BIRMINGHAM, Ala., July 22, 2002 (PRIMEZONE) -- Moore-Handley, Inc. (Nasdaq:MHCO), a Birmingham-based distributor of hardware and home center products, reported net income of $328,000 or $0.17 per diluted share for the quarter ended June 30, 2002 vs. $253,000 or $0.14 per diluted share for the same period in 2001.
Sales for the quarter were $40,379,000, up slightly from the same quarter last year. Sales for the six months ended June 30, 2002 were $79,617,000 or slightly above those for the comparable period in 2001. Net income for the first six months of 2002 was $621,000 or $0.32 per diluted share vs. $505,000 or $0.28 per diluted share for the same period last year.
Summary results of operations follows:
Moore-Handley, Inc.
Summary Statements of Operations
(UNAUDITED)
Quarter Ended Six Months Ended
June 30 June 30
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2002 2001 2002 2001
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Sales $40,379,000 $39,820,000 $79,617,000 $79,232,000
Cost of
merchandise
sold 33,910,000 33,554,000 67,034,000 66,566,000
Warehouse and
delivery expense 2,301,000 2,248,000 4,618,000 4,549,000
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Cost of sales 36,211,000 35,802,000 71,652,000 71,115,000
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Gross profit
4,168,000 4,018,000 7,965,000 8,117,000
Selling and
administrative
expense 3,427,000 3,290,000 6,559,000 6,561,000
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Operating income 741,000 728,000 1,406,000 1,556,000
Interest expense,
net 222,000 333,000 423,000 767,000
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Income before
income tax 519,000 395,000 983,000 789,000
Income tax 191,000 142,000 362,000 284,000
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Net income $ 328,000 $ 253,000 $ 621,000 $ 505,000
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Net income per
share - diluted $ 0.17 $ 0.14 $ 0.32 $ 0.28
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Weighted average
diluted common
shares
outstanding 1,967,000 1,809,000 1,931,000 1,809,000
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