FOR IMMEDIATE RELEASE
Moore-Handley Reports Results of Operations for the Quarter Ended September 30, 2006
, 2006 -- Moore-Handley, Inc. (Other OTC: MHCO.PK), a Birmingham-based distributor of hardware and home center products, reported net income of $225,000 or $0.14 per diluted share for the quarter ended September 30, 2006 vs. $320,000 or $0.21 per diluted share for the same period in 2005.BIRMINGHAM, Ala., October 16
Sales for the quarter were $48,424,000, down 1.0% from the same quarter last year. Sales for the nine months ended September 30, 2006 were $149,255,000 or 11.0% above those in 2005. Net income for the nine months ended September 30, 2006 was $865,000 or $0.52 per diluted share vs. net income of $743,000 or $0.46 per diluted share last year.
Selected financial data follow:
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Moore-Handley, Inc. |
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Selected Financial Data |
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(UNAUDITED) |
(UNAUDITED) |
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September 30 |
September 30 |
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2006 |
2005 |
2006 |
2005 |
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Sales |
$ 48,424,000 |
$ 48,936,000 |
$ 149,255,000 |
$ 134,458,000 |
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Operating income |
865,000 |
833,000 |
2,772,000 |
2,130,000 |
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Income before income tax |
373,000 |
533,000 |
1,440,000 |
1,236,000 |
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Net income |
$ 225,000 |
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$ 320,000 |
$ 865,000 |
$ 743,000 |
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Net income per share - basic |
$ 0.14 |
$ 0.22 |
$ 0.53 |
$ 0.51 |
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Net income per share - diluted |
$ 0.14 |
$ 0.21 |
$ 0.52 |
$ 0.46 |
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Weighted average common |
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shares outstanding |
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Basic |
1,628,000 |
1,467,000 |
1,627,000 |
1,467,000 |
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Diluted |
1,647,000 |
1,560,000 |
1,648,000 |
1,631,000 |
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Balance Sheets: |
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September 30 - |
2006 |
2005 |
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Current assets |
$ 56,041,000 |
$ 53,474,000 |
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Other assets |
384,000 |
512,000 |
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Property & equipment, net |
9,257,000 |
9,310,000 |
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Total assets |
65,682,000 |
63,296,000 |
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Current liabilities |
25,545,000 |
26,702,000 |
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Long term debt |
24,359,000 |
22,021,000 |
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Other liabilities |
1,620,000 |
1,193,000 |
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Stockholders’ equity |
14,158,000 |
13,380,000 |
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Total liabilities & stockholders’ equity |
$ 65,682,000 |
$ 63,296,000 |
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End 10/16/06 |
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