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, 2005
, 2005 -- Moore-Handley, Inc. (Other OTC: MHCO.PK), a Birmingham-based distributor of hardware and home center products, reported net income of $258,000 or $0.17 per diluted share for the quarter ended June 30, 2005 vs. $317,000 or $0.21 per diluted share for the same period in 2004.BIRMINGHAM, Ala., August 1
Sales for the quarter were $41,173,000, up 6.5% from the same quarter last year. Sales for the six months ended June 30, 2005 were $85,522,000 or 4.7% above those in 2004. Net income for the six months ended June 30, 2005 was $423,000 or $0.26 per diluted share vs. net income of $647,000 or $0.39 per diluted share last year. Lower earnings resulted from pressure on gross margin, increased marketing expense, and higher interest costs.
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 | |||||||||
|
|
2005 |
2004 |
2005 |
2004 | ||||||
|
Sales |
$ 41,173,000 |
$ 38,652,000 |
$ 85,522,000 |
$ 81,679,000 | ||||||
|
Operating income |
746,000 |
739,000 |
1,297,000 |
1,501,000 | ||||||
|
Income (loss) before income tax |
429,000 |
504,000 |
703,000 |
1,028,000 | ||||||
|
Net income (loss) |
$ 258,000 |
$ 317,000 |
$ 423,000 |
$ 647,000 | ||||||
|
Net income (loss) per share - basic |
$ 0.18 |
$ 0.22 |
$ 0.29 |
$ 0.41 | ||||||
|
Net income (loss) per share - diluted |
$ 0.17 |
$ 0.21 |
$ 0.26 |
$ 0.39 | ||||||
|
Weighted average common |
||||||||||
|
shares outstanding |
||||||||||
|
Basic |
1,467,000 |
1,467,000 |
1,467,000 |
1,587,000 | ||||||
|
Diluted |
1,547,000 |
1,507,000 |
1,620,000 |
1,666,000 | ||||||
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Balance Sheets: |
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June 30 - |
2005 |
2004 |
|||||||
|
Current assets |
$ 44,005,000 |
$ 41,668,000 |
|||||||
|
Other assets |
483,000 |
202,000 |
|||||||
|
Property & equipment, net |
9,402,000 |
8,473,000 |
|||||||
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Total assets |
53,890,000 |
50,343,000 |
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Current liabilities |
17,898,000 |
15,838,000 |
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Long term debt |
21,741,000 |
21,246,000 |
|||||||
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Deferred income taxes |
1,193,000 |
947,000 |
|||||||
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Stockholders’ equity |
13,058,000 |
12,312,000 |
|||||||
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Total liabilities & stockholders’ equity |
$ 53,890,000 |
$ 50,343,000 |
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End 8/01/05 |
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