FOR IMMEDIATE RELEASE
Moore-Handley Reports Results of Operations for the Quarter Ended June 30, 2006
, 2006 -- Moore-Handley, Inc. (Other OTC: MHCO.PK), a Birmingham-based distributor of hardware and home center products, reported net income of $333,000 or $0.20 per diluted share for the quarter ended June 30, 2006 vs. $258,000 or $0.17 per diluted share for the same period in 2005.BIRMINGHAM, Ala., July 18
Sales for the quarter were $48,699,000, up 18.3% from the same quarter last year. Sales for the six months ended June 30, 2006 were $100,831,000 or 17.9% above those in 2005. Net income for the six months ended June 30, 2006 was $640,000 or $0.39 per diluted share vs. net income of $423,000 or $0.26 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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Quarter Ended |
Six Months Ended |
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June 30 |
June 30 |
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2006 |
2005 |
2006 |
2005 |
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Sales |
$ 48,699,000 |
$ 41,173,000 |
$ 100,831,000 |
$ 85,522,000 |
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Operating income |
1,013,000 |
746,000 |
1,907,000 |
1,297,000 |
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Income before income tax |
556,000 |
429,000 |
1,067,000 |
703,000 |
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Net income |
$ 333,000
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$ 258,000 |
$ 640,000 |
$ 423,000 |
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Net income per share - basic |
$ 0.20
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$ 0.18
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$ 0.39 |
$ 0.29 |
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Net income per share - diluted |
$ 0.20
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$
0.17
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$ 0.39 |
$ 0.26 |
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Weighted average common |
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shares outstanding |
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Basic |
1,627,000 |
1,467,000 |
1,627,000 |
1,467,000 |
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Diluted |
1,651,000 |
1,547,000 |
1,650,000 |
1,620,000 |
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Balance Sheets: |
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June 30 - |
2006 |
2005 |
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Current assets |
$ 50,644,000 |
$ 44,005,000 |
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Other assets |
384,000 |
483,000 |
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Property & equipment, net |
9,422,000 |
9,402,000 |
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Total assets |
$ 60,450,000 |
$ 53,890,000 |
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Current liabilities |
18,987,000 |
17,898,000 |
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Long term debt |
25,800,000 |
21,741,000 |
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Other liabilities |
1,730,000 |
1,193,000 |
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Stockholders’ equity |
13,933,000 |
13,058,000 |
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Total liabilities & stockholders’ equity |
$ 60,450,000 |
$ 53,890,000 |
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End 7/18/06 |
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