FOR IMMEDIATE RELEASE
For: Moore-Handley, Inc.
Contact:
Carol Temple
P. O. Box 2607
(205) 663-8316
Birmingham, Alabama
35202
Moore-Handley Reports Results of Operations for the Fourth Quarter and
Year Ended December 31, 2006
BIRMINGHAM, Ala., March
12, 2007 -- Moore-Handley, Inc. (Other OTC: MHCO.PK),
a Birmingham-based distributor of hardware and home center products, reported
net income of $257,000 or $0.16 per diluted share for the quarter ended
December 31, 2006 vs. $327,000 or $0.20 per diluted share for the same period
in 2005.
Sales for the quarter were $37,133,000, down 14.3% from the same
quarter last year. Sales for the twelve months ended December 31, 2006 were
$186,388,000 or 4.8% above those in 2005. Net income for the year ended
December 31, 2006 was $1,122,000 or $0.68 per diluted share vs. net income of
$1,070,000 or $0.66 per diluted share last year.
Selected financial data follow:
|
Moore-Handley,
Inc. |
|
Selected
Financial Data |
|
|
|
(UNAUDITED)
(AUDITED) |
|
|
|
|
Quarter
Ended |
|
Twelve
Months Ended |
|
|
|
|
December
31 |
|
December
31 |
|
|
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|
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Operations:
|
|
|
2006 |
|
2005 |
|
2006 |
|
2005 |
|
|
|
|
|
|
|
|
|
|
|
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Sales |
|
|
$ 37,133,000 |
|
$ 43,310,000
|
|
$
186,388,000 |
|
$
177,768,000 |
|
|
|
|
|
|
|
|
|
|
Operating
income |
882,000
|
|
880,000 |
|
3,654,000 |
|
3,010,000 |
|
|
|
|
|
|
|
|
|
|
Interest
expense |
452,000 |
|
332,000 |
|
1,784,000 |
|
1,226,000 |
|
|
|
|
|
|
|
|
|
|
Income
before income tax |
430,000 |
|
548,000 |
|
1,870,000 |
|
1,784,000 |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$
257,000 |
|
$
327,000
|
|
$
1,122,000 |
|
$
1,070,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
income per share - basic |
$
0.16 |
|
$
0.21 |
|
$
0.69 |
|
$
0.72 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
income per share - diluted |
$
0.16 |
|
$
0.20 |
|
$
0.68 |
|
$
0.66 |
|
|
|
|
|
|
|
|
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Weighted
average common |
|
|
|
|
|
|
|
|
shares
outstanding |
|
|
|
|
|
|
|
|
Basic |
1,608,000 |
|
1,554,000 |
|
1,623,000 |
|
1,489,000 |
|
|
|
|
|
|
|
|
|
|
Diluted |
1,624,000 |
|
1,659,000 |
|
1,642,000 |
|
1,618,000 |
|
|
|
|
|
|
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Balance
Sheets: |
|
|
|
|
|
|
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December 31
- |
|
|
2006 |
|
2005 |
|
|
|
|
|
Current
assets |
$
49,573,000 |
|
$
49,031,000 |
|
|
|
|
|
Other
assets |
360,000 |
|
384,000 |
|
|
|
|
|
Property
& equipment, net |
9,128,000 |
|
9,072,000 |
|
|
|
|
|
Total
assets |
|
|
59,061,000 |
|
58,487,000 |
|
|
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Current
liabilities |
|