Calloway's Nursery Announces Results for Quarter Ended September 30, 2004
November 10 2004 - 4:18PM
PR Newswire (US)
Calloway's Nursery Announces Results for Quarter Ended September
30, 2004 FORT WORTH, Texas, Nov. 10 /PRNewswire-FirstCall/ --
Calloway's Nursery, Inc. (OTC Pink Sheets: CLWY) today reported
revenues and operating results for the fiscal year ended September
30, 2004. Results for the Fiscal Year Sales * Sales were $48.2
million for 2004, compared to sales of $47.3 million for 2003.
Results of Operations * Income from continuing operations was $0.1
million for 2004, compared to loss from continuing operations of
$3.5 million for 2003. * Net income was $0.1 million for 2004,
compared to net loss of $4.8 million for 2003. Results per Share *
Diluted income per common share from continuing operations was $.02
for 2004, compared to diluted loss per common share from continuing
operations of $.57 for 2003. * Diluted net income per common share
was $.02 for 2004, compared to diluted net loss per common share of
$.77 for 2003. Results for the Quarter Sales * Sales were $8.2
million for 2004, compared to sales of $7.2 million for 2003.
Results of Operations * Loss from continuing operations was $1.2
million for 2004, compared to loss from continuing operations of
$4.0 million for 2003. * Net loss was $1.2 million for 2004,
compared to net loss of $4.7 million for 2003. Results per Share *
Diluted loss per common share from continuing operations was $.17
for 2004, compared to diluted loss per common share from continuing
operations of $.59 for 2003. * Diluted net loss per common share
was $.17 for 2004, compared to diluted net loss per common share of
$.68 for 2003. Founded in 1986, Calloway's Nursery, Inc. operates
23 retail garden centers in the three largest metropolitan areas in
Texas: Dallas - Fort Worth, San Antonio and Houston, reaching a
combined population of 11.5 million. CALLOWAY'S NURSERY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(amounts in thousands, except per share amounts) Fiscal Year Ended
Three-months Ended September 30, September 30, 2004 2003 2004 2003
Net sales $48,228 $47,346 $8,239 $7,172 Cost of goods sold 25,648
25,361 4,481 4,135 Gross profit 22,580 21,985 3,758 3,037 Operating
expenses 15,690 16,628 3,430 3,624 Occupancy expenses 3,419 3,348
853 856 Advertising expenses 1,770 1,782 354 274 Depreciation and
amortization 467 592 111 135 Impairment of goodwill --- 631 --- 631
Interest expense 1,045 834 193 254 Interest income (17) (21) (6)
(6) Total expenses 22,374 23,794 4,935 5,768 Income (loss) from
continuing operations before income taxes 206 (1,809) (1,177)
(2,731) Income tax expense 66 1,672 --- 1,318 Income (loss) from
continuing operations 140 (3,481) (1,177) (4,049) Discontinued
operations: Loss from discontinued operations, net of income tax
benefits --- (2,040) --- (612) Loss on disposal of discontinued
operations, net of income tax benefits (27) 680 --- --- Loss from
discontinued operations (27) (1,360) --- (612) Net income (loss)
113 (4,841) (1,177) (4,661) Accretion of preferred stock --- (308)
--- --- Net income (loss) attributable to common shareholders 113
($5,149) ($1,177) ($4,661) Weighted average number of common shares
outstanding Basic 6,956 6,714 6,950 6,865 Diluted 6,956 6,714 6,950
6,865 Net income (loss) per common share - basic and diluted Income
(loss) from continuing operations $.02 ($.57) ($.17) ($.59) Loss
from discontinued operations --- (.20) --- (.09) Net income (loss)
$.02 ($.77) ($.17) ($.68) CALLOWAY'S NURSERY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In Thousands)
ASSETS September 30, September 30, 2004 2003 Cash and cash
equivalents $1,745 $1,921 Accounts receivable 214 232 Inventories
5,215 4,802 Prepaids and other assets 154 19 Total current assets
7,328 6,974 Property and equipment, net 10,452 10,841 Other assets
153 182 Total assets $17,933 $17,997 LIABILITIES AND SHAREHOLDERS'
EQUITY Accounts payable $3,582 $2,919 Accrued expenses 1,897 2,368
Current portion of long-term debt 510 474 Non-voting preferred
stock, with mandatory redemption provisions 3,245 2,949 Total
current liabilities 9,234 8,710 Deferred rent payable 425 641
Long-term debt, net of current portion 6,203 6,695 Total
liabilities 15,862 16,046 Commitments and contingencies
Shareholders' equity: Common stock 72 72 Additional paid-in capital
10,220 10,201 Accumulated deficit (6,813) (6,926) 3,479 3,347 Less:
Treasury stock, at cost (1,408) (1,396) Total shareholders' equity
2,071 1,951 Total liabilities and shareholders' equity $17,933
$17,997 CALLOWAY'S NURSERY, INC. CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS (UNAUDITED) (In thousands) Nine-months Ended
September 30, 2004 2003 Cash flows from operating activities: Net
income (loss) $113 ($4,841) Adjustments to reconcile net loss to
net cash provided by (used for) operating activities: Loss from
discontinued operations (net of tax) --- 2,040 (Gain) loss on
disposal of discontinued operations (net of tax) 27 (680)
Depreciation and amortization 467 592 Deferred income taxes ---
1,831 Stock compensation --- 136 Accretion of preferred stock
included in interest expense 471 103 Impairment of goodwill --- 631
Changes in Accounts receivable 18 124 Inventories (413) (796)
Income taxes receivable --- 119 Prepaid expenses and other assets
(106) 69 Accounts payable 663 225 Accrued expenses (471) 351
Deferred rent payable (216) (164) Net cash flows provided by (used
for) operating activities 553 (260) Cash flows from investing
activities - Additions to property and equipment (78) (91) Cash
flows from financing activities: Proceeds from issuance of common
stock 19 184 Repurchases of common stock (12) --- Repurchases of
preferred stock (175) --- Proceeds from issuance of long-term debt
--- 26 Repayments of long-term debt (456) (1,604) Net cash used for
financing activities (624) (1,394) Net decrease in cash and cash
equivalents from continuing operations (149) (1,745) Net increase
(decrease) in cash and cash equivalents from discontinued
operations (27) 1,191 Net decrease in cash and cash equivalents
(176) (554) Cash and cash equivalents at beginning of period 1,921
2,475 Cash and cash equivalents at end of period $1,745 $1,921
DATASOURCE: Calloway's Nursery, Inc. CONTACT: Dan Reynolds of
Calloway's Nursery, Inc., +1-817-222-1122 Web site:
http://www.calloways.com/
Copyright