BIRMINGHAM, Ala., Nov. 25, 2003 (PRIMEZONE) -- Moore-Handley, Inc. (Pink Sheets:MHCO), a Birmingham-based distributor of hardware and home center products, reported net income of $28,000 or $0.02 per diluted share for the quarter ended September 30, 2003 vs. $53,000 or $0.03 per diluted share for the same period in 2002. The quarter ended September 30, 2003 included a charge to income, net of taxes, of $29,000 or $0.02 per diluted share because of a change in the allowance for uncollectible vendor receivables. For the nine months ended September 30, 2003 this charge, net of taxes, was $256,000 or $0.14 per diluted share.
Sales for the quarter were $43,252,000 up 11.3% from the same quarter last year. Sales for the nine months ended September 30, 2003 were $121,794,000 or 2.8% above those for the comparable period in 2002. Net income for the first nine months of 2003 was $62,000 or $0.03 per diluted share vs. $675,000 or $0.35 per diluted share for the same period last year.
Moore-Handley, Inc.
Selected Financial Data
(UNAUDITED)
Quarter Ended Nine Months Ended
September 30 September 30
2003 2002 2003 2002
Operations:
Sales $43,252,000 $38,851,000 $121,794,000 $118,468,000
Operating
income 283,000 287,000 804,000 1,694,000
Income
before
income
tax 44,000 83,000 98,000 1,067,000
Net
income $ 28,000 $ 53,000 $ 62,000 $ 675,000
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Net income
per share
- diluted $ 0.02 $ 0.03 $ 0.03 $ 0.35
=========== =========== ============ ===========
Weighted
average
diluted
common
shares
outstanding 1,778,000 1,934,000 1,868,000 1,932,000
=========== =========== ============ ===========
Balance Sheet:
Current
assets $47,041,000 $47,906,000
Prepaid
pension
costs 719,000 842,000
Property &
equipment,
net 8,594,000 8,480,000
----------- ----------
Total assets 56,354,000 57,228,000
=========== ==========
Current
liabilities 21,619,000 19,981,000
Long term debt 20,744,000 22,812,000
Deferred
income taxes 1,032,000 926,000
Stockholders'
equity 12,959,000 13,509,000
----------- ----------
Total
liabilities
& stockholders'
equity $56,354,000 $57,228,000
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