BIRMINGHAM, Ala., March 5, 2002 (PRIMEZONE) -- Moore-Handley, Inc. (Nasdaq:MHCO), a Birmingham, Ala. distributor of hardware and home center products reported net income of 7 cents per share for the quarter ended December 31, 2001 compared to a loss of 75 cents per share for the same quarter last year. Annual results showed an income of 44 cents per share versus a loss of 82 cents per share for the previous year. Sales for the fourth quarter were up 2.9% to $33.7 million from $32.8 million. For the twelve months ended December 31, sales were down slightly from $154.1 million to $152.8 million.
Moore-Handley, Inc.
Summary Statements of Operations
(UNAUDITED)
Quarter Ended Twelve Months Ended
December 31 December 31
2001 2000 2001 2000
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Sales $ 33,700,000 $ 32,765,000 $152,790,000 $154,065,000
Cost of
merchandise
sold 28,004,000 28,131,000 128,184,000 129,908,000
Warehouse and
delivery
expense 2,365,000 2,479,000 9,230,000 10,132,000
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Cost of sales 30,369,000 30,610,000 137,414,000 140,040,000
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Gross profit 3,331,000 2,155,000 15,376,000 14,025,000
Selling and
administrative
expense 2,921,000 3,794,000 12,869,000 14,687,000
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Operating
income (loss) 410,000 (1,639,000) 2,507,000 (662,000)
Interest
expense, net 208,000 455,000 1,276,000 1,650,000
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Income (loss)
before
income tax 202,000 (2,094,000) 1,231,000 (2,312,000)
Income tax 74,000 (675,000) 443,000 (759,000)
------------ ------------ ------------ ------------
Net income
(loss) $ 128,000 $ (1,419,000) $ 788,000 (1,553,000)
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Net income
(loss)
per share $ 0.07 $ (0.75) $ 0.44 $ (0.82)
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Weighted average
common shares
outstanding 1,799,000 1,892,000 1,799,000 1,903,000
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