BIRMINGHAM, Ala., July 18, 2008 (PRIME NEWSWIRE) -- Moore-Handley, Inc. (Pink Sheets:MHCO), a Birmingham-based distributor of hardware and home center products, reported a net loss of $237,000 or $0.15 per diluted share for the quarter ended June 30, 2008 vs. a net loss of $189,000 or $0.12 per diluted share for the same period in 2007.
Sales for the quarter were $36,665,000 down 13.2% from the same quarter last year. Sales for the six months ended June 30, 2008 were $77,985,000 or 13.3% below those in 2007. Net loss for the six months ended June 30, 2008 was $188,000 or $0.12 per diluted share vs. net income of $121,000 or $0.07 per diluted share last year.
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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2008 2007 2008 2007
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Operations:
Sales $36,665,000 $42,245,000 $77,985,000 $89,992,000
Operating income
(loss) (16,000) 223,000 500,000 1,262,000
Interest expense 388,000 545,000 820,000 1,057,000
Income (loss) before
income tax (404,000) (322,000) (320,000) 205,000
Net income (loss) $ (237,000) $ (189,000) $ (188,000) $ 121,000
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Net income (loss)
per share - basic $ (0.15) $ (0.12) $ (0.12) $ 0.08
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Net income (loss)
per share
- diluted $ (0.15) $ (0.12) $ (0.12) $ 0.07
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Weighted average
common shares
outstanding
Basic 1,600,000 1,600,000 1,600,000 1,599,000
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Diluted 1,600,000 1,600,000 1,600,000 1,615,000
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Balance Sheets:
June 30 - 2008 2007
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Current assets $49,624,000 $52,466,000
Other assets 897,000 360,000
Property & equipment, net 8,226,000 8,741,000
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Total assets 58,747,000 61,567,000
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Current liabilities 16,387,000 17,542,000
Long term debt 29,430,000 28,254,000
Other liabilities 3,035,000 3,419,000
Stockholders' equity 9,895,000 12,352,000
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Total liabilities &
stockholders' equity $58,747,000 $61,567,000
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