Moore-Handley Reports Results of Operations for the Quarter Ended June 30, 2007
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PrimeNewswire
1:12 p.m. 07/16/2007
BIRMINGHAM, Ala., Jul 16, 2007 (PrimeNewswire via COMTEX) -- Moore-Handley, Inc. (Pink Sheets:MHCO), a Birmingham-based distributor of hardware and home center products, reported a net loss of $189,000 or $0.12 per diluted share for the quarter ended June 30, 2007 vs. net income of $333,000 or $0.20 per diluted share for the same period in 2006.
Sales for the quarter were $42,245,000, down 13.3% from the same quarter last year. Sales for the six months ended June 30, 2007 were $89,992,000 or 10.7% below those in 2006. Net income for the six months ended June 30, 2007 was $121,000 or $0.07 per diluted share vs. net income of $640,000 or $0.39 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 ========================= ========================== Operations: 2007 2006 2007 2006 =========== ============ ============ ============ Sales $ 42,245,000 $ 48,699,000 $ 89,992,000 $100,831,000 Operating income 223,000 1,013,000 1,262,000 1,907,000 Interest expense 545,000 457,000 1,057,000 840,000 Income (loss) before income tax (322,000) 556,000 205,000 1,067,000 Net income (loss) $ (189,000) $ 333,000 $ 121,000 $ 640,000 =========== ============ ============ ============ Net income (loss) per share - basic $ (0.12) $ 0.20 $ 0.08 $ 0.39 =========== ============ ============ ============ Net income (loss) per share - diluted $ (0.12) $ 0.20 $ 0.07 $ 0.39 =========== ============ ============ ============ Weighted average common shares outstanding Basic 1,600,000 1,627,000 1,599,000 1,627,000 =========== ============ ============ ============ Diluted 1,600,000 1,651,000 1,615,000 1,650,000 =========== ============ ============ ============ Balance Sheets: June 30 - 2007 2006 ----------------------------------------- Current assets $52,466,000 $50,644,000 Other assets 360,000 384,000 Property & equipment, net 8,741,000 9,422,000 ----------- ------------ Total assets 61,567,000 60,450,000 =========== ============ Current liabilities 17,542,000 18,987,000 Long term debt 28,254,000 25,800,000 Other liabilities 3,419,000 1,730,000 Stockholders' equity 12,352,000 13,933,000 ----------- ------------ Total liabilities & stockholders' equity $61,567,000 $60,450,000 =========== ============
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Moore-Handley Inc. Carol Temple (205) 663-8316
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