Calloway's Nursery announces results for fiscal year and quarter ended Sept. 30, 1995.FORT WORTH, Texas--(BUSINESS WIRE)--Nov. 17, 1995--Calloway's Nursery nursery, in horticulture, an establishment or area for the propagation, breeding, and early cultivation of plants. In North America the term nursery originally specified a place where hardy woody plants, especially fruit trees, were started; but as the market , 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 revenues and operating results for the quarter and year ended Sept. 30, 1995. The company recorded net income for the fiscal year ended Sept. 30, 1995 of $156,000, or $.03 per share, on revenues of $22.5 million, an improvement over a net loss of $4,110,000, or $.86 per share on revenues of $30.6 million for fiscal 1994. For the fourth quarter ended Sept. 30, 1995, the company recorded a net loss of $319,000 or $.06 per share, compared to a net loss of $3,366,000, or $.71 per share for the comparable quarter in 1994. Jim Estill, president and chairman, stated: "The operating improvements made for fiscal 1995 resulted in a dramatic turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. , converting a loss of over $4 million for 1994 into a net profit for 1995. Initiatives related to expense reductions totalling $3.6 million for the year were primarily responsible for the improved results. A seven percentage point improvement in gross margins to 47 percent in 1995 also helped. As we move into the future, we intend to increase sales by solid execution of our newly-developed merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. programs. Calloway's should realize the benefits of improved sales at appropriate gross margins, while continuing to realize the benefits of our demonstrated ability to maintain expenses relative to actual sales achieved." The accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. 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. Balance Sheets, Statements of Operations and Statements of Cash Flows. -0-
CALLOWAY'S NURSERY, INC.
BALANCE SHEETS (UNAUDITED)
(amounts in thousands, except share amounts)
ASSETS
Sept. 30, Sept. 30,
1995 1994
-------- --------
Cash and cash equivalents $ 1,046 $ 1,748
Accounts receivable 55 40
Inventories 996 1,578
Prepaids and other assets 108 385
Property and equipment held for sale 3,124 4,266
-------- --------
Total current assets 5,329 8,017
Property and equipment, net 1,630 2,004
Goodwill, net of accumulated
amortization of $800,000
and $691,000, respectively 1,390 1,498
Other assets 68 69
-------- --------
Total assets $ 8,417 $ 11,588
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Payable to bank $ -- $ 279
Accounts payable 1,369 3,310
Accrued expenses 659 882
Current portion of long-term debt -- 96
-------- --------
Total current liabilities 2,028 4,567
Deferred rent payable 1,131 1,330
Long-term debt, net of current portion -- 768
-------- --------
Total liabilities 3,159 6,665
-------- --------
Commitments
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;
5,199,702 and 5,043,917 shares issued,
respectively; 4,949,702 and 4,793,917
shares outstanding, respectively 52 50
Additional paid-in capital 8,107 7,930
Deficit (1,505) (1,661)
-------- --------
6,654 6,319
Less: Treasury stock, at cost
(250,000 shares) (1,396) (1,396)
-------- --------
Total shareholders' equity 5,258 4,923
-------- --------
Total liabilities and shareholders'
equity $ 8,417 $ 11,588
======== ========
CALLOWAY'S NURSERY, INC.
STATEMENTS OF OPERATIONS (UNAUDITED)
(amounts in thousands, except share amounts)
Year Ended Quarter Ended
September 30, September 30,
------------------- -------------------
1995 1994 1995 1994
-------- -------- -------- --------
Net sales $ 22,527 $ 30,595 $ 3,441 $ 3,911
Cost of goods sold 11,935 18,219 1,879 2,312
-------- -------- -------- --------
Gross profit 10,592 12,376 1,562 1,599
Operating expenses 6,329 8,859 1,264 1,856
Occupancy expenses 2,978 2,873 750 728
Advertising expenses 1,054 1,942 159 157
Special charges (credits) (366) 2,074 (366) 2,074
Other, net 441 738 74 150
-------- -------- -------- --------
Total expenses 10,436 16,486 1,881 4,965
-------- -------- -------- --------
Income (loss) before
income taxes 156 (4,110) (319) (3,366)
Provision for income taxes -- -- -- --
-------- -------- -------- --------
Net income (loss) $ 156 $ (4,110) $ (319) $ (3,366)
======== ======== ======== ========
Weighted average number
of common shares
outstanding 5,120 4,755 5,181 4,769
Net income (loss) per
common share $ 0.03 $ (0.86) $ (0.06) $ (0.71)
======== ======== ======== ========
CALLOWAY'S NURSERY, INC.
STATEMENTS OF CASH FLOWS (UNAUDITED)
(amounts in thousands)
Year Ended Year Ended
Sept. 30, Sept.30,
1995 1994
-------- --------
Cash flows from operating activities:
Net income (loss) $ 156 $ (4,110)
Adjustments to reconcile net income
(loss) to net cash used for
operating activities:
Depreciation and amortization 485 596
Special charges (credits) (366) 2,074
(Increase) decrease in:
Accounts receivable (15) 105
Inventories 582 645
Other assets 269 318
Increase (decrease) in:
Accounts payable (1,941) 58
Accrued expenses (176) (196)
Deferred rent payable 120 104
-------- --------
Net cash flows used for operating
activities (886) (406)
-------- --------
Cash flows from investing activities:
Additions to property and equipment (17) (293)
Proceeds from sales of real
properties 1,164 1,490
Other 1 --
-------- --------
Net cash flows provided by
investing activities 1,148 1,197
-------- --------
Cash flows from financing activities:
Proceeds from issuance of common stock 179 59
Payable to bank (279) 279
Net repayments of debt (864) (3,531)
-------- --------
Net cash flows used for financing
activities (964) (3,193)
-------- --------
Net decrease in cash and
cash equivalents (702) (2,402)
Cash and cash equivalents at beginning
of period 1,748 4,150
-------- --------
Cash and cash equivalents at end
of period $ 1,046 $ 1,748
CONTACT: Calloway's Nursery, Fort Worth Dan Reynolds, 817/634-8222 |
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