PR Newswire
FORT WORTH, Texas, May 13, 2015
FORT WORTH, Texas, May 13, 2015 /PRNewswire/ -- Calloway's Nursery, Inc. (CLWY) today reported revenues and operating results for the first quarter ended March 31, 2015.
Results for the First Quarter
Revenue was $10.2 million for 2015, compared to revenue of $10.0 million for 2014. Same-store revenue (18 stores) was $10.2 million for 2015, compared to same-store revenue of $8.8 million for 2014. The company closed one store in early January 2015 which has not been included in the calculation of same-store revenue.
Net loss was $0.3 million for 2015, compared to net loss of $0.1 million for 2014.
Diluted net loss per common share was $.04 for 2015, compared to diluted net loss per common share of $.02 for 2014.
Earnings before income taxes, depreciation and amortization and net interest expense, a non-GAAP measure ("EBITDA"), was negative $0.2 million for 2015 compared to EBITDA of $0.1 million for 2014.
Founded in 1986, Calloway's Nursery, Inc. is an 18-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) | |||
|
Three-Months Ended | |||
|
March 31, | |||
|
2015 |
2014 | ||
|
Net revenue |
$10,218 |
$10,045 | |
|
Cost of goods sold |
5,282 |
4,942 | |
|
Gross profit |
4,936 |
5,103 | |
|
Operating expense |
3,813 |
3,669 | |
|
Advertising expense |
445 |
490 | |
|
Occupancy expense |
859 |
861 | |
|
Depreciation and amortization |
131 |
138 | |
|
Net interest expense |
117 |
139 | |
|
Total expenses |
5,365 |
5,297 | |
|
Loss before provision for income taxes |
(429) |
(194) | |
|
Income tax (benefit) |
(116) |
(56) | |
|
Net loss |
($ 313) |
($ 138) | |
|
Weighted average number of common shares outstanding – basic and diluted |
8,378 |
8,378 | |
|
Net loss per common share - basic and diluted |
($0.04) |
($0.02) | |
|
CALLOWAY'S NURSERY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Amounts in thousands) | |||
|
ASSETS | |||
|
March 31, |
March 31, | ||
|
2015 |
2014 | ||
|
Cash and cash equivalents |
$4,664 |
$ 2,017 | |
|
Accounts receivable |
1,471 |
2,258 | |
|
Inventories |
4,796 |
5,347 | |
|
Prepaids and other assets |
80 |
114 | |
|
Deferred income taxes |
348 |
161 | |
|
Property held for sale |
1,240 |
1,508 | |
|
Total current assets |
12,599 |
11,405 | |
|
Property and equipment, net |
14,827 |
15,186 | |
|
Restricted cash |
7,730 |
-- | |
|
Deferred income taxes |
-- |
135 | |
|
Other assets |
150 |
161 | |
|
Total assets |
$35,306 |
$26,887 | |
|
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
|
Accounts payable and accrued expenses |
$8,724 |
$8,818 | |
|
Current portion of long-term debt |
956 |
905 | |
|
Total current liabilities |
9,680 |
9,723 | |
|
Long-term debt, net of current portion |
6,606 |
9,145 | |
|
Deferred rent payable |
78 |
59 | |
|
Deferred income taxes |
2,817 |
-- | |
|
Total liabilities |
19,181 |
18,927 | |
|
Shareholders' equity: |
|||
|
Common stock |
86 |
86 | |
|
Additional paid-in capital |
11,082 |
11,082 | |
|
Retained earnings (accumulated deficit) |
6,365 |
(1,800) | |
|
17,533 |
9,368 | ||
|
Less: Treasury stock, at cost |
(1,408) |
(1,408) | |
|
Total shareholders' equity |
16,125 |
7,960 | |
|
Total liabilities and shareholders' equity |
$35,306 |
$26,887 | |
|
CALLOWAY'S NURSERY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Amounts in thousands) | |||
|
Three-Months Ended | |||
|
March 31, | |||
|
2015 |
2014 | ||
|
Cash flows from operating activities: |
|||
|
Net loss |
($ 313) |
($ 138) | |
|
Adjustments to reconcile net loss to net cash (used for) operating activities: |
|||
|
Depreciation and amortization |
131 |
138 | |
|
Deferred income tax |
(131) |
(71) | |
|
Net change in operating assets and liabilities |
(706) |
(1,553) | |
|
Net cash (used for) operating activities |
(1,019) |
(1,624) | |
|
Cash flows from investing activities: |
|||
|
Additions to property and equipment |
(208) |
(25) | |
|
Net cash (used for) investing activities |
(208) |
(25) | |
|
Cash flows from financing activities: |
|||
|
Repayments of debt |
(230) |
(221) | |
|
Proceeds from issuance of common stock |
-- |
-- | |
|
Net cash (used for) financing activities |
(230) |
(221) | |
|
Net increase (decrease) in cash and cash equivalents |
(1,457) |
(1,870) | |
|
Cash and cash equivalents at beginning of period |
6,121 |
3,887 | |
|
Cash and cash equivalents at end of period |
$ 4,664 |
$ 2,017 | |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/calloways-nursery-announces-results-for-first-quarter-and-year-ended-march-31-2015-300082656.html
SOURCE Calloway's Nursery, Inc.