Calloway's Nursery Announces Results For Second Quarter Ended June 30, 2012
August 07 2012 - 1:00PM
PR Newswire (US)
FORT WORTH, Texas, Aug. 7, 2012 /PRNewswire/ -- Calloway's
Nursery, Inc. (PK:CLWY) today
reported revenues and operating results for the second quarter
ended June 30, 2012.
Results for the Second Quarter
- Revenue was $17.6 million for
2012, compared to revenue of $18.7
million for 2011. Same-store revenue (18 stores) was
$17.0 million for 2012, compared to
same-store revenue of $18.1 million
for 2011.
- Net income was $1.4 million for
2012, compared to net income of $1.6
million for 2011.
- Diluted net income per common share was $.17 for 2012, compared to diluted net income per
common share of $.21 for 2011.
Results for the Six Months
- Revenue was $29.8 million for
2012, compared to revenue of $31.1
million for 2011. Same-store revenue (18 stores) was
$28.8 million for 2012, compared to
same-store revenue of $30.2 million
for 2011.
- Net income was $2.1 million for
2012, compared to net income of $2.4
million for 2011.
- Diluted net income per common share was $.26 for 2012, compared to diluted net income per
common share of $.31 for 2011.
Founded in 1986, Calloway's Nursery, Inc. is an 18-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,
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
$17,580
|
|
$18,709
|
|
$29,766
|
|
$31,147
|
|
Cost of
goods sold
|
9,337
|
|
9,853
|
|
15,125
|
|
15,844
|
|
Gross
profit
|
8,243
|
|
8,856
|
|
14,641
|
|
15,303
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
4,442
|
|
4,715
|
|
8,177
|
|
8,449
|
|
Advertising expenses
|
438
|
|
434
|
|
905
|
|
812
|
|
Occupancy
expenses
|
842
|
|
844
|
|
1,700
|
|
1,703
|
|
Depreciation and amortization
|
127
|
|
149
|
|
261
|
|
297
|
|
Net
interest expense
|
197
|
|
206
|
|
395
|
|
406
|
|
Total
expenses
|
6,046
|
|
6,348
|
|
11,438
|
|
11,667
|
|
Income
before provision for income taxes
|
2,197
|
|
2,508
|
|
3,203
|
|
3,636
|
|
Income tax
expense
|
778
|
|
875
|
|
1,130
|
|
1,249
|
|
Net
income
|
$
1,419
|
|
$
1,633
|
|
$
2,073
|
|
$
2,387
|
|
|
|
|
|
|
|
|
|
Weighted
average number of common shares outstanding – basic and
diluted
|
8,110
|
|
7,757
|
|
8,054
|
|
7,660
|
|
|
|
|
|
|
|
|
|
Net income
per common share - basic and diluted
|
$0.17
|
|
$0.21
|
|
$0.26
|
|
$0.31
|
|
CALLOWAY'S NURSERY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Amounts in thousands)
|
|
|
ASSETS
|
|
June
30,
|
|
June
30,
|
|
2012
|
|
2011
|
|
Cash and
cash equivalents
|
$
6,012
|
|
$
6,121
|
|
Accounts
receivable
|
277
|
|
133
|
|
Inventories
|
3,219
|
|
2,895
|
|
Prepaids
and other assets
|
32
|
|
35
|
|
Deferred
income taxes
|
87
|
|
547
|
|
Total current
assets
|
9,627
|
|
9,731
|
|
Property
and equipment, net
|
16,784
|
|
17,223
|
|
Deferred
income taxes
|
247
|
|
--
|
|
Other
assets
|
225
|
|
305
|
|
Total
assets
|
$26,883
|
|
$27,259
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Accounts
payable and accrued expenses
|
$6,887
|
|
$7,674
|
|
Current
portion of long-term debt
|
836
|
|
790
|
|
Total current
liabilities
|
7,723
|
|
8,464
|
|
Long-term
debt, net of current portion
|
10,596
|
|
11,403
|
|
Deferred
income taxes
|
--
|
|
51
|
|
Deferred
rent payable
|
11
|
|
2
|
|
Total
liabilities
|
18,330
|
|
19,920
|
|
Shareholders' equity:
|
|
|
|
|
Common stock
|
84
|
|
81
|
|
Additional paid-in capital
|
10,902
|
|
10,672
|
|
Accumulated deficit
|
(1,025)
|
|
(2,006)
|
|
9,961
|
|
8,747
|
|
Less: Treasury stock, at cost
|
(1,408)
|
|
(1,408)
|
|
Total shareholders'
equity
|
8,553
|
|
7,339
|
|
Total liabilities and
shareholders' equity
|
$26,883
|
|
$27,259
|
|
CALLOWAY'S NURSERY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Amounts in thousands)
|
|
|
|
Six-Months Ended
|
|
June
30,
|
|
2012
|
|
2011
|
|
Cash flows
from operating activities:
|
|
|
|
|
Net income
|
$2,073
|
|
$2,387
|
|
Adjustments to reconcile net income to net
cash
provided by operating activities:
|
|
|
|
|
Depreciation and amortization
|
261
|
|
297
|
|
Deferred income taxes
|
--
|
|
--
|
|
Net change in operating assets and
liabilities
|
539
|
|
1,177
|
|
Net cash provided by operating activities
|
2,873
|
|
3,861
|
|
Cash flows
from investing activities:
|
|
|
|
|
Additions to property and equipment
|
(58)
|
|
(15)
|
|
Net cash (used for) investing activities
|
(58)
|
|
(15)
|
|
Cash flows
from financing activities:
|
|
|
|
|
Repayments of debt
|
(401)
|
|
(378)
|
|
Proceeds from issuance of common stock
|
134
|
|
188
|
|
Net cash (used for) financing activities
|
(267)
|
|
(190)
|
|
Net
increase in cash and cash equivalents
|
2,548
|
|
3,656
|
|
Cash and
cash equivalents at beginning of period
|
3,464
|
|
2,465
|
|
Cash and
cash equivalents at end of period
|
$
6,012
|
|
$
6,121
|
SOURCE Calloway's Nursery,
Inc.
Copyright 2012 PR Newswire
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