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CALLOWAY'S NURSERY ANNOUNCES RESULTS FOR QUARTER ENDED JUNE 30, 1992

CALLOWAY'S NURSERY ANNOUNCES RESULTS FOR QUARTER ENDED JUNE 30, 1992
 FORT WORTH, Texas, Aug. 5 /PRNewswire/ -- Calloway's Nursery, Inc. (NASDAQ: CLWY) today announced revenues and operating results for the quarter and nine-months ended June 30, 1992.
 Quarter Ended June 30, 1992
 Sales for the quarter ended June 30, 1992 were $12.8 million, an increase of 3 percent from last year's $12.5 million. Same store sales for the quarter declined by 5 percent.
 Net income for the quarter ended June 30, 1992 was $1,132,000, or $.23 per share with 4,988,000 shares outstanding, compared to last year's net income for the same three months of $1,411,000, or $.35 per share with 3,986,000 shares outstanding.
 Nine-Month Period Ended June 30, 1992
 Sales for the nine-month period ended June 30, 1992 were $23.5 million, equivalent to last year's $23.5 million. Same store sales for the nine-months declined by 7 percent.
 Net income for the nine-month period ended June 30, 1992 was $1,163,000, or $.23 per share with 4,995,000 shares outstanding, compared to last year's net income for the same nine months of $1,826,000, or $.46 per share with 3,957,000 shares outstanding. 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:
 "We were unable to take advantage of all opportunities during the spring selling season, since we were in the process of opening and staffing three new stores. Calloway's maintains a small administrative staff, and promotes from within. The shifting of personnel between and within stores and a redirection of management's attention to the opening process caused a temporary disruption to all of our stores right in the middle of our spring season.
 "We believe that our smaller administrative staff and the motivational aspects of our personnel promotion practices both provide long-term benefits to the company.
 "I am pleased to announce that construction on our 15th and 16th metroplex stores began in July, which should allow us to open them in advance of the 1993 spring season; thus, full attention can be directed to the proper execution of our business plan and achievement of improved results."
 The accompanying financial statements include a Condensed Statement of Operations and a Balance Sheet.
 Calloway's also announced the relocation of its corporate offices effective August 17, 1992 as follows:
 Calloway's Nursery, Inc.
 4800 Blue Mound Road
 Fort Worth, Texas 76106-1911
 817-624-8222
 CALLOWAY'S NURSERY, INC.
 Condensed Balance Sheets
 (In thousands, except share data)
 6/30/92 9/30/91
 Assets (Unaudited)
 Cash and cash equivalents $ 2,241 $ 9,845
 Marketable securities 4,677 --
 Accounts receivable 147 156
 Inventories 3,728 1,961
 Prepaid Expenses 71 46
 Total current assets 10,864 12,008
 Property and equipment, net 6,888 3,732
 Goodwill, net of accumulated
 amortization 1,742 1,823
 Other assets 24 29
 Total $19,518 $17,592
 Liabilities and Shareholders' Equity
 Accounts payable $ 6,164 $ 3,202
 Accrued expenses 958 1,365
 Accrued income taxes 1,983 1,442
 Current portion of
 long-term debt -- 1,054
 Total current liabilities 9,105 7,063
 Deferred rent payable 607 490
 Total liabilities 9,712 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 50 50
 Additional paid-in capital 7,871 7,871
 Retained earnings 3,281 2,118
 Total 11,202 10,039
 Less: Cost of treasury
 stock (250,000 shares) 1,396 --
 Total shareholders' equity 9,806 10,039
 Total $19,518 $17,592
 CALLOWAY'S NURSERY, INC.
 Condensed Statements Of Operations
 (Amounts in thousands -- Unaudited)
 Periods ended Three Months Nine Months
 June 30 1992 1991 1992 1991
 Net Sales $ 12,837 $ 12,452 $ 23,518 $ 23,494
 Cost of goods sold,
 including occupancy
 expenses 7,831 7,740 15,151 14,880
 Gross profit 5,006 4,712 8,367 8,614
 Operating expenses:
 Nursery operating expenses 2,572 1,946 5,387 4,518
 General and administrative 579 592 1,390 1,209
 Operating Income 1,855 2,174 1,590 2,887
 Interest expense -- (62) (20) (200)
 Interest income 98 132 280 217
 Income before provision
 for income taxes and
 extraordinary item 1,953 2,244 1,850 2,904
 Provision for income taxes 821 833 780 1,078
 Income before extraordinary
 item 1,132 1,411 1,070 1,826
 Extraordinary item -- gain on
 early extinguishment of debt,
 net of related income tax
 expense of $62,000 -- -- 93 --
 Net income $ 1,132 $ 1,411 $ 1,163 $ 1,826
 Income per common share:
 Income before extraordinary
 item $ .23 $ .35 $ .21 $ .46
 Extraordinary item -- -- $ .02 --
 Net income $ .23 $ .35 $ .23 $ .46
 Weighted average number
 of common shares
 outstanding 4,988 3,986 4,995 3,957
 -0- 8/5/92
 /CONTACT: Dan Reynolds of Calloway's Nursery, 817-656-1122/
 (CLWY) CO: Calloway's Nursery, Inc. ST: Texas IN: REA SU: ERN


SM -- NY095 -- 7320 08/05/92 17:50 EDT
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