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CALLOWAY'S NURSERY ANNOUNCES RESULTS FOR FISCAL YEAR ENDED SEPT. 30, 1992

 FORT WORTH, Texas, Nov. 30, 1992 ~PRNewswire~ -- Calloway's Nursery, Inc. (NASDAQ-NMS: CLWY) today announced revenues and operating results for the fiscal year and quarter ended Sept. 30, 1992.
 Fiscal Year Ended Sept. 30, 1992
 Sales for the fiscal year ended Sept. 30, 1992 were $28.8 million, an increase of 3 percent from last year's $28.1 million. Same store sales for the fiscal year declined by 6 percent; overall increases were attributed to the expansion of the store system.
 Net income for the fiscal year ended Sept. 30, 1992 was $825,000, or $.17 per share with 4,933,000 shares outstanding, compared to last year's net income of $1,829,000 or $.43 per share with 4,212,000 shares outstanding. The 1992 results included a $93,000, or $.02 per share after-tax extraordinary gain from the extinguishment of the company's remaining long-term debt.
 Quarter Ended Sept. 30, 1992
 Sales for the quarter ended Sept. 30, 1992 were $5.3 million, an increase of 16 percent from last year's $4.6 million. Same store sales for the quarter declined by 3 percent; overall increases were attributed to the addition of three new stores in the spring of 1992.
 The company recorded a net loss for the quarter ended Sept. 30, 1992 of $338,000, or $.07 per share with 4,750,000 shares outstanding, compared to last year's breakeven performance for the same three month period. Jim Estill, president, stated that:
 "By spring of 1993 we will have opened five new metroplex locations within a twelve-month period to complement our eleven existing locations. In addition, the appointment of two new general managers responsible for merchandising and operations for eight stores each will create a unity of purpose and action, and the appointment of a new advertising manager will support our continued emphasis on fresh and creative marketing. This infrastructure will ensure a future of continued and profitable growth for Calloway's Nursery."
 The accompanying financial statements include a Statement of Operations and a Balance Sheet.
 CALLOWAY'S NURSERY, INC.
 Statements of Operations
 (Amounts in thousands, except per share amounts)
 Periods ended Three Months 12 Months
 Sept. 30 1992 1991 1992 1991
 Net sales $5,300 $4,576 $28,818 $28,070
 Cost of goods sold 2,943 2,201 16,345 15,569
 Gross profit 2,357 2,375 12,473 12,501
 Operating expenses 1,759 1,460 6,98? 5,976
 Occupancy expenses 671 471 2,202 1,776
 Advertising expenses 419 326 1,977 1,500
 Other, net 56 (34) 74 193
 Income (loss) before
 income taxes and
 extraordinary item (548) 152 1,302 3,056
 Provision for income
 taxes (210) 149 570 1,227
 Income (loss) before
 extraordinary items (338) 3 732 1,829
 Extraordinary items (net
 of related income tax
 effect of $62,000 in
 1992) -- -- 93 --
 Net income (loss) $ (338) $ 3 $ 825 $ 1,829
 Average number of
 common shares 4,750 4,967 4,933 4,212
 Earnings (loss) per
 share:
 Before extraordinary
 items $ (.07) $ .00 $ .15 $ .43
 Extraordinary items -- -- .02 --
 Net income (loss) $ (.07) $ .00 $ .17 $ .43
 CALLOWAY'S NURSERY, INC.
 Balance Sheets
 (Amounts in thousands)
 ASSETS
 Sept. 30 Sept. 30
 1992 1991
 Cash and cash equivalents $ 82 $ 9,845
 Marketable securities 3,959 --
 Accounts receivable 123 156
 Inventories 3,398 1,961
 Prepaid expenses 56 46
 Total current assets 7,618 12,008
 Property and equipment, net 6,525 3,732
 Goodwill, net of accumulated amortization
 of $475,000 and $367,000, respectively 1,715 1,823
 Other assets 29 29
 Total $ 15,887 $ 17,592
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Accounts payable $ 3,410 $ 3,202
 Accrued expenses 962 1,365
 Accrued income taxes 1,388 1,442
 Current portion of long-term debt -- 1,054
 Total current liabilities 5,760 7,063
 Deferred rent payable 659 490
 Total liabilities 6,419 7,553
 Shareholders' equity:
 Voting convertible preferred stock;
 par value $.625 per share; 3,200,000
 shares authorized; no shares issued
 or outstanding -- --
 Preferred stock; par value $.01 per share;
 10,000,000 shares authorized; no shares
 issued or outstanding -- --
 Common stock; par value $.01 per share;
 30,000,000 shares authorized; 5,000,000
 shares issued and outstanding 50 50
 Additional paid-in capital 7,871 7,871
 Retained earnings 2,943 2,118
 Total earnings 10,864 10,039
 Less: Treasury stock, at cost
 (250,000 shares) (1,396) --
 Total shareholders' equity 9,468 10,039
 Total $ 15,887 $ 17,592
 -0- 11~30~92
 ~CONTACT: Dan Reynolds of Calloway's Nursery, Inc., 817-624-8222~
 (CLWY)


CO: Calloway's Nursery, Inc. ST: Texas IN: REA SU: ERN

WB -- NY066 -- 2087 11~30~92 17:04 EST
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