BIRMINGHAM, Ala., Aug. 7, 2003 (PRIMEZONE) -- Moore-Handley, Inc. (Nasdaq:MHCO), a Birmingham-based distributor of hardware and home center products, reported a net loss of $133,000 or $0.07 per diluted share for the quarter ended June 30, 2003 vs. net income of $328,000 or $0.17 per diluted share for the same period in 2002. The quarter ended June 30, 2003 included a charge to income, net of taxes, of $227,000 or $0.13 per diluted share because of a change in the allowance for uncollectible vendor receivables. This change in estimate was based on new information developed as the result of improved accounting and internal controls for vendor receivables.
Sales for the quarter were $38,276,000, down 5.2% from the same quarter last year. Sales for the six months ended June 30, 2003 were $78,542,000 or 1.4% below those for the comparable period in 2002. Net income for the first six months of 2003 was $34,000 or $0.02 per diluted share vs. $621,000 or $0.32 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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2003 2002 2003 2002
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Sales $38,276,000 $40,379,000 $78,542,000 $79,617,000
Cost of
merchandise
sold 32,307,000 33,910,000 66,500,000 67,034,000
Warehouse and
delivery
expense 2,486,000 2,301,000 4,864,000 4,618,000
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Cost of sales 34,793,000 36,211,000 71,364,000 71,652,000
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Gross profit 3,483,000 4,168,000 7,178,000 7,965,000
Selling and
administrative
expense 3,456,000 3,427,000 6,657,000 6,559,000
----------- ----------- ----------- -----------
Operating income 27,000 741,000 521,000 1,406,000
Interest expense,
net 238,000 222,000 467,000 423,000
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Income (loss)
before
income tax (211,000) 519,000 54,000 983,000
Income tax (78,000) 191,000 20,000 362,000
----------- ----------- ----------- -----------
Net income
(loss) $ (133,000) $ 328,000 $ 34,000 $ 621,000
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Net income
(loss) per
share -
diluted $ (0.07) $ 0.17 $ 0.02 $ 0.32
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Weighted average
diluted common
shares
outstanding 1,805,000 1,967,000 1,883,000 1,931,000
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