MHCO.PK), a Birmingham-based distributor of hardware and home center products, reported net income of $165,000 or $0.11 per diluted share for the quarter ended March 31, 2005 vs. $330,000 or $0.19 per diluted share for the same period in 2004.BIRMINGHAM, Ala., April 22, 2005 -- Moore-Handley, Inc. (Other OTC:
Sales for the quarter were $44,349,000, up 3.1% from the same quarter last year. Lower earnings resulted from pressure on gross margin, increased marketing expense, and higher interest costs.
Selected financial data follow:
|
Moore-Handley, Inc. |
||||||||
|
Selected Financial Data |
||||||||
|
(UNAUDITED) |
||||||||
|
Quarter Ended |
||||||||
|
March 31 |
||||||||
|
|
2005 |
2004 |
||||||
|
Sales |
$ 44,349,000 |
$ 43,027,000 |
||||||
|
Operating income |
551,000 |
762,000 |
||||||
|
Income before income tax |
274,000 |
524,000 |
||||||
|
Net income |
$ 165,000
|
|
$ 330,000
|
|||||
| Net income per share - diluted | $ 0.11 | $ 0.19 | ||||||
|
Net income per share - basic |
$ 0.11
|
$ 0.19
|
||||||
|
|
||||||||
|
Weighted average common shares outstanding: |
|
|||||||
|
Basic |
1,467,000 |
1,707,000 |
||||||
|
Diluted |
1,539,000 |
1,749,000 |
||||||
|
Balance Sheets: |
|||||
|
Current assets |
$ 50,996,000 |
$ 48,812,000 |
|||
|
Other assets |
499,000 |
135,000 |
|||
|
Property & equipment, net |
9,325,000 |
8,668,000 |
|||
|
Total assets |
60,820,000 |
57,615,000 |
|||
|
Current liabilities |
23,474,000 |
21,126,000 |
|||
|
Long term debt |
23,355,000 |
22,947,000 |
|||
|
Deferred income taxes |
1,193,000 |
947,000 |
|||
|
Stockholders’ equity |
12,798,000 |
12,595,000 |
|||
|
Total liabilities & stockholders’ equity |
$ 60,820,000 |
$ 57,615,000 |
|||
|
End 4/22/05 |
|||||