BIRMINGHAM, Ala., Oct. 28, 2002 (PRIMEZONE) -- Moore-Handley, Inc. (Nasdaq:MHCO), a Birmingham-based distributor of hardware and home center products, reported net income of $53,000 or $0.03 per diluted share for the quarter ended September 30, 2002 vs. $155,000 or $0.09 per diluted share for the same period in 2001.
Sales for the quarter were $38,851,000, down 2.5% from the same quarter last year. Sales for the nine months ended September 30, 2002 were $118,468,000 or slightly below those for the comparable period in 2001. Net income for the first nine months of 2002 was $675,000 or $0.35 per diluted share vs. $660,000 or $0.36 per diluted share for the same period last year.
During the quarter, Moore-Handley, Inc. experienced a temporary disruption in operations due to storm damage. This resulted in an estimated loss in sales of $170,000, based on the change in our customer order fill rate for the six days after the storm damage. The estimated effect on diluted earnings per share was $.02. Moore Handley, Inc. was fully insured for this damage and any insurance recoveries will be reflected in future results of operations.
Summary results of operations follows:
Moore-Handley, Inc.
Summary Statements of Operations
(UNAUDITED)
Quarter Ended Nine Months Ended
September 30 September 30
2002 2001 2002 2001
----------- ----------- ----------- ------------
Sales $38,851,000 $39,858,000 $118,468,000 $119,090,000
Cost of
merchandise
sold 32,720,000 33,613,000 99,753,000 100,184,000
Warehouse and
delivery expense 2,391,000 2,317,000 7,009,000 6,861,000
----------- ----------- ----------- ------------
Cost of sales 35,111,000 35,930,000 106,762,000 107,045,000
----------- ----------- ----------- ------------
Gross profit 3,740,000 3,928,000 11,706,000 12,045,000
Selling and
administrative
expense 3,453,000 3,387,000 10,012,000 9,948,000
----------- ----------- ----------- ------------
Operating income 287,000 541,000 1,694,000 2,097,000
Interest
expense, net 204,000 301,000 627,000 1,068,000
----------- ----------- ----------- ------------
Income before
income tax 83,000 240,000 1,067,000 1,029,000
Income tax 30,000 85,000 392,000 369,000
----------- ----------- ----------- ------------
Net income $ 53,000 $ 155,000 $ 675,000 $ 660,000
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Net income per
share - diluted $ 0.03 $ 0.09 $ 0.35 $ 0.36
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Weighted average
diluted common
shares
outstanding 1,934,000 1,814,000 1,932,000 1,814,000
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