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CALLOWAY'S NURSERY ANNOUNCES RESULTS FOR QUARTER ENDED MARCH 31,

 CALLOWAY'S NURSERY ANNOUNCES RESULTS FOR QUARTER ENDED MARCH 31,
 FORT WORTH, Texas, May 6 /PRNewswire/ -- Calloway's Nursery, Inc. (NASDAQ: CLWY) today announced revenues and operating results for the quarter and six-months ended March 31, 1992.
 Quarter Ended March 31, 1992
 Sales for the quarter ended March 31, 1992 were $6.5 million, a decrease of three percent from last year's $6.7 million. Same store sales for the quarter declined by nine percent.
 Net income for the quarter ended March 31, 1992 was $361,000, or $.07 per share, compared to last year's net income for the same three months of $515,000, or $.13 per share.
 Six-Month Period Ended March 31, 1992
 Sales for the six-month period ended March 31, 1992 were $10.7 million, a decrease of three percent from last year's $11.0 million. Same store sales for the six-months declined by nine percent.
 Net income for the six-month period ended March 31, 1992 was $31,000, or $.01 per share, compared to last year's net income for the same six months of $415,000, or $.10 per share. 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.
 Jim Estill, president, stated that: "The 1992 spring selling season is off to a normal start, which is somewhat later than last year's exceptionally early spring season. We are confident that Calloway's is poised to take advantage of the opportunities presented by this spring's selling season.
 I am pleased to announce the Grand Opening of our 12th location, in Irving. Also, we will be grand opening our 13th store, in North Dallas, within the next 30 days, and our 14th store, in Grapevine, within 60 days."
 The accompanying financial statements include a Condensed Statement of Operations and a Balance Sheet.
 CALLOWAY'S NURSERY, INC.
 Condensed Balance Sheets
 (In thousands, except share data)
 Assets
 Periods ended 3/31/92 9/30/91
 (Unaudited)
 Cash and cash equivalents $ 8,309 $ 9,845
 Accounts receivable 460 156
 Inventories 2,994 1,961
 Prepaid expenses 12 46
 Total current assets 11,775 12,008
 Property and equipment, net 4,213 3,732
 Goodwill, net of accumulated
 amortization 1,769 1,823
 Other assets 23 29
 Total $17,780 $17,592
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Accounts payable $ 4,930 $ 3,202
 Accrued expenses 793 1,365
 Accrued income taxes 1,431 1,442
 Current portion of long-term debt -- 1,054
 Total current liabilities 7,154 7,063
 Deferred rent payable 556 490
 Total liabilities 7,710 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 2,149 2,118
 Total shareholders' equity 10,070 10,039
 Total $17,780 $17,592
 CALLOWAY'S NURSERY, INC.
 Condensed Statements Of Operations (unaudited)
 (amounts in thousands)
 Three Months Ended Six Months Ended
 3/31/92 3/31/91 3/31/92 3/31/91
 Net sales $ 6,514 $ 6,701 $10,681 $11,042
 Cost of goods sold,
 including
 occupancy expenses 4,066 4,159 7,320 7,140
 Gross profit 2,448 2,542 3,361 3,902
 Operating expenses:
 Nursery operating
 expenses 1,512 1,383 2,815 2,572
 General and
 administrative 421 316 811 617
 Operating income
 (loss) 515 843 (265) 713
 Interest expense -- (65) (20) (138)
 Interest income 83 33 182 85
 Income (loss) before
 provision for income
 taxes and extraordinary
 item 598 811 (103) 660
 Provision for income
 taxes 237 296 (41) 245
 Income (loss) before
 extraordinary item 361 515 (62) 415
 Extraordinary item--gain
 on early extinguishment
 of debt, net of
 related income tax
 expense of $62,000 -- -- 93 --
 Net income $ 361 $ 515 $ 31 $ 415
 Income per common
 share:
 Income (loss) before
 extraordinary item $ .07 $ .13 $ (.01) $ .10
 Extraordinary item -- -- $ .02 --
 Net income $ .07 $ .13 $ .01 $ .10
 Weighted average
 number of common
 shares 5,000 3,943 5,000 3,943
 -0- 5/6/92
 /CONTACT: Dan Reynolds of Calloway's Nursery, 817-656-1122/
 (CLWY) CO: Calloway's Nursery, Inc. ST: Texas IN: SU: ERN


LR -- NY098 -- 7354 05/06/92 18:50 EDT
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Date:May 6, 1992
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