FORT WORTH, Texas, Feb. 17 /PRNewswire-FirstCall/ -- Calloway's Nursery, Inc. (Pink Sheets: CLWY) today reported revenues and operating results for the fourth quarter and year ended December 31, 2009. Results for the Fourth Quarter -- Sales were $7.6 million for 2009, compared to sales of $8.6 million for 2008. Same-store (15 stores) sales were $6.1 million for 2009, compared to same-store sales of $7.3 million for 2008. -- Net loss was $834,000 for 2009, compared to net loss of $320,000 for 2008. The 2009 quarter included a $225,000 extraordinary gain and the 2008 quarter included a $268,000 extraordinary gain. -- Diluted net loss per common share was $.12 for 2009, compared to diluted net loss per common share of $.05 for 2008. The 2009 quarter included a $.03 per-share extraordinary gain and the 2008 quarter included a $.04 per-share extraordinary gain. Results for the Year -- Sales were $37.9 million for 2009, compared to sales of $44.3 million for 2008. Same-store (15 stores) sales were $30.7 million for 2009, compared to same-store sales of $33.7 million for 2008. -- Net loss was $1,621,000 for 2009, compared to net income of $627,000 for 2008. The 2009 year included a $225,000 extraordinary gain and the 2008 year included a $408,000 extraordinary gain. -- Diluted net loss per common share was $.23 for 2009, compared to diluted net income per common share of $.09 for 2008. The 2009 year included a $.03 per-share extraordinary gain and the 2008 year included a $.06 per-share extraordinary gain. Founded in 1986, Calloway's Nursery, Inc. operates 19 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) Year Ended Three-Months Ended December 31, December 31, -------------- ------------------ 2009 2008 2009 2008 ---- ---- ---- ---- Net sales $37,878 $44,318 $7,623 $8,564 Cost of goods sold 21,385 24,014 4,536 5,344 ------ ------ ----- ----- 16,493 20,304 3,087 3,220 Gross profit ------ ------ ----- ----- Operating expenses 13,491 14,352 3,197 2,806 Advertising expenses 1,332 1,625 373 358 Occupancy expenses 3,323 2,965 832 724 Depreciation and amortization 488 409 128 124 Net interest expense 641 586 165 117 --- --- --- --- 19,275 19,937 4,695 4,129 Total expenses ------ ------ ----- ----- Income (loss) before provision for income taxes and extraordinary gain (2,782) 367 (1,608) (909) Income tax expense (benefit) (936) 148 (549) (321) ---- --- ---- ---- Net income (loss) before extraordinary gain (1,846) 219 (1,059) (588) Extraordinary gain, net of income tax expense of $125, $210, $125 and $138 225 408 225 268 --- --- --- --- $(1,621) $627 $(834) $(320) Net income (loss) ======= ==== ===== ===== Weighted average number of common shares outstanding - basic and diluted 7,010 6,950 7,099 6,950 Income (loss) before extraordinary gain per common share - basic and diluted $(0.26) $0.03 $(0.15) $(0.09) Extraordinary gain, net of tax, per common share - basic and diluted 0.03 0.06 0.03 0.04 ---- ---- ---- ---- Net income (loss) per common share -basic and diluted $(0.23) $0.09 $(0.12) $(0.05) ====== ===== ====== ====== CALLOWAY'S NURSERY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Amounts in thousands) ASSETS December 31, December 31, 2009 2008 ------------ ------------ Cash and cash equivalents $2,409 $1,931 Accounts receivable - trade 25 36 Accounts receivable - insurance 397 1,077 Inventories 1,110 2,392 Prepaids and other assets 66 88 Deferred income taxes 834 265 --- --- Total current assets 4,841 5,789 Property and equipment, net 18,033 15,749 Deferred income taxes 578 300 Other assets 308 287 --- --- $23,760 $22,125 Total assets ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable and accrued expenses $5,975 $4,065 Current portion of long-term debt 675 585 --- --- Total current liabilities 6,650 4,650 Deferred rent payable 47 91 Long-term debt, net of current portion 12,930 11,732 ------ ------ 19,627 16,473 Total liabilities ------ ------ Shareholders' equity: Common stock 74 72 Additional paid-in capital 10,320 10,220 Accumulated deficit (4,853) (3,232) ------ ------ 5,541 7,060 Less: Treasury stock, at cost (1,408) (1,408) ------ ------ 4,133 5,652 Total shareholders' equity ----- ----- Total liabilities and shareholders' equity $23,760 $22,125 ======= ======= CALLOWAY'S NURSERY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Amounts in thousands) Year Ended December 31, ------------ 2009 2008 ---- ---- Cash flows from operating activities: Net income (loss) $(1,621) $627 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 488 409 Deferred income taxes (847) 81 Gain on involuntary conversion of assets (340) (618) Loss on sales of property and equipment -- 344 Net change in operating assets and liabilities 3,840 (776) ----- ---- 1,520 67 ----- --- Net cash provided by operating activities Cash flows from investing activities: Additions to property and equipment (987) (3,270) Proceeds from involuntary conversion of property and equipment 340 1,139 Proceeds from sale of property and equipment -- 5,626 --- ----- Net cash provided by (used for) investing activities (647) 3,495 ---- ----- Cash flows from financing activities: Repayments of debt (497) (4,838) Proceeds from issuance of common stock 102 -- --- --- Net cash used for financing activities (395) (4,838) ---- ------ Net increased (decrease) in cash and cash equivalents 478 (1,276) Cash and cash equivalents at beginning of period 1,931 3,207 ----- ----- Cash and cash equivalents at end of period $2,409 $1,931 ====== ====== DATASOURCE: Calloway's Nursery, Inc. CONTACT: Media, Investors and Analysts, Dan Reynolds of Calloway's Nursery, Inc., +1-817-222-1122 Web Site: http://www.calloways.com/

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