BIRMINGHAM, Ala., April 22, 2005 (PRIMEZONE) -- Moore-Handley, Inc. (Pink Sheets:MHCO), a Birmingham-based distributor of hardware and home center products, reported net income of $165,000 or $0.11 per diluted share for the quarter ended March 31, 2005 vs. $330,000 or $0.19 per diluted share for the same period in 2004.
Sales for the quarter were $44,349,000, up 3.1% from the same quarter last year. Lower earnings resulted from pressure on gross margin, increased marketing expense, and higher interest costs.
Selected financial data follow:
Moore-Handley, Inc.
Selected Financial Data
(UNAUDITED)
Quarter Ended
March 31
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2005 2004
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Operations:
Sales $44,349,000 $43,027,000
Operating income 551,000 762,000
Income before income tax 274,000 524,000
Net income $ 165,000 $ 330,000
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Net income per share - basic $ 0.11 $ 0.19
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Net income per share - diluted $ 0.11 $ 0.19
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Weighted average common shares
outstanding:
Basic 1,467,000 1,707,000
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Diluted 1,539,000 1,749,000
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Balance Sheets:
Current assets $50,996,000 $48,812,000
Other assets 499,000 135,000
Property & equipment, net 9,325,000 8,668,000
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Total assets 60,820,000 57,615,000
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Current liabilities 23,474,000 21,126,000
Long term debt 23,355,000 22,947,000
Deferred income taxes 1,193,000 947,000
Stockholders' equity 12,798,000 12,595,000
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Total liabilities &
stockholders' equity $60,820,000 $57,615,000
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