BIRMINGHAM, Ala., May 1, 2003 (PRIMEZONE) -- Moore-Handley, Inc. (Nasdaq:MHCO), a Birmingham, AL distributor of hardware and home center products, reported net income of 9 cents per diluted share for the quarter ended March 31, 2003 compared to net income of 16 cents per diluted share for the same quarter last year.
Sales of $40.2 million were up $1.0 million or 2.6% over the same quarter last year, but net income was down mainly due to a reduction in gross profit and slightly higher selling and administrative expense related to the company's expansion into new markets.
Moore-Handley, Inc.
Summary Statements of Operations
(UNAUDITED)
Quarter Ended
March 31
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2003 2002
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Sales $40,265,000 $39,238,000
Cost of merchandise sold
34,192,000 33,123,000
Warehouse and delivery expense
2,378,000 2,317,000
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Cost of sales 36,570,000 35,440,000
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Gross profit 3,695,000 3,798,000
Selling and administrative expense
3,201,000 3,132,000
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Operating income (loss) 494,000 666,000
Interest expense, net
229,000 201,000
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Income (loss) before income tax 265,000 465,000
Income tax
98,000 171,000
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Net income (loss) $ 167,000 $ 294,000
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Net income (loss) per share $ 0.09 $ 0.16
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Weighted average diluted common
shares outstanding
1,911,000 1,896,000
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