Calloway's Nursery announces results for quarter ended March 31, 1995.FORT WORTH, Texas--(BUSINESS WIRE)--May 10, 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 six month period ended March 31, 1995. Jim Estill, president, stated that: "Despite a later start to the spring selling season for lawn and garden products in the Dallas-Fort Worth area, which led to reduced sales, the first six months of fiscal 1995 have resulted in a 32 percent improvement in pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta operating results. This improvement was accomplished by expense reductions of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.0 million from comparable 1994 levels. "As we have previously stated, due to the seasonal nature of our business, the most significant financial benefits of the improvements that we are undertaking will not be realized until the 1995 spring season." The Company recorded a net loss for the quarter ended March 31, 1995 of $0.7 million, or $.14 per share, compared to a net loss of $0.8 million, or $.17 per share for the comparable quarter one year ago. The year-to- date net loss of $1.8 million, or $.37 per share compares to a net loss of $1.9 million or $.41 per share for the six month period ended March 31, 1994. The 1994 results included a $0.7 million income tax benefit, while no tax benefits have been recorded for the March 31, 1995 period due to the full utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be of net operating loss carrybacks Net operating loss carrybacks The application of losses to offset earnings in previous years. in fiscal 1994. Sales for the quarter ended March 31, 1995 declined by 34 percent to $4.4 million from last year's $6.6 million. 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.
CONDENSED BALANCE SHEETS (UNAUDITED)
(In thousands, except share amounts)
ASSETS
March 31, September 30,
1995 1994
--------- ---------
Cash and cash equivalents $ 1,442 $ 1,748
Accounts receivable 48 40
Inventories 2,001 1,578
Prepaids and other assets 37 385
Property and equipment held for sale 3,139 4,266
--------- ---------
Total current assets 6,667 8,017
Property and equipment, net 1,768 2,004
Goodwill, net 1,444 1,498
Other assets 77 69
--------- ---------
Total assets $ 9,956 $ 11,588
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Payable to bank $ 862 $ 279
Accounts payable 3,886 3,310
Accrued expenses 602 882
Current portion of long-term debt -- 96
--------- ---------
Total current liabilities 5,350 4,567
Deferred rent payable 1,405 1,330
Long-term debt, net of current portion -- 768
--------- ---------
Total liabilities 6,755 6,665
--------- ---------
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; 5,115,286
and 5,043,917 shares issued, respectively,
4,865,286 and 4,793,917 shares outstanding,
respectively 51 50
Additional paid-in capital 8,018 7,930
Accumulated deficit (3,472) (1,661)
--------- ---------
4,597 6,319
Less: Treasury stock, at cost
(250,000 shares) (1,396) (1,396)
--------- ---------
Total shareholders' equity 3,201 4,923
--------- ---------
$ 9,956 $ 11,588
========= =========
CALLOWAY'S NURSERY, INC.
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
(amounts in thousands, except per share amounts)
Three Months Ended Six Months Ended
March 31, March 31,
------------------ ----------------
1995 1994 1995 1994
---- ---- ---- ----
Net sales $ 4,399 $ 6,620 $ 8,303 $12,102
Cost of goods sold 2,453 3,764 4,703 7,375
------- ------- ------- -------
Gross profit 1,946 2,856 3,600 4,727
Operating expenses 1,491 2,201 3,176 4,470
Occupancy expenses 759 730 1,467 1,435
Advertising expenses 237 535 497 1,026
Other, net 133 216 271 428
------- ------- ------- -------
Total expenses 2,620 3,682 5,411 7,359
------- ------- ------- -------
Loss before provision
for income taxes (674) (826) (1,811) (2,632)
Provision for income
taxes (benefit) -- -- -- (695)
------- ------- ------- -------
Net loss $ (674) $ (826) $(1,811) $(1,937)
======= ======= ======= =======
Net loss per common
share $ (.14) $ (.17) $ (.37) $ (.41)
Weighted average
number of common
shares outstanding 4,848 4,750 4,831 4,750
CALLOWAY'S NURSERY, INC.
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
Six Months Ended
March 31,
-------------------
1995 1994
------- -------
Cash flows from operating activities:
Net loss $(1,811) $(1,937)
Adjustments to reconcile net loss
to net cash used for operating
activities:
Depreciation and amortization 256 285
Net change in operating assets
and liabilities 281 567
------- -------
Net cash used for operating activities (1,274) (1,085)
------- -------
Cash flows from investing activities:
Proceeds from sales of real properties 1,164 --
Additions to property and equipment -- (278)
Other, net (3) --
------- -------
Net cash provided by (used for)
investing activities 1,161 (278)
------- -------
Cash flows from financing activities:
Proceeds from issuance of common stock 88 --
Payable to bank 583 --
Net advances (repayments) of debt (864) (2,787)
------- -------
Net cash used for financing activities (193) (2,787)
------- -------
Net decrease in cash and cash equivalents (306) (4,150)
Cash and cash equivalents at beginning
of period 1,748 4,150
------- -------
Cash and cash equivalents at end of period $ 1,442 $ --
------- -------
CONTACT: Calloway's Nursery, Inc. Dan Reynolds, 817/624-8222 |
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