                                           =======        =======

                  LIABILITIES AND SHAREHOLDERS' EQUITY

    Accounts payable and accrued expenses   $5,063         $4,314
    Current portion of long-term debt          610            541
                                               ---            ---
        Total current liabilities            5,673          4,855

    Deferred rent payable                       58            103
    Long-term debt, net of current portion  11,986         13,243
                                            ------         ------

        Total liabilities                   17,717         18,201
                                            ------         ------

    Shareholders' equity:
      Common stock                              73             72
      Additional paid-in capital            10,285         10,220
      Accumulated deficit                   (4,019)        (2,912)
                                            ------         ------
                                             6,339          7,380
      Less: Treasury stock, at cost         (1,408)        (1,408)
                                            ------         ------

      Total shareholders' equity             4,931          5,972
                                             -----          -----
        Total liabilities and shareholders'
         equity                            $22,648        $24,173
                                           =======        =======



                             CALLOWAY'S NURSERY, INC.
             CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                              (Amounts in thousands)

                                                          Nine-Months Ended
                                                            September 30,
                                                            -------------
                                                          2009        2008
                                                          ----        ----
    Cash flows from operating activities:
      Net income (loss)                                  $(787)       $947
      Adjustments to reconcile net income (loss) to
       net cash provided by operating activities:
      Depreciation and amortization                        360         285
      Deferred income taxes                               (418)        238
      Gain on involuntary conversion of assets              --        (140)
      Net change in operating assets and
       liabilities                                         984      (1,237)
                                                           ---      ------
      Net cash provided by operating activities            139          93
                                                           ---         ---

    Cash flows from investing activities:
      Additions to property and equipment                 (923)     (1,955)
      Insurance proceeds from involuntary
       conversion of property and equipment                 --         277
                                                           ---         ---
    Net cash used for investing activities                (923)     (1,678)
                                                          ----      ------

    Cash flows from financing activities:
      Repayments of debt                                  (372)       (489)
      Proceeds from issuance of common stock                66          --
                                                            --         ---
      Net cash used for financing activities              (306)       (489)
                                                          ----        ----
    Net decrease in cash and cash equivalents           (1,090)     (2,074)
    Cash and cash equivalents at beginning of
     period                                              1,931       3,207
                                                         -----       -----

    Cash and cash equivalents at end of period            $841      $1,133
                                                          ====      ======

SOURCE Calloway's Nursery, Inc.


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