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 September 30, 2004
MHCO.PK), a Birmingham-based distributor of hardware and home center products, reported net income of $110,000 or $0.07 per diluted share for the quarter ended September 30, 2004 vs. a net income of $28,000 or $0.02 per diluted share for the same period in 2003.BIRMINGHAM, Ala., October 27, 2004 -- Moore-Handley, Inc. (Other OTC:
Sales for the quarter were $43,482,000 up slightly from the same quarter last year. Sales for the nine months ended September 30, 2004 were $125,159,000 or 2.8% above those for the comparable period in 2003. The net income for the nine months ended September 30, 2004 was $758,000 or $0.46 per diluted share vs. net income of $62,000 or $0.03 per diluted share for the same period last year. Included in the net income for the quarter and nine months was a non-cash charge, net of taxes, of $188,000 or $0.12 per diluted share to increase the Company’s inventory valuation reserve in respect of vendor rebates.
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 |
Nine Months Ended | |||||||||||||
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September 30 |
September 30 | |||||||||||||
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2004 |
2003 |
2004 |
2003 | ||||||||||
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Sales |
$ 43,482,000 |
$ 43,252,000 |
$ 125,159,000 |
$ 121,794,000 | ||||||||||
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Operating income |
429,000 |
283,000 |
1,930,000 |
804,000 | ||||||||||
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Income before income tax |
175,000 |
44,000 |
1,204,000 |
98,000 | ||||||||||
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Net income |
$ 110,000 |
$ 28,000 |
$ 758,000 |
$ 62,000 | ||||||||||
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Net income per share - diluted |
$ 0.07 |
$ 0.02 |
$ 0.46 |
$ 0.03 | ||||||||||
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Weighted average diluted common |
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shares outstanding |
1,520,000 |
1,778,000 |
1,634,000 |
1,868,000 | ||||||||||
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Balance Sheets: |
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September 30 - |
2004 |
2003 |
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Current assets |
$ 48,692,000 |
$ 47,041,000 |
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Other assets |
715,000 |
719,000 |
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Property & equipment, net |
8,793,000 |
8,594,000 |
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Total assets |
58,200,000 |
56,354,000 |
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Current liabilities |
21,664,000 |
21,619,000 |
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Long term debt |
23,169,000 |
20,744,000 |
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Deferred income taxes |
947,000 |
1,032,000 |
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Stockholders’ equity |
12,420,000 |
12,959,000 |
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Total liabilities & stockholders’ equity |
$ 58,200,000 |
$ 56,354,000 |
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End 10/27/04 |
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