BIRMINGHAM, Ala., April 20, 2001 (PRIMEZONE) -- Moore-Handley, Inc. (Nasdaq:MHCO), a Birmingham-based distributor of hardware and home center products, reported net income of $250,000 or $0.14 per share for the quarter ended March 31, 2001 vs. $71,000 or $0.04 per share for the same period in 2000.
The company noted that while sales remained soft in the quarter, expense reductions initiated in May 2000, which continued into 2001, along with slightly higher margins, produced a large percentage increase in net income and earnings per share.
Some of the foregoing statements may constitute "forward-looking statements." Such forward-looking statements are subject to various risks and uncertainties and the Company claims the privilege afforded by the safe harbor for forward-looking statements in the Private Securities Litigation Reform Act of 1995. These statements include statements as to the trend in early 2001 and any continuation thereof and involve known and unknown risks and uncertainties, including the risk of continuing softness in economic conditions that, together with other risks and uncertainties detailed from time to time in the Company's filings with the SEC, may cause actual results or performance of the Company to be materially different from any future results or performance expressed or implied by the forward-looking statements.
Summary results of operations follows:
Moore-Handley, Inc.
Summary Statement of Operations
(in thousands, except per share data)
Quarter Ended
March 31,
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2001 2000
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Sales $39,402 $43,755
Total gross margin 6,390 6,916
Warehouse & delivery expense 2,297 2,656
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Gross profit 4,093 4,260
Selling & administrative expense 3,267 3,772
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Operating income 826 488
Interest expense, net 434 373
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Income before provision
for income tax 392 115
Income tax expense 142 44
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Net income $ 250 $ 71
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Net income per common share $ 0.14 $ 0.04
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Weighted average common
shares outstanding 1,814 1,933
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