CALLOWAY'S NURSERY, INC. 
By Results for the First quarter
-- Sales were $8.7 million for the 2009 quarter, compared to sales of $9.8
million for the 2008 quarter. Same-store (16 stores) sales were $7.5
million for the 2009 quarter, compared to same-store sales of $7.1
million for the 2008 quarter.
-- Net loss was $257,000 for the 2009 quarter, compared to net loss of
$124,000 for the 2008 quarter.
-- Diluted net loss per common share was $.04 for the 2009 quarter,
compared to diluted net loss per common share of $.02 for the 2008
quarter.
Founded in 1986, Calloway's
CALLOWAY'S NURSERY, INC.
CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)
(Amounts in thousands, except per share amounts)
Three-Months Ended
March 31,
---------
2009 2008
---- ----
Net sales $8,682 $9,768
Cost of goods sold 4,367 4,978
Gross profit 4,315 4,790
Operating expenses 3,300 3,543
Advertising expenses 457 432
Occupancy expenses 814 759
Depreciation and amortization 103 90
Net interest expense 111 154
Total expenses 4,785 4,978
Loss before provision for income taxes (470) (188)
Income tax benefit 213 64
Net loss ($257) ($124)
Weighted average number of common shares
outstanding - basic and diluted 6,950 6,950
Net loss per common share - basic and diluted ($.04) ($.02)
CALLOWAY'S NURSERY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in thousands)
ASSETS
March 31, March 31,
2009 2008
---- ----
Cash and cash equivalents $2,539 $2,701
Accounts receivable - trade 427 1,368
Accounts receivable - insurance 685 --
Inventories 5,431 5,599
Prepaids and other assets 52 147
Deferred income taxes 162 324
Total current assets 9,296 10,139
Property and equipment, net 16,506 14,376
Deferred income taxes 621 387
Other assets 282 318
Total assets $26,705 $25,220
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued expenses $8,490 $8,557
Current portion of long-term debt 585 577
Total current liabilities 9,075 9,134
Deferred rent payable 80 126
Long-term debt, net of current portion 12,155 11,059
Total liabilities 21,310 20,319
Shareholders' equity:
Common stock 72 72
Additional paid-in capital 10,220 10,220
Accumulated deficit (3,489) (3,983)
6,803 6,309
Less: Treasury stock, at cost (1,408) (1,408)
Total shareholders' equity 5,395 4,901
Total liabilities and shareholders' equity $26,705 $25,220
CALLOWAY'S NURSERY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in thousands)
Three-Months Ended
March 31,
---------
2009 2008
---- ----
Cash flows from operating activities:
Net loss ($257) ($124)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization 103 90
Net change in operating assets and
liabilities 1,199 542
Net cash provided by operating activities 1,045 508
Cash flows from investing activities:
Additions to property and equipment (860) (2,576)
Net cash used for investing activities (860) (2,576)
Cash flows from financing activities:
Proceeds from issuance of debt 568 1,706
Repayments of debt (145) (144)
Net cash provided by financing activities 423 1,562
Net increase (decrease) in cash and cash
equivalents 608 (506)
Cash and cash equivalents at beginning of
period 1,931 3,207
Cash and cash equivalents at end of period $2,539 $2,701
SOURCE Calloway's
