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CALLOWAY'S NURSERYO?UNCES RESULTS FOR FISCAL YEAR ENDED SEPT. 30, 1993

 FORT WORTH, Texas, Dec. 2, /PRNewswire/ -- Calloway's Nursery, Inc. (NASDAQ: CLWY) today announced revenues and operating results for the fiscal year and quarter ended Sept. 30, 1993.
 Fiscal Year Ended Sept. 30, 1993
 Sales for the fiscal year ended Sept. 30, 1993, were $28.2 million, a decrease of 2 percent from last year's $28.8 million. Same store sales for the fiscal year declined by 24 percent.
 Net loss for the fiscal year ended Sept. 30, 1993, was $494,000, or $.10 per share with 4,750,000 shares outstanding, compared to last year's net income of $825,000 or $.17 per share with 4,933,000 shares outstanding.
 Quarter Ended Sept. 30, 1993
 Sales for the quarter ended Sept. 30, 1993, were $4.6 million, a decrease of 14 percent from last year's $5.3 million. Same store sales for the quarter declined by 28 percent.
 The company recorded a net loss for the quarter ended Sept. 30, 1993, of $975,000, or $.21 per share compared to last year's net loss of $338,000, or $.07 per share for the same three-month period.
 Jim Estill, president stated, "1993 was a difficult year for the nursery industry. Calloway's Nursery did not achieve the sales increases or profitable operating results that we would have liked ? "We are p le ed to announce the opening of our seventeenth metroplex store in a north Dallas suburb.
 "Looking forward, we have expanded our selection of fresh-cut and artificial Christmas trees, poinsettias and trim to offer an even more enjoyable shopping experience for our customers this holiday season."
 CALLOWAY'S NURSERY, INC.
 BALANCE SHEETS
 ASSETS
 Sept. 30 1993 1992
 Cash and cash equivalents $ 4,150 $ 82
 Marketable securities -- 3,959
 Accounts receivable 145 123
 Inventories 3,131 3,398
 Other current assets 393 56
 Total current assets 7,819 7,618
 Property and equipment, net 8,534 6,525
 Goodwill, net 1,606 1,715
 Other non-current assets 379 29
 $ 18,338 $ 15,887
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Notes payable $ 3,400 $ --
 Accounts payable 3,252 3,410
 Accrued expenses 856 962
 Accrued income taxes -- 1,388
 Current portion of long-term debt 88 --
 Total current liabilities 7,596 5,760
 Deferred rent payable 861 659
 Long-term debt 907 --
 Total liabilities 9,364 6,419
 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 2,449 2,943
 10,370 10,864
 Less: Treasury stock, at
 cost (250,000 shares) (1,396) (1,396)
 Total shareholders' equity 8,974 9,468
 $ 18,338 $ 15,887
 CALLOWAY'S NURSERY, INC.
 STATEMENTS OF OPERATIONS
 (amounts in thousands, except per share amounts)
 Quarter Ended Fiscal Year Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Net sales $ 4,559 $ 5,300 $28,233 $28,818
 Cost of goods sold 2,822 2,943 16,358 16,345
 Gross Profit 1,737 2,357 11,875 12,473
 Operating expenses 1,980 1,759 7,875 6,918
 Occupancy expenses 723 672 2,912 2,202
 Advertising 352 419 1,757 1,977
 Other, net 138 55 458 74
 Income (loss) before provision for
 income taxes, extraordinary item,
 and cumulative effect of a change
 in accounting principle (1,456) (548) (1,127) 1,302
 Income taxes - (benefit) expense (481) (210) (354) 570
 Income (loss) before extraordinary
 item and cumulative effect of a
 change in accounting principle (975) (338) (773) 732
 Extraordinary item -- gain on
 early extinguishment of debt,
 net of related income tax expense
 of $62,000 -- -- -- 93
 Income (loss) before cumulative
 effect of a change in accounting
 principle (975) (338) (773) 825
 Cumulative effect on prior years
 of change in accounting for
 income taxes -- -- 279 --
 Net income (loss) $ (975) $ (338) $ (494) $ 825
 Income (loss) per common share:
 Income (loss) before extraordinary
 item and cumulative effect of a
 change in accounting
 principle $ (0.21) $ (0.07) $ (0.16) $ 0.15
 Extraordinary item -- -- -- 0.02
 Cumulative effect on prior years
 of change in accounting for
 income taxes -- -- 0.06 --
 Net income (loss) per
 common share $ (0.21) $ (0.07) $ (0.10) $ 0.17
 Weighted average number of shares
 outstanding 4,750 4,750 4,750 4,933
 -0- 12/2/93
 /CONTACT: Dan Reynolds, Calloway's Nursery, Inc., 817-624-8222/


CO: Calloway's Nursery, Inc. ST: Texas IN: REA SU: ERN

MK -- PH008 -- 9703 12/02/93 10:23 EST
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Date:Dec 2, 1993
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