BIRMINGHAM, Ala., July 23, 2004 (PRIMEZONE) -- Moore-Handley, Inc. (Pink Sheets:MHCO), a Birmingham-based distributor of hardware and home center products, reported net income of $317,000 or $0.21 per diluted share for the quarter ended June 30, 2004 vs. a net loss of $133,000 or $0.07 per diluted share for the same period in 2003.
Sales for the quarter were $38,652,000 up 1.0% from the same quarter last year. Sales for the six months ended June 30, 2004 were $81,679,000 or 4.0% above those for the comparable period in 2003. The net income for the six months ended June 30, 2004 was $647,000 or $0.39 per diluted share vs. net income of $34,000 or $0.02 per diluted share for the same period last year.
Selected financial data follow:
Moore-Handley, Inc.
Selected Financial Data
(UNAUDITED)
Quarter Ended Six Months Ended
June 30 June 30
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2004 2003 2004 2003
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Operations:
Sales $38,652,000 $38,276,000 $81,679,000 $78,542,000
Operating income 739,000 27,000 1,501,000 521,000
Income (loss)
before income
tax 504,000 (211,000) 1,028,000 54,000
Net income (loss) $ 317,000 $ (133,000) $ 647,000 $ 34,000
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Net income (loss)
per share
- diluted $ 0.21 $ (0.07) $ 0.39 $ 0.02
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Weighted average
diluted common
shares
outstanding 1,507,000 1,805,000 1,666,000 1,883,000
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Balance Sheets:
Current assets $41,668,000 $45,804,000
Other assets 202,000 455,000
Property &
equipment, net 8,473,000 8,746,000
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Total assets 50,343,000 55,005,000
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Current
liabilities 15,838,000 16,179,000
Long term debt 21,246,000 24,530,000
Deferred income
taxes 947,000 1,032,000
Stockholders'
equity 12,312,000 13,264,000
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Total liabilities &
stockholders'
equity $50,343,000 $55,005,000
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