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PR Newswire
FORT WORTH, Texas, March 14, 2014
FORT WORTH, Texas, March 14, 2014 /PRNewswire/ -- Calloway's Nursery, Inc. (PK:CLWY) today reported revenues and operating results for the fourth quarter ended December 31, 2013.
Results for the Fourth Quarter
Results for the Year
Founded in 1986, Calloway's Nursery, Inc. is a 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.
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CALLOWAY'S NURSERY, INC. | ||||||||||||
|
Three-Months Ended |
Year Ended | |||||||||||
|
December 31, |
December 31, | |||||||||||
|
2013 |
2012 |
2013 |
2012 | |||||||||
|
Net revenue |
$9,637 |
$9,447 |
$46,644 |
$45,551 | ||||||||
|
Cost of goods sold |
5,574 |
5,286 |
24,104 |
23,888 | ||||||||
|
Gross profit |
4,063 |
4,161 |
22,540 |
21,663 | ||||||||
|
Operating expense |
3,328 |
3,220 |
14,835 |
14,063 | ||||||||
|
Advertising expense |
405 |
389 |
1,524 |
1,379 | ||||||||
|
Occupancy expense |
916 |
802 |
3,372 |
3,323 | ||||||||
|
Depreciation and amortization |
138 |
130 |
518 |
527 | ||||||||
|
Net interest expense |
144 |
222 |
593 |
807 | ||||||||
|
Proxy contest expense |
-- |
-- |
373 |
-- | ||||||||
|
Impairment of property held for sale |
-- |
-- |
-- |
558 | ||||||||
|
Total expenses |
4,931 |
4,763 |
21,215 |
20,657 | ||||||||
|
Income (loss) before provision for income taxes |
(868) |
(602) |
1,325 |
1,006 | ||||||||
|
Income tax expense (benefit) |
(285) |
(197) |
498 |
397 | ||||||||
|
Net income (loss) |
($ 583) |
($405) |
$ 827 |
$ 609 | ||||||||
|
Weighted average number of common shares outstanding – basic and diluted |
8,378 |
8,241 |
8,358 |
8,133 | ||||||||
|
Net income (loss) per common share - basic and diluted |
($0.07) |
($0.05) |
$0.10 |
$0.07 | ||||||||
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CALLOWAY'S NURSERY, INC. | |||
|
ASSETS | |||
|
December 31, |
December 31, | ||
|
2013 |
2012 | ||
|
Cash and cash equivalents |
$ 3,887 |
$ 4,168 | |
|
Accounts receivable |
50 |
43 | |
|
Inventories |
2,403 |
2,254 | |
|
Prepaids and other assets |
55 |
13 | |
|
Deferred income taxes |
80 |
52 | |
|
Property held for sale |
1,508 |
1,508 | |
|
Total current assets |
7,983 |
8,038 | |
|
Property and equipment, net |
15,299 |
14,661 | |
|
Deferred income taxes |
145 |
257 | |
|
Other assets |
166 |
187 | |
|
Total assets |
$23,593 |
$23,143 | |
|
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
|
Accounts payable and accrued expenses |
$5,169 |
$4,853 | |
|
Current portion of long-term debt |
896 |
844 | |
|
Total current liabilities |
6,065 |
5,697 | |
|
Long-term debt, net of current portion |
9,375 |
10,242 | |
|
Deferred rent payable |
55 |
15 | |
|
Total liabilities |
15,495 |
15,954 | |
|
Shareholders' equity: |
|||
|
Common stock |
86 |
85 | |
|
Additional paid-in capital |
11,082 |
11,001 | |
|
Accumulated deficit |
(1,662) |
(2,489) | |
|
9,506 |
8,597 | ||
|
Less: Treasury stock, at cost |
(1,408) |
(1,408) | |
|
Total shareholders' equity |
8,098 |
7,189 | |
|
Total liabilities and shareholders' equity |
$23,593 |
$23,143 | |
|
CALLOWAY'S NURSERY, INC. | |||
|
Year Ended | |||
|
December 31, | |||
|
2013 |
2012 | ||
|
Cash flows from operating activities: |
|||
|
Net income |
$827 |
$609 | |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||
|
Depreciation and amortization |
518 |
527 | |
|
Impairment of property held for sale |
-- |
558 | |
|
Net change in operating assets and liabilities |
263 |
(210) | |
|
Net cash provided by operating activities |
1,608 |
1,484 | |
|
Cash flows from investing activities: |
|||
|
Additions to property and equipment |
(2,126) |
(239) | |
|
Proceeds from sale/leaseback of property and equipment |
1,000 |
-- | |
|
Net cash (used for) investing activities |
(1,126) |
(239) | |
|
Cash flows from financing activities: |
|||
|
Repayments of debt |
(845) |
(775) | |
|
Proceeds from issuance of common stock |
82 |
234 | |
|
Net cash (used for) financing activities |
(763) |
(541) | |
|
Net increase (decrease) in cash and cash equivalents |
(281) |
704 | |
|
Cash and cash equivalents at beginning of period |
4,168 |
3,464 | |
|
Cash and cash equivalents at end of period |
$ 3,887 |
$ 4,168 | |
SOURCE Calloway's Nursery, Inc.
