Mogelijk gemaakt door 
Translate
Translate
PR Newswire
FORT WORTH, Texas, Aug. 5, 2015
FORT WORTH, Texas, Aug. 5, 2015 /PRNewswire/ -- Calloway's Nursery, Inc. (CLWY) today reported revenues and operating results for the second quarter ended June 30, 2015.
Results for the Second Quarter
Revenue was $22.0 million for 2015, compared to revenue of $24.6 million for 2014. Same-store revenue (17 stores) was $21.4 million for 2015, compared to same-store revenue of $22.2 million for 2014. The company has closed two stores in 2015 which have not been included in the calculation of same-store revenue.
Net income was $2.7 million for 2015, compared to net income of $3.4 million for 2014.
Diluted net income per common share was $.33 for 2015, compared to diluted net income per common share of $.41 for 2014.
Earnings before income taxes, depreciation and amortization and net interest expense, a non-GAAP measure ("EBITDA"), was $4.4 million for 2015 compared to EBITDA of $5.4 million for 2014.
Year-to-date Results
Revenue was $32.2 million for 2015, compared to revenue of $34.7 million for 2014. Same-store revenue (17 stores) was $31.4 million for 2015, compared to same-store revenue of $30.8 million for 2014. The company has closed two stores in 2015 which have not been included in the calculation of same-store revenue.
Net income was $2.4 million for 2015, compared to net income of $3.3 million for 2014.
Diluted net income per common share was $.29 for 2015, compared to diluted net income per common share of $.39 for 2014.
EBITDA was $4.2 million for 2015 compared to EBITDA of $5.5 million for 2014.
Founded in 1986, Calloway's Nursery, Inc. is a 17-store garden center chain serving the Dallas - Fort Worth and Houston markets as Calloway's Nursery in D/FW and Cornelius Nursery in Houston. 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; 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) | ||||||
|
Quarter Ended |
Six-months Ended | |||||
|
June 30, |
June 30, | |||||
|
2015 |
2014 |
2015 |
2014 | |||
|
Net revenue |
$21,961 |
$24,615 |
$32,179 |
$34,660 | ||
|
Cost of goods sold |
11,012 |
12,130 |
16,294 |
17,072 | ||
|
Gross profit |
10,949 |
12,485 |
15,885 |
17,588 | ||
|
Operating expense |
5,322 |
5,650 |
9,135 |
9,319 | ||
|
Advertising expense |
446 |
513 |
891 |
1,003 | ||
|
Occupancy expense |
795 |
897 |
1,654 |
1,758 | ||
|
Depreciation and amortization |
141 |
127 |
272 |
265 | ||
|
Net interest expense |
105 |
141 |
222 |
280 | ||
|
Total expenses |
6,809 |
7,328 |
12,174 |
12,625 | ||
|
Gain on disposal of assets |
26 |
-- |
26 |
-- | ||
|
Income before provision for income taxes |
4,166 |
5,157 |
3,737 |
4,963 | ||
|
Income tax |
1,420 |
1,737 |
1,304 |
1,681 | ||
|
Net income |
$2,746 |
$3,420 |
$2,433 |
$3,282 | ||
|
Weighted average number of common shares outstanding – basic and diluted |
8,378 |
8,378 |
8,378 |
8,378 | ||
|
Net income per common share - basic and diluted |
$0.33 |
$0.41 |
$0.29 |
$0.39 | ||
|
CALLOWAY'S NURSERY, INC. | |||
|
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||
|
(Amounts in thousands) | |||
|
ASSETS | |||
|
June 30, |
June 30, | ||
|
2015 |
2014 | ||
|
Cash and cash equivalents |
$10,499 |
$ 9,230 | |
|
Accounts receivable |
209 |
496 | |
|
Inventories |
3,205 |
3,336 | |
|
Prepaids and other assets |
68 |
57 | |
|
Deferred income taxes |
45 |
90 | |
|
Property held for sale |
375 |
1,508 | |
|
Total current assets |
14,401 |
14,717 | |
|
Property and equipment, net |
20,535 |
15,069 | |
|
Restricted cash |
-- |
-- | |
|
Deferred income taxes |
-- |
135 | |
|
Other assets |
125 |
155 | |
|
Total assets |
$35,061 |
$30,076 | |
|
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
|
Accounts payable and accrued expenses |
$7,799 |
$8,806 | |
|
Current portion of long-term debt |
914 |
912 | |
|
Total current liabilities |
8,713 |
9,718 | |
|
Long-term debt, net of current portion |
5,217 |
8,914 | |
|
Deferred rent payable |
37 |
64 | |
|
Deferred income taxes |
2,223 |
-- | |
|
Total liabilities |
16,190 |
18,696 | |
|
Shareholders' equity: |
|||
|
Common stock |
86 |
86 | |
|
Additional paid-in capital |
11,082 |
11,082 | |
|
Retained earnings |
9,111 |
1,620 | |
|
20,279 |
12,788 | ||
|
Less: Treasury stock, at cost |
(1,408) |
(1,408) | |
|
Total shareholders' equity |
18,871 |
11,380 | |
|
Total liabilities and shareholders' equity |
$35,061 |
$30,076 | |
|
CALLOWAY'S NURSERY, INC. | |||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||
|
(Amounts in thousands) | |||
|
Six-months Ended | |||
|
June 30, | |||
|
2015 |
2014 | ||
|
Cash flows from operating activities: |
|||
|
Net income |
$ 2,433 |
$ 3,282 | |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||
|
Depreciation and amortization |
272 |
265 | |
|
Deferred income tax |
(422) |
-- | |
|
Gain on disposal of property held for sale |
(26) |
||
|
Net change in operating assets and liabilities |
1,218 |
2,276 | |
|
Net cash provided by operating activities |
3,475 |
5,823 | |
|
Cash flows from investing activities: |
|||
|
Additions to property and equipment |
(7,470) |
(35) | |
|
Decrease in restricted cash from sale of property |
9,143 |
-- | |
|
Proceeds from disposal of property held for sale |
891 |
-- | |
|
Net cash provided by (used for) investing activities |
2,564 |
(35) | |
|
Cash flows from financing activities: |
|||
|
Repayments of debt |
(1,661) |
(445) | |
|
Proceeds from issuance of common stock |
-- |
-- | |
|
Net cash (used for) financing activities |
(1,661) |
(445) | |
|
Net increase in cash and cash equivalents |
4,378 |
5,343 | |
|
Cash and cash equivalents at beginning of period |
6,121 |
3,887 | |
|
Cash and cash equivalents at end of period |
$10,499 |
$ 9,230 | |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/calloways-nursery-announces-results-for-second-quarter-and-six-months-ended-june-30-2015-300123707.html
SOURCE Calloway's Nursery, Inc.
