BIRMINGHAM, Ala., Aug. 1, 2005 (PRIMEZONE) -- Moore-Handley, Inc. (Pink Sheets:MHCO), a Birmingham-based distributor of hardware and home center products, reported net income of $258,000 or $0.17 per diluted share for the quarter ended June 30, 2005 vs. $317,000 or $0.21 per diluted share for the same period in 2004.
Sales for the quarter were $41,173,000, up 6.5% from the same quarter last year. Sales for the six months ended June 30, 2005 were $85,522,000 or 4.7% above those in 2004. Net income for the six months ended June 30, 2005 was $423,000 or $0.26 per diluted share vs. net income of $647,000 or $0.39 per diluted share last year. Lower earnings resulted from pressure on gross margin, increased marketing expense, and higher interest costs.
Selected financial data follow:
Moore-Handley, Inc.
Selected Financial Data
(UNAUDITED) (UNAUDITED)
Quarter Ended Six Months Ended
June 30 June 30
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Operations: 2005 2004 2005 2004
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Sales $41,173,000 $38,652,000 $85,522,000 $81,679,000
Operating income 746,000 739,000 1,297,000 1,501,000
Income (loss)
before income tax 429,000 504,000 703,000 1,028,000
Net income
(loss) $ 258,000 $ 317,000 $ 423,000 $ 647,000
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Net income (loss)
per share
- basic $ 0.18 $ 0.22 $ 0.29 $ 0.41
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Net income (loss)
per share
- diluted $ 0.17 $ 0.21 $ 0.26 $ 0.39
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Weighted average
common shares
outstanding
Basic 1,467,000 1,467,000 1,467,000 1,587,000
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Diluted 1,547,000 1,507,000 1,620,000 1,666,000
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Balance Sheets:
June 30 - 2005 2004
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Current assets $44,005,000 $41,668,000
Other assets 483,000 202,000
Property & equipment, net 9,402,000 8,473,000
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Total assets 53,890,000 50,343,000
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Current liabilities 17,898,000 15,838,000
Long term debt 21,741,000 21,246,000
Deferred income taxes 1,193,000 947,000
Stockholders' equity 13,058,000 12,312,000
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Total liabilities &
stockholders' equity $53,890,000 $50,343,000
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