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, 2007
BIRMINGHAM, Ala., July 16, 2007 -- Moore-Handley, Inc. (Other OTC: MHCO.PK), a Birmingham-based distributor of hardware and home center products, reported a net loss of $189,000 or $0.12 per diluted share for the quarter ended June 30, 2007 vs. net income of $333,000 or $0.20 per diluted share for the same period in 2006.
Sales for the quarter were $42,245,000, down 13.3% from the same quarter last year. Sales for the six months ended June 30, 2007 were $89,992,000 or 10.7% below those in 2006. Net income for the six months ended June 30, 2007 was $121,000 or $0.07 per diluted share vs. net income of $640,000 or $0.39 per diluted share last year.
Selected financial data follow:
|
Moore-Handley, Inc. |
||||||||||
|
Selected Financial Data |
||||||||||
|
|
||||||||||
|
(UNAUDITED) (UNAUDITED) |
||||||||||
|
|
|
|
Quarter Ended |
|
Six Months Ended |
|||||
|
|
|
|
June 30 |
|
June 30 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2007 |
|
2006 |
|
2007 |
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
|
$ 42,245,000 |
|
$ 48,699,000 |
|
$ 89,992,000 |
|
$ 100,831,000 |
|
|
|
|
|
|
|
|
|
|
|||
|
Operating income |
223,000 |
|
1,013,000 |
|
1,262,000 |
|
1,907,000 |
|||
|
|
|
|
|
|
|
|
|
|||
|
Interest expense |
545,000 |
|
457,000 |
|
1,057,000 |
|
840,000 |
|||
|
|
|
|
|
|
|
|
|
|||
|
Income (loss) before income tax |
(322,000) |
|
556,000 |
|
205,000 |
|
1,067,000 |
|||
|
|
|
|
|
|
|
|
|
|
||
|
Net income (loss) |
|
$ (189,000) |
|
$ 333,000 |
|
$ 121,000 |
|
$ 640,000 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share - basic |
$ (0.12) |
|
$ 0.20 |
|
$ 0.08 |
|
$ 0.39 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share - diluted |
$ (0.12) |
|
$ 0.20 |
|
$ 0.07 |
|
$ 0.39 |
|||
|
|
|
|
|
|
|
|
|
|||
|
Weighted average common |
|
|
|
|
|
|
|
|||
|
shares outstanding |
|
|
|
|
|
|
|
|||
|
Basic |
1,600,000 |
|
1,627,000 |
|
1,599,000 |
|
1,627,000 |
|||
|
|
|
|
|
|
|
|
|
|||
|
Diluted |
1,600,000 |
|
1,651,000 |
|
1,615,000 |
|
1,650,000 |
|||
|
|
|
|
|
|
|
|
|
||
|
Balance Sheets: |
|
|
|
|
|
|
|
||
June 30 - |
|
|
2007 |
|
2006 |
|
|
|
|
|
Current assets |
$ 52,466,000 |
|
$ 50,644,000 |
|
|
|
|
||
|
Other assets |
360,000 |
|
384,000 |
|
|
|
|
||
|
Property & equipment, net |
8,741,000 |
|
9,422,000 |
|
|
|
|
||
|
Total assets |
|
|
61,567,000 |
|
60,450,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
17,542,000 |
|
18,987,000 |
|
|
|
|
|
Long term debt |
|
|
28,254,000 |
|
25,800,000 |
|
|
|
|
|
Other liabilities |
3,419,000 |
|
1,730,000 |
|
|
|
|
||
|
Stockholders’ equity |
12,352,000 |
|
13,933,000 |
|
|
|
|
||
|
Total liabilities & stockholders’ equity |
$ 61,567,000 |
|
$ 60,450,000 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
End 7/16/07 |
|
|
|
|
|
|
|
|
|