BIRMINGHAM, Ala., Oct. 28, 2002 (PRIMEZONE) -- Moore-Handley, Inc. (Nasdaq:MHCO), a Birmingham-based distributor of hardware and home center products, reported net income of $53,000 or $0.03 per diluted share for the quarter ended September 30, 2002 vs. $155,000 or $0.09 per diluted share for the same period in 2001.
Sales for the quarter were $38,851,000, down 2.5% from the same quarter last year. Sales for the nine months ended September 30, 2002 were $118,468,000 or slightly below those for the comparable period in 2001. Net income for the first nine months of 2002 was $675,000 or $0.35 per diluted share vs. $660,000 or $0.36 per diluted share for the same period last year.
During the quarter, Moore-Handley, Inc. experienced a temporary disruption in operations due to storm damage. This resulted in an estimated loss in sales of $170,000, based on the change in our customer order fill rate for the six days after the storm damage. The estimated effect on diluted earnings per share was $.02. Moore Handley, Inc. was fully insured for this damage and any insurance recoveries will be reflected in future results of operations.
Summary results of operations follows:
Moore-Handley, Inc. Summary Statements of Operations (UNAUDITED) Quarter Ended Nine Months Ended September 30 September 30 2002 2001 2002 2001 ----------- ----------- ----------- ------------ Sales $38,851,000 $39,858,000 $118,468,000 $119,090,000 Cost of merchandise sold 32,720,000 33,613,000 99,753,000 100,184,000 Warehouse and delivery expense 2,391,000 2,317,000 7,009,000 6,861,000 ----------- ----------- ----------- ------------ Cost of sales 35,111,000 35,930,000 106,762,000 107,045,000 ----------- ----------- ----------- ------------ Gross profit 3,740,000 3,928,000 11,706,000 12,045,000 Selling and administrative expense 3,453,000 3,387,000 10,012,000 9,948,000 ----------- ----------- ----------- ------------ Operating income 287,000 541,000 1,694,000 2,097,000 Interest expense, net 204,000 301,000 627,000 1,068,000 ----------- ----------- ----------- ------------ Income before income tax 83,000 240,000 1,067,000 1,029,000 Income tax 30,000 85,000 392,000 369,000 ----------- ----------- ----------- ------------ Net income $ 53,000 $ 155,000 $ 675,000 $ 660,000 =========== =========== =========== ============ Net income per share - diluted $ 0.03 $ 0.09 $ 0.35 $ 0.36 =========== =========== =========== ============ Weighted average diluted common shares outstanding 1,934,000 1,814,000 1,932,000 1,814,000 =========== =========== =========== ============