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05.08.2015 15:05
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Calloway's Nursery Announces Results For Second Quarter And Six-Months Ended June 30, 2015
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PR Newswire
FORT WORTH, Texas, Aug. 5, 2015
FORT WORTH, Texas, Aug. 5, 2015 /PRNewswire/ -- Calloway's Nursery, Inc. (CLWY) today reported revenues and operating results for the second quarter ended June 30, 2015.
Results for the Second Quarter
Revenue was $22.0 million for 2015, compared to revenue of $24.6 million for 2014. Same-store revenue (17 stores) was $21.4 million for 2015, compared to same-store revenue of $22.2 million for 2014. The company has closed two stores in 2015 which have not been included in the calculation of same-store revenue.
Net income was $2.7 million for 2015, compared to net income of $3.4 million for 2014.
Diluted net income per common share was $.33 for 2015, compared to diluted net income per common share of $.41 for 2014.
Earnings before income taxes, depreciation and amortization and net interest expense, a non-GAAP measure ("EBITDA"), was $4.4 million for 2015 compared to EBITDA of $5.4 million for 2014.
Year-to-date Results
Revenue was $32.2 million for 2015, compared to revenue of $34.7 million for 2014. Same-store revenue (17 stores) was $31.4 million for 2015, compared to same-store revenue of $30.8 million for 2014. The company has closed two stores in 2015 which have not been included in the calculation of same-store revenue.
Net income was $2.4 million for 2015, compared to net income of $3.3 million for 2014.
Diluted net income per common share was $.29 for 2015, compared to diluted net income per common share of $.39 for 2014.
EBITDA was $4.2 million for 2015 compared to EBITDA of $5.5 million for 2014.
Founded in 1986, Calloway's Nursery, Inc. is a 17-store garden center chain serving the Dallas - Fort Worth and Houston markets as Calloway's Nursery in D/FW and Cornelius Nursery in Houston. The company strives to make gardening fun, easy and successful for customers by offering expert advice from Texas Certified Nursery Professionals; store environments that are educational and easy to shop; gardening clinics that serve both novice and expert gardeners; displays and instructions to aid gardeners with design and color development in their yards; and a product selection of the best plant varieties available.
| CALLOWAY'S NURSERY, INC. | ||||||
| CONDENSED CONSOLIDATED INCOME STATEMENTS (UNAUDITED) | ||||||
| (Amounts in thousands, except per share amounts) | ||||||
| | ||||||
| | Quarter Ended | Six-months Ended | ||||
| | June 30, | June 30, | ||||
| | 2015 | | 2014 | 2015 | | 2014 |
| | | | | | | |
| Net revenue | $21,961 | | $24,615 | $32,179 | | $34,660 |
| Cost of goods sold | 11,012 | | 12,130 | 16,294 | | 17,072 |
|
Gross profit |
10,949 | |
12,485 | 15,885 | | 17,588 |
| | | | | | | |
| Operating expense | 5,322 | | 5,650 | 9,135 | | 9,319 |
| Advertising expense | 446 | | 513 | 891 | | 1,003 |
| Occupancy expense | 795 | | 897 | 1,654 | | 1,758 |
| Depreciation and amortization | 141 | | 127 | 272 | | 265 |
| Net interest expense | 105 | | 141 | 222 | | 280 |
| Total expenses | 6,809 | | 7,328 | 12,174 | | 12,625 |
| Gain on disposal of assets | 26 | | -- | 26 | | -- |
| Income before provision for income taxes |
4,166 | |
5,157 | 3,737 | | 4,963 |
| Income tax | 1,420 | | 1,737 | 1,304 | | 1,681 |
|
Net income |
$2,746 | |
$3,420 | $2,433 | | $3,282 |
| | | | | | | |
| Weighted average number of common shares outstanding – basic and diluted |
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