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CALLOWAY'S NURSERY ANNOUNCES RESULTS FOR QUARTER ENDED DEC. 31, 1991

CALLOWAY'S NURSERY ANNOUNCES RESULTS FOR QUARTER ENDED DEC. 31, 1991
 FORT WORTH, Texas, Feb. 11 /PRNewswire/ -- Calloway's Nursery, Inc. (NASDAQ: CLWY) today announced revenues and operating results for the quarter ended Dec. 31, 1991.
 Sales for the quarter ended December 31, 1991, were down by four percent to $4.167 million from last year's $4.341 million. Same store sales for the quarter declined by 10 percent.
 The operating results for the quarter ended Dec. 31, 1991, produced a net loss of $330,000, or $.07 per share compared to last year's net loss for the same three months of $100,000, or $.03 per share. The 1991 quarter included a $97,000, or $.02 per share after-tax extraordinary gain from the extinguishment of the company's remaining long-term debt.
 Jim Estill, president, stated that: "Although the first quarter is typically a loss, we are very optimistic about the coming spring season. We will have no long-term debt, 11 stores open, and there will be Grand Openings in the next few months for three more stores now under construction."
 The accompanying financial statements include a condensed statement of operations and a balance sheet.
 CALLOWAY'S NURSERY, INC.
 CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
 (in thousands)
 Three Months Ended
 December 31,
 1991 1990
 Net sales $ 4,167 $ 4,341
 Cost of goods sold,
 including occupancy
 expenses 3,254 2,980
 Gross profit 913 1,361
 Operating expenses:
 Nursery operating expenses 1,303 1,270
 General and administrative 390 221
 Operating loss (780) (130)
 Interest expense (20) (73)
 Interest income 99 52
 Loss before provision for
 income taxes and
 extraordinary item (701) (151)
 Provision for income
 taxes (278) (51)
 Loss before extraordinary
 item (423) (100)
 Extraordinary item - early
 extinguishment of debt
 (net of related income tax
 effect) 93 --
 Net loss $ (330) $ (100)
 Income (loss) per common
 share:
 Loss before extraordinary
 item $ (.09) $ (.03)
 Extraordinary item .02 --
 Total $ (.07) $ (.03)
 Weighted average number of
 common shares outstanding 5,000 3,943
 CALLOWAY'S NURSERY, INC.
 CONDENSED BALANCE SHEETS
 (In thousands, except share data)
 ASSETS
 December 31, September 30,
 1991 1991
 (unaudited)
 Cash and cash equivalents $ 7,053 $ 9,845
 Accounts receivable 37 156
 Inventories 1,153 1,961
 Prepaid expenses 29 46
 Total current assets 8,272 12,008
 Property and equipment, net 4,103 3,732
 Goodwill, net of accumulated
 amortization 1,796 1,823
 Other assets 24 29
 Total $14,195 $17,592
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Accounts payable $ 2,148 $ 3,202
 Accrued expenses 620 1,365
 Accrued income taxes 1,195 1,442
 Current portion of long-term
 debt -- 1,054
 Total current liabilities 3,963 7,063
 Deferred rent payable 523 490
 Total liabilities 4,486 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 issued
 and outstanding 50 50
 Additional paid-in capital 7,871 7,871
 Retained earnings 1,788 2,118
 Total shareholders' equity 9,709 10,039
 Total $14,195 $17,592
 -0- 2/11/92
 /CONTACT: Dan Reynolds of Calloway's Nursery, 817-656-1122/
 (CLWY) CO: Calloway's Nursery, Inc. ST: Texas IN: REA SU: ERN


KD -- NY080 -- 9009 02/11/92 18:05 EST
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Date:Feb 11, 1992
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