Calloway's Nursery Announces Results For Fourth Quarter And Year Ended December 31, 2014
FORT WORTH, Texas, March 18, 2015 /PRNewswire/ -- Calloway's Nursery, Inc. (PK: CLWY) today reported revenues and operating results for the fourth quarter and year ended December 31, 2014.
Results for the Fourth Quarter
Revenue was $11.1 million for 2014, compared to revenue of $9.6 million for 2013. Same-store revenue (17 stores) was $8.9 million for 2014, compared to same-store revenue of $7.8 million for 2013. The company had opened one new store in August 2013, and has closed one store in early January 2015. Neither of these two stores has been included in the calculation of same-store revenue.
Net income was $5.6 million for 2014, compared to net loss of $0.6 million for 2013. The 2014 results included a $5.9 million (net of income tax) gain consisting of disposal gains and impairment losses on properties.
Diluted net income per common share was $.67 for 2014, compared to diluted net loss per common share of $.07 for 2013. The 2014 results included a $0.70 per share (net of income tax) gain consisting of disposal gains and impairment losses on properties.
Earnings before income taxes, depreciation and amortization and net interest expense, a non-GAAP measure ("EBITDA"), was $8.9 million for 2014 compared to EBITDA of negative $0.6 million for 2013.
"Adjusted EBITDA", a non-GAAP measure, is EBITDA adjusted for the effects of the gain consisting of disposal gains and impairment losses on properties, and proxy contest expenses.
Adjusted EBITDA was $0 (break-even) for 2014 compared to Adjusted EBITDA of negative $0.6 million for 2013.
Results for the Year
Revenue was $53.5 million for 2014, compared to revenue of $46.6 million for 2013. Same-store revenue (17 stores) was $45.6 million for 2014, compared to same-store revenue of $41.3 million for 2013.
Net income was $8.3 million for 2014, compared to net income of $0.8 million for 2013. The 2014 results included a $5.9 million (net of income tax) gain consisting of disposal gains and impairment losses on properties, and the 2013 results included $0.2 million (net of income tax) proxy contest expenses.
Diluted net income per common share was $1.00 for 2014, compared to diluted net income per common share of $.10 for 2013. The 2014 results included a $0.70 per share (net of income tax) gain consisting of disposal gains and impairment losses on properties, and the 2013 results included $0.03 per share (net of income tax) proxy contest expenses.
EBITDA was $13.8 million for 2014 compared to EBITDA of $2.4 million for 2013.
Adjusted EBITDA was $4.9 million for 2014 compared to Adjusted EBITDA of $2.8 million for 2013.
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 |
Year Ended |
||||||||||
December 31, |
December 31, |
||||||||||
2014 |
2013 |
2014 |
2013 |
||||||||
Net revenue |
$11,107 |
$9,637 |
$53,515 |
$46,644 |
|||||||
Cost of goods sold |
5,993 |
5,574 |
27,055 |
24,104 |
|||||||
Gross profit |
5,114 |
4,063 |
26,460 |
22,540 |
|||||||
Operating expense |
3,755 |
3,328 |
16,378 |
14,835 |
|||||||
Advertising expense |
436 |
405 |
1,549 |
1,524 |
|||||||
Occupancy expense |
923 |
916 |
3,599 |
3,372 |
|||||||
Depreciation and amortization |
128 |
138 |
518 |
518 |
|||||||
Net interest expense |
148 |
144 |
566 |
593 |
|||||||
Proxy contest expense |
-- |
-- |
-- |
373 |
|||||||
Total expenses |
5,390 |
4,931 |
22,610 |
21,215 |
|||||||
(Gain) on disposals and impairments of properties |
(8,874) |
-- |
(8,874) |
-- |
|||||||
Income (loss) before provision for income taxes |
8,598 |
(868) |
12,724 |
1,325 |
|||||||
Income tax expense (benefit) |
2,980 |
(285) |
4,384 |
498 |
|||||||
Net income (loss) |
$5,618 |
($ 583) |
$8,340 |
$ 827 |
|||||||
Weighted average number of common shares outstanding – basic and diluted |
8,378 |
8,378 |
8,378 |
8,358 |
|||||||
Net income (loss) per common share - basic and diluted |
$0.67 |
($0.07) |
$1.00 |
$0.10 |
CALLOWAY'S NURSERY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Amounts in thousands) |
|||
ASSETS |
|||
December 31, |
December 31, |
||
2014 |
2013 |
||
Cash and cash equivalents |
$ 6,121 |
$ 3,887 |
|
Accounts receivable |
48 |
50 |
|
Inventories |
2,069 |
2,403 |
|
Prepaids and other assets |
74 |
55 |
|
Deferred income taxes |
217 |
90 |
|
Property held for sale |
1,240 |
1,508 |
|
Total current assets |
9,769 |
7,993 |
|
Property and equipment, net |
13,337 |
15,299 |
|
Restricted cash |
9,143 |
-- |
|
Deferred income taxes |
-- |
135 |
|
Other assets |
194 |
166 |
|
Total assets |
$32,443 |
$23,593 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||
Accounts payable and accrued expenses |
$5,322 |
$5,169 |
|
Current portion of long-term debt |
942 |
896 |
|
Total current liabilities |
6,264 |
6,065 |
|
Long-term debt, net of current portion |
6,850 |
9,375 |
|
Deferred rent payable |
74 |
55 |
|
Deferred income taxes |
2,817 |
-- |
|
Total liabilities |
16,005 |
15,495 |
|
Shareholders' equity: |
|||
Common stock |
86 |
86 |
|
Additional paid-in capital |
11,082 |
11,082 |
|
Retained earnings (accumulated deficit) |
6,678 |
(1,662) |
|
17,846 |
9,506 |
||
Less: Treasury stock, at cost |
(1,408) |
(1,408) |
|
Total shareholders' equity |
16,438 |
8,098 |
|
Total liabilities and shareholders' equity |
$32,443 |
$23,593 |
CALLOWAY'S NURSERY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) |
|||
Year Ended |
|||
December 31, |
|||
2014 |
2013 |
||
Cash flows from operating activities: |
|||
Net income |
$8,340 |
$ 827 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||
Depreciation and amortization |
518 |
518 |
|
Deferred income tax |
2,825 |
84 |
|
Net gain on disposals and impairments of properties |
(8,874) |
-- |
|
Net change in operating assets and liabilities |
461 |
179 |
|
Net cash provided by operating activities |
3,270 |
1,608 |
|
Cash flows from investing activities: |
|||
Additions to property and equipment |
(117) |
(2,126) |
|
Proceeds from sale/leaseback of property and equipment |
-- |
1,000 |
|
Net cash (used for) investing activities |
(117) |
(1,126) |
|
Cash flows from financing activities: |
|||
Repayments of debt |
(919) |
(845) |
|
Proceeds from issuance of common stock |
-- |
82 |
|
Net cash (used for) financing activities |
(919) |
(763) |
|
Net increase (decrease) in cash and cash equivalents |
2,234 |
(281) |
|
Cash and cash equivalents at beginning of period |
3,887 |
4,168 |
|
Cash and cash equivalents at end of period |
$ 6,121 |
$ 3,887 |
SOURCE Calloway's Nursery, Inc.
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