FOR IMMEDIATE RELEASE
For: Moore-Handley, Inc. Contact: Carol Temple
P. O. Box 2607 (205) 663-8316
Birmingham, Alabama 35202
Moore-Handley, Inc. Reports Results of Operations for the Quarter Ended
September 30, 2003
BIRMINGHAM, Ala., November 25, 2003 -- Moore-Handley, Inc. (Other OTC: MHCO.PK), 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.
Selected financial data follow:
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Moore-Handley, Inc. |
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Selected Financial Data |
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(UNAUDITED) |
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Quarter Ended |
Nine Months Ended |
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September 30 |
September 30 |
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2003 |
2002 |
2003 |
2002 |
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Sales |
$ 43,252,000 |
$ 38,851,000 |
$ 121,794,000 |
$ 118,468,000 |
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Operating income |
283,000 |
287,000 |
804,000 |
1,694,000 |
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Income before income tax |
44,000 |
83,000 |
98,000 |
1,067,000 |
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Net income |
$ 28,000 |
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$ 53,000 |
$ 62,000 |
$ 675,000 |
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Net income per share - diluted |
$ 0.02 |
$ 0.03 |
$ 0.03 |
$ 0.35 |
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Weighted average diluted common |
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shares outstanding |
1,778,000
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1,934,000 |
1,868,000 |
1,932,000 |
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Balance Sheet: |
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Current assets |
$ 47,041,000 |
$ 47,906,000 |
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Prepaid pension costs |
719,000 |
842,000 |
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Property & equipment, net |
8,594,000 |
8,480,000 |
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Total assets |
56,354,000 |
57,228,000 |
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Current liabilities |
21,619,000 |
19,981,000 |
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Long term debt |
20,744,000 |
22,812,000 |
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Deferred income taxes |
1,032,000 |
926,000 |
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Stockholders' equity |
12,959,000 |
13,509,000 |
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Total liabilities & stockholders' equity |
$ 56,354,000 |
$ 57,228,000 |
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End 11/25/03 |
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