BIRMINGHAM, Ala., April 16, 2004 (PRIMEZONE) -- Moore-Handley, Inc. (Pink Sheets:MHCO), a Birmingham-based distributor of hardware and home center products, reported a net loss of $488,000 or $0.29 per diluted share for the quarter ended December 31, 2003 vs. a net loss of $335,000 or $0.19 per diluted share for the same period in 2002. The quarter ended December 31, 2003 included a charge to income, net of taxes, of $83,000 or $0.05 per diluted share because of a change in the allowance for uncollectible vendor receivables. For the twelve months ended December 31, 2003 this charge, net of taxes, was $339,000 or $0.19 per diluted share.
Sales for the quarter were $34,932,000 up 8.6% from the same quarter last year. Sales for the twelve months ended December 31, 2003 were $156,726,000 or 4.1% above those for the comparable period in 2002. The net loss for the year ended December 31, 2003 was $426,000 or $0.24 per diluted share vs. net income of $340,000 or $0.18 per diluted share for the same period last year.
In April, 2004, Moore-Handley negotiated an amendment to its working capital line that extended the maturity date to April, 2006.
Selected financial data follow:
Moore-Handley, Inc.
Selected Financial Data
(AUDITED)
Quarter Ended Twelve Months Ended
December 31 December 31
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Operations: 2003 2002 2003 2002
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Sales $34,932,000 $32,153,000 $156,726,000 $150,621,000
Operating
income (535,000) (303,000) 269,000 1,391,000
Income (loss)
before
income tax (774,000) (529,000) (676,000) 538,000
Net income
(loss) $(488,000) $(335,000) $(426,000) $ 340,000
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Net income (loss)
per share
- diluted $ (0.29) $ (0.19) $ (0.24) $ 0.18
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Weighted average
diluted common
shares
outstanding 1,707,000 1,766,000 1,749,000 1,890,000
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Balance Sheets:
Current
assets $39,835,000 $38,629,000
Other assets 285,000 721,000
Property &
equipment,
net 8,605,000 8,391,000
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Total
assets 48,725,000 47,741,000
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Current
liabilities 14,484,000 12,956,000
Long term
debt 21,028,000 20,584,000
Deferred
income taxes 948,000 1,033,000
Stockholders'
equity 12,265,000 13,168,000
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Total
liabilities &
stockholders'
equity $48,725,000 $47,741,000
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