BIRMINGHAM, Ala., July 16, 2007 (PRIME NEWSWIRE) -- 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
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Operations: 2007 2006 2007 2006
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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
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Net
income
(loss) per
share -
basic $ (0.12) $ 0.20 $ 0.08 $ 0.39
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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
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Diluted 1,600,000 1,651,000 1,615,000 1,650,000
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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
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Total assets 61,567,000 60,450,000
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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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