BIRMINGHAM, Ala., March 18, 2005 (PRIMEZONE) -- Moore-Handley, Inc. (Pink Sheets:MHCO), a Birmingham-based distributor of hardware and home center products, reported net income of $249,000 or $0.16 per diluted share for the quarter ended December 31, 2004 vs. a net loss of $488,000 or $0.29 per diluted share for the same period in 2003.
Sales for the quarter were $38,224,000, up 9.4% from the same quarter last year. Sales for the twelve months ended December 31, 2004 were $163,383,000 or 4.3% above those in 2003. Net income for the year ended December 31, 2004 was $1,007,000 or $0.62 per diluted share vs. a net loss of $426,000 or $0.24 per diluted share last year. Included in the net income for twelve months ended December 31, 2004 was a non-cash charge, net of taxes, of $188,000 or $0.12 per diluted share to increase the Company's inventory valuation reserve in respect of vendor rebates.
Selected financial data follow:
Moore-Handley, Inc.
Selected Financial Data
(UNAUDITED) (AUDITED)
Quarter Ended Twelve Months Ended
December 31 December 31
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2004 2003 2004 2003
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Operations:
Sales $38,224,000 $34,932,000 $163,383,000 $156,726,000
Operating income 635,000 (535,000) 2,565,000 269,000
Income (loss)
before income
tax 395,000 (774,000) 1,599,000 (676,000)
Net income
(loss) $ 249,000 $ (488,000) $ 1,007,000 $ (426,000)
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Net income
(loss) per
share - basic $ 0.17 $ (0.29) $ 0.66 $ (0.24)
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Net income
(loss) per share
- diluted $ 0.16 $ (0.29) $ 0.62 $ (0.24)
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Weighted average
common shares
outstanding
Basic 1,467,000 1,707,000 1,527,000 1,749,000
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Diluted 1,536,000 1,707,000 1,627.000 1,749,000
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Balance Sheets:
December 31 - 2004 2003
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Current assets $42,323,000 $39,835,000
Other assets 550,000 285,000
Property & equipment, net 9,210,000 8,605,000
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Total assets 52,083,000 48,725,000
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Current liabilities 18,423,000 14,484,000
Long term debt 19,828,000 21,028,000
Deferred income taxes 1,194,000 948,000
Stockholders' equity 12,638,000 12,265,000
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Total liabilities &
stockholders' equity $52,083,000 $48,725,000
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