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 Quarter Ended June 30, 2004
BIRMINGHAM, Ala., July 23, 2004 -- Moore-Handley, Inc. (Other OTC:
MHCO.PK), a Birmingham-based distributor of hardware and home center products, reported net income of $317,000 or $0.21 per diluted share for the quarter ended June 30, 2004 vs. a net loss of $133,000 or $0.07 per diluted share for the same period in 2003.Sales for the quarter were $38,652,000 up 1.0% from the same quarter last year. Sales for the six months ended June 30, 2004 were $81,679,000 or 4.0% above those for the comparable period in 2003. The net income for the six months ended June 30, 2004 was $647,000 or $0.39 per diluted share vs. net income of $34,000 or $0.02 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 |
Six Months Ended |
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June 30 |
June 30 |
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2004 |
2003 |
2004 |
2003 |
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Sales |
$ 38,652,000 |
$ 38,276,000 |
$ 81,679,000 |
$ 78,542,000 |
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Operating income |
739,000 |
27,000 |
1,501 ,000 |
521,000 |
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Income (loss) before income tax |
504,000 |
(211,000) |
1,028,000 |
54,000 |
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Net income (loss) |
$ 317,000 |
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$ ( 133,000) |
$ 647,000 |
$ 34,000 |
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Net income (loss) per share - diluted |
$ 0.21 |
$ (0.07) |
$ 0.39 |
$ 0.02 |
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Weighted average diluted common |
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shares outstanding |
1,507,000 |
1,805,000 |
1,666,000 |
1,883,000 |
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Balance Sheets: |
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Current assets |
$ 41,668,000 |
$ 45,804,000 |
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Other assets |
202,000 |
455,000 |
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Property & equipment, net |
8,473,000 |
8,746,000 |
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Total assets |
50,343,000 |
55,005,000 |
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Current liabilities |
15,838,000 |
16,179,000 |
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Long term debt |
21,246,000 |
24,530,000 |
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Deferred income taxes |
947,000 |
1,032,000 |
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Stockholders’ equity |
12,312,000 |
13,264,000 |
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Total liabilities & stockholders’ equity |
$ 50,343,000 |
$ 55,005,000 |
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End 7/23/04 |
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