SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: May 19, 1997
CALLOWAY'S NURSERY, INC.
(Exact name of registrant as specified in its charter)
Texas
(State or other jurisdiction of incorporation or organization)
0-19305
(Commission File Number)
79-2052519
(IRS Employer Identification Number)
4200 Airport Freeway
Fort Worth, Texas 76117-6200
(Address of principal executive offices, including zip code)
817.222.1122
(Registrant's telephone number, including area code)
Item 5. OTHER EVENTS
A panel of the Nasdaq Stock Market has requested that the Company file a
Balance Sheet as of April 30, 1997 to demonstrate compliance with the
alternative net tangible assets requirements of Nasdaq Marketplace Rule
4450(a)(5).
The purpose of this filing is provide the information requested by the
Nasdaq Stock Market. This filing includes a Balance Sheet as April 30,
1997. This statement is not intended to comprise a complete set of
interim condensed financial statements. Such condensed financial
statements will be included in the Company's Quarterly Report on Form
10-Q for the period ending June 30, 1997, which will be filed on or
before August 14, 1997.
As indicated on the included Balance Sheet, as of April 30, 1997 the
Company had net tangible assets of $4,434,000, meeting the
aforementioned alternative net tangible assets requirement. There have
been no significant events since April 30, 1997.
Nothing herein shall be considered to be a waiver of the Company's
position regarding the correct interpretation of the requirements
for continued listing on the Nasdaq National Market.
CALLOWAY'S NURSERY, INC.
By:/s/ James C. Estill
James C. Estill
President and Chief
Executive Officer
By:/s/ Daniel G. Reynolds
Daniel G. Reynolds
Vice President and Chief
Financial Officer
CALLOWAY'S NURSERY, INC.
FORM 8-K
May 19, 1997
CALLOWAY'S NURSERY, INC.
CONDENSED BALANCE SHEET (UNAUDITED)
(In thousands, except share amounts)
April 30,
1997
---------
ASSETS
Cash and cash equivalents $ 6,048
Accounts receivable 266
Inventories 2,306
Prepaids and other assets 30
---------
Total current assets 8,649
---------
Property and equipment, net 4,667
Goodwill, net 1,218
Other assets 70
---------
Total assets $ 14,605
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LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable $ 6,571
Accrued expenses 767
Current portion of long-term debt 37
---------
Total current liabilities 7,375
---------
Deferred rent payable 1,064
Long-term debt 514
---------
Total liabilities 8,953
---------
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; 5,519,618 shares issued
and 5,269,618 shares outstanding 55
Additional paid-in capital 8,354
Accumulated deficit (1,361)
---------
7,048
Less: Treasury stock, at cost (250,000 shares) (1,396)
---------
Total shareholders' equity 5,652
---------
Total liabilities and shareholders' equity $ 14,605
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