Calloway's Nursery Announces Results for Quarter Ended December 31, 1997.FORT WORTH, Texas--(BUSINESS WIRE)--Feb. 2, 1998--Calloway's Nursery, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CLWY) today announced substantially improved revenues and operating results for the quarter ended December 31, 1997. For its quarter ended December 31, 1997, the Company reported a net loss of $586,000, or $.11 per share, compared to a net loss of $1,083,000, or $.21 per share for the corresponding quarter one year ago. The December 31, 1997 quarter included a $391,000 accrual for tax benefits. Jim Estill, president and chairman, stated: "Our positive progress continues! Everyone at Calloway's worked hard during our first quarter to achieve a same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. increase of 9.6% and a pre-tax operating results improvement of 10%. A very positive consumer response to our Christmas programs was the key factor in those results. We have even more excitement for our customers built into our spring offerings! We believe in Calloway's Nursery and its future! To provide further financial improvements: -- We can manage our products and promotions with our new merchandise computer system. -- We can give our customers the newest and most innovative retail nursery concept yet - Calloway's at Stonegate. -- We can grow the best quality and varieties of plants at our growing operation, Miller Plant Farms." For the quarter ended December 31, 1997 the Company recorded sales of $4,480,000 million, a 5% increase from sales of $4,261,000 million for the comparable period one year ago. The accompanying unaudited financial statements include Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Statements of Operations and Balance Sheets. -0- T* CALLOWAY'S NURSERY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (amounts in thousands, except per share amounts) Three Months Ended December 31 1997 1996 ---- ---- Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight $ 4,480 $ 4,261 Cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold 2,450 2,488 ------- ------- Gross profit 2,030 1,773 ------- ------- Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. 1,890 1,681 Occupancy expenses 677 762 Advertising expenses 323 344 Other, net 115 69 ------- ------- Total expenses 3,007 2,856 ------- ------- Loss before provision for income taxes (977) (1,083) Provision for income taxes (391) -- ------- ------- Net loss $ (586) $(1,083) ======= ======= Net loss per common share Basic ($ .11) ($ .21) Diluted ($ .11) ($ .21) Weighted average number of common shares outstanding 5,351 5,167 T* CALLOWAY'S NURSERY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. (UNAUDITED) (In thousands, except share amounts) ASSETS December 31, September 30, 1997 1997 ---- ---- Cash and cash equivalents $ 1,788 $ 3,688 Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying 19 132 Inventories 1,482 1,533 Deferred income taxes 819 428 Prepaids and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 67 60 -------- -------- Total current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. 4,175 5,841 -------- -------- Property and equipment, net 7,532 5,466 Goodwill, net 1,146 1,173 Deferred income taxes 581 581 Other assets 49 50 -------- -------- Total assets $ 13,483 $ 13,111 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. Accounts payable $ 1,890 $ 1,745 Accrued expenses 901 880 Current portion of long-term debt Current Portion Of Long-Term Debt A portion of the balance sheet that represents the total amount of long-term debt that must be paid within the next year. The balance sheet has a liability section, which is broken down into long-term and current debt. 106 97 -------- -------- Total current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. 2,897 2,722 -------- -------- Deferred rent payable 1,074 1,098 Long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. , net of current portion 2,537 1,803 -------- -------- Total liabilities 6,508 5,623 -------- -------- Commitments Shareholders equity: Voting convertible preferred stock; par value $.625 per share; 3,200,000 shares authorized; no shares issued or outstanding -- -- Preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. ; par value $.01 per share; 10,000,000 shares authorized Shares authorized The maximum number of shares of stock of a company allowed in the articles of incorporation, which may be changed only by a shareholder vote. See: Issued and outstanding. shares authorized See authorized capital stock. ; no shares issued or outstanding -- -- Common stock; par value $.01 per share; 30,000,000 shares authorized; 5,626,773 and 5,582,364 shares issued, respectively, 5,376,773 and 5,332,364 shares outstanding, respectively 56 55 Additional paid-in capital additional paid-in capital Stockholder contributions that are in excess of a stock's stated or par value. For example, if a firm issues stock with a par value of $1 per share but sells the stock to investors at $10 per share, the firm's financial statements 8,478 8,406 Retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. (accumulated deficit) (163) 423 -------- -------- 8,371 8,884 Less: Treasury stock, at cost (250,000 shares) (1,396) (1,396) -------- -------- Total shareholders' equity 6,975 7,488 -------- -------- Total liabilities and shareholders' equity $ 13,483 $ 13,111 ======== ======== CONTACT: Calloway's Nursery, Fort Worth Dan Reynolds, 817/222-1122 |
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