August 10, 2011 at 09:00 AM EDT
Calloway's Nursery Announces Results for Second Quarter Ended June 30, 2011

FORT WORTH, Texas, Aug. 10, 2011 /PRNewswire/ -- Calloway's Nursery, Inc. (Pink Sheet: CLWY) today reported revenues and operating results for the second quarter ended June 30, 2011.

Results for the Second Quarter

  • Revenue was $18.7 million for 2011, compared to revenue of $20.5 million for 2010. That was also the same-store revenue comparison since all nineteen retail stores have been open for more than twelve months at the start of the current year.
  • Net income was $1.6 million for 2011, compared to net income of $2.3 million for 2010.
  • Diluted net income per common share was $.21 for 2011, compared to diluted net income per common share of $.32 for 2010.

Results for the Six Month Period

  • Revenue was $31.1 million for 2011, compared to revenue of $28.7 million for 2010. That was also the same-store revenue comparison since all nineteen retail stores have been open for more than twelve months at the start of the current year.
  • Net income was $2.4 million for 2011, compared to net income of $2.3 million for 2010. The 2010 period included a $246,000 extraordinary gain.
  • Diluted net income per common share was $.31 for 2011, compared to diluted net income per common share of $.32 for 2010. The 2010 period included a $.03 per-share extraordinary gain.

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.

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,


2011


2010


2011


2010









Net sales

$18,709


$20,456


$31,147


$28,733

Cost of goods sold

9,853


10,446


15,844


14,445


Gross profit

8,856


10,010


15,303


14,288









Operating expenses

4,715


4,846


8,449


7,931

Advertising expenses

434


410


812


708

Occupancy expenses

844


822


1,703


1,654

Depreciation and amortization

149


152


297


292

Net interest expense

206


252


406


579


Total expenses

6,348


6,482


11,667


11,164

Income before provision for income taxes and extraordinary gain

2,508


3,528


3,636


3,124

Income tax expense

875


1,208


1,249


1,074

Net income before extraordinary gain

1,633


2,320


2,387


2,050

Extraordinary gain, net of income tax expense

--


--


--


246


Net income

$ 1,633


$ 2,320


$ 2,387


$ 2,296


Weighted average number of common shares outstanding – basic and diluted

7,757


7,277


7,660


7,232









Income before extraordinary gain per common share – basic and diluted

$0.21


$0.32


$0.31


$0.29









Extraordinary gain, net of tax, per common share - basic and diluted

--


--


--


0.03









Net income per common share - basic and diluted

$0.21


$0.32


$0.31


$0.32




CALLOWAY'S NURSERY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Amounts in thousands)


ASSETS



June 30,


June 30,


2011


2010





Cash and cash equivalents

$ 6,121


$ 4,248

Accounts receivable

133


498

Inventories

2,895


2,141

Prepaids and other assets

35


35

Deferred income taxes

547


241

Assets held for sale

--


568

Total current assets

9,731


7,731





Property and equipment, net

17,223


17,750

Deferred income taxes

--


609

Other assets

305


296


 Total assets

$27,259


$26,386


LIABILITIES AND SHAREHOLDERS' EQUITY


Accounts payable and accrued expenses

$ 7,674


$ 7,251

Current portion of long-term debt

790


3,388

 Total current liabilities

8,464


10,639





Deferred rent payable

2


25

Long-term debt, net of current portion

11,403


9,432

Deferred income taxes

51


--


Total liabilities

19,920


20,096

Shareholders' equity:




Common stock

81


76

Additional paid-in capital

10,672


10,402

Accumulated deficit

(2,006)


(2,780)


8,747


7,698

Less: Treasury stock, at cost

(1,408)


(1,408)


Total shareholders' equity

7,339


6,290


 Total liabilities and shareholders' equity

$27,259


$26,386




CALLOWAY'S NURSERY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Amounts in thousands)



Six-Months Ended


June 30,



2011


2010

Cash flows from operating activities:




Net income

$2,387


$2,297

Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

297


292

Gain on involuntary conversion of assets, net of tax

--


(372)

Net change in operating assets and liabilities

1,177


294


Net cash provided by operating activities

3,861


2,511





Cash flows from investing activities:




Additions to property and equipment

(71)


(577)

Proceeds from involuntary conversion of assets

--


606


Net cash provided by (used for) investing activities

(71)


29





Cash flows from financing activities:




Proceeds from issuance of debt

56


--

Repayments of debt

(378)


(785)

Proceeds from issuance of common stock

188


84

Net cash used for financing activities

(134)


(701)

Net increase in cash and cash equivalents

3,656


1,839

Cash and cash equivalents at beginning of period

2,465


2,409





Cash and cash equivalents at end of period

$6,121


$4,248




SOURCE Calloway's Nursery, Inc.

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