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, 2007

 

BIRMINGHAM, Ala., March 31, 2008 -- Moore-Handley, Inc. (Other OTC: MHCO.PK), a Birmingham-based distributor of hardware and home center products, reported a net loss of $1,874,000 or $1.17 per diluted share for the quarter ended December 31, 2007 vs. net income of $257,000 or $0.16 per diluted share for the same period in 2006.

 

Sales for the quarter were $35,037,000, down 5.6% from the same quarter last year. Sales for the twelve months ended December 31, 2007 were $168,087,000 or 9.8% below those in 2006.  Net loss for the year ended December 31, 2007 was $2,350,000 or $1.47 per diluted share vs. net income of $1,122,000 or $0.68 per diluted share last year.  On March 14, 2008, the company entered into a new financing agreement which includes a line of credit and separate term loan.  The proceeds of the term loan were used to pay off an existing term loan due December 1, 2008 and reduce outstanding borrowings on the line of credit.  The new agreement matures      March 14, 2013. 

 

Selected financial data follow:

Moore-Handley, Inc.

Selected Financial Data

 

                                                                       (UNAUDITED)                                                      (AUDITED)

 

 

 

Quarter Ended

 

Twelve Months Ended

 

 

 

December 31

 

December 31

 

 

 

 

 

 

 

 

 

 


Operations:

 

 

2007

 

2006

 

2007

 

2006

 

 

 

 

 

 

 

 

 

 

Sales

 

 

 $   35,037,000 

 

 $   37,133,000

 

 $   168,087,000

 

 $   186,388,000

 

 

 

 

 

 

 

 

Operating income (loss)

      (2,640,000) 

 

           882,000

 

        (1,855,000)

 

          3,654,000

 

 

 

 

 

 

 

 

Interest expense

          536,000

 

           452,000

 

          2,128,000

 

          1,784,000

 

 

 

 

 

 

 

 

Income (loss) before income tax

      (3,176,000)

 

           430,000

 

         (3,983,000)

 

          1,870,000

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 $   (1,874,000)

 

  $       257,000 

 

 $       (2,350,000)

 

 $       1,122,000

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share - basic

 $            (1.17)

 

    $             0.16

 

 $              (1.47)

 

 $                0.69

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share - diluted

 $            (1.17)

 

    $             0.16

 

 $              (1.47)

 

 $                0.68

 

 

  

 

 

 

 

 

Weighted average common

 

 

 

 

 

 

 

shares outstanding

 

 

 

 

 

 

 

    Basic

1,600,000

 

1,608,000

 

1,599,000

 

1,623,000

 

 

 

 

 

 

 

 

    Diluted

1,600,000

 

1,624,000

 

1,599,000

 

1,642,000

 

 

 

 

 

 

 

 

 

Balance Sheets:

 

 

 

 

 

 

 

December 31 -

 

 

2007

 

2006

 

 

 

 

Current assets

$  49,980,000

 

$  49,628,000

 

 

 

 

Other assets

                  897,000

 

                   360,000

 

 

 

 

Property & equipment, net

8,856,000

 

9,128,000

 

 

 

 

Total assets

 

 

59,733,000

 

59,116,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

16,887,000

 

18,798,000

 

 

 

 

Long term debt

 

 

29,748,000

 

24,766,000

 

 

 

 

Other liabilities

3,013,000

 

3,327,000

 

 

 

 

Stockholders’ equity

10,085,000

 

12,225,000

 

 

 

 

Total liabilities & stockholders’ equity

$  59,733,000

 

$  59,116,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

End 3/31/08

 

 

 

 

 

 

 

 

 

 

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