BIRMINGHAM, Ala., March 31, 2008 (PRIME NEWSWIRE) -- Moore-Handley, Inc. (Pink Sheets:MHCO), a Birmingham-based distributor of hardware and home center products, reported a net loss of $1,874,000 or $1.17 per diluted share for the quarter ended December 31, 2007 vs. net income of $257,000 or $0.16 per diluted share for the same period in 2006.
Sales for the quarter were $35,037,000, down 5.6% from the same quarter last year. Sales for the twelve months ended December 31, 2007 were $168,087,000 or 9.8% below those in 2006. Net loss for the year ended December 31, 2007 was $2,350,000 or $1.47 per diluted share vs. net income of $1,122,000 or $0.68 per diluted share last year. On March 14, 2008, the company entered into a new financing agreement which includes a line of credit and separate term loan. The proceeds of the term loan were used to pay off an existing term loan due December 1, 2008 and reduce outstanding borrowings on the line of credit. The new agreement matures March 14, 2013.
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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Operations: 2007 2006 2007 2006
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Sales $ 35,037,000 $ 37,133,000 $168,087,000 $186,388,000
Operating
income (loss) (2,640,000) 882,000 (1,855,000) 3,654,000
Interest
expense 536,000 452,000 2,128,000 1,784,000
Income (loss)
before
income tax (3,176,000) 430,000 (3,983,000) 1,870,000
Net income
(loss) $ (1,874,000) $ 257,000 $ (2,350,000) $ 1,122,000
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Net income
(loss) per
share -
basic $ (1.17) $ 0.16 $ (1.47) $ 0.69
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Net income
(loss) per
share -
diluted $ (1.17) $ 0.16 $ (1.47) $ 0.68
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Weighted
average
common
shares
outstanding
Basic 1,600,000 1,608,000 1,599,000 1,623,000
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Diluted 1,600,000 1,624,000 1,599,000 1,642,000
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Balance Sheets:
December 31 - 2007 2006
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Current assets $ 49,980,000 $ 49,628,000
Other assets 897,000 360,000
Property & equipment, net 8,856,000 9,128,000
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Total assets 59,733,000 59,116,000
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Current liabilities 16,887,000 18,798,000
Long term debt 29,748,000 24,766,000
Other liabilities 3,013,000 3,327,000
Stockholders' equity 10,085,000 12,225,000
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Total liabilities & stockholders' equity $ 59,733,000 $ 59,116,000
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