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, 2003
MHCO.PK), a Birmingham-based distributor of hardware and home center products, reported a net loss of $488,000 or $0.29 per diluted share for the quarter ended December 31, 2003 vs. a net loss of $335,000 or $0.19 per diluted share for the same period in 2002. The quarter ended December 31, 2003 included a charge to income, net of taxes, of $83,000 or $0.05 per diluted share because of a change in the allowance for uncollectible vendor receivables. For the twelve months ended December 31, 2003 this charge, net of taxes, was $339,000 or $0.19 per diluted share.BIRMINGHAM, Ala., April 16, 2004 -- Moore-Handley, Inc. (Other OTC:
Sales for the quarter were $34,932,000 up 8.6% from the same quarter last year. Sales for the twelve months ended December 31, 2003 were $156,726,000 or 4.1% above those for the comparable period in 2002. The net loss for the year ended December 31, 2003 was $426,000 or $0.24 per diluted share vs. net income of $340,000 or $0.18 per diluted share for the same period last year.
In April, 2004, Moore-Handley negotiated an amendment to its working capital line that extended the maturity date to April, 2006.
Selected financial data follow:
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Moore-Handley, Inc. |
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Selected Financial Data |
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(AUDITED) |
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Quarter Ended |
Twelve Months Ended |
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December 31 |
December 31 |
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2003 |
2002 |
2003 |
2002 |
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Sales |
$ 34,932,000 |
$ 32,153,000 |
$ 156,726,000 |
$ 150,621,000 |
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Operating income |
(535,000) |
(303,000) |
269,000 |
1,391,000 |
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Income (loss) before income tax |
(774,000) |
(529,000) |
(676,000) |
538,000 |
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Net income (loss) |
$ (488,000) |
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$ ( 335,000) |
$ (426,000) |
$ 340,000 |
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Net income (loss) per share - diluted |
$ ( 0.29) |
$ (0.19) |
$ ( 0.24) |
$ 0.18 |
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Weighted average diluted common |
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shares outstanding |
1,707,000 |
1,766,000 |
1,749,000 |
1,890,000 |
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Balance Sheets: |
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Current assets |
$ 39,835,000 |
$ 38,629,000 |
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Other assets |
285,000 |
721,000 |
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Property & equipment, net |
8,605,000 |
8,391,000 |
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Total assets |
48,725,000 |
47,741,000 |
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Current liabilities |
14,484,000 |
12,956,000 |
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Long term debt |
21,028,000 |
20,584,000 |
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Deferred income taxes |
948,000 |
1,033,000 |
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Stockholders' equity |
12,265,000 |
13,168,000 |
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Total liabilities & stockholders' equity |
$ 48,725,000 |
$ 47,741,000 |
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End 4/16/04 |
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