BIRMINGHAM, Ala., April 10, 2008 (PRIME NEWSWIRE) -- Moore-Handley, Inc. (Pink Sheets:MHCO), a Birmingham-based distributor of hardware and home center products, reported net income of $49,000, or $0.03 per diluted share, for the quarter ended March 31, 2008, vs. $310,000, or $0.19 per diluted share, for the same period in 2007.
Sales for the quarter were $41,320,000, down 13.5% from the same quarter last year.
Selected financial data follow:
Moore-Handley, Inc.
Selected Financial Data
(UNAUDITED)
Quarter Ended
March 31
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Operations: 2008 2007
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Sales $ 41,320,000 $ 47,747,000
Operating income 516,000 1,039,000
Interest expense 432,000 512,000
Income before income tax 84,000 527,000
Net income $ 49,000 $ 310,000
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Net income per share - basic $ 0.03 $ 0.19
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Net income per share - diluted $ 0.03 $ 0.19
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Weighted average common
shares outstanding
Basic 1,600,000 1,598,000
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Diluted 1,606,000 1,614,000
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Balance Sheets:
March 31 - 2008 2007
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Current assets $ 55,809,000 $ 59,401,000
Other assets 897,000 360,000
Property & equipment, net 8,530,000 8,888,000
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Total assets 65,236,000 68,649,000
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Current liabilities 21,777,000 21,799,000
Long term debt 30,287,000 30,920,000
Other liabilities 3,040,000 3,394,000
Stockholders' equity 10,132,000 12,536,000
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Total liabilities & stockholders' equity $ 65,236,000 $ 68,649,000
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