BIRMINGHAM, Ala., Oct. 17, 2007 (PRIME NEWSWIRE) -- Moore-Handley, Inc. (Pink Sheets:MHCO), a Birmingham-based distributor of hardware and home center products, reported a net loss of $597,000 or $0.37 per diluted share for the quarter ended September 30, 2007 vs. net income of $225,000 or $0.14 per diluted share for the same period in 2006.
Sales for the quarter were $43,058,000, down 11.1% from the same quarter last year. Sales for the nine months ended September 30, 2007 were $133,050,000 or 10.9% below those in 2006. Net loss for the nine months ended September 30, 2007 was $476,000 or $0.30 per diluted share vs. net income of $865,000 or $0.52 per diluted share last year.
Selected financial data follow:
Moore-Handley, Inc.
Selected Financial Data
(UNAUDITED) (UNAUDITED)
Quarter Ended Nine Months Ended
September 30 September 30
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Operations: 2007 2006 2007 2006
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Sales $43,058,000 $48,424,000 $133,050,000 $149,255,000
Operating
income
(loss) (477,000) 865,000 785,000 2,772,000
Interest
expense 535,000 492,000 1,592,000 1,332,000
Income
(loss)
before
income
tax (1,012,000) 373,000 (807,000) 1,440,000
Net income
(loss) $ (597,000) $ 225,000 $ (476,000) $ 865,000
=========== ========== ============= ============
Net income
(loss)
per
share -
basic $ (0.37) $ 0.14 $ (0.30) $ 0.53
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Net income
(loss) per
share -
diluted $ (0.37) $ 0.14 $ (0.30) $ 0.52
=========== ========== ============= ============
Weighted
average
common
shares
outstanding
Basic 1,600,000 1,628,000 1,599,000 1,627,000
=========== ========== ============= ============
Diluted 1,600,000 1,647,000 1,599,000 1,648,000
=========== ========== ============= ============
Balance Sheets:
September 30 - 2007 2006
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Current assets $58,912,000 $56,041,000
Other assets 360,000 384,000
Property & equipment, net 8,772,000 9,257,000
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Total assets 68,044,000 65,682,000
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Current liabilities 23,911,000 25,545,000
Long term debt 29,143,000 24,359,000
Other liabilities 3,235,000 1,620,000
Stockholders' equity 11,755,000 14,158,000
----------- -----------
Total liabilities &
stockholders' equity $68,044,000 $65,682,000
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